The Forklift Trucks Market Report is Segmented by Power-Train Type (Internal Combustion Engine, Electric and More), Vehicle Class (Class I, Class II and More), Load Capacity (Less Than 5 Tons, 5-15 Tons and More), End-User Industry (Manufacturing, Logistics and Warehousing and More), and Geography. The Market Sizes and Forecasts are Provided in Terms of Value (USD).

• The industry was valued at US$ 46.0 Bn in 2022
• It is estimated to grow at a CAGR of 5.2% from 2023 to 2033 and reach US$ 79.9 Bnby the end of 2033

Market introduction

Regional Outlook

Forklift Market Snapshot

The US Forklift Market is Segmented by Class (Class 1, Class 2, Class 3, Class 4/5), by Power Source (ICE, Electric), by Load Capacity (Below 5 Tons, 5-15 Tons, Above 15 Tons), by Electric Battery Type (Lithium-Ion, Lead-Acid), and by End-User (Industrial, Logistics, Chemical, Food and Beverages and More), and by Region. The Market Forecasts are Provided in Terms of Value (USD).

The U.S. Forklift Market size was valued at USD 501.36 billion in 2023 and is projected to reach USD 1040.90 billion by 2032, exhibiting a CAGR of 11.0 % during the forecasts period. Recent developments include: In September 2023, Toyota Material Handling introduced a new range of electric pneumatic forklifts in 48V and 80V models. These offerings feature six lift capacities in the range of 3000 to 7000 pounds and have been designed to function efficiently in different weather conditions. The new line utilizes Toyota’s System of Active Stability (SAS) and Operator Presence Sensing System (OPSS) to offer convenience and enhanced safety to operators , In April 2023, Crown Equipment announced the opening of a sales and service location in Stow, Ohio. This facility offers solutions for warehousing and material handling to regional customers. The company is known for its rental and Encore refurbished forklifts, electric and internal combustion forklifts, parts and services, InfoLink operator and fleet management systems, and warehouse products and design services , In December 2022, Clark Material Handling Company launched its SEC20-35 four-wheel electric forklift, expanding its S-SERIES portfolio. The forklift is built in a capacity range of 4,000 to 7,000 pounds, and is designed for operator ergonomics, comfort, and safety. It features programmable performance modes, including a turtle mode feature; the CLARK Performance Enhancement Package; and an integrated Dampening Block Stability, along with other advanced features to improve efficiency and ease of operation , In August 2022, Hyster-Yale Group, Inc. announced the launch of a lithium-ion-based forklift truck that has been designed for the trucking industry and has a lifting capacity of 4000 lbs. The J40XNL supports functions such as loading and unloading goods from trailers and trucks, while prioritizing operator comfort, improving acceleration, and reducing energy consumption .

According to the consulting group Next Move Strategy Consulting, the global forklift market is expected to increase in size from around 43 billion U.S. dollars in 2022 to 75.2 billion U.S. dollars by 2030. Forklift trucks are powered vehicles designed to move or carry heavy objects over a limited distance.

The global forklift market size was USD 79.84 billion in 2024 & is projected to grow from USD 89.82 billion in 2025 to USD 230.45 billion by 2033.
Report Scope:

Over the past five years, the forklift manufacturing industry has been shaped significantly by technological advancements, primarily in automation. This trend has enabled manufacturers to combat rising costs effectively by streamlining processes and reducing reliance on manual labor, thereby maintaining stable profit margin. Despite increasing costs in raw materials and fluctuations in demand, manufacturers have utilized automation to control wage expenses, which has played a crucial role in stabilizing profitability. At the end of 2025, the industry is experiencing a modest revenue growth rate of 0.2%, leading to an overall revenue of $14.1 billion. Over this period, the industry has achieved a CAGR of 3.8%, reflecting the resilience and adaptability of manufacturers amid market challenges. During this period, while the demand from various sectors like construction and e-commerce has supported revenue growth, the industry faces challenges due to economic fluctuations and global market uncertainties. Interest rate hikes have dampened some growth prospects, particularly impacting construction investments. However, the Infrastructure Investment & Jobs Act has provided a significant boost, with major projects driving demand for material handling equipment. Profitability has been further ensured by focusing on cost efficiency and operational improvements. This consolidation of market strategies underscores current trends, and these efforts have enabled manufacturers to navigate economic challneges effectively, supporting a stable and modest industry performance. Looking forward, the next five years are expected to bring slower yet positive growth, with a forecasted CAGR of 1.7%. The industry is anticipated to reach $15.3 billion by the end of 2030. As market expansion decelerates, strategic investments in sustainable technologies and global expansion into emerging markets will be critical. In addition, growing demand of high-quality "Made USA" forklifts from emerging markets and depreciating US Dollar will also become major factors supporting the industry resilience. Therefore, while downstream markets' growth slows, advancing eco-friendly innovations and expanding international presence offer opportunities for sustained revenue. The industry's adaptability to these dynamic factors will be key to navigating future challenges, ensuring continued positive performance despite a slower growth environment.

