The forklift market is set to witness immense growth in coming years owing to growing e-commerce, logistics and industrial sectors, increasing use of class V type forklifts, growing trend of warehouse automation, and increasing adoption of CNG/LPG forklifts. A forklift is referred as a small industrial vehicle having a mechanically or electrically operated platform attached at the front.

It also has a fork that can be lowered or raised mainly for insertion beneath the cargo for moving and lifting purposes. These can further be driven by electrical batteries or combustion engines. Forklifts also serve the different needs of numerous industries such as warehouses and large storage facilities.

The forklift market is bifurcated into various segments in terms of product, fuel type, class, end-use, and regional landscape.

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Based on product, the market for forklift is divided into warehouse and counterbalance. Among these, warehouse segment will witness high demand for forklifts owing to the growing trend of warehouse automation. Automated forklifts are best for operations such as cross-docking, long hauls, as well as dock-to-aisle put-away.

With respect to fuel type, the forklift market is classified into gasoline & LPG/CNG, battery electric, and diesel. Here, the gasoline & LPG/CNG will witness exponential growth over the coming years. The segmental growth is attributed to the increasing use of gasoline & CNG/LPG-based forklifts in both outdoor and indoor environments. Also, in comparison to diesel-based forklifts, these are much preferred since they are more environmental-friendly.

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Based on class, the market is categorized into class V, class IV, class III, class II, class I, and others. Among these, class I segment will witness tremendous growth over the projected time period owing to the increasing demand for electric motor rider forklifts for loading and unloading tractor-trailers as well as handling pallets. Class I forklifts are also used in several other applications in industries ranging from general warehousing and retail to factory and food storage.

Meanwhile, there will be high demand for Class V segment internal combustion pneumatic tire forklifts since they are extremely durable and perfect for outdoor use. These can also be used indoors typically in large warehouses. In comparison to other counterparts, class V are much more versatile and are capable of handling single pallets to fully loaded containers of around 40-foot.

In terms of end-use, the overall forklift market is segmented into retail & e-commerce, logistics, industrial, food & beverage, chemical, and others. Among these, the expanding industrial sector globally, will offer ample of growth opportunities to the forklift market as industries employ robust forklifts to ensure fast movement of goods.

From a regional frame of reference, the growing e-commerce, logistics as well as industrial sectors across Europe will boost the employment of forklifts for efficient handling of materials.