Global Forklift Truck Market Size, Share & Trends Analysis Report by Power-Train Type (Internal Combustion Engine (ICE), and Electric Motor), by Class (Class I, Class II, Class III, and Class IV), and by End-User Vertical (Industrial, Construction, and Manufacturing) Forecast Period (2022-2028) The global forklift truck market is anticipated to grow at a considerable CAGR of 4.9% during the forecast period. One of the core factors that is boosting the market growth includes the rising adoption of machines in various industries including construction, manufacturing, and others. These industries across the globe are working, producing, and supplying continuously to fulfill the demand and stay relevant in the intense competitive markets which have increased the load on workers. This has increased the demand for forklift truck as it reduces load, and works more efficiently than the conventional method. The rising demands are reflected in the market players' activities which are contributing to the market. For instance, in December 2020, Wolter Group LLC informed about the acquisition of AD Lift Truck, a family-owned material handling and forklift company. The acquisition expanded the company’s line of electric and gas forklifts. The global forklift truck market is segmented based on the power-train type, class, and end-user vertical. Based on the power-train type, the market is segmented into an internal combustion engine (ICE), and an electric motor. Based on the class, the market is sub-segmented into class I, class II, class III, and class IV. Based on the end-user vertical, the market is sub-segmented into industrial, construction, and manufacturing. The above-mentioned segments can be customized as per the requirements. Based on the end-user vertical, the construction segment is anticipated to grow significantly in the market during the forecast period owing to the government initiatives for constructing big, and complex infrastructures across the globe. For instance, in November 2021, the US Congress passed an infrastructure bill for $1 trillion in spending. The infrastructure legislation proposed $550 million in new federal expenditure in the upcoming 8 years in the US for upgrading bridges and roads, highways, and modernizing the city transit systems and passenger rail networks. This has increased the demand for a forklift truck for performing heavy work in a short period. Geographically, the global forklift truck market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region is anticipated to grow significantly in the market during the forecast period owing to the rising industrialization in emerging countries such as China, India, Japan, and others. Additionally, the government of these countries has also increased their focus on introducing various schemes and subsidies which further bolstering the utilization of forklift. For instance, in September 2021, the Indian government approved the PLI scheme which is worth $3.53 billion for the drone industry and auto industry for boosting India’s manufacturing capabilities. The major companies serving the global forklift truck market include Godrej & Boyce Manufacturing Co. Ltd., Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co., Ltd., KION GROUP AG, Toyota Industries Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in July 2021, Hangcha Group Co. launched its new XH series 2.0t-3.5t forklift electric truck with high voltage batteries of lithium-ion. These trucks are integrated with batteries of high voltage lithium-ion, which can be completely charged within 1 hour and can perform up to 12 hours. Research Methodology The market study of the global forklift truck market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports. Secondary Sources Include Financial reports of companies involved in the market. Whitepapers, research papers, and news blogs. Company websites and their product catalog. The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models. Market Segmentation Global Forklift Truck Market Research and Analysis by Power-Train Type Global Forklift Truck Market Research and Analysis by Class Global Forklift Truck Market Research and Analysis by End-User Vertical The Report Covers Comprehensive research methodology of the global forklift truck market. This report also includes a detailed and extensive market overview with key analyst insights. An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations. Analysis of regional regulations and other government policies impacting the global forklift truck market. Insights about market determinants that are stimulating the global forklift truck market. Detailed and extensive market segments with the regional distribution of forecasted revenues. Extensive profiles and recent developments of market players.