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In 2030, the forklift market will likely generate revenue of $42,519.4 million.
The demand for class 5 vehicles in the forklift industry is being driven by their suitability for heavy lifting and high popularity in China, India, Brazil, and Mexico.
During the COVID-19 pandemic, the forklift market has witnessed low sales, on account of supply chain disruptions, halt in industrial operations, and reduced manufacturing of such automobiles.
The key trend in the forklift market is the usage of electric forklifts over conventional ones.
The forklift market is highly concentrated because of the existence of numerous established global automakers and few domestic ones.