Forklift Market Size, Share, Trends & Industry Analysis Report: By Class (Class 1, Class 2, Class 3, and Class 4/5), Power Source, and Region- Market Forecast, 2025-2034

Description

List of Tables

The global forklift market size is expected to reach USD 255.09 billion by 2034, according to a new study by Polaris Market Research. The report "Forklift Market Size, Share, Trends & Industry Analysis Report: By Class (Class 1, Class 2, Class 3, and Class 4/5), By Power Source, and By Region- Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

A forklift is a powerful industrial vehicle that is designed to lift and move heavy materials over short distances. Its main purpose is to maneuver, stack, and retrieve goods, which are often stored on pallets, by efficiently moving, stacking, and retrieving goods using powered platforms that can be raised or lowered by forklifts, usually through hydraulic systems and steel forks. These machines are critical in handling materials because they ensure the safe movement of inventory within logistics and supply chains across various regions within multiple industries.

Forklift operations encompass the manufacturing, distribution, and servicing of essential vehicles, which provide material handling solutions tailored to the world's logistical demands. The industry is significantly influenced by the growth of e-commerce, which necessitates advanced warehouse solutions, as well as a continuous rise in construction and manufacturing activities globally. Additionally, strong trends toward electrification and automation are shaping the industry's future. The development of electric and autonomous forklifts, which are more environmentally friendly and energy-efficient, is driven by increasing supply-side factors within the construction and manufacturing sectors. These developments highlight the importance of evolving industrial processes and the need to sustain building functions while meeting operational requirements.

Forklift Market Report Highlights:

By class, class 3, comprising electric motor hand or hand/rider trucks, holds the largest share due to its pervasive deployment across numerous sectors.

By power, electric subsegment holds the largest share due to the global push for environmental sustainability and reduced operational costs.

By region, Asia Pacific consistently accounts for the largest share of the forklift industry. Asia Pacific also demonstrates the highest growth rate within the forklift industry.

Key players in the market include Toyota Material Handling (Toyota Industries Corporation), KION Group (Linde Material Handling, STILL, Baoli), Jungheinrich AG, Mitsubishi Logisnext (Mitsubishi Heavy Industries), Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc. (Hyster and Yale brands), Anhui Heli Co., Ltd., Hangcha Group Co., Ltd., Komatsu Ltd., and CLARK Material Handling Company.

Polaris Market Research has segmented the Forklift market report based on class, power, and region:

By Class Outlook (Revenue - USD Billion, 2020-2034)

Class 1

Class 2

Class 3

Class 4/5

By Power Source Outlook (Revenue - USD Billion, 2020-2034)

Internal Combustion Engine

Electric

By Regional Outlook (Revenue - USD Billion, 2020-2034)

North America

Canada

Mexico

Europe

Germany

France

Italy

Spain

Netherlands

Russia

Rest of Europe

Asia Pacific

China

Japan

India

Malaysia

South Korea

Indonesia

Australia

Vietnam

Rest of Asia Pacific

Middle East & Africa

Saudi Arabia

UAE

Israel

South Africa

Rest of Middle East & Africa

Latin America

Brazil

Argentina

Rest of Latin America

Product Code: PM3197

1. Introduction

1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
1.2. Stakeholders

2. Executive Summary

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources

4. Global Forklift Market Insights

4.1. Forklift Market - Market Snapshot
4.2. Forklift Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. E-commerce Expansion and Logistics Growth
  - 4.2.1.2. Rising Industrial Production and Manufacturing Activity
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. High initial investment and maintenance costs
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
4.4. PESTEL Analysis
4.5. Forklift Market Trends
4.6. Value Chain Analysis
4.7. COVID-19 Impact Analysis

5. Global Forklift Market, by Class

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Forklift Market, by Class, 2020-2034 (USD Billion)
5.3. Class 1
- 5.3.1. Global Forklift Market, by Class 1, by Region, 2020-2034 (USD Billion)
5.4. Class 2
- 5.4.1. Global Forklift Market, by Class 2, by Region, 2020-2034 (USD Billion)
5.5. Class 3
- 5.5.1. Global Forklift Market, by Class 3, by Region, 2020-2034 (USD Billion)
5.6. Class 4/5
- 5.6.1. Global Forklift Market, by Class 4/5, by Region, 2020-2034 (USD Billion)

6. Global Forklift Market, by Power Source

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Forklift Market, by Power Source, 2020-2034 (USD Billion)
6.3. Internal Combustion Engine
- 6.3.1. Global Forklift Market, by Internal Combustion Engine, by Region, 2020-2034 (USD Billion)
6.4. Electric
- 6.4.1. Global Forklift Market, by Electric, by Region, 2020-2034 (USD Billion)

