According to TechSci Research report, “Global Forklift Market By Class Type, By Fuel Type, By Application Type, By Region, Competition, Forecast & Opportunities, 2026”, Global forklift market is anticipated to grow at a CAGR of over 9% while the market recorded its growth of about USD 50 billion in 2019 on account of application of forklift in various industries such as freight and logistics, manufacturing and construction, among others. Forklift are motorized vehicles which are used for lifting and placement of discrete loads in a specific facility. Forklifts consist of forks for precise pallet-based unit loading and can be utilized with various platforms including grippers, platforms and clamps. Technological advancements aimed towards increasing productivity is driving the global forklift market. Moreover, other factors such as growing population, increasing demand for supply chain of different products across the globe and rising globalization are anticipated to further propel demand for forklifts globally, over the coming years.
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Motorized hand forklift segment is projected to grow at the fastest CAGR during forecast period on account of booming freight and logistics industry, expanding e-commerce industry and rising environmental concerns. On the basis of application, wholesale and retail distribution dominated global forklift market as major forklift fleet operating companies use forklifts for wholesale & retail distribution. Major players operating in global forklift market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corp and Mitsubishi Logisnext Co., Ltd. among others. In 2016, Jungheinrich AG launched the first lithium-ion battery powered vehicle with the battery capacity of 360 and 480 ampere hours. In 2016, Kion acquired stake in EP equipment to focus on joint product development.
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“Asia-Pacific and Europe are the major demand generating regions for forklifts on account of high population density and presence of fast growing economies. Moreover, there is rising demand for new airports, sea ports, road infrastructure in various countries, which is further anticipated to push demand for forklifts across these regions. Factors like booming e-commerce industry and technological advancements such as shift towards battery driven forklifts for better efficiency, are further contributing to the growth of global forklift market.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Forklift Market By Class Type, By Fuel Type, By Application Type, By Region, Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of global forklift market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global forklift market.
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