PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1105935
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1105935
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Global Forklifts Market to Reach $53.2 Billion by 2027
In the changed post COVID-19 business landscape, the global market for Forklifts estimated at US$37.9 Billion in the year 2020, is projected to reach a revised size of US$53.2 Billion by 2027, growing at aCAGR of 5% over the period 2020-2027. Internal Combustion Engine (ICE), one of the segments analyzed in the report, is projected to record 4.6% CAGR and reach US$35.5 Billion by the end of the analysis period. Taking into account the ongoing post pandemic recovery, growth in the Electric segment is readjusted to a revised 5.6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $10.4 Billion, While China is Forecast to Grow at 6.2% CAGR
The Forklifts market in the U.S. is estimated at US$10.4 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$9.5 Billion by the year 2027 trailing a CAGR of 6.2% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.6% and 4% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.9% CAGR.
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