PORTLAND, Oregon, May 13, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Forklift Truck Market by Power Source(IC Engine Powered and Electric Powered), Class (Class 1, Class 2, Class 3, Class 4, Class 5, and Others) and End Use (Retail & Wholesale, Logistics, Automotive, Food Industry, and Others): Global Opportunity Analysis and Industry Forecast,2020–2027". According to the report, the global forklift truck industry was pegged at $45.00 billion in 2019, and is projected to reach $81.40 billion by 2027, growing at a CAGR of 7.3% from 2020 to 2027.
Development in the e-commerce industry and increase in investment in the infrastructure market have boosted the growth of the global forklift truck market. However, surge in safety issues related to forklift truck hampers the market. On the contrary, production of hydrogen fuel cell forklifts and development of autonomous forklifts trucks are expected to open new opportunities for the market players.
Covid-19 scenario: The emergence of Covid-19 has greatly affected the global forklift truck market
According to the Covid-19 impact assessment presented by LMC Automotive Limited, around 78% of companies lack adequate staff to run a full production line.
As the majority of the auto supply chain is connected to China, it would impact negatively on the sale of the forklift truck market.
However, government relief funds are expected to minimize the overall impact on the market growth.
The IC engine powered segment dominated the market
By power source, the IC engine powered segment held the largest share in 2019, accounting for nearly three-fifths of the global forklift truck market. Leading forklift manufacturers have introduced a new range of IC engine powered with advanced and innovative features making it the largest segment in power source. However, the electric powered segment is expected to portray the highest CAGR of 8.0% during the forecast period, due to less emission of harmful gases and increase in partnerships to develop novel electric powered forklifts.
The automotive segment to manifest fastest CAGR through 2027
By end user, the automotive segment is expected to register the highest CAGR of 10.5% during the study period. Forklifts trucks used in the automotive industry are available with a wide range of lifting capacities and specialized model variations which, in turn, makes it the fastest-growing segment. However, the retail & wholesale segment held the largest share in 2019, accounting for around two-fifths of the global forklift truck market. This is due to adoption of forklifts in retail and wholesale industry as it offers loading and unloading of trailers efficiently and quickly with minimal product damage.
LAMEA, followed by North America, to portray highest CAGR till 2027
The global forklift truck market across LAMEA, followed by North America, is expected to register the highest CAGR of 11.1% during the forecast period, owing to technological advancements and production of electric powered forklift truck. However, the market across Asia-Pacific dominated the market in terms of revenue, contributing to more than two-fifths of the market, due to rapidly growing e-commerce industry and rising investment in the infrastructure industry.
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