According to the research report titled ‘Forklift Market Size By Product, By Fuel Type, By Class (Class I, Class II, Class III, Class IV, Class V), By End-Use, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 – 2026’ available with Market Study Report, global forklift market is anticipated to grow significantly over the period of 2020-2026.
 

For the record, forklifts are small sized industrial vehicles with an extended forked, power-operated platform used for lifting and moving cargo over short distances. These machines are powered by electric batteries or combustion engines and are primarily utilized in industry verticals that include large factories and warehouses, which in turn is a major factor driving the market growth.
 

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Based on the product terrain, global forklift market is divided into counterbalance and warehouse, among which the former is expected to hold 60% market share by the year 2026. Growing demand for counterbalance forklifts in various industrial applications along with its ability to provide efficiency on uneven surfaces, and high ground clearance Is fueling the segmental share.
 

With regards to the fuel type, global forklift market is bifurcated into electric batteries, diesel, and gasoline & CNG/LPG. Among these, report states that the electric battery segment is projected to witness substantial growth in the ensuing years, mainly due to the escalating cost of fuel and growing environmental awareness.
 

Speaking of class, the class II segment is anticipated to showcase high CAGR through 2027. Such forklifts require minimal space requirements and can move cargo through narrow spaces at enhanced speed and efficiency.
 

As per the report, the end-user spectrum of global forklift market comprises of retail & e-commerce, food & beverages, logistic, industrial, and chemical. The logistic vertical dominates the segment and is expected to record similar growth during the estimated timeframe, primarily due to increasing utilization of forklifts by third-party logistics organizations operating in the overall market.
 

Regionally, Asia-Pacific forklift market is anticipated to attain substantial expansion by the year 2026, primarily driven by rapid development of the manufacturing industry in the region.
 

The major companies functioning in global forklift market are Toyota Industries Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., Manitou Group, Lonking Holdings Limited., Konecranes Oyj, Komatsu Ltd., Hyundai Heavy Industries Co., Ltd., Hubtex Maschinenbau GmbH & Co. KG, Hyster-Yale Materials Handling, Inc., Kion Group AG, Hangcha Group Co., Ltd., Godrej and Boyce Group, Jungheinrich AG,  Doosan Industrial Vehicle America Corp., Combilift Ltd., Crown Equipment Corporation, Clark Material Handling Company, and Anhui Heli Co., Ltd. among others.