The global forklift market, valued at $23,650 million in 2025, is projected to experience steady growth, driven by increasing e-commerce activities and the expansion of warehousing and logistics infrastructure globally. The Compound Annual Growth Rate (CAGR) of 3.3% from 2025 to 2033 indicates a consistent market expansion, fueled by rising demand across various sectors including manufacturing, distribution, and retail. Key market drivers include automation in material handling, the adoption of electric forklifts to meet sustainability goals, and the increasing need for efficient supply chain management. The market segmentation reveals strong growth potential across various forklift classes (Class 1-5), with Class 3 and Class 4 forklifts dominating due to their versatility and suitability for a broad range of applications. Warehouses and distribution centers represent significant application segments, reflecting the critical role forklifts play in optimizing logistics operations. The competitive landscape is characterized by established players like Toyota, Kion, and Jungheinrich, alongside emerging players from Asia, resulting in a dynamic market with continuous innovation in forklift technology and functionalities. The geographic distribution of the forklift market shows significant presence in North America and Europe, with robust growth potential in the Asia-Pacific region driven by expanding industrialization and manufacturing activities in countries like China and India. Continued investment in infrastructure development across emerging economies is expected to propel future market growth. While constraints like fluctuating raw material prices and potential supply chain disruptions might influence growth trajectory, the overall positive outlook for the global forklift market remains intact, promising significant opportunities for both established and emerging industry players. Technological advancements like autonomous forklifts and improved safety features will likely shape the future dynamics of this crucial segment of the material handling equipment market.

The global Forklift Market size was estimated at USD 72.06 Billion in 2024 and is anticipated to grow at a CAGR of 13.5% from 2025 to 2030.

The Truck-Mounted Forklift Market Report is Segmented by Application Type (Logistics, Construction, Agriculture, Food and Beverages) and by Product Type (Diesel, Electric, Petrol) and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The Report Offers the Market Size and Forecast of the Truck-Mounted Forklift Market Value (in USD) for all the Segments Mentioned Above.

The global forklift truck market is poised for substantial growth, driven by the rapid expansion of e-commerce, warehousing, and manufacturing sectors worldwide. Valued at $47.896 billion in 2021, the market is projected to reach $110.563 billion by 2033, expanding at a robust CAGR of 7.22%. This expansion is fueled by an increasing need for efficient material handling solutions to optimize supply chains and improve operational productivity. Key trends shaping the market include a significant shift towards electric forklifts, propelled by environmental regulations and lower operating costs. Additionally, the integration of advanced technologies such as automation, IoT, and telematics is revolutionizing forklift capabilities, enhancing safety and efficiency. While the Asia Pacific region currently dominates the market, North America and Europe remain significant contributors, driven by technological adoption and infrastructure development.

Key strategic insights from our comprehensive analysis reveal:

The Asia Pacific region is the engine of global growth, projected to hold over 36% of the market share by 2025, led by rapid industrialization and manufacturing expansion in China and India.
There is an accelerated shift from internal combustion (IC) engine forklifts to electric models, driven by stringent emission norms, sustainability goals, and advancements in battery technology, particularly lithium-ion.
Automation and connectivity are becoming standard features, with a rising demand for Automated Guided Vehicles (AGVs) and forklifts equipped with telematics for real-time monitoring, fleet management, and predictive maintenance.

Global Market Overview & Dynamics of Forklift Truck Market Analysis The global forklift truck market is on a strong upward trajectory, underpinned by the relentless growth of the logistics and e-commerce industries. The increasing complexity of supply chains and the demand for faster order fulfillment necessitate advanced material handling equipment. This demand is further amplified by global industrialization and the expansion of manufacturing facilities. While high initial costs can be a barrier, the long-term benefits of improved efficiency, safety, and reduced labor dependency are compelling drivers for market adoption. The industry is rapidly evolving, with a clear trend towards cleaner energy sources and smarter, automated solutions that cater to the modern warehouse environment.

