Electric forklift trucks predicted to be huge growth sector in 2020

As we at Hiremech very well know, forklift manufacturing and sales is a massive business. The industry is going through arguably the most successful period of its history and with demand continuing to rise, we can’t see the good times ending soon.

Developing market

Moreover, various economists and financial experts have predicted that the forklift truck market will grow exponentially over the next few years. In fact, latest figures project a growth rate of 6.9%. While this may not sound like a lot, it is a quite significant figure. The forklift truck market has been valued at around $35.3 billion, when you take into account the latest growth projections, this market could expand to approximately $55.9 billion.

This rapid growth has been caused by a wide variety of factors. Reasons include a huge boom for the construction industry as well as warehouses increasing dramatically in size. However, one less heralded factor to consider is the renewed interest in green technology. Green technology is one of the major economic growth areas and has quickly become the focus of many economic planners and key financial advisors.

Huge opportunity

However, when it comes to the logistics industry, people usually fail to grasp the significance of what is going on. Electric forklift trucks are one of the key parts of this incredibly exciting market. Changes in technologies as well as different implementations in warehouses mean that the electric forklift truck is becoming more and more valuable.

Another big factor to consider is China. The manufacturing super nation has now reached a point where it needs to re-haul the way that they manage and operate warehouses. The cleaner, modern thing to do is to design and build warehouses that require electric forklift trucks. Diesel and fossil fuel powered forklift trucks cause a huge amount of emissions in China, something which has become more and more of a consternating issue. Electric bypasses this and presents a positive substitute.

The Asian market accounts for over 41% of the overall forklift truck market so any changes or large-scale changes to infrastructure should be duly noted. The expansion within this market will directly impact upon Europe and North America. In fact, this growth will trickle down and encourage a positive expansion rate of 4.6%. Whatever happens, it will be fascinating to see how the Asian-Pacific market affects the wider picture for those involved within the logistics industry.