ICT RESEARCH REPORTS Forklift-Truck-Market | Page 2

as China, India, and Brazil. This segment is projected to be the fastest growing segment during
the forecast period due to increasing focus on fuel efficiency and emission control.
Retail and wholesale segment is expected to be the fastest growing segment
Among end-use industry, the retail and wholesale segment is projected to witness the highest
CAGR over the forecast period. Due to improved transportation system, the trade barriers across
the world have reduced, thus increasing the supply of goods in warehouses. Europe holds the
largest market share for the retail and wholesale segment.
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Under 5 ton segment holds the highest market share in the global forklift market
Among lifting capacity, the under 5 ton capacity segment is expected to hold the major market
share and is projected to exhibit a higher CAGR over the forecast period. The < 5 ton capacity
forklift trucks are usually involve battery-electric forklifts. Demand for electrically powered forklift
trucks are rapidly increasing due to their environment friendly nature. They are also relatively
more silent while processing, easier to operate, and incur lesser operational & maintenance costs
as compared to IC engine powered forklift trucks.
The class III segment is expected to witness fastest
The Class III type of forklift truck includes electric motor pedestrian trucks. This segment is
projected to witness highest growth over the forecast period, owing to increasing demand for
electric forklift truck in material handling departments and warehouses. This demand is driven by
the environment friendly and cost-effective nature of these trucks.
Asia-Pacific accounted for the largest market share
Asia-Pacific is expected to hold the largest market share due to high demand for forklift trucks in
emerging economies such as China and India. The region accounted for 37.56% market share in
2016 and projected to exhibit a higher CAGR over the forecast period.
European holds the second largest market share in the global forklift truck market, followed by
North America. Growth in these regions are associated with high demand for electric powered
vehicles and the growing warehouse segment. Germany accounts for the major market for forklift
trucks in Europe.
Major players operating in the global forklift truck market include Toyota Industries Corporation,
Kion Group AG, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc.
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