Forklift Market to Reach $84.5 Billion by 2027
The global forklift market size was valued at USD 58.9 billion in 2022 and is expected to reach USD 84.5 billion by 2027, at a CAGR of 7.5 % during the forecast period 2022-2027. The market is expected to witness growth due to major factors such as rising demand for sustainable intralogistics, rapid growth in the e-commerce and warehousing sector, and increasing demand for lean & automated warehouses to increase operational efficiency. In addition, the increase in stringency in emission norms is projected to drive the market for electric forklifts. The indoor forklifts are projected to account for the largest share during the forecast period The increase in indoor applications of forklifts can be attributed to the growing e-commerce industry. Quick access, better space utilization, efficient pallet load handling, and increasing goods consumption are boosting the demand for indoor forklifts. Indoor forklifts are the most efficient, compact material handling equipment in wareho