Forklift Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Power Source, By Class, By End Use, By Region & Competition, 2020-2030F

Description

The Global Forklift Market was valued at USD 66.16 billion in 2024 and is anticipated to reach USD 98.17 billion by 2030, growing at a CAGR of 6.80% during the forecast period. The increasing development of logistics infrastructure, expansion of warehousing facilities, and transformation in retail models are accelerating the demand for efficient material handling equipment. Forklifts have become indispensable in industries ranging from automotive and food processing to consumer goods and port operations. According to the United Nations Industrial Development Organization (UNIDO, 2024), global manufacturing value added reached USD 16.1 trillion in 2023, reflecting a 3.6% year-over-year growth, which underlines the rising forklift demand in production-driven sectors.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 66.16 Billion
Market Size 2030	USD 98.17 Billion
CAGR 2025-2030	6.80%
Fastest Growing Segment	Electric Powered
Largest Market	Asia Pacific

Modern forklift design is evolving to meet automation and sustainability goals, with a notable shift toward electric, lithium-ion, and hydrogen fuel cell variants. Advanced features such as smart sensors and telematics are enhancing safety, diagnostics, and operational performance. The boom in e-commerce and rising labor shortages are also prompting industries to adopt forklifts that deliver speed and consistency. Compact and multi-directional forklifts are gaining traction in environments with restricted space. While the outlook remains promising, challenges such as high upfront costs, maintenance demands, and safety risks present hurdles to widespread adoption.

Key Market Drivers

Rising Warehouse and Logistics Expansion

The rapid rise of e-commerce and omnichannel retailing is driving demand for warehouses and distribution hubs, thereby increasing the need for forklifts. The global third-party logistics (3PL) market reached USD 1.5 trillion in 2023, with a projected CAGR of 5.5%, according to Armstrong & Associates (2024). Businesses are investing in high-density storage and faster fulfillment capabilities, necessitating robust and flexible lifting solutions. Forklifts are essential in streamlining internal movement of goods, reducing reliance on labor, and supporting last-mile delivery efficiencies. Growth in urban warehousing and cold chain logistics is especially boosting demand for narrow aisle and reach truck models. As the global logistics sector matures, the role of forklifts in operational efficiency becomes increasingly vital.

Key Market Challenges

High Initial Investment and Maintenance Costs

The significant capital outlay required to acquire and maintain forklift fleets is a major constraint, particularly for small and medium enterprises. Costs include vehicle purchase, battery systems, spare parts, and service agreements. Internal combustion engine (ICE) forklifts incur ongoing fuel and maintenance expenses, while electric variants, though cost-effective in operation, involve high initial setup and charging infrastructure costs. Specialized models designed for unique environments such as cold storage or narrow aisles carry additional premium costs. Downtime during maintenance directly impacts productivity in time-sensitive operations. Despite emerging leasing models and fleet management solutions, the high total cost of ownership continues to restrict broad adoption in budget-sensitive markets.

Key Market Trends

Integration of Telematics and IoT in Forklift Fleets

The adoption of IoT and telematics technologies is reshaping forklift fleet management. These systems enable real-time tracking of forklift activity, location, battery levels, and maintenance alerts. Data gathered from integrated sensors is improving safety, enabling predictive maintenance, and enhancing asset utilization. Warehouse management systems (WMS) are being synced with forklifts to improve operational efficiency and reduce idle time. Smart forklifts are now capable of alerting operators to unsafe behaviors and flagging anomalies that require attention. This trend is contributing to a shift from reactive to data-driven logistics operations, with greater focus on sustainability, uptime, and performance optimization.

Key Market Players

Crown Equipment Corporation
EP Equipment
Hangcha Group Co Ltd
Hyster Yale Material Handling Inc
Jungheinrich AG
Kion Group AG
Komatsu Ltd
Lonking Holdings Limited
Mitsubishi Logisnext Co Ltd
Toyota Industries Corporation

Report Scope:

In this report, the Global Forklift Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Forklift Market, By Power Source:

IC Engine Powered
Electric Powered

Forklift Market, By Class:

Class 1
Class 2
Class 3
Class 4
Class 5
Class 6
Class 7

Forklift Market, By End Use:

Retail & Wholesale
Logistics
Automotive
Food Industry
Others

Forklift Market, By Region:

North America
- United States
- Canada
- Mexico
Europe
- Germany
- France
- U.K.
- Spain
- Italy
Asia-Pacific
- China
- Japan
- India
- South Korea
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
South America
- Brazil
- Argentina

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Forklift Market.

