Forklift Market Set to Reach Nearly $120 Billion
Good morning! Today, we celebrate the beginning of the American Revolution and the brave men and women who fought for our independence. As we reflect on the past, let's also take a moment to recognize the modern-day patriots who keep our supply chains moving forward. From warehouse workers to truck drivers, from logistics managers to procurement specialists, these unsung heroes ensure that goods flow seamlessly across our great nation. So, let's raise a glass to these supply chain patriots and all they do to keep America running smoothly. Cheers to Patriots' Day! 🇺🇸
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New data suggests that the market for forklifts will reach $119 billion by 2033. The demand for forklift trucks has increased dramatically and has driven growth in many other markets. This is a 7% increase in a little under 10 years, and while the market has been growing steadily over the last couple of years, it looks set to dominate the market soon. The growth of this equipment can be attributed to several different trends, including technology advancements, safety features, and market demand.
Check out the featured article from Material Handling & Logistics to read about the recent demand for forklift trucks and how much profit they will generate in just 10 years. Will the prices change in the forklift market? Will it actually hit $119 billion in 10 years?
Featured Article:
Forklift Market Hit $119 Billion by 2033 | MHL News
“Lift trucks used for material handling in various industries such as construction, warehousing, manufacturing, and logistics.will be valued at $119.19 billion by the end of 2033.”
Inflation & Sales 💰
Rising Rates and Inflation Cause Retail Sales to Drop
In the last month, retail sales in the United States have fallen by 1%, as consumers are not spending as much money at retailers. This marks the second straight month of sales decline, a significant change from the burst of sales in January. Pandemics can disrupt consumer demand patterns, resulting in changes in purchasing behaviors and preferences. Some industries may experience a sudden drop in demand due to reduced consumer spending, travel restrictions, or shifts in consumer priorities, leading to oversupply in the market and lower prices or rates as businesses adjust to the reduced demand.
This slowdown in spending is causing concern that the economy could be heading towards a recession in the future. Businesses may scale back investments, reduce hiring, or delay projects due to uncertainty about the economic outlook, potentially impacting rates in various industries as businesses adjust their pricing strategies in response to changing market conditions. During a pandemic, businesses and industries may need to adapt and respond to changing market conditions to remain competitive and resilient.
Repair & Maintenance 🧰
Airlines Dismantling Old Planes for Parts
Despite a short supply, many large airlines are acquiring brand new Airbuses and Boeings. However, older planes from these companies are being retired and stripped for parts, which are repurposed or put on newer planes in need of specific components. Many of these partially dismantled planes are being stored in the Arizona desert to prevent humidity damage. Some of the parts taken from retired planes are even being used to make high-end furniture, such as a $42,000 desk, while scraps are melted down and turned into scrap metal. Last year saw one of the lowest numbers of retired jets in the last two decades, with over 270 planes being retired.
Aircraft scrap materials can be repurposed and recycled into various products. For instance, many parts and components of retired aircraft, including engines, landing gear, avionics, and hydraulic systems, can be salvaged and refurbished for reuse in other aircraft. These salvaged parts undergo rigorous testing, repairs, and modifications to meet safety and regulatory standards before being installed in other aircraft. Additionally, aircraft scraps can be used to manufacture ground support equipment (GSE) used in airports, such as baggage carts, tow bars, and maintenance platforms. These materials can be repurposed and transformed into durable and functional equipment for airport operations.
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 28, 2024, from iLevel Logistics Inc.