As per the report published by Allied Market Research, the global forklift truck market was pegged at $45.00 billion in 2019, and is projected to reach $81.39 billion by 2027, growing at a CAGR (compound annual growth rate) of 7.3% from 2020-2027. The report offers a detailed analysis of value chain, market dynamics, top winning strategies, key segments, business performance, and competitive landscape.
Growth in the e-commerce industry and rise in investment in the infrastructure industry have boosted the growth of the global forklift truck market. However, a surge in issues related to forklift trucks hampers the market. On the contrary, production of hydrogen fuel cell forklifts and development of autonomous forklifts trucks would open new opportunities in the coming years.
The global forklift truck market is segmented on the basis of power source, class, end use, and geography. Based on power source, the market is divided into IC engine powered and electric powered. The IC engine powered segment dominated the market in 2019, accounting for nearly three-fifths of the market. However, the electric powered segment is expected to register the highest CAGR of 8.0% during the forecast period.
On the basis of end-use, the market is categorized into retail and wholesale, logistics, automotive, food industry, and others. The retail and wholesale segment held the largest share in 2019, accounting for around two-fifths of the market. However, the automotive segment is projected to register the highest CAGR of 10.5% during the forecast period.
The global forklift truck market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA (Latin America, Middle East and Africa). The market across the Asia-Pacific region held the largest share in 2019, contributing to more than two-fifths of the market. However, the market across LAMEA is expected to register the highest CAGR of 11.1% during the study period.
The global forklift truck market report includes an in-depth analysis of the major market players in the regions such as Crown Equipment Corporation, Hangcha, EP Equipment, Inc., Jungheinrich AG, Hyster-Yale Material Handling, Komatsu Ltd., Kion Group AG, Mitsubishi Logisnext Co., Ltd., Lonking Machinery Co., Ltd., and Toyota Industries Corporation. These companies have adopted several strategies such as new product launch, mergers and acquisitions, collaborations, and partnerships to maintain their dominance in the market.