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Analyst predicts forklift power shift

02 June 2020

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.

The company's predictions include:

  • In 2019, lead-acid battery electric forklift models occupied nearly half of the market (49.9%),  it is expected that lithium-ion trucks will contribute 48.5% forklift shipments in 2028.
  • Globally in 2019, just 0.3% of forklift shipments were automated. However, the market for automation solutions is growing rapidly, with a CAGR of 64.5% during the forecast period to 2028.
  • Class 1, Class 2 and Class 3 forklift trucks are forecast to experience faster growth from 2019 to 2028 (with CAGRs of 6.6%, 4.6%, 5.9% respectively), whilst the Class 4 & 5 market will continue to grow, but with a CAGR of only 1.8%.

The forklift report can be downloaded from Interact’s website.

The company says: “Our post-COVID-19 neutral scenario predicts that global forklift shipments in 2020 will grow by just 1.4% globally versus 2019 (compared to a previous forecast of 3.7% which was completed in late February 2020). While we increased our 2021 global shipment growth projection from 6.5% to 8.2%.

“Notwithstanding the negative growth rate in shipment terms in 2019 (-0.7%), as well as poor growth in 2020 owing to COVID-19 we forecast a total shipment number of 2.4 million units in 2028, with 4.5% CAGR.”