What are Factors Fueling Boom of Forklift Market in Latin America, Middle East, and Africa Region? The global forklift market reached a valuation of $33,878.7 million in 2019 and is predicted to generate a revenue of $42,519.4 million by 2030. Furthermore, the market would exhibit a CAGR of 2.8% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The rapidly growing e-commerce industry and the adoption of advanced autonomous and electric forklift in warehouses and factories are the main factors fueling the growth of the market.

The expanding customer base, changing customer expectations and buying habits, and the increasing popularity of e-commerce are propelling the growth of the forklift market across the globe. The rising popularity of online shopping is pushing up the need for faster deliveries, which is, in turn, challenging the traditional logistics. This is making companies adopt strategies such as making huge investments in autonomous and electric forklifts. This is subsequently fueling the usage of forklifts in warehouses for loading and picking goods. Based on class, the forklift market is divided into class 5, class 4, class 3, class 2, and class 1 categories. Out of these, the class 5 category recorded the highest growth in the market in the past few years. These forklifts are driven by internal combustion engines (ICEs) and are extensively used in various developing countries such as Mexico, India, Brazil, and China. They are heavily used in heavy lifting applications. This is because these forklifts have pneumatic tires, which are ideal for work environments where the tire puncture risk is very high. When engine type is taken into consideration, the market is classified into electric and ICE. Between these, the electric category will exhibit faster growth in the market in the future years. This is credited to the growing demand for eco-friendly forklifts in factories. Additionally, the reducing prices of lithium-ion (Li-ion) batteries are propelling the sales of electric forklifts. Geographically, the forklift market will demonstrate the highest growth rate in the Latin America, Middle East, and Africa (LAMEA) region in the upcoming years. This would be a result of the increasing industrialization and the surging establishment of warehouses in the developing nations of the region. Additionally, the rapidly expanding e-commerce sector and the changing customer buying habits are fueling the demand for faster warehouse operations, which is, in turn, pushing up the demand for forklifts in the region.

How is Surging Traffic Congestion Driving European Electric Two-Wheeler Sharing Market? Daily commuters across the globe, including Europe, face numerous problems on the roads. One of the major problems is that of the surging number of vehicles on the roads, which result in road congestion, especially during peak hours. As the disposable income of people has risen significantly in the past few years, owing a vehicle has become quite easy, which has led to an increased number of vehicles on the roads. More than €110 billion annually are spent on road congestion in Europe, which is why the mitigation of this problem is a key concern in the region.

As per a P&S Intelligence report, the European electric two-wheeler sharing market is predicted to generate a revenue of $597.2 million by 2025, advancing at a 35.0% CAGR during the forecast period (2019–2025). Two-wheeler sharing services are offered via kick scooters and scooters/mopeds. Between these two, electric scooter/moped were more in demand in the past, as a significant number of companies in Europe offer shared mobility services via these vehicles. The service has been operational in the region since the past five years. Apart from this, companies which offer kick scooter mobility services have also started penetrating the market, which is why the demand for kick scoter services is projected to grow in the coming years. Electric two-wheeler sharing services can be availed for one-way trip or round trip. The larger demand for these services however was created for one-way trips, which is ascribed to the fact that the services offers convenience and flexibility and the users can drop the vehicles anywhere they want. While in the past Germany was the largest user of two-wheeler sharing services, in 2018, Spain emerged as the largest European electric two-wheeler sharing market. This is due to the significant increase in fleets by key services providers. The demand for these services is also predicted to rise considerably in the U.K. in the coming years. Hence, the demand for electric two-wheeler sharing services in the region is growing due to the rising road congestion.