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The global forklift trucks market is expected to catapult ahead over the forecast period of 2018-2026 by exhibiting a CAGR of 3.05%. Factors such as their increasing application in manufacturing industries, a global boom in the construction industry and expansion of warehouse spaces around the world are boosting this market’s growth.
The global forklift trucks market is segmented on the basis of product type, class, power source and end-users. The product type segment is segmented into warehouse forklift and counterbalance forklift. The class segment ranges from class 1 to class 5. The power source includes internal combustion engine and electric motor. The end-users for this market are further divided into retail & wholesale, logistics, automotive, food industry and others.
The regional segmentation of the global forklift trucks market is done into North America, Europe, Asia-Pacific and rest of the world. At present, the Asia-Pacific dominates the global forklift truck market in terms of revenue generation and growth rate. The region is witnessing several developmental programs such as the Made in China 2025, Australian Venture Capital Limited Partnership Program, Make in India initiative etc. which are expected to propel the market growth ahead over the forecast period.
Some of the competing companies in this market include Anhui Heli Co Ltd, Clark Material Handling Company, Crown Equipment Corporation, Doosan Corporation Industrial Vehicle, Ep Equipment Co Ltd, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc, Hyundai Heavy Industries Co Ltd, Jungheinrich Ag, Kion Group Ag, Komatsu Ltd, Lonking Holdings Limited, Mitsubishi Logisnext Co Ltd, and Toyota Industries Corporation.