The Global Forklift Truck Market Is Divided Into Five Regions: North America, Europe, Asia Pacific, Latin America, The Middle East, And Africa

 

The global forklift truck market is expected to reach US$ 25.04 billion by 2027, expanding at a 4.02 percent CAGR from 2019 to 2027. As industrial lifting trucks, forklift trucks are utilised. These forklift trucks are used to transport things from


one area to another. Forklift trucks are commonly employed in the manufacturing and warehouse industries due to the requirement to carry heavy objects to multiple locations in a short period of time in order to increase output. Increasing application and rising demand for forklift trucks from end-use industries are some of the major factors driving the forklift truck market's growth, which is expected to create growth opportunities for manufacturers operating in this market.

 

As a result of increased demand for forklift trucks, manufacturers are focusing on various strategies such as collaborations and acquisitions in order to extend their client base in the market and improve their presence in the global forklift truck market. For example, in March 2017, Toyota Industries Corporation, a Japanese machine maker, paid $1.07 billion for Vanderlande Corporation, a manufacturer of automated material handling solutions. Furthermore, Hyster-Yale Materials Handling, Inc. entered into a binding agreement in December 2016 to purchase a majority ownership in China-based Zhejiang Maximal Forklift Co. Ltd. for US$ 90 million. However, slower speeds combined with limited weight lift capabilities are projected to stymie the global forklift truck market's growth.

 

The global Forklift Truck Market is divided into five regions: North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa (LAMEA). Due to high demand for forklift trucks from emerging economies such as China, Japan, and India, the Asia Pacific market is expected to hold the largest market share among all of these regions. According to the World Industrial Truck Statistics (WITS) for August 2019, shipments of forklift trucks in the Asia Pacific region increased 13.43 percent from 0.55 million in 2017 to 0.63 million in 2018. Furthermore, in terms of orders and shipments, Europe has the second largest market share in the global forklift truck market, trailing only North America.

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