The global forklift trucks market, which was valued at $35.3 billion in 2014, is projected to expand at a rate of 6.9%, according to new report from Persistence Market Research. By 2021, based on projections, the market could reach $55.9 billion.

Growth stems from the expansion of warehouse space globally, growing e-commerce business across the globe, strong demand for forklift truck replacement in developed markets, and bulk investments in purchase of low-cost forklift trucks in emerging markets.

“The electric type forklift truck is one of the prominent segments in this market,” according to the report.  “These trucks are gaining traction due to the implementation of various advanced technologies and their growing application across various industries worldwide."

The China market is projected to exhibit the fastest growth over the forecast period due to various factors, such as favorable economic environment and a need for technological advancements in in-house logistics in the country.

From a regional perspective, Asia-Pacific was the largest market for forklift trucks in 2014, accounting for approximately 41.4% volume share of the overall market.

Europe is projected to account for the second largest volume share of the global forklift truck market and expand at rate of 4.6%, due to the positive outlook of the economy in Western Europe and expected rise in trade of goods, in turn leading to a significant growth in demand for forklift trucks in the region in the near future.