Global Forklift Truck Market Drivers

E-commerce and Warehousing Boom: The exponential growth of online retail has led to a massive expansion of warehouses and distribution centers, creating a direct and sustained demand for forklifts to manage inventory and logistics.
Focus on Supply Chain Optimization: Companies are increasingly investing in efficient material handling solutions to reduce operational costs, minimize product damage, and improve overall supply chain speed and reliability.
Government Regulations and Safety Standards: Strict regulations concerning workplace safety and emissions are pushing companies to replace outdated equipment with modern, safer, and more environmentally friendly electric forklifts.

Global Forklift Truck Market Trends

Electrification and Lithium-Ion Technology: A decisive shift towards electric forklifts, especially those powered by fast-charging, long-lasting lithium-ion batteries, is underway to meet sustainability targets and reduce operational expenses.
Automation and Robotics Integration: The adoption of Automated Guided Vehicles (AGVs) and robotic forklifts is increasing, driven by the need to address labor shortages, enhance precision, and enable 24/7 operations.
Adoption of Telematics and IoT: Integrating IoT sensors and telematics systems allows for real-time fleet management, predictive maintenance, operator behavior monitoring, and improved safety and asset utilization.

Global Forklift Truck Market Restraints

High Initial Capital Investment: The significant upfront cost of purchasing advanced and automated forklifts can be a major deterrent for small and medium-sized enterprises (SMEs).
Shortage of Skilled Operators and Technicians: A lack of trained personnel to operate and maintain technologically advanced forklifts poses a significant operational challenge for many businesses.
Maintenance Complexity and Costs: While electric and automated models offer long-term savings, their complex systems can require sp...

Forklift Market size is expected to be worth around USD 227.1 Billion by 2033, from USD 68.1 Billion in 2023, growing at a CAGR of 12.8%.

Discover the booming market for used storage forklift trucks. This comprehensive analysis reveals key growth drivers, market trends, and leading players, projecting a strong CAGR through 2033. Learn about regional market shares and explore investment opportunities in this dynamic sector.

United Kingdom Forklift market was valued at USD 5.01 Billion in 2024 and is expected to reach USD 6.99 Billion by 2030 with a CAGR of 5.71%.

The global forklift trucks market, valued at $57.79 billion in 2025, is projected to experience steady growth, driven by the burgeoning e-commerce sector fueling demand for efficient warehouse and logistics solutions. The market's Compound Annual Growth Rate (CAGR) of 3.46% from 2025 to 2033 reflects a consistent, albeit moderate, expansion. Key growth drivers include increasing automation in manufacturing and warehousing, coupled with the rising adoption of electric forklifts to meet sustainability goals and reduce operational costs. The industrial and construction sectors represent significant end-user verticals, with the demand for Class II and Class III forklifts particularly strong due to their versatility in handling various materials and loads. Furthermore, technological advancements such as improved safety features, enhanced ergonomics, and advanced telematics are influencing purchase decisions and shaping market trends. However, the market faces some restraints, including fluctuating raw material prices, particularly steel and components, and the potential for economic downturns impacting capital expenditure on equipment. The competitive landscape comprises both established global players like Jungheinrich AG, KION Group AG, and Toyota Industries Corporation, and regional manufacturers vying for market share. Geographic growth will likely be concentrated in regions experiencing rapid industrialization and infrastructure development, particularly within the Asia-Pacific region driven by China and India. North America and Europe are expected to maintain a significant market presence, driven by mature markets and a focus on modernization and automation. The segmentation of the forklift trucks market reveals important insights into its trajectory. The internal combustion engine (ICE) segment currently holds the largest share, but the electric forklift segment is experiencing rapid growth due to environmental regulations and corporate sustainability initiatives. This trend is likely to continue, with electric forklifts gaining market share over the forecast period. Within vehicle classes, Class II and III forklifts dominate due to their widespread applicability. The market's future will largely depend on the continued growth of e-commerce, advancements in battery technology for electric forklifts, and the overall health of global economies. Continued focus on improving safety features and incorporating advanced technologies like autonomous operation will further shape the market's future landscape, driving both demand and innovation. This comprehensive report provides an in-depth analysis of the global forklift trucks market, covering the period from 2019 to 2033. With a base year of 2025 and a forecast period spanning 2025-2033, this report offers invaluable insights for businesses operating within this dynamic sector. We leverage high-search-volume keywords like "electric forklift market," "forklift market size," "internal combustion engine forklift," and "autonomous forklift" to ensure maximum visibility and accessibility. The study meticulously examines market trends, growth drivers, challenges, and emerging technologies, providing a 360° view of the industry. The report further segments the market by power-train type, vehicle class, and end-user vertical, offering granular insights for strategic decision-making. The market size is estimated in Million units. Recent developments include: In February 2024, KION North America added another product to its existing portfolio of powered industrial forklifts. This time, the company added Linde Series 1293 to the North American market. The series includes models like E20BHP and E25BHP, which are electric counterbalance forklifts with a 4,000–5,000 lb capacity powered by Linde Li-ION batteries., In September 2023, Mitsubishi Logisnext Americas introduced its latest innovation, the state-of-the-art SCX N2 Series of Electric Stand-up Counterbalanced Lift Trucks., In June 2023, Cyngn Inc., a developer of AI-powered autonomous driving solutions for industrial applications, made progress in adapting DriveMod to enable autonomous forklifts. The autonomous forklift development effort by Cyngn's ongoing paid contract with a separate end-user in the building materials industry. This engagement yielded AI-powered autonomous vehicle capabilities on an electric BYD forklift., In April 2023, Toyota Australia showcased an innovative fuel cell truck concept in Melbourne. The forklift also demonstrates a variety of potential applications for its hydrogen fuel cell technology. Toyota showcased fuel cell vehicles, including the HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, and other products.. Key drivers for this market are: Increased Sea Port Cargo Fueled By E-commerce Handling Boosting The Forklift Sales. Potential restraints include: Cost and Price Sensitivity. Notable trends are: Electric Forklifts Hold a Significant Market Share.

The global forklift hoist market is experiencing robust growth, driven by the increasing demand for efficient material handling solutions across diverse industries. The market, valued at approximately $15 billion in 2025, is projected to exhibit a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033. This growth is fueled by several key factors, including the expansion of e-commerce and related logistics activities, the automation of warehousing and manufacturing processes, and the rising adoption of electric and alternative-fuel forklifts to meet sustainability goals. Furthermore, the increasing focus on improving supply chain efficiency and reducing operational costs is significantly boosting demand for advanced forklift hoist technologies, including those with improved safety features, enhanced lifting capacities, and integrated data management systems. Major players such as Jungheinrich, Kion Group, and Toyota Industries are actively investing in research and development to enhance product offerings and expand their market share. However, the market faces certain challenges, including fluctuating raw material prices, global economic uncertainties, and the potential for supply chain disruptions. Nevertheless, the long-term outlook remains positive, driven by ongoing industrialization in emerging economies and the continuous need for optimized material handling solutions across various sectors. The segmentation of the market by type (electric, internal combustion engine, etc.), capacity, and application (manufacturing, warehousing, logistics, etc.) offers opportunities for specialized players to cater to niche segments. Technological advancements, such as the integration of IoT and AI, are expected to further transform the forklift hoist market, driving innovation and enhancing operational efficiency in the coming years.

Between 2018 and 2022, the volume of the global forklift truck market steadily increased in value, from a total of around ******* units in 2018 to approximately *** million units in 2022. By 2032, the market volume is predicted to increase to over *** million units, with the Asian-Pacific region creating the highest volume of forklift trucks.

The global industrial forklift truck market is experiencing robust growth, projected to reach $1240.4 million in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 8.1% from 2025 to 2033. This expansion is fueled by several key factors. The increasing e-commerce sector necessitates efficient warehouse and logistics solutions, driving demand for forklifts across various industries, including manufacturing, warehousing, and transportation. Furthermore, advancements in technology, such as the integration of automation and electric powertrains, are enhancing forklift efficiency and reducing operational costs, stimulating market growth. Stringent safety regulations and a growing emphasis on worker safety are also contributing to the adoption of newer, safer forklift models. However, challenges remain, including fluctuating raw material prices, supply chain disruptions, and concerns about environmental impact. Despite these challenges, the long-term outlook for the industrial forklift truck market remains positive, driven by sustained growth in global trade and the ongoing adoption of advanced technologies to improve productivity and efficiency. The market's competitive landscape is characterized by both established global players and regional manufacturers. Leading companies such as Toyota, Kion, Jungheinrich, and Mitsubishi Logisnext dominate the market through their extensive product portfolios, robust distribution networks, and strong brand recognition. However, smaller, regional companies are also gaining traction, particularly those focusing on niche segments or specialized applications. The market is witnessing increasing consolidation through mergers and acquisitions, as companies strive to expand their product lines and geographic reach. This competitive dynamic is further shaped by ongoing innovation in forklift technology, with a focus on electric and autonomous vehicles, which are expected to significantly reshape the market landscape in the coming years. The diverse range of forklift types and capacities caters to varied industry needs, resulting in a fragmented but vibrant market.