Available Customizations:

Global Forklift Market report with the given market data, TechSci Research offers customizations according to the company's specific needs. The following customization options are available for the report:

1. Introduction

1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered

2. Research Methodology

2.1. Methodology Landscape
2.2. Objective of the Study
2.3. Baseline Methodology
2.4. Formulation of the Scope
2.5. Assumptions and Limitations
2.6. Sources of Research
2.7. Approach for the Market Study
2.8. Methodology Followed for Calculation of Market Size & Market Shares
2.9. Forecasting Methodology

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions
3.5. Overview of Market Drivers, Challenges, and Trends

4. Global Forklift Market Outlook

4.1. Market Size & Forecast
- 4.1.1. By Value
4.2. Market Share & Forecast
- 4.2.1. By Power Source Market Share Analysis (IC Engine Powered, Electric Powered)
- 4.2.2. By Class Market Share Analysis (Class 1, Class 2, Class 3, Class 4, Class 5, Class 6, Class 7)
- 4.2.3. By End Use Market Share Analysis (Retail & Wholesale, Logistics, Automotive, Food Industry, Others)
- 4.2.4. By Country Market Share Analysis
- 4.2.5. By Top 5 Companies Market Share Analysis, Others (2024)
4.3. Global Forklift Market Mapping & Opportunity Assessment

5. North America Forklift Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By End Use Market Share Analysis
- 5.2.2. By Power Source Market Share Analysis
- 5.2.3. By Class Market Share Analysis
- 5.2.4. By Country Market Share Analysis
  - 5.2.4.1. United States Forklift Market Outlook
    - 5.2.4.1.1. Market Size & Forecast
      - 5.2.4.1.1.1. By Value
    - 5.2.4.1.2. Market Share & Forecast
      - 5.2.4.1.2.1. By End Use Market Share Analysis
      - 5.2.4.1.2.2. By Power Source Market Share Analysis
      - 5.2.4.1.2.3. By Class Market Share Analysis
  - 5.2.4.2. Canada Forklift Market Outlook
    - 5.2.4.2.1. Market Size & Forecast
      - 5.2.4.2.1.1. By Value
    - 5.2.4.2.2. Market Share & Forecast
      - 5.2.4.2.2.1. By End Use Market Share Analysis
      - 5.2.4.2.2.2. By Power Source Market Share Analysis
      - 5.2.4.2.2.3. By Class Market Share Analysis
  - 5.2.4.3. Mexico Forklift Market Outlook
    - 5.2.4.3.1. Market Size & Forecast
      - 5.2.4.3.1.1. By Value
    - 5.2.4.3.2. Market Share & Forecast
      - 5.2.4.3.2.1. By End Use Market Share Analysis
      - 5.2.4.3.2.2. By Power Source Market Share Analysis
      - 5.2.4.3.2.3. By Class Market Share Analysis

