Global Forklift Truck Market was valued US$ 25.81Bn in 2018, and is expected to reach US$ XX Bn by 2026, at CAGR of XX% during forecast period.
Global Forklift Truck Market
Forklifts are rated for loads at a specified maximum weight & a specified forward center of gravity. This information is located on a nameplate provided by the manufacturer, and loads must not go above these specifications. In many influences, it is illegal to alter or remove the nameplate without the permission of the forklift manufacturer. Some of the driving factors behind global forklift truck market are, increasing E-commerce growth, rising construction sector spending, expansion of warehouse space, an upsurge in industrialization and economic growth, expansion of logistics industry and increasing application in manufacturing industries.
Key trends and developments in the market are, increasing M-Commerce, growing penetration of Internet of Things (IoT), increasing technological advancement, improved automation of entire material flow, increasing demand for environmentally friendly vehicles and purchase of low-cost forklift trucks in emerging markets. Retail & wholesale and logistics segment are anticipated to register the highest CAGRs of 6.7% and 8.2%, respectively. Moreover, retail & wholesale was the highest revenue-generating segment in 2017, accounting for US$13.6 billion. Based on class, class IV generated the highest revenue, during the forecast period. Owing to the increasing demand for electric trucks for manufacturing and warehouse activities. However, class II segment is anticipated to witness a fastest growth rate of 9.1% to reach US$7 billion by 2026. Region-wise, The Asia-Pacific dominates the global forklift truck market due to increasing urbanization and industrialization. Furthermore, Japan, India and China are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. Also, China's fast-growing e-commerce sector drives the demand for forklift trucks. North America stands to be the third largest market for forklift trucks after Europe and Asia-Pacific regions. Though, in 2017, the region has had an impressive sales profile dedicated to strongly enlivening economy in the United States and Canada. The Global Forklift Truck Market size was valued at US$ XX.XX million in 2018, and is projected to reach US$ XX.XX million by 2026, growing at a CAGR of XX.XX during forecast period.
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