Forklift Trucks Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 With the expansion of e-commerce platforms, there is a growing need for material movement, transportation, and lifting applications, which is propelling market growth. Furthermore, the growing use of electric forklifts across sectors is boosting market growth. Various product improvements, such as the development of rapid battery charging systems for low downtime and extended operating life of forklifts, are also working as growth drivers.

Nearly 2.1 million forklifts were sold worldwide in 2021. That year, battery electric vehicles (BEVs) accounted for more than half of all forklifts sold worldwide. Forklift sales are expected to reach about 2.4 million units in 2030, with BEVs accounting for around 1.5 million of those units. Further, in China itself, the total production of forklifts in China was forecasted to reach over 80 thousand units by 2030. Further, according to the Chinese Industrial Truck Association, sales of electric forklifts overtook those of internal combustion versions.

The Forklift Trucks market is valued at USD 57.79 billion in the current year, and it is expected to reach USD 68.01 billion over the next five years, registering a CAGR of over 3.46% during the forecast period.

Over the medium term, the market is expected to witness growth during the forecast period as forklift truck manufacturers are adopting automation to enhance their production capacity. Powered industrial trucks reduce manual work, as they help manufacturers transfer various parts and materials from warehouses to the production line with ease and speed. The rapid expansion of e-commerce and logistics industries across the major countries, including Europe, the United States, and China, is pushing the demand for a more modern distribution network. It, in turn, is likely to increase the demand for forklift trucks across the globe.

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