Sun Named Top Forklift Equipment Dealer
In 2020, the worldwide forklift truck market was expected to increase from USD 43 billion to USD 70 billion, with more than a 7% CAGR. In the forklift truck sector, the COVID-19 outbreak took a serious toll. As factories and warehouses went out of business, the forklift equipment dealer who deals in material handling and inventory management fell by the wayside.
As a result of the lockout, large firms were forced to suspend their activities. This increased the demand for material handling tools. This company’s post-pandemic outlook, on the other hand, is quite promising because of the expected increases in population growth in cities globally and the growing development of warehouse management systems. Please visit www.sunequipment.com for more details.
The market is expected to grow as manufacturers employ automation to boost production capacity over the next few years. Trucks equipped with electric motors are ideal for moving large quantities of components and supplies between warehouses and the production floor. In addition to e-commerce advances, the worldwide market for forklift trucks is also being fueled.
Key Market Trends!
Because of how rapidly technology improves and how frequently they’re utilized, electric forklift trucks have a lot of potentials. Therefore, large items can be loaded and unloaded from the ground level or ports within interior spaces using these devices. Forklift trucks powered by electric motors do not require a supply of fuel. Because of their low emissions and minimal maintenance needs, electric material handling vehicles may be easily maintained and controlled in warehouses. Sun Equipment, available here: sunequipment.com, has been keeping up with the trends.
North America, Europe, and Asia, where e-commerce is well established and stringent emission requirements are in place, are seeing a rise in the use of electric forklift trucks. However, internal combustion-powered forklift trucks (IC engines) are still used in developing countries.
Furthermore, North America is the primary market for electric forklift trucks, and this demand is likely to grow throughout the forecast period. It is estimated that the company supports over 200,000 jobs and generates around USD 25 billion in annual revenue for the US economy. As a result, the market share and growth rate of electric forklift trucks are expected to increase significantly. Forklift equipment dealers like Sun Equipment have been performing steadily in the US. Practically any duty that an IC forklift can perform is among them.
Each year the sales of both electric and gasoline-powered trucks climbed by 2.7% points. More than two-thirds of the market’s products were powered by electricity in 2013.
It’s worth mentioning that Johnson thinks the US economy will continue to rely on industrial trucks in the future. For every direct employee, the industry provides an extra 2.5 employment. Imports of forklifts from other countries have been stable. A successful USMCA is vital to the future of our industry, according to ITA President Brian Feehan. Producers and consumers in North America will get the long-term policy framework they need if the USMCA is successfully implemented.