In recent years, forklifts have seen new growth in demand driven by the rapid development of smart manufacturing and intelligent warehousing. Also fueled with external factors such as the strict emission standards and rising labor costs, the trend toward electrification is gradually becoming significant in the global forklift market.
The current forklift truck market is split roughly 60-40 between electric and diesel trucks. Electric trucks powered by lead-acid cells have been on the scene for years, and these trucks currently occupy circa 80% of the electrified market. In our new report, Interact Analysis has used predictive modelling to forecast a clear shift away from diesel power in the next decade in favour of electric, and a move away from lead-acid batteries in favour of Li-ion batteries and hydrogen cells.
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This report was published at the height of the COVID-19 pandemic. In order to help provide some clarity, the report includes a chapter called “Post COVID-19 Forecasts” to provide alternate forecast scenarios for the possible impact and outcomes of COVID-19 on the global forklift market. As this unprecedented situation is changing rapidly, a short update report with key market insights and adjusted top-level forecasts will be delivered to subscribers of the report later in 2020 at no extra cost.