Forklift Truck Market is Expected to Exhibit a CAGR of 3.74% over the Forecast Period 2017-2025
According to the new market research report “Global Forklift Truck Market, by Product Type (Warehouse and Counterbalance ), by Class (Electric Motor Rider Trucks, Electric Motor Narrow Aisle Trucks, Electric Motor Pedestrian Trucks, Internal Combustion Engine Trucks, Electric and Internal Combustion Engine Tractors, and rough Terrain Forklift Trucks), by Engine Power (Internal Combustion Engine Power and Electric Power), by Fuel Type (Diesel, Gasoline & LPG/CNG, and Electric/Hybrid), 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), and by Geography (North America, Europe, Asia-Pacific, South America, and Middle East) – Global Forecast to 2025″, forklift truck market is projected to reach US$ 23.81 billion globally by 2025.
Improved transport system across the globe are the key factors boosting growth of global forklift trucks market. Increasing worldwide demand for goods coupled with increasing development in the system of transportation have amplified the shipping of goods in warehouses, which is further distributed through suppliers and wholesalers. Speedy progression of the E-commerce industry globally, particularly in emerging economies, in turn, fuels demand for forklift trucks at ports and airports for goods handling.
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Key Takeaways of the Forklift Truck Market: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.
Among product type, the counterbalance segment accounted for the highest market share in 2016 and warehouse segment is projected to exhibit highest CAGR over the forecast period.
Among engine type, the electrically powered segment held a dominant position in 2016 in the global market share. Increasing demand for electrically powered forklift trucks in emerging economies such as China, India, and Japan, are expected to boost growth of the electrically powered segment. 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 the end-use industry, the retail and wholesale segment is estimated to be the fastest growing segment over the forecast period. Growing supply of goods in warehouses, is a result of increasing development in transportation system globally, which in turn, has reduced trade barriers.
Among lifting capacity, the under 5 ton segment holds the largest market share and is projected to exhibit a higher CAGR over the forecasting period. Most trucks under this segment are electrically powered. Increasing inclination towards electrically powered trucks due to emission control and cost-effective attributes, is in turn, fueling growth of the under 5 ton segment.
The Class III type of forklift truck includes electric motor pedestrian trucks. This segment is projected to register the highest CAGR over the forecast period due to increasing demand for electric forklift trucks for manufacturing and warehouses.
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Among geography, Asia-Pacific accounted for the largest market share in the global forklift market. This can be attributed by the majority of manufacturing and warehousing industries in this region. This region is also expected to exhibit a high CAGR over the forecast period, owing to high demand for these trucks in emerging economies such as China and India.
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