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. A forklift is a type of power-driven vehicle with a forked platform that is used in the transfer of materials across short distances within an industrial setting. It includes a forked structure in front where the two prongs are extendible for the purpose of lifting pallets, crates, or bulky items. The main characteristics of forklifts include being strong enough to bear high loads, being easily maneuverable, particularly through narrow aisles, and being available with different types of power systems, including electric, gas, and diesel engine types. That also includes controls for steering, lifting, and tiloting the load in a manner that will enable safe and efficient maneuvering of all sorts of goods. The Pro LOG:ORK lift has the benefits of efficiency based on time savings, safety by controlling the materials in a precise way, and flexibility that enables it to deal with all types of materials and conditions. 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 .

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%.

North America Forklift market size is USD 23660.88 million in 2024 and will expand at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.

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.

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.

North America Forklift Market size was valued at USD 434.8 Million in 2024 and is projected to reach USD 731.43 Million by 2032, growing at a CAGR of 7.41% from 2026 to 2032.Key Market DriversIndustrial Growth and Expansion: As North America's manufacturing, construction, and retail sectors continue to expand, so does demand for forklifts. These industries rely on efficient material handling solutions to increase production and operational efficiency, which drives the demand for forklifts.Emphasis on Warehouse Optimization: With the expansion of e-commerce and logistics, there is an increasing demand for improved warehouse operations. Forklifts serve an important role in optimizing warehouse activities such as inventory management and order fulfillment, which drives their popularity in North American markets.

The Forklift Manufacturing industry primarily manufactures forklifts, also known as industrial trucks, which are small- to midsize material-handling vehicles used to lift and carry heavy loads from one location to another. Forklifts are mainly used by construction, manufacturing and freight-handling industries. Growth in these industries underpins demand for forklifts produced by manufacturers. Revenue growth has been stunted overall because of suspended trade and industrial production activity amid the COVID-19 pandemic. Many companies suspended their operations temporarily because of government restrictions. Still, restrictions have substantially eased, enabling activity within the industrial production sector to resume. Still, industry revenue has been shrinking at a CAGR of 0.6% through the end of 2024 to reach $12.9 billion, including an expected dip of 0.7% in 2024 alone. Overall, increasing demand has pushed up the total number of skilled employees. Because of the volatile nature of steel prices, fluctuating purchase costs significantly impact profit. Average industry profit, measured as earnings before interest and taxes, is expected to account for 4.5% of revenue in 2024, down from 5.8% in 2019. An expansion in demand will likely drive up industry participation levels and lead to higher profit in the coming years. Most notably, the most prominent companies, like Crown Equipment Corporation and Hyster-Yale Materials Handling Inc., are expected to expand domestic operations. Revenue is expected to gain as the industrial production index continues its upward momentum and the value of nonresidential construction bounces back. Also, projects funded by the Infrastructure Investment & Jobs Act (IIJA) will fuel steady demand from the construction sector. With increases in demand from downstream markets, industry revenue is expected to hike at a CAGR of 1.1% to $13.7 billion through the end of 2029, with profit anticipated to also remain relatively steady. Exports as a revenue share are also expected to swell as the US Dollar depreciates and US manufacturers capitalize on trade gaps created by international tensions. The expansion will accommodate rising demand, with industrial enterprises and establishments increasing in the coming years.

In 2021, the market for forklift manufacturing in the United States amounted to some **** billion U.S. dollars. It is projected that in 2022, the United States' forklift market will reach the size of over ** billion U.S. dollars.

South America Forklift market size is USD 2957.61 million in 2024 and will expand at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031.

U.S. Forklift comes with extensive industry analysis of development components, patterns, flows, and sizes. The report calculates present and past market values to forecast potential market management during the forecast period between 2025 - 2033.

Between 2018 and 2022, the global forklift truck market generally increased in value, from a total of around **** billion U.S. dollars in 2018 to approximately **** billion U.S. dollars in 2022. However, in 2020, there was a slight decrease in total market value, dropping by around *** million U.S. dollars compared to the previous year. By 2032, the market is predicted to increase to over ** billion U.S. dollars. In general, the United States made up the majority of the North American market value.

US forklift market grows above 5.8% CAGR, driven by industrial growth and material handling demand.

Gain insights into the USA Forklift Market, size at USD 9.10 billion in 2023, showcasing industry analysis and key player segmentation.

