Forklift Global Market Report 2026

A forklift is a powered industrial vehicle designed to lift and transport materials over short distances. It is built to handle heavy loads, move pallets, and perform tasks that would be challenging or unsafe with manual labor alone. Forklifts play a crucial role in modern logistics and industrial operations, enhancing workflow efficiency and material management.

Forklifts are primarily powered by either electricity or internal combustion engines. Electric forklifts operate using rechargeable batteries that power electric motors. Internal combustion forklifts run on various fuels, including gasoline, compressed natural gas (CNG), liquefied petroleum gas (LPG), and diesel. They come in several classes such as class 1, class 2, class 3, and class 4/5 and are available in different tonnages such as below 5 tons, 5 tons to 10 tons, 11 tons to 36 tons, and above 36 tons. Forklifts are utilized across various sectors, including freight and logistics, wholesale and retail distribution, manufacturing, and more.

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.

Tariffs have impacted the forklift market by increasing costs of imported batteries, electronic controllers, and drivetrains. Asia Pacific and North America are most affected. These factors influence fleet replacement cycles. However, tariffs encourage domestic forklift assembly and localized battery manufacturing.

The forklift market research report is one of a series of new reports from The Business Research Company that provides forklift market statistics, including forklift industry global market size, regional shares, competitors with a forklift market share, detailed forklift market segments, market trends, and opportunities, and any further data you may need to thrive in the forklift industry. This forklift market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The forklift market size has grown rapidly in recent years. It will grow from $72.11 billion in 2025 to $81.35 billion in 2026 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to growth in logistics industry, expansion of manufacturing facilities, material handling efficiency needs, rise in palletized goods, warehouse infrastructure development.

The forklift market size is expected to see rapid growth in the next few years. It will grow to $130.2 billion in 2030 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to e commerce growth, smart warehouse adoption, electrification mandates, autonomous material handling systems, focus on energy efficiency. Major trends in the forecast period include rising adoption of electric forklifts, growing demand for warehouse automation, integration of telematics and fleet management, expansion of lithium ion battery forklifts, focus on operator safety enhancements.

The increasing demand for e-commerce is expected to drive the growth of the forklift market in the coming years. E-commerce, or electronic commerce, involves buying and selling goods and services over the Internet. Its growth is fueled by advances in mobile technology, digital marketing, logistics, supply chain management, AI-driven personalized experiences, and buy-now-pay-later services. Forklifts support e-commerce operations by improving inventory management, speeding up order fulfillment, optimizing warehouse layouts, and enhancing safety and cost efficiency. Their versatility and efficiency are essential to meet the fast-paced demands of the e-commerce sector. For example, in November 2023, the International Trade Administration reported that UK e-commerce revenues are projected to grow at an annual rate of 12.6% by 2025, making the UK the third-largest e-commerce market globally. As of January 2021, consumer e-commerce accounted for 36.3% of total retail sales in the UK, with revenues expected to reach $285.60 billion by 2025. Consequently, the rise in e-commerce is propelling the forklift market.

Technological advancements are shaping the forklift market, with companies developing autonomous and remote-controlled systems to improve operational efficiency, reduce labor costs, and enhance safety in warehouses and industrial environments. These systems enable forklifts to operate with minimal human intervention while maintaining high efficiency and safety. For instance, in February 2024, ArcBest Corporation, a US-based logistics and supply chain solutions provider, launched Vaux Smart Autonomy, a line of autonomous and remote-controlled forklifts. The system integrates autonomous mobile robots with software that allows remote human control. The forklifts can function in both autonomous and manual modes, equipped with sensors and cameras to navigate warehouse environments, load and stack pallets, and transport other goods efficiently.

In May 2024, Oshkosh Corporation, a US-based manufacturer of purpose-built vehicles and equipment, acquired Ausa Corporation S.L. for an undisclosed amount. This acquisition enables Oshkosh to expand its global presence and product portfolio by leveraging Ausa's expertise and established market position. Ausa Corporation S.L. is a Spain-based manufacturer of forklifts.

Major companies operating in the forklift market are Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Hyster-Yale Inc., Crown Equipment Corporation, Komatsu Ltd., Caterpillar Inc., Anhui Heli Co. Ltd., Hangcha Group Co. Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Manitou Group, Noblelift Intelligent Equipment Co. Ltd., TCM Corporation, AUSA Center S.L., Action Construction Equipment Ltd., Lonking Holdings Limited, Godrej & Boyce Manufacturing Company Limited, Hyundai Construction Equipment, Baoli EMEA S.p.A., EP Equipment Group

Asia-Pacific was the largest region in the forklift market in 2025. North America is expected to be the fastest-growing region in the market going forward. The regions covered in the forklift market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the forklift market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The forklift market consists of sales of pallet trucks, terrain trucks, and side loaders. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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 Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses forklift 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.

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Where is the largest and fastest growing market for forklift ? 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 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, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• 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.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Propulsion: Electric; Internal Combustion Engine
• 2) By Fuel Type: Gasoline And Compressed Natural Gas (CNG) And liquefied Petroleum Gas (LPG); Diesel; Battery-Electric
• 3) By Class: Class 1; Class 2; Class 3; Class 4 Or 5
• 4) By Tonnage: Below 5 Ton; 5 Ton - 10 Ton; 11 Ton - 36 Ton; Above 36 Ton
• 5) By Application: Freight And Logistics; Wholesale And Retail Distribution; Manufacturing; Other Applications
• Subsegments:
• 1) By Electric Forklifts: Lead-Acid Battery; Lithium-Ion Battery; Fuel Cell Electric Forklifts; Swappable Battery Systems
• 2) By Internal Combustion Engine Forklifts: Propane Forklifts; Diesel Forklifts; Gasoline Forklifts; Dual-Fuel Forklifts
• Companies Mentioned: Toyota Industries Corporation; KION Group AG; Jungheinrich AG; Mitsubishi Logisnext Co. Ltd.; Hyster-Yale Inc.; Crown Equipment Corporation; Komatsu Ltd.; Caterpillar Inc.; Anhui Heli Co. Ltd.; Hangcha Group Co. Ltd.; Clark Material Handling Company; Doosan Industrial Vehicle; Manitou Group; Noblelift Intelligent Equipment Co. Ltd.; TCM Corporation; AUSA Center S.L.; Action Construction Equipment Ltd.; Lonking Holdings Limited; Godrej & Boyce Manufacturing Company Limited; Hyundai Construction Equipment; Baoli EMEA S.p.A.; EP Equipment Group
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; 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,
• 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.
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