With the increasing penetration of the internet and the rising number of smartphone users all over the world, the e-commerce industry is growing explosively. This is fueling the demand for forklifts as more and more e-commerce companies are buying forklifts nowadays to meet the soaring customer requirements and overcome the hurdles related to logistics and product deliveries. Moreover, there has been a sharp growth in the adoption of autonomous and electric forklifts by e-commerce organizations in the last few years.
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This has been mainly because of the surge in demanding delivery schedules and logistics challenges, on account of the growing popularity of online shopping across the world. Apart from this, the rising integration of technologies such as robotics and industrial internet of things (IIoT) in e-commerce operations is also boosting the sales of forklifts. Moreover, with rapid advancements and innovations in automotive technologies, the forklift manufacturing companies are making huge investments in automation solutions.
For example, Hyster-Yale Materials Handling Inc. developed a dual-more pantograph robotic reach truck in April 2019, which has the ability to autonomously deposit and retrieve loads from places located at heights of 30 feet and reach double-deep storage. Because of these factors, the sales of forklifts are rising rapidly all over the world, which is, in turn, propelling the growth of the global forklift market. As a result, the forklift market attained a value of $33,878.7 million in 2019.
Hence, it can be said with full surety that the sales of forklifts would skyrocket all over the world in the forthcoming years, primarily because of the rising requirement for faster warehouse operations, on account of the increasing e-commerce sales and soaring customer requirements around the world.