According to a new report from Research and Markets, the global forklift truck market will grow at a CAGR of 7.01% from 2017 to 2021.

The latest trend gaining momentum in the market is the integration of intelligent forklifts. Forklifts are primarily used in companies for manual operations and for movement of materials and products in factory facilities and distribution centers. However, with the advancement in technology, forklifts are being optimized and integrated with sensor-enabled and other types of intelligent equipment.

One of the major drivers for this market is growth in the global e-commerce sector. The global e-commerce market is expected to have a steady growth, posting an impressive CAGR of more than 12.66% by 2020. One of the major factors that contribute to the growth of the e-commerce market is the diverse portfolio in various product segments, such as electronic gadgets, apparels, books and cosmetics.