![]() In addition, forklift is generally powered by an electric battery or internal combustion engine.ĭevelopments in the e-commerce business drive the growth of the global forklift truck market. These trucks are majorly used in dockyards, warehousing operations, and recycling operations to perform functions such as loading & unloading goods from vehicles and moving packed goods around the storage area. The forklift truck market is segmented into Power Source, Class and End Use.įorklift trucks are powerful, heavy-duty electric lift trucks, which are widely used to lift and transfer heavy materials, such as container goods, crates, and other such components, over a short distance. Adverse impacts of the COVID-19 pandemic resulted in delays in activities and initiatives regarding development of advanced forklift truck systems globally. Moreover, nationwide lockdown forced forklift truck system manufacturing facilities to partially or completely shut their operations. This led to sudden fall in the availability of important raw materials for manufacturing forklift trucks. The COVID-19 outbreak forced governments across the globe to implement stringent lockdown and ban import–export of raw material and parts for most of 2020 & few months in 2021. The COVID-19 impact on the forklift truck market is unpredictable, and is expected to remain in force for a few years. The global forklift truck market was valued at $51.6 billion in 2021, and is projected to reach $103.9 billion by 2031, growing at a CAGR of 7.5% from 2022 to 2031.
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