Forklift Trucks Market is expected to grow at a CAGR of 5.9% from 2017 to 2023

(EstateNewsWire.com, October 12, 2017 ) Forklift Trucks are used to lift and move materials to short distances. Forklift Trucks are used across various industries such as automotive, food and beverages, construction, consumer goods, e-commerce, and retail. Expansion of warehouse space is globally driving the demand of Forklift Trucks Market. Additionally, technological advancement in Forklift Trucks have positive influence on the growth of the market.

The market has been analyzed based on technology, capacity, applications, and regions. On the basis of technology, Global Forklift Trucks Market is segmented as electric powered, and internal combustion engine powered, out of which, electric powered dominates the technology segment of Global Forklift Trucks Market. Many manufactures are focusing on electric powered Forklift Trucks, mainly due to the factors such as stringent norms regarding emission, fuel efficiency, environment friendly and less noisy compered to IC engine powered forklift trucks. The electric powered Forklift Trucks is estimated to be the fastest growing technology during the forecast period.

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On the basis of capacity, Global Forklift Trucks Market is segmented as below 5 tons, and above 5 tons, out of which, below 5 tons dominates the capacity segment of Global Forklift Trucks Market. It is expected to grow at the fastest pace during the forecast period.

Global Forklift Trucks Market is projected to reach USD 41.73 billion by 2023, at a CAGR of 5.9% from 2017 to 2023.

Manufacturing Dominates the Application Segment of the Global Forklift Trucks Market:

On the basis of applications, the Global Forklift Trucks Market is segmented as manufacturing, logistic, retail & wholesale and others. Manufacturing dominates the application segment of the Global Forklift Trucks Market mainly due to the increasing number of warehouses being set up across the regions. Wholesale & retail distribution is projected to grow at the highest CAGR during the forecast period mainly due to increased stocking of goods in warehouses, which are further distributed through the wholesalers and distributors.

Market Research Analysis:

On the basis of regions, the Global Forklift Trucks Market is segmented as North America, Europe, Asia-Pacific and RoW. Asia-Pacific region dominates the forklift trucks market. The demand of Forklift Trucks Market in Asia-Pacific region is driven by the factors such as growth in industrialization, and construction & infrastructure activities. In Asia-Pacific region, China, India, Malaysia, and Indonesia are major markets for Forklift Trucks. This region is expected to grow at the fastest pace during the forecast period.

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Europe is the second largest market for the Forklift Trucks. The demand for electric powered forklift trucks is increasing in this region mainly due to the stringent emission norms. North America is expected to contribute significantly to the Global Forklift Trucks Market during the forecast period.

Scope of the Report:

This study provides an overview of the Global Forklift Trucks Market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the Global Forklift Trucks Market as technology, capacity and application.

By Technology

• Electric Powered

• Internal Combustion Engine Powered

By Capacity

• Below 5 tons

• Above 5 tons

By Application

• Manufacturing

• Logistic

• Retail & Wholesale

• Others

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