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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

Market Size statistics on the Forklift Manufacturing industry in the US

The global forklift trucks market, valued at $55.95 billion in 2025, is projected to experience robust growth, driven by a compound annual growth rate (CAGR) of 7.2% from 2025 to 2033. This expansion is fueled by several key factors. The burgeoning e-commerce sector necessitates efficient warehouse management and material handling solutions, significantly boosting demand for forklifts. Simultaneously, the increasing automation of logistics and manufacturing processes is driving adoption of electric and technologically advanced forklift models. Furthermore, stringent emission regulations worldwide are pushing the transition from internal combustion engine (ICE) forklifts to cleaner electric alternatives, creating a significant market opportunity. Growth is also influenced by the expansion of various industries like manufacturing, logistics, and construction, creating a need for diverse forklift classes (Class I-V) to address specific material handling requirements. While supply chain disruptions and fluctuating raw material prices pose challenges, technological innovations and increasing adoption of rental models are mitigating these risks. Geographical growth will be largely driven by developing economies in APAC, particularly China, witnessing rapid industrialization and infrastructure development. The market is highly competitive, with major players like Toyota Industries Corp., KION GROUP AG, and Hyster-Yale Materials Handling Inc. vying for market share through strategic partnerships, technological advancements, and aggressive expansion strategies. The segment breakdown reveals a significant demand for both electric and ICE forklifts, with the electric segment anticipated to experience faster growth due to environmental concerns and cost savings in the long run. Class III and V forklifts, owing to their specific applications in warehousing and heavy-duty lifting respectively, are expected to maintain substantial market shares. North America and Europe currently hold significant market shares, yet the APAC region is poised for rapid growth over the forecast period, primarily driven by China's expanding manufacturing sector. The competitive landscape is characterized by intense rivalry among established players and emerging competitors focused on innovation, customer service, and strategic alliances to increase their footprint in the global market. Successful companies are prioritizing the development of smart, connected forklifts that offer improved efficiency, safety, and data analytics capabilities to meet evolving customer needs.

North America Hydrogen fuel cell forklift truck Market size will be USD 646.08 million in 2024 and will expand at a compound annual growth rate (CAGR) of 18.0% from 2024 to 2031.

Between 2018 and 2022, the European forklift truck market generally increased in value, from a total of around **** billion U.S. dollars in 2018 to approximately **** billion U.S. dollars in 2022. However, in 2020, there was a slight decrease in total market value, dropping by around * billion U.S. dollars compared to the previous year. By 2032, the market is predicted to increase to over **** billion U.S. dollars. In general, the Germany made up the majority of the European market value.

According to Cognitive Market Research, the global Forklift Truck market size will be USD 59845.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 4.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 23938.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 17953.56 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 13764.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 2992.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1196.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2031.
The Warehouse Forklift is the fastest growing segment of the Forklift Truck industry

Market Dynamics of Forklift Truck Market

Key Drivers for Forklift Truck Market

Increasing Industrial Growth to Boost Market Growth

The growth of business sectors, specifically manufacturing and logistics, extensively drives the call for forklift-raise trucks. As industries make bigger and manufacturing volumes rise, the want for efficient materials to cope with the system becomes important. Forklifts decorate operational efficiency, enabling organizations to move goods fast and correctly within warehouses and production facilities. Additionally, as supply chains become more complicated, the requirement for versatile and dependable lifting solutions intensifies. This fashion is, in addition, supported by advancements in forklift technology, together with automation and electric-powered fashions, which improve productiveness and sustainability in the long run, contributing to the overall boom of the forklift marketplace.

E-commerce Boom to Drive Market Growth

The upward thrust of e-commerce has dramatically improved the demand for forklift carry vehicles as online outlets attempt to optimize their warehousing and distribution operations. With customers watching for speedy and reliable transport, a green materials managing device is essential for dealing with excessive order volumes and rapid inventory turnover. Forklifts play a critical role in streamlining logistics techniques, enabling fast loading and unloading of products, and facilitating the organization of warehouse areas. As e-trade keeps developing, driven by changing purchaser behaviors and technological advancements, the need for present-day and powerful forklift answers will remain a key thing in preserving competitive supply chains.

Expanding Construction Sector and Infrastructure development is driving the market to grow.

The most significant fork truck market growth motivator is the rising number of residential and commercial construction projects. The fork truck has been largely used in construction to accept pallets of bricks, construction materials, and steel joist from delivery vehicles and unload these pallets for carrying into the work site. Governments of various nations have also made heavy investments into infrastructural development and new ports in order to expand the demand for fork trucks in the construction sector. For Instance, In India during the financial year 2024-25, the government has increased its capital spending by 11.1% to $133 Billion, which is equal to 3.4% of the GDP. These investments are likely to spur growth in the construction sector, promoting the construction of modern infrastructure across the country. (Source: - http://investindia.gov.in/sector/construction ) For Instance, according to Unites Nations 55% of the World's population lives in Urban Areas and the figure is expected to rise to 68% by 2050. (Source:https://www.un.org/uk/desa/68-world-population-projected-live-urban-areas-2050-says-un ) With such a massive growth in the urban population, there is a growing demand for residential facilities, which is subsequently increasing the revenue of the fork trucks market. The emphasis on infrastructural developments augurs well with the...