Lift Trucks Market to Showcase Vigorous Demand during the Period until 2027
Lift trucks are one of the most widely used pieces of equipment in material handling, it is an industrial powered vehicle used to lift and transport goods for short distances.
[UKPRwire, Thu Jun 13 2019] Global lift trucks market has been gaining high traction over the years with fast-growing construction and other industries in emerging economies. Product innovation is readily adopted in the lift trucks market. Continued focus of manufacturers to enhance the quality by incorporating new technology is likely to improve the lucrativeness of lift trucks market. Significant advantages including great lifting and loading capabilities and ease of maintenance are anticipated to influence growth of the Lift Trucks Market.
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Lift trucks are one of the most widely used pieces of equipment in material handling, it is an industrial powered vehicle used to lift and transport goods for short distances. With growing concerns regarding environmental issues, lift trucks with power supply from electric motors or rechargeable industrial battery have attracted increasing demand in the recent years. Most of the lift trucks typically use two power-operated horizontal prongs which can be raised or lowered to load, transport, and offload the goods, especially goods stacked in pallets. Earlier, people who worked in factories and warehouses used customized systems for lifting and transporting loads which were not safe. This has led to increase in the demand for lift trucks that improved the safety of the operators as well as other workers.
Future demand for lift trucks is likely to remain under the influence of changing international trade dynamics, expansion of warehousing industry, transformations in logistics and supply chain management, as well as improved equipment efficiency. Further, owing to industrial expansion and emergence of new SMEs, warehousing industry has flourished in past decades. Loading- unloading, transportation, and distribution are common activities that leverage different types of lift trucks routinely. In addition, manufacturers are introducing smart lift trucks with increased efficiency and productivity.
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As one of the important industrial vehicles, lift trucks are widely used material handling equipment. Use case based products, variety of attachments and customization according to application, make the lift trucks highly preferred material handling equipment. The global lift truck market on the backdrop of stronger manufacturing sector performance is projected to register a year on year growth of over 5% till 2026, surpassing US$ 75 Bn in size.
According to the Occupational Safety and Health Association (OSHA), powered industrial lift trucks are classified into seven classes that include lift trucks with power supply from electric motors or internal combustion engines. Further, each class includes different types of lift trucks such as counterbalance trucks, reach trucks, order pickers, narrow aisle trucks, pallet trucks, loader trucks are some of the most preferred ones.
Lift trucks find application in every industry that manages transports, stores, and distributes manufactured products. Few of the prominent influencing factors impacting growth of the global lift truck market are discussed below.
With the aim to spread innovation, boost productivity and foster economic growth, international trade has witnessed implementation of several novel business strategies. After the downfall in 2016 and 2017, participation from the developing economies and changing trade policies will influence growth of international trade during the forecast. Being an important entity of the import-export activities, lift trucks market is likely to witness challenges of changing international trade.
With the emerging SMEs and dramatic expansion of e-commerce, warehouse constructions have become a common adjunct in every small or large manufacturing or distribution plants. As loading-unloading activities are common in warehouses, lift trucks are highly sought after vehicles in these facilities.
Manufacturers consistently strive to introduce smarter, safer, ergonomic, fuel efficient, and highly productive lift trucks to win over increasing competition in the global market.
Industry automation is another important trend shaping the production of automated or robotic lift trucks. Vendors such as Hyster Robotics, Fetch Robotics, OTTO Motors, Seegrid, and Vecna Robotics are providing autonomous mobile self-driving lift trucks.
Details associated with all the highlighted trends are included in the report which provides financial community with a clear outlook of the global lift truck market.
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