According to IMARC Group’s latest report, titled “Forklift Trucks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global forklift trucks market grew at a CAGR of 7% during 2014-2019 and reached a value of US$ 54.7 Billion in 2020. Looking forward, IMARC Group expects the global market to continue its moderate growth during 2021-2026.
A forklift truck includes two horizontal prongs to load, unload, and transport goods over short distances. It is generally operated by a trained machinist and is powered by electric or combustion engines. Forklift truck comprises of a truck frame, counterweight, forklift, carriage, and hydraulic cylinder. These trucks are extensively used in warehouses, factories, and dockyards across various industries.
The growing construction industry, along with rapid industrialization across the world, is driving the forklift trucks market. Forklift trucks are efficient in handling heavy construction materials, such as wood, steel, and mortar. Furthermore, growing warehouse establishments across both developed and developing economies are also propelling the market growth. Forklift trucks help in laying and retrieving loads from storage racks, delivering components to assembly lines, and positioning materials for effective handling in distribution centers and warehouses. The market is also catalyzed by the launch of various innovative trucks, such as fuel cell-powered forklift trucks for reducing carbon footprints and enhancing operational efficiency. Several technological advancements, along with robust R&D activities in the sector, are further anticipated to drive the forklift trucks market.
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Forklift Trucks Market 2021-2026 Competitive Analysis and Segmentation:
The competitive landscape of the forklift trucks market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
The report has segmented the global forklift trucks market on the basis of region, product type, technology, class and application.
Breakup by Product Type:
Breakup by Technology:
Breakup by Class:
Breakup by Application:
Breakup by Region:
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