The global forklift market is on track to reach $51 billion by 2022, rising at a compound annual growth rate (CAGR) of 6.6 percent due to hot demand in the Asia-Pacific region, a report released Tuesday says.

Another factor expected to drive growth in forklift sales is an increase in warehouse space dedicated to the automotive and food industries, according to the report from Portland, Ore.-based research firm Allied Market Research.

Rising demand will also come from the perception of competitive advantages of electric models over internal combustion engines, such as high efficiency, eco-friendly nature, and low operation cost, according to the report, "Forklift Truck Market: Global Opportunity Analysis and Industry Forecast, 2014-2022."

Classified by the type of end user, the fastest growth over the forecast period will come from the retail & wholesale and logistics sectors, which are set to post growth rates of 6.7 percent and 8.2 percent, respectively. Other sectors include the automotive, food industrial, and others (chemical, timber, and paper).

Looking at product type, counterbalance forklift trucks will remain the largest revenue generator, but warehouse model lift trucks will show faster growth between 2014 and 2022, the report found.

Regardless of design, growth will be hottest in the Asia Pacific region, which is forecast to rise from revenue of $15 billion in 2015 to $25 billion in 2022. Europe and North America are the second and third leading regions, followed by LAMEA (Latin America, Middle East, and Africa).

"China's fast-growing e-commerce sector drives the demand for electric forklift trucks," Komal Sharma, research analyst for automotive and transportation at Allied Market Research, said in a release. "Moreover, stringent government regulations related to carbon emissions in Japan and China and the rise in adoption of electric forklift trucks are expected to fuel the electric forklift truck market growth in the future."

Major players expected to meet this rising demand include lift truck vendors such as Toyota Industries Corporation (TICO), Kion Group AG. Jungheinrich AG, Hyster-Yale Material Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co. Ltd, UniCarriers American Corporation, Anhui Forklift Truck Group Corp, Hangcha Group Co., Ltd, and Komatsu Ltd., the report said.