The global forklift truck market is anticipated to grow at a CAGR of 6.4% during the forecasted period of 2017-2024, according to Research and Markets’ latest report. Technological advancement to help improve forklifts where they are integrated with sensors and other components, growth in manufacturing industries and e-commerce, along with rising demand in the construction industry, are the key drivers of growth.
Geographically, Asia-Pacific dominates the global forklift truck market due to rising urbanization and industrialization. Moreover, Japan, India, and China are the major economies in Asia-Pacific that contribute to the adoption of forklift trucks. Additionally, China’s fast-growing e-commerce sector drives the demand for forklift trucks.
Rising adoption of electric forklift trucks is expected to fuel the market growth in the future. Asia-Pacific is expected to be the fastest growing region during 2017 to 2024.
Some key market players include Toyota Industries Corporation, Kion Group AG, Crown Equipment Corporation, Clark Material Handling Co., UniCarriers Americas Corporation, Hyster-Yale Materials Handling, Mitsubishi Nichiyu Forklift Co., and Anhui Heli Co. These companies are using various strategies such as expansion, mergers and acquisitions, collaboration, partnerships, and product launches to gain and hold large market share.