According to the recent study titled ‘GLOBAL FORKLIFT TRUCK MARKET 2019-2027’, available with Market Study Report, worldwide forklift truck market is anticipated to grow with a CAGR of 2% and accumulate massive revenues by the year 2027.
 

Emergence of e-commerce, in tandem with ever-expanding manufacturing sector, and increasing capacities of warehouses are fostering the demand for forklift trucks. The vehicle is used to move packages around in warehouses and finds application in various sectors. Introduction of innovative material handling equipment, and adoption of eco-friendly logistics practices are augmenting global forklift truck market outlook.  
 

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On the contrary, shortage of raw materials, leading to limited production of items and subsequent plunge in sales is adversely impacting global forklift truck market scenario. Also, strict government regulations regarding pollutions and concerns regarding workplace safety may hamper the industry remuneration.
 

Elaborating the product terrain, worldwide forklift truck market is divided into counterbalance forklift, and warehouse forklift. As per power source, the industry is classified into electric motor and internal combustion engine. While speaking of end-user scope, the market is segmented into food industry, automotive, logistics, and retail & wholesale.
 

From regional perspective, Asia Pacific was the key revenue contributor in global forklift truck industry in 2018 and is poised to showcase impressive growth trends over 2019-2027. The regional growth is attributable to improving economic conditions, inflowing investments in construction sector, and surging popularity of e-commerce. Initiatives like ‘Make in India’, ‘Made in China 2025’, and Australia’s ‘Venture Capital Limited Partnership’ are creating lucrative opportunities for regional partakers, swaying business dynamics in APAC.
 

Major players influencing global forklift truck industry trends are Doosan Corporation Industrial Vehicle, Jungheinrich AG, Godrej & Boyce Manufacturing Co. Ltd., Lonking Holdings Ltd., Komatsu Ltd., Hyundai Heavy Industries Co. Ltd., Hyster-Yale Material Handling Inc., EP Equipment Co. Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corp., Crown Equipment Corp., Clark Material Handling Company, Anhui Heli Co. Ltd., Kion Group AG, and Hangcha Group Co. Ltd.
 

These industry behemoths are focusing on collaborations and expanding their product portfolio to amplify their customer reach. For instance, Toyota Industries Corp. deals in varied list of products including pallet trucks, counterbalance forklifts, automotive & lift truck stamping dies, and material handling equipment.