Forklift Market Set to Grow Nearly 10% Annually to Over $2 Billion by 2032, Driven by North American Manufacturing and Asian Export Boom
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The global heavy-duty automatic forklift market is projected to reach $2.1 billion by 2032, growing at a 9.92% CAGR over the forecast period.
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North America currently holds the largest market share at 35.7%. Manufacturing remains the top application at 37.4% share.
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Leasing is the dominant business model with 61.1% revenue share owing to flexibility and cost benefits.
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High-capacity cushion forklifts lead by type, controlling 24% market share, driven by booming demand from e-commerce and warehouses.
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Asia Pacific is becoming a hub for import and exports given rapid regional trade growth, especially in China and Southeast Asia.