PUBLISHER: The Business Research Company | PRODUCT CODE: 1888257
PUBLISHER: The Business Research Company | PRODUCT CODE: 1888257
Forklift rental refers to the process of temporarily obtaining a forklift for a specific period, such as days, weeks, or months, from a rental company instead of purchasing the equipment. This arrangement is suitable for businesses seeking flexibility, meeting short-term, seasonal, or backup requirements, and avoiding the substantial initial investment and maintenance expenses linked with forklift ownership.
The primary equipment in forklift rental includes electric forklifts, internal combustion engine forklifts, warehouse forklifts, and heavy-duty forklifts. Electric forklifts are battery-operated industrial vehicles powered by electric motors and onboard energy sources such as lithium-ion or lead-acid batteries, enabling them to lift and transport loads with minimal noise and zero tailpipe emissions, making them appropriate for enclosed environments and precision operations. Rental durations are categorized as short-term and long-term, while load capacities range from below 3 tons, 3 to 5 tons, 5 to 10 tons, and above 10 tons. Forklifts are used for indoor and outdoor applications, heavy lifting, material handling, logistics, and transportation across various end-user industries, including construction, automotive, e-commerce, food and beverage, pharmaceuticals, chemicals, aerospace and defense, warehouse and logistics, retail, and manufacturing.
Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.
The swift increase in U.S. tariffs and the ensuing trade tensions in spring 2025 are significantly affecting the machinery sector by increasing costs for steel, hydraulic systems, and precision bearings critical components often imported from tariff-affected regions. Manufacturers of construction, agricultural, and industrial machinery now face squeezed margins, as many long-term contracts prevent immediate price adjustments. The uncertainty has also delayed investment in automation and smart machinery technologies, slowing productivity gains. To adapt, firms are accelerating local supplier development, redesigning products to use alternative materials, and leveraging predictive maintenance to extend equipment lifespans amid higher replacement costs.
The forklift rental market research report is one of a series of new reports from The Business Research Company that provides forklift rental market statistics, including forklift rental industry global market size, regional shares, competitors with a forklift rental market share, detailed forklift rental market segments, market trends and opportunities, and any further data you may need to thrive in the forklift rental industry. This forklift rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The forklift rental market size has grown strongly in recent years. It will grow from $6.15 billion in 2024 to $6.68 billion in 2025 at a compound annual growth rate (CAGR) of 8.6%. The growth during the historic period can be attributed to the expansion of third-party logistics outsourcing, the rise in electronic commerce and parcel fulfillment, cyclical increases in construction and infrastructure projects, seasonal retail peaks and holiday inventory accumulation, and the preference for operating expenses instead of capital expenditure.
The forklift rental market size is expected to see strong growth in the next few years. It will grow to $9.19 billion in 2029 at a compound annual growth rate (CAGR) of 8.3%. The growth during the forecast period can be attributed to the continued rise of electronic grocery and quick commerce, the expansion of third-party logistics campuses in secondary markets, the growth of cross-border trade zones and free-trade warehouses, infrastructure and construction megaproject pipelines, and stricter sustainability and emission compliance in indoor operations, with key trends including lithium-ion battery electric forklifts becoming standard for indoor fleets, hydrogen fuel cell electric forklifts used for multi-shift operations, internet of things telematics for utilization and fault monitoring, computer vision and advanced driver assistance safety systems on lift trucks, and predictive maintenance using machine learning on fleet health data.
The increasing growth of the electronic commerce industry is expected to drive the growth of the forklift rental market going forward. The electronic commerce industry refers to the ecosystem of businesses, technologies, and processes that enable the buying, selling, and delivery of goods and services through the Internet and other electronic networks. The rise of electronic commerce is primarily attributed to the expansion of mobile commerce. Forklift rental supports the development of the electronic commerce industry by providing scalable and cost-efficient material handling solutions that ensure faster and more flexible warehouse and distribution operations. For example, in February 2024, according to the Census Bureau, a US-based government agency, fourth-quarter 2023 e-commerce sales reached $324.8 billion, an increase of 19.5% from the previous quarter and 7.2% year over year, accounting for 17.1% of total retail sales. Therefore, the increasing growth of the electronic commerce industry is fueling the growth of the forklift rental market.
Key companies operating in the forklift rental market are focusing on developing subscription rental models to provide flexible and cost-effective access to intralogistics equipment. A subscription rental model is a business framework where customers pay a recurring fee, usually monthly, to access and use a product or equipment instead of purchasing it or committing to a long-term lease. For example, in December 2024, Jungheinrich, a Germany-based intralogistics company, introduced the first forklift subscription service in intralogistics. The program enables customers to rent from 13 different forklift types powered by lithium-ion or lead-acid batteries under a cancellable contract after 12 months. It includes complete maintenance, servicing, and machine breakage coverage, along with access to the Jungheinrich FMS fleet management system. Initially launched in Spain, the service expanded to Germany and Ireland in 2024, marking the first forklift subscription model in intralogistics aimed at balancing cost efficiency with operational flexibility.
In June 2025, Herc Holdings, a US-based equipment rental company, acquired H&E Equipment Services for an undisclosed amount. This acquisition expanded Herc's network to 613 locations across North America, with pro forma 2024 total revenues reaching $5.1 billion. The combined organization now operates in 11 of the top 20 rental regions, offering a broader range of specialty and general rental products. Herc expects to achieve substantial growth and value creation opportunities through this strategic consolidation. H&E Equipment Services is a US-based company providing forklift rental services.
Major players in the forklift rental market are Toyota Industries Corporation, Komatsu Ltd., United Rentals Inc., KION Group AG, SANY Group Co. Ltd., Jungheinrich AG, Crown Equipment Corporation, Mitsubishi Logisnext Co. Ltd., Hyster-Yale Materials Handling Inc., Herc Rentals Inc., Manitou Group, Hyundai Construction Equipment Co. Ltd., Hangcha Group Co. Ltd., Boels Rental Ltd., Combilift Ltd., Lonking Holdings Limited, Al-Iman for Contracting & Trading Co., Hertz Equipment Rental Corporation, Al Walid Equipment Rental Company, and Kalmar.
North America was the largest region in the forklift rental market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in forklift rental report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the forklift rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The forklift rental market includes revenues earned by entities by providing services such as short-term and long-term equipment leasing, maintenance, and on-site support. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Forklift Rental Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on forklift rental market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for forklift rental ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The forklift rental 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 historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.