7. Global Forklift Market, by Geography

7.1. Key Findings
7.2. Introduction
- 7.2.1. Forklift Market Assessment, By Geography, 2020-2034 (USD Billion)
7.3. Forklift Market - North America
- 7.3.1. North America: Forklift Market, by Class, 2020-2034 (USD Billion)
- 7.3.2. North America: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.3.3. Forklift Market - U.S.
  - 7.3.3.1. U.S.: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.3.3.2. U.S.: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.3.4. Forklift Market - Canada
  - 7.3.4.1. Canada: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.3.4.2. Canada: Forklift Market, by Power Source, 2020-2034 (USD Billion)
7.4. Forklift Market - Europe
- 7.4.1. Europe: Forklift Market, by Class, 2020-2034 (USD Billion)
- 7.4.2. Europe: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.3. Forklift Market - UK
  - 7.4.3.1. UK: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.3.2. UK: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.4. Forklift Market - France
  - 7.4.4.1. France: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.4.2. France: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.5. Forklift Market - Germany
  - 7.4.5.1. Germany: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.5.2. Germany: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.6. Forklift Market - Italy
  - 7.4.6.1. Italy: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.6.2. Italy: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.7. Forklift Market - Spain
  - 7.4.7.1. Spain: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.7.2. Spain: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.8. Forklift Market - Netherlands
  - 7.4.8.1. Netherlands: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.8.2. Netherlands: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.9. Forklift Market - Russia
  - 7.4.9.1. Russia: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.9.2. Russia: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.4.10. Forklift Market - Rest of Europe
  - 7.4.10.1. Rest of Europe: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.4.10.2. Rest of Europe: Forklift Market, by Power Source, 2020-2034 (USD Billion)
7.5. Forklift Market - Asia Pacific
- 7.5.1. Asia Pacific: Forklift Market, by Class, 2020-2034 (USD Billion)
- 7.5.2. Asia Pacific: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.3. Forklift Market - China
  - 7.5.3.1. China: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.3.2. China: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.4. Forklift Market - India
  - 7.5.4.1. India: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.4.2. India: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.5. Forklift Market - Malaysia
  - 7.5.5.1. Malaysia: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.5.2. Malaysia: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.6. Forklift Market - Japan
  - 7.5.6.1. Japan: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.6.2. Japan: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.7. Forklift Market - Indonesia
  - 7.5.7.1. Indonesia: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.7.2. Indonesia: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.8. Forklift Market - South Korea
  - 7.5.8.1. South Korea: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.8.2. South Korea: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.9. Forklift Market - Australia
  - 7.5.9.1. Australia: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.9.2. Australia: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.5.10. Forklift Market - Rest of Asia Pacific
  - 7.5.10.1. Rest of Asia Pacific: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.5.10.2. Rest of Asia Pacific: Forklift Market, by Power Source, 2020-2034 (USD Billion)
7.6. Forklift Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Forklift Market, by Class, 2020-2034 (USD Billion)
- 7.6.2. Middle East & Africa: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.6.3. Forklift Market - Saudi Arabia
  - 7.6.3.1. Saudi Arabia: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.6.3.2. Saudi Arabia: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.6.4. Forklift Market - UAE
  - 7.6.4.1. UAE: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.6.4.2. UAE: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.6.5. Forklift Market - Israel
  - 7.6.5.1. Israel: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.6.5.2. Israel: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.6.6. Forklift Market - South Africa
  - 7.6.6.1. South Africa: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.6.6.2. South Africa: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.6.7. Forklift Market - Rest of Middle East & Africa
  - 7.6.7.1. Rest of Middle East & Africa: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.6.7.2. Rest of Middle East & Africa: Forklift Market, by Power Source, 2020-2034 (USD Billion)
7.7. Forklift Market - Latin America
- 7.7.1. Latin America: Forklift Market, by Class, 2020-2034 (USD Billion)
- 7.7.2. Latin America: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.7.3. Forklift Market - Mexico
  - 7.7.3.1. Mexico: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.7.3.2. Mexico: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.7.4. Forklift Market - Brazil
  - 7.7.4.1. Brazil: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.7.4.2. Brazil: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.7.5. Forklift Market - Argentina
  - 7.7.5.1. Argentina: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.7.5.2. Argentina: Forklift Market, by Power Source, 2020-2034 (USD Billion)
- 7.7.6. Forklift Market - Rest of Latin America
  - 7.7.6.1. Rest of Latin America: Forklift Market, by Class, 2020-2034 (USD Billion)
  - 7.7.6.2. Rest of Latin America: Forklift Market, by Power Source, 2020-2034 (USD Billion)

8. Competitive Landscape

8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
8.2. Partnerships/Collaborations/Agreements/Exhibitions

9. Company Profiles

9.1. Anhui Heli Co., Ltd.
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
9.2. CLARK Material Handling Company
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
9.3. Crown Equipment Corporation
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
9.4. Hangcha Group Co., Ltd.
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
9.5. Hyster-Yale Materials Handling, Inc. (Hyster and Yale brands)
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
9.6. Jungheinrich AG
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
9.7. KION Group (Linde Material Handling, STILL, Baoli)
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
9.8. Komatsu Ltd.
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
9.9. Mitsubishi Logisnext (Mitsubishi Heavy Industries)
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
9.10. Toyota Material Handling (Toyota Industries Corporation)
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development