Growth in the e-commerce industry and the rise in investment in the infrastructure industry have boosted the growth of the global forklift truck market. This growth is behind the prediction by Allied Market Research that sales will reach $81. 39 billion in 2027, which represents a 7.3% annual growth rate. For comparison, in 2019 the market was $45 billion.
The global forklift truck market is segmented on the basis of power source, class, end-use, and geography. Based on power source, the market is divided into IC engine-powered and electric powered. The IC engine powered segment dominated the market in 2019, accounting for nearly three-fifths of the market. However, the electric-powered segment is expected to register the highest CAGR of 8.0% during the forecast period.
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Source: Material Handling & Logistics