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The global forklift trucks market size was valued at US$ 58.5 Billion in 2021.
According to the estimates by IMARC Group, the global forklift trucks market is expected to witness a CAGR of 6.2% during 2022 to 2027.
The expanding construction industry, along with the increasing number of warehouse establishments, represent some of the key drivers for the global forklift trucks market.
Various product innovations, including the development of fuel cell-powered forklift trucks that can operate on hydrogen, represent one of the key trends in the global forklift trucks market.
Sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting temporary halt of numerous construction activities, thereby limiting the demand for forklift trucks.
On the basis of the product type, the market has been bifurcated into counterbalanced forklift trucks and warehouse forklift trucks. Currently, counterbalanced forklift trucks hold the majority of the total market share.
On the basis of the technology, the market has been segregated into electricity-powered and internal combustion engine-powered. At present, internal combustion engine-powered technology exhibits a clear dominance in the global market.
On the basis of the class, the market has been segmented into class I, class II, class III, class IV and class V. Among these, class V accounts for the majority of the market share.
On the basis of the application, the market has been divided into non-industrial and industrial. At present, non-industrial represents the largest segment.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the global market.
The key companies in the global forklift trucks market are Clark Material Handling Company, Crown Equipment Corporation, Godrej & Boyce, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd, Jungheinrich, KION Group, Mitsubishi Forklift Trucks, Toyota Industries Corporation, etc.
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