Selbyville, DE -- (SBWIRE) -- 04/02/2020 -- Aggravated demand for lifting and transferring heavy goods in construction activities to avoid mishandling will incentivize forklift market growth. Forklifts are used to handle a myriad range of materials, such as wood, mortar, and steel in the construction industry. Apart from the construction industry, the product has wide-ranging applications in several industries, including e-commerce, food & beverage, retail, and general merchandise. The E-commerce industry is likely to be one of the major drivers for forklift industry due to growing manufacturing and improving warehouse operations.

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A comprehensive research report published by GMI, predicts that forklift market size will surpass a valuation of around $100 billion by 2026.

Enlisted below are few trends driving forklift industry growth:

Intensifying demand for class V forklifts

Warehouses and distribution channels are extensively using Class V forklifts for indoor and outdoor applications due to their sizable capacity range. These forklift trucks have the potential to manage loads ranging from small single pallet loads to 40-foot containers load. Class V forklifts are flexible in terms of fuel usage as they can be operated using LPG, diesel, compressed natural gas, and gasoline. Such features make these forklifts highly durable and suitable for use at construction sites and other outdoor applications.

Extensive adoption in the food retail industry

Food retail industry generates massive demand for forklifts to transport, handle, and store food items. These vehicles accelerate manufacturing processes by cautiously handling products and moving more pallets per shift. Also, industry players are offering food retailers with convenient, reliable, and flexible solutions for direct-to-consumer and multichannel fulfillment, which will induce market demand.

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Mounting demand for counterbalance forklifts

Counterbalance forklifts are highly maneuverable, which favors their demand in applications with limited space. These trucks have the capability to drive up to the location of racking or load without outrigging arms and legs. Counterbalance forklifts are ideal for both outside and inside applications and offer superior productivity by combining counterbalance under-clearance and tight maneuverability, which will contribute to spurring forklift market demand.

Rapid infrastructure development

Emerging countries are evolving as key revenue pockets for forklift industry due to increase in infrastructural development activities and consequent rise in product demand for lifting and transporting heavy goods. Governments are outlaying huge amounts to develop public infrastructure and encourage economic growth. For example, in October 2018, the Europe Commission declared an investment of around $775.9 million in 49 projects to improve innovative and sustainable infrastructure across all transport modes. Such initiatives being introduced by regional governments for infrastructure advancements are likely to provide impetus to the growth of forklift market size.

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Amplifying adoption of electric vehicles in Europe

In 2018, Europe forklift industry accounted for about 34% of the global share and is expected to showcase similar growth patterns in the ensuing years. The regional market growth stems from the towering demand for battery-operated trucks and augmenting growth of warehouse segment across the region. Europe has emerged as a potential growth arena for forklift market due to the soaring adoption of electric vehicles in retail & wholesale distribution sector. Also, the manufacturing sector in the region has been exhibiting speedy adoption of innovative technologies, such as big data and Industry 4.0, which will significantly impel the growth of Europe forklift industry size over the coming years.

The major industry players include Anhui Heli Co., Ltd., Clark Material Handling Company, Crown Equipment Corporation, Combilift Ltd., Doosan Industrial Vehicle America Corp., Godrej and Boyce Group, Hangcha Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Hubtex Maschinenbau GmbH & Co. KG, Hyundai Heavy Industries Co., Ltd., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Konecranes, Lonking Forklift Co., Ltd., Manitou Group, Mitsubishi Nichiyu Forklift Co., Ltd., Paletrans Equipment, Toyota Industries Corporation

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