The global forklift truck market is predicted to reach US$ 25.04 Billion by 2027, growing at a CAGR of 4.02% from 2019 to 2027.

Industrial lifting trucks are forklift trucks. These forklift trucks are used to transport things from one area to another. Forklift trucks are commonly used in the manufacturing and warehouse industries to carry heavy objects to multiple places in a short period of time in order to speed up the production process.

The number of acquisitions and collaborations has increased.

Some of the primary factors driving the growth of the Forklift Truck Market are increasing application and rising demand for forklift trucks from end-use industries, which is likely to provide growth possibilities for manufacturers in this industry.

Manufacturers are focusing on various strategies such as collaborations and acquisitions in order to grow their customer base and establish their presence in the global forklift truck market as a result of rising demand for forklift trucks.

In March 2017, Toyota Industries Corporation, a Japanese machine manufacturer, paid US$ 1.07 billion for Vanderlande Corporation, a manufacturer of automated material handling solutions.

In terms of lifting capacity, the 5-tonne capacity segment dominates the worldwide forklift truck market.

The 5-tonne capacity segment is predicted to account for the majority of market share and increase at a faster CAGR over the forecast period. Battery-electric forklifts make up the majority of the 5-tonne capacity forklift vehicles. Because of its ecologically benign character, the use of electrically driven forklift trucks is fast rising. Furthermore, compared to IC engine-powered forklift trucks, electric forklift trucks are simple to operate and have lower operational and maintenance costs.

Due to increased releases of forklift trucks with lifting capacities between 5 Ton and 10 Ton by firms such as Jungheinrich, the 5 Ton – 10 Ton lifting capacity forklift truck category maintains the second biggest market share.

Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Co., Ltd., Doosan Industrial Vehicle, Hangcha Group Co., Ltd., JBT Corporation, Combilift Ltd, Godrej & Boyce Mfg. Co.