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Forklift Trucks Market Size 2025-2029

The forklift trucks market size is forecast to increase by USD 26.88 billion at a CAGR of 7.7% between 2024 and 2029.

The market is experiencing significant growth, particularly in the construction sector, driven by the increasing demand for material handling equipment in infrastructure development projects. A notable trend in the market is the adoption of fuel cell-powered forklift trucks, which offer improved efficiency and reduced emissions, aligning with the growing emphasis on sustainability and environmental concerns. However, the market faces a significant challenge in the form of a shortage of skilled operators. As the industry continues to evolve, companies must invest in training programs to address this issue and ensure a steady supply of competent workforce to operate the advanced machinery. Effective workforce planning and development strategies will be crucial for businesses seeking to capitalize on the market opportunities and navigate the challenges presented by the evolving landscape.

What will be the Size of the Forklift Trucks Market during the forecast period?

Request Free SampleThe market continues to evolve, driven by advancements in technology and shifting industry demands. Forklift durability remains a key focus, with data analytics playing a crucial role in optimizing performance and predicting maintenance needs. Operator safety is paramount, leading to the integration of advanced safety features and remote monitoring systems. Warehouse logistics relies heavily on forklifts, with various mast types catering to different lifting heights and load handling requirements. Forklift financing and leasing solutions offer flexibility for businesses, while forklift efficiency and fuel consumption are critical factors in fleet management. Internal combustion forklifts dominate the market, but electric and fuel cell models are gaining traction due to their environmental benefits. Forklift parts and tire types are essential components of forklift maintenance, ensuring optimal performance and longevity. Operator training and fleet management systems enable businesses to maximize productivity and minimize downtime. Forklift customization and attachments cater to specific industry needs, enhancing versatility and adaptability. The ongoing pursuit of forklift reliability and performance drives innovation in forklift technology, including autonomous models and advanced load handling capabilities. The market's continuous evolution reflects the dynamic nature of material handling and the diverse needs of various sectors.

How is this Forklift Trucks Industry segmented?

The forklift trucks industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. Class TypeClass IIIClass VClass IClass IIClass IVTypeElectricInternal combustion engineLoad Capacity0- 5 Ton6-15 TonAbove 16 TonBelow 5 Ton5-15 TonAbove 16 TonEnd UserIndustrialConstructionManufacturingGeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth KoreaRest of World (ROW)

By Class Type Insights

The class iii segment is estimated to witness significant growth during the forecast period.The Class III segment of the market encompasses electric hand rider trucks and pallet jacks, which are characterized by their ability to lift materials just a few inches above the ground. These forklifts are commonly used for quick unloading of deliveries from trailers and are controlled by a steering tiller, available as counterbalanced or straddle-type walk-behind stackers. With a load capacity of approximately 5 tons, they are well-suited for short distances and small warehouses. Class III forklift trucks can be powered by lithium-ion batteries or fuel cell engines, expanding their application in warehouses and production plants requiring intermediate logistics solutions between unloading and storage operations. Data analytics plays a crucial role in optimizing warehouse logistics by monitoring forklift performance, fuel consumption, and operating costs. Operator safety is ensured through mast types, remote monitoring, and safety features. Forklift service, fleet management, and operator training are essential for maintaining forklift durability and reliability. Forklift attachments, capacity, and customization cater to varying material handling needs. Autonomous forklifts and electric and fuel cell forklifts are emerging trends in the market, offering increased efficiency and sustainability. Engine power, lifting height, tire types, and forklift financing are other significant factors influencing the market. Predictive maintenance and forklift leasing provide cost-effective solutions for businesses. Distribution centers rely on forklift technology to streamline material handling and

Between 2018 and 2022, the volume of the North American forklift truck market steadily increased in value, from a total of around ******* units in 2018 to approximately ******* units in 2022. By 2032, the market volume is predicted to increase to over ******* units, with the United States creating the highest volume of forklift trucks.