Forklift Truck

Forklift Truck Market - Insights, Size, Share, Opportunity Analysis,
and Industry Forecast till 2026
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.
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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.
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.
The class III segment is expected to witness fastest
The Class III type of forklift truck includes electric motor pedestrian trucks. This segment is
projected to witness highest growth over the forecast period, owing to increasing demand for
electric forklift truck in material handling departments and warehouses. This demand is
driven by the environment friendly and cost-effective nature of these trucks.
Asia-Pacific accounted for the largest market share
Asia-Pacific is expected to hold the largest market share due to high demand for forklift
trucks in emerging economies such as China and India. The region accounted for 37.56%
market share in 2016 and projected to exhibit a higher CAGR over the forecast period.
European holds the second largest market share in the global forklift truck market, followed
by North America. Growth in these regions are associated with high demand for electric
powered vehicles and the growing warehouse segment. Germany accounts for the major
market for forklift trucks in Europe.
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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Forklift Truck Market report categorizes the global market by Product Type (Warehouse and Counterbalance), by Class , by Engine Power , by Fuel Type, by End-use Industry , and by Geography - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2026

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