Forklift Market Research Report: By Class (Class 1, Class 2, Class 3, Class 4, Class 5), Product (Counterbalance, Warehouse), Engine Type (Internal Combustion Engine, Electric) - Global Industry Analysis and Growth Forecast to 2030
New York, Nov. 05, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Forklift Market Research Report: By Class, Product, Engine Type - Global Industry Analysis and Growth Forecast to 2030" - https://www.reportlinker.com/p05982421/?utm_source=GNW
There has been a sharp rise in the global e-commerce sales over the last few years. According to the findings of the drop shipping company, Oberlo, the total e-commerce sales all over the world generated a revenue of over $3.5 trillion in 2019. According to industry experts, this number will rise even more in the coming years, because of the growing penetration of the internet, rising usage of smartphones, and the mushrooming popularity of online shopping across the world.
This rapid growth of the e-commerce industry is directly pushing up the requirement for efficient warehouse and logistics operations. This is because the rising consumer base and expectations are boosting the demand for faster product delivery. As a result, e-commerce companies are developing new strategies, including investing heavily in autonomous and electric forklifts. The adoption of these systems in warehouses and logistics will speed up the loading and picking up processes of products as well as reduce the delivery time.
Hence, with the ballooning usage of forklifts in e-commerce operations, the global forklift market will surge from $33,878.7 million to $42,519.4 million from 2019 to 2030, advancing at a CAGR of 2.8% during 2020—2030. Depending on class, the market is divided into class 5, class 4, class 3, class 2, and class 1 categories, out of which, the class 5 category recorded the highest growth in the market in the past.
The large-scale usage of class 5 forklifts in heavy lifting applications in emerging economies such as India, China, Mexico, and Brazilcaused the high growth of the category. When engine type is taken into consideration, the forklift market is divided into electric and internal combustion engine (ICE). Of these, the electric category will exhibit faster growth in the market, in terms of value, in the upcoming years, primarily because of the burgeoning demand for eco-friendly forklifts in factories and warehouses.
According to the findings of the market research company, P&S Intelligence, the large-scale deployment of forklifts in factories and warehouses for reducing labor costs and increasing efficiency caused the boom of the forklift market in Asia-Pacific (APAC) in the years gone by. These systems were mostly used in repetitive material handling operations in warehouses. In addition to this, forklifts were also used heavily for transporting heavy products around large buildings such as warehouses and factories in the last few years.
Hence, it can be said without any hesitation that the sales of forklifts will go up sharply all over the world in the forthcoming years, primarily because of the growing requirement for automated solutions in warehouses and factories across the world.
Read the full report: https://www.reportlinker.com/p05982421/?utm_source=GNW
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