The global forklift truck market is anticipated to grow at a considerable CAGR of 4.9% during the forecast period. One of the key factors that are driving the market includes the rising technological advancement in most industries. Advancements such as the Internet of Things (IoT), automation, connectivity features, and others are thriving across most sections of the industries which makes the process far easier, more accurate, and safer compared to the traditional way. Such development also occurred in the forklift truck section which can easily transfer products to the destined place safely. This has increased its demand among user industries in recent years. For instance, in September 2021, Cargotec-owned Kalmar secured a large order for 15 medium electric forklift trucks from SEAC, a supplier of concrete products to the French construction industry. The forklifts will be deployed across SEAC’s 11 manufacturing facilities in France. The order was booked in Cargotec’s 2021 third-quarter order intake, with the delivery of the machines scheduled to take place during the first quarter of 2022.
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The global forklift truck market is segmented based on the power-train type, class, and end-user vertical. Based on the power-train type, the market is segmented into an internal combustion engine (ICE), and an electric motor. Based on the class, the market is sub-segmented into class I, class II, class III, and class IV. Based on the end-user vertical, the market is sub-segmented into industrial, construction, and manufacturing. The above-mentioned segments can be customized as per the requirements. Based on the power-train type, the electric motor segment is anticipated to grow significantly in the market owing to the rapid advancement in the electric motor technologies while based on end-user vertical, the construction segment is anticipated to grow significantly during the forecast period owing to the government initiatives for constructing big, and complex infrastructures.
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- Market Coverage
- Market number available for – 2023-2029
- Base year- 2022
- Forecast period- 2023-2029
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global Forklift Truck Market Report Segment
By Power-Train Type
- Internal Combustion Engine (ICE)
- Electric Motor
By Class
- Class I
- Class II
- Class III
- Class IV
By End-User Vertical
- Industrial
- Construction
- Manufacturing
Global Forklift Truck Market Report Segment by Region
North America
- US
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global forklift truck market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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