Forklift Truck Market Revenue Growth Predicted to 2026 by Global Top Players - Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc.

The global forklift truck market is projected to reach US$ 23.81 billion by 2025, exhibiting a CAGR of 3.74% over the forecast period. Forklift trucks are used as industrial lifting trucks. These trucks are utilized to relocate goods from one place to another. Forklift trucks are mostly used in manufacturing and warehouse industries, as these industries involve relocation of heavy products in a short period of time, to accelerate the production process.

Counterbalance segment holds the highest market share

Among product type, the counterbalance type forklift truck segment held the largest market share in 2016. The warehouse type segment is expected to exhibit a highest CAGR over forecast period.

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Electrically powered segment holds a dominant position

Among engine, the electrically powered segment accounted for a major market share in 2016, owing to the growing demand for electrically powered forklift trucks in emerging economies such as China, India, and Brazil. This segment is projected to be the fastest growing segment during the forecast period due to increasing focus on fuel efficiency and emission control.

Retail and wholesale segment is expected to be the fastest growing segment

Among end-use industry, the retail and wholesale segment is projected to witness the highest CAGR over the forecast period. Due to improved transportation system, the trade barriers across the world have reduced, thus increasing the supply of goods in warehouses. Europe holds the largest market share for the retail and wholesale segment.

Under 5 ton segment holds the highest market share in the global forklift market

Among lifting capacity, the under 5 ton capacity segment is expected to hold the major market share and is projected to exhibit a higher CAGR over the forecast period. The < 5 ton capacity forklift trucks are usually involve battery-electric forklifts. Demand for electrically powered forklift trucks are rapidly increasing due to their environment friendly nature. They are also relatively more silent while processing, easier to operate, and incur lesser operational & maintenance costs as compared to IC engine powered forklift trucks.

Market Dynamics

According to this report, one of the major growth drivers of the forklift market include increasing demand for these forklift trucks in the global e-commerce and warehouse sectors, increasing demand for global trade, growth in the container and shipping industry, and rampant globalization of supply chains. The global e-commerce market is expected to witness steady growth, exhibiting a CAGR of over 12% over the forecast period. Growth of the e-commerce market is driven by diverse portfolio of product segments such as electronic gadgets, apparels, books, and cosmetics. However, high costs of battery-operated and fuel-cell forklift coupled with the growing environmental concerns regarding the use of IC-engine type forklift trucks are expected to hinder growth of the forklift market over the forecast period. Some of the major trends identified in the forklift truck market are increasing demand for battery-operated forklifts to reduce CO2 emission from IC engine powered trucks and increasing demand for automation in emerging economies.

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Detailed Segmentation:

Global Forklift Truck Market, By Product Type:
Warehouse
Pedestrian
Rider
Counterbalance
Global Forklift Truck Market, By Class:
Class I : Electric Motor Rider Trucks
Class II : Electric Motor Narrow Aisle Trucks
Class III : Electric Motor Pedestrian Trucks
Class IV : Internal Combustion Engine Trucks (Solid/Cushion Tires)
Class V : Electric and Internal Combustion Engine Tractors
Class VI: Rough Terrain Forklift Trucks

Major players operating in the global forklift truck market include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc.

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This release was published on openPR.