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Growing technological advancements, booming e-commerce sector to drive global forklift market through 2023.

According to Global Databooks report, “Global Forklift Market, By Class Type, By Application Type, By Fuel Type, By Company, Competition, Forecast & Opportunities, 2023”, the global forklift market is predicted to grow with an estimated CAGR of 10% during 2018-2023 due to growing demand for forklifts in warehouses, increasing supply chain across globe boosts global forklift market through 2023.

Global forklift market can be segmented based on application type, fuel type, class type, and region. Based on application type, market can be segregated into wholesale & retail distribution, manufacturing, freight & logistics, and other. Manufacturing segment accounted for dominant share in 2019 due to growing demand for forklifts in manufacturing industry. In terms of fuel type, market can be segregated into electric powered, motorized hand, and IC engine powered. Out of these, IC engine powered forklift held the majority share in 2019. Motorized hand segment is predicted to grow at significant share in forecast years because of its abilities such as lifting heavy and long items, reduces man power and time saving.

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Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logistics Co Ltd, Crown Equipment Corp, Hyster-Yale Materials Handlings Inc, Anhui Forklift Truck Group Co Ltd, Hangcha Group Co Ltd, Komatsu Ltd, Hyundai Heavy Industries, and EP Equipment Ltd, among others are leading players operating in global forklift market. Major companies are adopting strategies such as product launches, merger’s and collaborations to register major share in competitive market.

“APAC region dominates global forklift market due to presence of major players and growing production and sales within region. Additionally, booming e-commerce industry and expanding electric vehicles adoption is positively influencing growth of the market in the region.” said Mr. Karan Chechi, Research Director with Global Databooks, a research based global management consulting firm.

“Global Forklift Market, By Class Type, By Application Type, By Fuel Type, By Company, Competition, Forecast & Opportunities, 2023” has evaluated the future growth potential of global forklift market and provide statistics & information on market size, structure and future market growth. Report provides cutting-edge market intelligence and help investors to make proper decisions. Besides, the report also identifies and analyzes the merging trends along with essential drivers, challenges and opportunities in the global forklift market.

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