Growth in the e-commerce industry and the rise in investment in the infrastructure industry have boosted the growth of the global forklift truck market. This growth is behind the prediction by Allied Market Research that sales will reach $81. 39 billion in 2027, which represents a 7.3% annual growth rate. For comparison, in 2019 the market was $45 billion.
The global forklift truck market is segmented on the basis of power source, class, end-use, and geography. Based on power source, the market is divided into IC engine-powered and electric powered. The IC engine powered segment dominated the market in 2019, accounting for nearly three-fifths of the market. However, the electric-powered segment is expected to register the highest CAGR of 8.0% during the forecast period.
On the basis of end-use, the market is categorized into retail & wholesale, logistics, automotive, food industry, and others. The retail & wholesale segment held the largest share in 2019, accounting for around two-fifths of the market. However, the automotive segment is projected to register the highest CAGR of 10.5% during the forecast period.
The global forklift truck market is analyzed across several regions such as North America, Asia-Pacific, Europe, and LAMEA. The market across the Asia-Pacific region held the largest share in 2019, contributing to more than two-fifths of the market. However, the market across LAMEA is expected to register the highest CAGR of 11.1% during the study period.
Looking toward the future, the report says that while surges in issues related to forklift trucks could hamper the market, the production of hydrogen fuel cell forklifts and development of autonomous forklifts trucks would open new opportunities in the coming years.