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Forklift Truck Market to Exhibit Significant Opportunity Assessment During the Forecast Period (2020-2026)

Global Forklift Truck Market  was valued US$ 24Bn in 2017, and is expected to reach US$ 43Bn by 2026, at CAGR of 7.56% during forecast period.

Forklifts are rated for loads at a specified maximum weight & a specified forward centre of gravity. This information is located on a nameplate provided by the manufacturer, and loads must not go above these specifications. In many influences, it is illegal to alter or remove the nameplate without the permission of the forklift manufacturer.

Some of the driving factors behind forklift truck market globally are, increasing E-commerce growth, rising construction sector spending, expansion of warehouse space, an upsurge in industrialization and economic growth, expansion of logistics industry and increasing application in manufacturing industries. Key trends and developments in the market are, increasing M-Commerce, growing penetration of Internet of Things (IoT), increasing technological advancement, improved automation of entire material flow, increasing demand for environmentally friendly vehicles and purchase of low-cost forklift trucks in emerging markets.

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Retail & wholesale and logistics segment are anticipated to register the highest CAGRs of 6.7% and 8.2%, respectively. Moreover, retail & wholesale was the highest revenue-generating segment in 2017, accounting for US$13.6 billion. Based on class, class IV generated the highest revenue, during the forecast period. Owing to the increasing demand for electric trucks for manufacturing and warehouse activities. However, class II segment is anticipated to witness a fastest growth rate of 9.1% to reach US$7 billion by 2026.

Region-wise, The Asia-Pacific dominates the global forklift truck market due to increasing urbanization and industrialization. Furthermore, Japan, India and China are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. Also, China’s fast-growing e-commerce sector drives the demand for forklift trucks. North America stands to be the third largest market for forklift trucks after Europe and Asia-Pacific regions. Though, in 2017, the region has had an impressive sales profile dedicated to strongly enlivening economy in the United States and Canada.

Key players operating in global forklift truck market, 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.

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Scope of Global Forklift Truck Market

Global Forklift Truck Market, by Product Type



Global Forklift Truck Market, by Power source

Internal Combustion Engine

Electric Motor

Global Forklift Truck Market, by Class

Class I

Class II

Class III

Class IV

Class V

Global Forklift Truck Market, by End user

Transportation and Logistics

Retail and wholesale Industry

General Manufacturing


Food & Beverages Industry



Global Forklift Truck Market, by Region

North America


Asia Pacific

Middle East and Africa

South America

Key players operating in Global Forklift Truck Market

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

Toyota Industries Corporation

UniCarriers Americas Corporation

Hyster-Yale Materials Handling, Inc

Mitsubishi Nichiyu Forklift Co., Ltd.

Godrej & Boyce Manufacturing

Hangcha Group Ltd

Hyundai Heavy Industries


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