According to the market research report "Global Forklift Truck Market, by Product Type (Warehouse (pedestrian, rider) and Counterbalance); 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: internal combustion engine trucks (pneumatic tires), and Class VI: electric and internal combustion engine tractors, and Class VII: rough terrain forklift trucks), by Fuel Type (Diesel, Gasoline & LPG/CNG, and Electric/Hybrid), By Engine Type (Internal Combustion (IC) Engine Power and Electric Power), by Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), by End-use Industry (Retail & Wholesale, Transportation & Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries (chemical, wooden, and paper & print industry)), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa) Global Forecast to 2027".

The increasing demand for forklift trucks from Europe and Asia Pacific is expected to drive growth of the market over the forecast period. According to the World Industrial Truck Statistics (WITS) in 2018, Orders of forklift trucks in Europe and the Asia Pacific increased from 0.47 million & 0.56 million in 2017 to 0.52 million & 0.63 million with a surge of 11.42% & 12.15%. Browse over 40 Market Data Tables and 60 Figures spread through over 140 Pages and in-depth TOC on "Global Forklift Truck Market, by Product Type (Warehouse (pedestrian, rider) and Counterbalance), 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: Internal Combustion Engine Trucks (Pneumatic Tires), and Class VI: Electric and Internal Combustion Engine Tractors, and Class VII: Rough Terrain Forklift Trucks), by Fuel Type (Diesel, Gasoline & LPG/CNG, and Electric/Hybrid), By Engine Type (Internal Combustion (IC) Engine Power and Electric Power), by Lifting Capacity (< 5 ton, 5 ton - 10 ton, 11 ton - 36 ton, and > 36 ton), by End-use Industry (Retail & Wholesale, Transportation & Logistics, Automotive and Electrical Engineering, Food Industry, and Other Industries(chemical, wooden, and paper & print industry)), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa) - Global Forecast to 2027".

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https://www.coherentmarketinsights.com/market-insight/forklift-truck-market-928

Key Takeaways of the Forklift Truck Market:

  • The global forklift truck market is projected to reach US$ 25.04 billion by 2027, exhibiting a CAGR of 4.02% over the forecast period
  • Among product type, the counterbalance segment accounted for the highest market share in 2018, and warehouse segment is projected to exhibit highest CAGR over the forecast period
  • Among engine type, the electrically powered segment held the dominant position in 2018 in the global forklift truck market. Increasing demand for electrically powered forklift trucks in emerging economies such as China, India, and Japan is expected to drive growth of the electrically powered segment. For instance, in August 2019, HELI, a China-based construction equipment maker, launched a heavy-duty electric forklift in the market with a loading capacity of 10 tons. Furthermore, the segment is projected to register the highest growth rate over the forecast period due to environmentally-friendly and fuel efficiency properties of these engines.
  • Among lifting capacity, the > 5 ton segment holds the largest market share and is projected to exhibit the highest CAGR over the forecasting period. Most trucks under this segment are electrically powered. Moreover, consumers prefer electrically powered trucks due to attributes such as emission control and cost-effectiveness, is fueling growth of the > 5 ton segment.
  • Among region, Asia Pacific accounted for the largest market share in the global forklift truck market, owing to increasing number of manufacturing activities and warehousing industries in this region. The region is also expected to exhibit a high CAGR over the forecast period, owing to high demand for forklift trucks from emerging economies such as China and India. For instance, in June 2019, Yale introduced the new UX Series forklift trucks for the Asia Pacific market. The UX Series forklift trucks are available in different capacities ranging from 1.5 to 3.5 ton capacities.
  • Major players operating in the global forklift truck market include Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd, Godrej & Boyce Mfg. Co. Ltd., and Linde Material Handling
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