The European LPG forklift market is estimated to be valued at over $5,241.73 million as of 2023. This figure reflects the market’s significant size and its importance in the material handling industry across Europe.
The market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.73%, reaching an estimated value of around $9,420.05 million by 2032. This growth is indicative of the increasing adoption of LPG forklifts and the expanding warehousing and logistics sectors in Europe.
The growth of the European LPG forklift market is driven by several factors, including technological advancements in forklift design and functionality, the shift towards environmentally sustainable practices in material handling, and the evolving requirements of industries like warehousing, logistics, and manufacturing.
The market is increasingly focusing on LPG forklifts due to their lower emissions compared to diesel models, aligning with Europe’s stringent environmental regulations. Additionally, advancements in technology are enabling LPG forklifts to be more fuel-efficient and environmentally friendly, further addressing ecological concerns.