The encouraging scenario on the wholesale & retail distribution front coupled with anticipated robust demand for replacement of forklift trucks is expected to spiral demand for forklifts. The US and Europe represent the largest regional markets for forklifts. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR over the analysis period. China, the world's second largest economy, is forecast to reach an estimated market size of US$8.9 Billion in the year 2026 trailing a CAGR of 6.2% through the analysis period.Īmong the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4% respectively over the analysis period. The country currently accounts for a 27.5% share in the global market. is estimated at US$10.8 Billion in the year 2021. Market is Estimated at $10.8 Billion in 2021, While China is Forecast to Reach $8.9 Billion by 2026 Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.4 Billion by the year 2026, while Latin America will expand at a 4.7% CAGR through the analysis period. These regional markets accounting for a combined market size of US$11.1 Billion in the year 2020 will reach a projected size of US$14.7 Billion by the close of the analysis period.Ĭhina will remain among the fastest growing in this cluster of regional markets. In the global Retail & Wholesale (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 3.82% CAGR estimated for this segment. The surging demand from warehouses is propelling growth in the forklifts market. Rapidly rising e-commerce and retail business, and reducing trade barriers between various regions across the world are significantly increasing number of warehouses, which require forklifts to properly arrange the products. Retail & Wholesale (End-Use) Segment to Reach $18.5 Billion by 2026 Rise in adoption of electric forklifts due to its benefits over internal combustion (IC) engines powered forklifts and increase in investments targeted at advancements in battery technology are poised to fuel growth of electric forklifts in the near future. However, owing to the stringent regulatory emission norms for regulating CO2 emissions and relative high maintenance costs, diesel forklifts are making way for electric forklifts that are powered by electricity. Internal Combustion Engine (ICE) forklifts dominate the market as heavy duty forklifts that find use in outdoor activity are typically driven by diesel. Internal Combustion Engine (ICE), one of the segments analyzed in the report, is projected to grow at a 4.6% CAGR to reach US$35.5 Billion by the end of the analysis period.Īfter a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electric segment is readjusted to a revised 5.6% CAGR for the next 7-year period. The forklift truck market is receiving a major growth impetus from increasing acceptance of electric vehicles as a result of ongoing technological advancements coupled with rising cost of traditional fuels. Advent of intelligence forklifts, robotic lift trucks, forklifts with ultra-capacitors, fast charging battery-based forklifts, fuel cell powered forklift trucks, and cost-effective and eco-friendly hydrogen power trucks are drastically influencing the growth opportunities in the forklifts market. Booming e-commerce and retail businesses, flourishing automotive component manufacturing, growing consumable goods industry, and rising construction industry are further augmenting demand for forklifts.Īdvancements in technology are paving way for greater adoption of forklifts. Increase in productivity, decrease in downtime, operator comfort, and reduced number of accidents and injuries are the other key factors fueling growth in the forklifts market. Global Forklifts Market to Reach US$50.5 Billion by the Year 2026Īmid the COVID-19 crisis, the global market for Forklifts estimated at US$37.9 Billion in the year 2020, is projected to reach a revised size of US$50.5 Billion by 2026, growing at a CAGR of 5% over the analysis period. DUBLIN-( BUSINESS WIRE)-The "Forklifts - Global Market Trajectory & Analytics" report has been added to 's offering.
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