Forklift Truck Market - Insights, Size, Share, Opportunity Analysis, and Industry Forecast till 2026

The global forklift truck market is projected to reach US$ 23.81 billion by 2025, exhibiting a CAGR of 3.74% over the forecast period. Forklift trucks are used as industrial lifting trucks. These trucks are utilized to relocate goods from one place to another. Forklift trucks are mostly used in manufacturing and warehouse industries, as these industries involve relocation of heavy products in a short period of time, to accelerate the production process.

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Counterbalance segment holds the highest market shareAmong product type, the counterbalance type forklift truck segment held the largest market share in 2016. The warehouse type segment is expected to exhibit a highest CAGR over forecast period.

Electrically powered segment holds a dominant positionAmong engine, the electrically powered segment accounted for a major market share in 2016, owing to the growing demand for electrically powered forklift trucks in emerging economies such as China, India, and Brazil. This segment is projected to be the fastest growing segment during the forecast period due to increasing focus on fuel efficiency and emission control.

Retail and wholesale segment is expected to be the fastest growing segment

Among end-use industry, the retail and wholesale segment is projected to witness the highest CAGR over the forecast period. Due to improved transportation system, the trade barriers across the world have reduced, thus increasing the supply of goods in warehouses. Europe holds the largest market share for the retail and wholesale segment.

Under 5 ton segment holds the highest market share in the global forklift market

Among lifting capacity, the under 5 ton capacity segment is expected to hold the major market share and is projected to exhibit a higher CAGR over the forecast period. The

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