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.
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Major players operating in the global forklift truck market include Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc.