The global forklift market reached a valuation of $33,878.7 million in 2019 and is predicted to generate a revenue of $42,519.4 million by 2030. Furthermore, the market would exhibit a CAGR of 2.8% between 2020 and 2030, as per the estimates of P&S Intelligence, a market research firm based in India. The rapidly growing e-commerce industry and the adoption of advanced autonomous and electric forklift in warehouses and factories are the main factors fueling the growth of the market.

Powered by internal combustion engines (ICEs), class 5 forklifts have a very high penetration rate in the developing nations such as India, Mexico, Brazil, and China. There are two types of forklifts, based on engine type. They are electric and ICE forklifts. Between them, the sales of the electric forklifts are predicted to rise very rapidly in the upcoming years. This would be because of the rising demand for environment-friendly and cleaner forklifts in factories and warehouses around the world.

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Geographically, the Latin America, Middle East & Africa (LAMEA) forklift market is predicted to be very prosperous in the coming years. This would be a result of the rising popularity of the warehousing concept and the rapid industrialization being carried out in the underdeveloped countries of the region.

Hence, it can be said with full surety that the market would exhibit huge expansion all over the world in the upcoming years, primarily because of the booming e-commerce industry, the growing popularity of online shopping, and the increasing adoption of autonomous and automated systems in factories and warehouses around the world.

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Market Segmentation by Region

North America
By class
By product
By engine type
By country – U.S. and Canada
Europe
By class
By product
By engine type
By country – Germany, France, U.K., Spain, and Rest of Europe
APAC
By class
By product
By engine type
By country – China, Japan, South Korea, and Rest of APAC
LAMEA
By class
By product
By engine type
By country – Brazil, Mexico, South Africa, the U.A.E. and Rest of LAMEA