Forklift trucks are industrial vehicles engineered for lifting, transporting and stacking materials over short distances, most commonly used in environments such as warehouses, distribution centers, factories, ports and construction sites. The primary purpose of forklift trucks is to improve material handling efficiency by safely transporting and stacking goods that are too heavy or bulky for manual handling. They enhance productivity, reduce labor effort and support streamlined logistics and storage operations.
The forklift truck market consists of sales, by entities (organizations, sole traders, or partnerships), of forklift truck that are used are used whenever goods need to be moved efficiently within a facility, especially where manual labor would be impractical or unsafe.
The global forklift truck market was valued at $54,828.12 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 4.00%.
Growth In Cross-Border Trade And Ports
Growth in cross-border trade and ports propelled the growth of the forklift truck market during the historic period. The rise in cross-border trade and port activity increases the volume of goods being imported and exported. This higher cargo flow creates greater demand for efficient material handling, such as forklifts, to load, unload and move goods quickly in warehouses and port terminals. For instance, In March 2023, according to the Bureau of Transportation Statistics (BTS), a US-based government agency, in 2022, the value of total U.S.-international trade was $6.5 trillion, of which U.S. trade with Canada and Mexico accounted for $1.6 trillion or 24 percent. in 2019, the U.S. had $1.2 trillion in trade with Canada and Mexico. The total weight of that trade was 579.4 million tons. Therefore, growth in cross-border trade and ports propelled the growth of the forklift truck market.
Innovative Middle-Seat Forklift Sets New Benchmark In Operator Comfort And Efficiency
Major companies operating in the forklift truck market are focusing on developing innovative products such as forklift middle-seat to differentiate product offerings and address evolving customer requirements in logistics and warehousing. For instance, in March 2025, PALFINGER, an Austria-based technology company, in innovative lifting, loading and handling solutions, launches FLM middle-seat truck-mounted forklift at Bauma 2025, setting a new benchmark in operator comfort. Designed for optimal visibility, it features a raised seating position with a 360° view, enhanced weather protection and easy access to service points. The FLM's compact design is ideal for narrow spaces, while its modular construction ensures extended uptime and reduced maintenance costs.
The global forklift truck market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 34.53% of the total market in 2024.
Forklift Truck Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global forklift truck market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for forklift truck? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The forklift truck market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider forklift truck market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by product type, by technology, by class and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Growth Analysis And Strategic Analysis Framework- Analysis on PESTEL, end use industries, market growth rate, global historic (2019-2024) and forecast (2024-2029, 2034F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods, forecast growth contributors and total addressable market (TAM).
- Regional And Country Analysis- Historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2019-2024) (2024-2029, 2034F) and analysis for each segment by product type, by technology, by class and by end user in the market. Historic (2019-2024) and forecast (2024-2029) and (2029-2034) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2024), historic (2019-2024) and forecast (2024-2029, 2034F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for forklift truck providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Product Type: Counterbalance; Warehouse
- 2) By Technology: Electric Power; Internal Combustion Engine
- 3) By Class: Class I; Class II; Class III; Class IV; Class V
- 4) By End User: Retail and Wholesale; Logistics; Automotive; Food Industry; Other End Users
- Companies Mentioned: Toyota Industries Corporation (TICO); Kion Group AG; Hyster-Yale Materials Handling Inc.; Jungheinrich AG; Crown Equipment Corporation
- Countries: Australia; China; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; forklift truck indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.