Forklift Trucks Market Size, Share, Growth Analysis, By Type (Class I, Class II), By Power Source, By End User, By Region - Industry Forecast 2024-2031

Global Forklift Trucks Market size was valued at USD 56.2 billion in 2022 and is poised to grow from USD 61.71 billion in 2023 to USD 130.36 billion by 2031, growing at a CAGR of 9.8% during the forecast period (2024-2031).

A forklift truck is an industrial device with two horizontal prongs used for loading, unloading, and short-distance transportation of commodities and goods. It is often run by a skilled machinist and is either powered by combustion engines or electric batteries. Forklift trucks are made up of a number of parts, including the truck frame, counterweight, forklift, carriage, and hydraulic cylinders, which make it easier to complete a variety of industrial jobs quickly. They are widely used in warehouses, factories, and dockyards throughout many different industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, as a result of these advantages.

The e-Commerce industry is growing steadily. The requirement for warehouse space to store goods before they are sent in bulk to retail outlets via pallet loads and cases has increased due to the rise in consumer product demand. Various distribution strategies and warehouse technologies are employed to deliver goods to the correct location without causing any damage. To efficiently organise products or objects in warehouses and conserve time and space, forklift trucks are utilised. As a result, developments in the e-Commerce sector are fueling the growth of the forklift truck market globally.

US Forklift Trucks Market is poised to grow at a sustainable CAGR for the next forecast year.