Forklift Trucks Market Size, Share, Growth Analysis, By Type (Class I, Class II), By Power Source, By End User, By Region - Industry Forecast 2024-2031

Forklift Trucks Market Drivers

• Forklift trucks are in significantly greater demand from a variety of manufacturing businesses in all sectors of the economy. In the post-pandemic world, many manufacturing companies are automating their processes. The market for forklift trucks is growing as a result of other factors. These include increased productivity, the fact that more individuals are comfortable operating forklift trucks, and the fact that forklift trucks have significantly improved workplace safety in the manufacturing industry.
• Globally expanding construction projects are also driving up demand for forklifts that can operate in difficult terrain and deliver bulky construction materials across long distances.
• The fact that electrically powered forklift trucks don't need fuel storage at the site where they are used is one of their biggest benefits. Companies are also embracing electric material handling vehicles because they are less expensive to operate and maintain in warehouses, and they emit a fraction of the pollution that forklift trucks generate.

Forklift Trucks Market Restraints

• The rise of third-party logistics (3PL) services and the high price of battery- and fuel-cell-operated forklifts are anticipated to restrain market expansion. Additionally, the market for forklift trucks is expected to face challenges from strict safety and emission standards.
• Forklift mishandling is hindering the growth of the forklift truck market: Advanced manufacturing has emerged as a consequence of rising end-user demand, which has increased labour workload. After long workdays, employees are expected to put in overtime, which causes exhaustion and a decline in awareness and attention. This has led to more accidents involving forklift truck drivers, less productivity, and higher costs for the business. The following are a few examples of frequent incidents with forklifts: Forklift accidents, Instability when riding with loads on the downhill, while transporting unbalanced weights, while driving through uneven ground, including potholes, etc.