According to this report the global forklift truck market size was valued at $45.01 billion in 2019, and is projected to reach $81.40 billion by 2027, registering a CAGR of 7.3% from 2019 to 2026.
Forklift truck can be defined as the most important and majorly vehicle for material handling.
In addition, lift truck is powered industrial vehicle that is used for lifting and transporting material for short distance inside warehouses or other operational sites.
Lift trucks are either gasoline powered or electric powered.
Also, there is an increase in the penetration of electric powered forklift trucks in the recent days owing to benefits such as eco-friendly and noise less operation.
Further, a typical forklift truck consists of two power-operated horizontal prongs that are raised and lowered for loading, transporting, and unloading of goods.
The market is anticipated to witness significant growth over the years, owing to surge in investments in the infrastructure industry and developments in the e-commerce industry.
The forklift truck market is segmented on the basis of power source, class, end user, and region.
By power source, the market is bifurcated into IC engine powered and electric powered. By class, market is categorized into class 1, class 2, class 3, class 4, class 5, and others.
By end user, it is divided into retail & wholesale, logistics, automotive, food industry, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The key players analyzed in the forklift truckmarket include Crown Equipment Corporation, EP Equipment, Hangcha, Hyster-Yale Material Handling, Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Lonking Machinery Co., Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, and others.
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