Global forklift market by class

The global forklift market is estimated to reach USD51 billion by 2022, growing at 6.6% per year during the forecast period.

The prediction is contained in a new report published by Allied Market Research, titled Forklift Truck Market: Global Opportunity Analysis and Industry Forecast, 2014-2022.

The forklift market is expected to witness notable growth in future owing to the competitive advantages of electric forklift trucks such as their high efficiency, eco-friendly nature, and low operation cost compared to other forklift trucks. Expanding applications of forklifts in the industrial sector, such as in the food industry and automotive, are expected to fuel the market growth. Moreover, increase in warehouse space for these industries is boosting demand for forklifts.

The report notes that counterbalance trucks made up the highest revenue-generating segment, accounting for USD24 billion in 2015. However, warehouse trucks are expected grow at the highest annual rate of 7.4% to reach USD14 billion by 2022.

Class IV generated the highest revenue, accounting for USD12.6 billion in 2015. However, the class II segment is projected to witness the fastest growth rate of 9.1% to reach USD7 billion by 2022.

According to the report, the Asia Pacific generated the highest revenue in 2015, with USD15 billion, and is expected to retain its dominance ahead as well. It is expected to reach USD25 billion by 2022, growing at an annual rate of 7.8%. Europe and North America are the second and third leading regions, in terms of revenue, respectively.