Rapid industrialization and adoption of smart forklift trucks in logistics industry is fuelling the growth of global forklift truck market all across the globe. Electric forklift trucks are gaining traction among the end-use industries on the back of their low running cost and low maintenance. In 2016, electric forklifts constituted 23% market share in global forklift trucks market. Factors such as development of intelligent forklifts are one of the key trends that will aid the growth of automated forklifts market in coming years. Huge investments for the development of fuel efficient internal combustion engines and to advance longer working time of electric forklifts are expected to boost the growth of global forklift trucks market. Global forklift trucks market is estimated to reach USD 56.8 billion by the end 2024, by expanding at a CAGR of 5.7% over the forecast period i.e. 2016-2024. Asia-pacific region dominates the global forklift trucks market with over 39% of volume share in 2015.
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Market Segmentation
• By Product Type
o Class I (Electric Motor Rider Trucks)
o Class II (Electric Motor Narrow Aisle Trucks)
o Class III (Hand Rider Trucks)
o Class IV (IC Engine Trucks, solid/Cushion Tires)
o Class V (IC Engine Trucks, Pneumatic Tires)
o Class VI (Electric and IC Engine Tractors)
o Class VII (Rough Terrain Forklift Trucks)
• By Fuel Type
o Diesel
o Gasoline
o Electric/Hybrid
• By End Users
o Retail Sector
o Transportation & Logistics
o Automotive Sector
o Manufacturing Sector
o Food and Beverages
o Others (Wood Industry, Paper Industry, etc)
By Geography
• North America (US, Canada)
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe)
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa)
• Latin America (Brazil, Mexico and Rest of Latin America)
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific)
• Rest of the World
“Global Forklift Trucks Market Outlook 2024” contains detailed overview of the global forklift trucks market in terms of market segmentation by product, by fuel types, by end-users type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global forklift trucks market which includes profiling of companies of Toyota Motor Corporation, Mitsubishi Nichiyu Forklift Co. Ltd., HeLi Co. Ltd., Kion Group AG, Jungheinrich AG, Anhui Forklift Group Co. Ltd., UniCarriers , Hyster-Yale Material Handling, HYTSU Group, Hyundai Heavy Industries etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global forklift trucks market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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