Presently, Asia-Pacific (APAC) is the most lucrative forklift market, due to the rapid growth in the automotive and retail industries in India, South Korea, Japan, and China. In addition, regional governments are implementing strict mandates for security and safety at the workplace, which is leading to the quick deployment of such trucks.
Forklift Market COVID-19 Impact Analysis
By Segmentations, Key Company Profiles
Rising significantly from 2017, the share of the e-commerce sector in the total global retail
sales reached 14% in 2018. Further, by 2021, almost 17% of the total retail sales across the
world are expected to be made through online shopping channels. This is because such
platforms offer customers the price flexibility and fast delivery service they are looking for.
This factor is expected to propel the global forklift market, which garnered $33,878.7
million revenue in 2019, to $42,519.4 million by 2030, at a 2.8% CAGR between 2020 and
2030. This is because, to meet the rising number of online shopping orders, e-commerce and
logistics firms are focusing on increasing their operational efficiency by deploying such
vehicles. In addition, with the shelf height increasing and aisle width decreasing at
warehouses, new forklifts, especially designed for such constraints, are witnessing rising
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Like companies across various other sectors, forklift manufacturers are also subject to the ill-
effects of the COVID-19 situation. Due to the ceasing of manufacturing activities, companies
offering forklifts as well as their components would need to alter their strategies and come up
with a more-efficient supply chain model. The ripple effects of the current shutdown in
several countries are expected to be witnessed till at least the entire 2021.
During 2014–2019, class 5 forklift trucks generated the highest revenue in the industry, owing
to their high popularity in emerging economies, such as China and India. They are preferred
for heavy-lift applications, especially in places where the risk of tire punctures is high, as such
vehicles have pneumatic tires. Their payload capacity is between 3,000 and 55,000 pounds
(1,360 and 25,000 kg), which makes the