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Global Forklift Trucks Market to Witness Steady Growth by 2027

The global forklift trucks market is projected to experience steady growth in the coming years, with an estimated increase of 357 thousand units from 2022 to 2027. According to a recent report by Technavio, the market is expected to grow at a compound annual growth rate (CAGR) of 4.32% during the forecast period. The Asia-Pacific (APAC) region holds the largest share of the market, with an expected incremental growth of 52% by 2027. The market is segmented based on class type (including class III, class V, class I, class II, and class IV), type (electric and internal combustion engine), and geography.

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The report highlights that the class III segment, consisting of electric hand rider trucks and pallet jacks, is expected to have significant growth during the forecast period. These forklift trucks, with a load capacity of around 5 tons, are well-suited for short distances and small warehouses. The adoption of class III forklift trucks is expected to increase rapidly due to their compatibility with other heavy material handling equipment and their use of renewable energy sources.

The rapid growth in the construction sector is a key driver for the global forklift trucks market. The demand for forklift trucks in construction activities, particularly for repeated material handling tasks, is expected to boost market growth. Additionally, the introduction of fuel-cell-powered forklift trucks is a major trend in the market. These forklifts, powered by hydrogen fuel cells, offer improved performance, less downtime, and environmental benefits.

However, the shortage of skilled operators poses a significant challenge to the market. The training and certification of operators is necessary for safe and efficient operation of forklift trucks, but finding experienced operators is becoming increasingly difficult. This shortage can lead to project delays and loss of profitability.

FAQs:

1. What is the expected growth rate of the global forklift trucks market?
– The market is projected to grow at a CAGR of 4.32% during the forecast period.

2. Which region holds the largest market share?
– The Asia-Pacific region holds the largest share of the market, with an expected incremental growth of 52% by 2027.

3. What is driving the growth of the market?
– The rapid growth in the construction sector is a key driver for the market, with increased demand for forklift trucks in construction activities.

4. What is the primary trend in the market?
– The primary trend is the introduction of fuel-cell-powered forklift trucks, which offer improved performance, less downtime, and environmental benefits.

5. What is the major challenge facing the market?
– The shortage of skilled operators is a major challenge, as finding experienced operators is becoming increasingly difficult, leading to project delays and loss of profitability.