Forklift Market by Application, Tonnage, Class and Region - Global Forecast to 2021
The global Forklift Market is projected to grow at a CAGR of 1.93%, from USD 16.00 billion in 2016 to USD 17.61 billion by 2021. The focus on fuel economy to meet stringent emission norms coupled with the rising demand for electric forklift is projected to drive the market for battery-operated forklift market. The growing need for warehouses to support hub and spoke model in various sectors, such as e-commerce, automotive component manufacturing, consumable goods, and electronics, is increasing the number of warehouses per country. The increase in the number of warehouses is likely to lead to a rise in the demand for forklift. It is consequently a major driver of the forklift industry. The safety and emission regulations for forklifts have become increasingly stringent and complex in the past few years. The European Commission has now introduced Stage V regulation for Non-Road Mobile Machinery which will be regulated from 2019 and will help in reducing almost 95% emission leve...