Forklift Market to 2027 - Segmentation and Competitive Landscape

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Forklift Market Study by Competitive Analysis and
Future Prospects to 2027

• The integration of advanced technologies,
  comprising IoT and RFID, are set to create
  lucrative opportunities for manufacturers in the
  global forklift market. These technologies are
  set to aid operators in remote monitoring of the
  vehicle by means of software and also help in
  tracking its exact location. On this note,
  several forklift manufacturers are also coming up
  with innovative products for the expansion of
  their geographical footprint.
• One such market participant is Cargotecs
  subsidiary, Kalmar, which provided an
  energy-saving guarantee for the companys
  electric forklift trucks in October 2020. The
  guarantee is similar to the one available on the
  companys diesel-powered machines comprising the
  Kalmar Eco Reachstacker and delivers a higher
  level of estimation for clients by enabling them
  to easily evaluate the operational costs of
  switching to electric machines.

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• Forklift market size is projected to value at
  more than USD 90 billion by 2027.

• The industry is witnessing an escalating demand
  for counterbalance forklifts that lift an
  extensive range of weights up to nearly 48 tons.
  Owing to their versatile nature, these machines
  can be operated in both indoor as well as outdoor
  environments. The rising product demand is
  estimated to drive the forklift industry as these
  machines can be powered by means of diesel, gas,
  and also with the help of batteries.

• In addition, counterbalanced forklifts are
  available in a wide range of capacities ranging
  from 2,000 to 6,000 pounds and are used in
  warehouses, storage units, and distribution units
  for sufficing the requirements of material
  handling. Electric-powered counterbalance
  forklifts are experiencing a surging demand as
  they ensure clean operations with zero emission.

• The industrial sector in the UAE accounted for
  almost 11 to 14 per cent share of the countrys
  GDP. Recognizing this, the government has
  embarked on a concerted effort for the sustenance
  and development of a prolific industrial and
  manufacturing sector in the country. Such
  initiatives are expected to encourage industry
  owners to replace conventional manual material
  handling techniques with new automated solutions.

• Expanding nature of e-commerce and retail
  industries at the global level will play a
  pivotal role in the expansion of forklift market
  size through the projected span.

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• Regional Analysis

• The Middle East Africa forklift industry is
  anticipated to exhibit lucrative growth in
  opportunities due to the expanding industrial
  sector in the region. Several government
  organizations in Saudi Arabia and the UAE are
  launching initiatives that are favorable for the
  growth of the industrial revolution.

• Competitive Analysis

• Key players operating in the market are Toyota
  Industries Corporation, Jungheinrich AG,
  Hyster-Yale Materials Handling, Inc., KION Group
  AG, Mitsubishi Logisnext Co., Ltd., Crown
  Equipment Corporation, Hangcha Group Co., Ltd.,
  Anhui Heli Co., Ltd., Komatsu Ltd., Hyundai Heavy
  Industries, Doosan Industrial Vehicle, Clark
  Material Handling, Godrej Boyce Manufacturing
  Company Ltd., Lonking Forklift Co., Ltd., Manitou
  Group, and Combilift Ltd.

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