6. Europe Forklift Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By End Use Market Share Analysis
- 6.2.2. By Power Source Market Share Analysis
- 6.2.3. By Class Market Share Analysis
- 6.2.4. By Country Market Share Analysis
  - 6.2.4.1. France Forklift Market Outlook
    - 6.2.4.1.1. Market Size & Forecast
      - 6.2.4.1.1.1. By Value
    - 6.2.4.1.2. Market Share & Forecast
      - 6.2.4.1.2.1. By End Use Market Share Analysis
      - 6.2.4.1.2.2. By Power Source Market Share Analysis
      - 6.2.4.1.2.3. By Class Market Share Analysis
  - 6.2.4.2. Germany Forklift Market Outlook
    - 6.2.4.2.1. Market Size & Forecast
      - 6.2.4.2.1.1. By Value
    - 6.2.4.2.2. Market Share & Forecast
      - 6.2.4.2.2.1. By End Use Market Share Analysis
      - 6.2.4.2.2.2. By Power Source Market Share Analysis
      - 6.2.4.2.2.3. By Class Market Share Analysis
  - 6.2.4.3. United Kingdom Forklift Market Outlook
    - 6.2.4.3.1. Market Size & Forecast
      - 6.2.4.3.1.1. By Value
    - 6.2.4.3.2. Market Share & Forecast
      - 6.2.4.3.2.1. By End Use Market Share Analysis
      - 6.2.4.3.2.2. By Power Source Market Share Analysis
      - 6.2.4.3.2.3. By Class Market Share Analysis
  - 6.2.4.4. Italy Forklift Market Outlook
    - 6.2.4.4.1. Market Size & Forecast
      - 6.2.4.4.1.1. By Value
    - 6.2.4.4.2. Market Share & Forecast
      - 6.2.4.4.2.1. By End Use Market Share Analysis
      - 6.2.4.4.2.2. By Power Source Market Share Analysis
      - 6.2.4.4.2.3. By Class Market Share Analysis
  - 6.2.4.5. Spain Forklift Market Outlook
    - 6.2.4.5.1. Market Size & Forecast
      - 6.2.4.5.1.1. By Value
    - 6.2.4.5.2. Market Share & Forecast
      - 6.2.4.5.2.1. By End Use Market Share Analysis
      - 6.2.4.5.2.2. By Power Source Market Share Analysis
      - 6.2.4.5.2.3. By Class Market Share Analysis

7. Asia-Pacific Forklift Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By End Use Market Share Analysis
- 7.2.2. By Power Source Market Share Analysis
- 7.2.3. By Class Market Share Analysis
- 7.2.4. By Country Share Analysis
  - 7.2.4.1. China Forklift Market Outlook
    - 7.2.4.1.1. Market Size & Forecast
      - 7.2.4.1.1.1. By Value
    - 7.2.4.1.2. Market Share & Forecast
      - 7.2.4.1.2.1. By End Use Market Share Analysis
      - 7.2.4.1.2.2. By Power Source Market Share Analysis
      - 7.2.4.1.2.3. By Class Market Share Analysis
  - 7.2.4.2. Japan Forklift Market Outlook
    - 7.2.4.2.1. Market Size & Forecast
      - 7.2.4.2.1.1. By Value
    - 7.2.4.2.2. Market Share & Forecast
      - 7.2.4.2.2.1. By End Use Market Share Analysis
      - 7.2.4.2.2.2. By Power Source Market Share Analysis
      - 7.2.4.2.2.3. By Class Market Share Analysis
  - 7.2.4.3. India Forklift Market Outlook
    - 7.2.4.3.1. Market Size & Forecast
      - 7.2.4.3.1.1. By Value
    - 7.2.4.3.2. Market Share & Forecast
      - 7.2.4.3.2.1. By End Use Market Share Analysis
      - 7.2.4.3.2.2. By Power Source Market Share Analysis
      - 7.2.4.3.2.3. By Class Market Share Analysis
  - 7.2.4.4. South Korea Forklift Market Outlook
    - 7.2.4.4.1. Market Size & Forecast
      - 7.2.4.4.1.1. By Value
    - 7.2.4.4.2. Market Share & Forecast
      - 7.2.4.4.2.1. By End Use Market Share Analysis
      - 7.2.4.4.2.2. By Power Source Market Share Analysis
      - 7.2.4.4.2.3. By Class Market Share Analysis

8. Middle East & Africa Forklift Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By End Use Market Share Analysis
- 8.2.2. By Power Source Market Share Analysis
- 8.2.3. By Class Market Share Analysis
- 8.2.4. By Country Market Share Analysis
  - 8.2.4.1. South Africa Forklift Market Outlook
    - 8.2.4.1.1. Market Size & Forecast
      - 8.2.4.1.1.1. By Value
    - 8.2.4.1.2. Market Share & Forecast
      - 8.2.4.1.2.1. By End Use Market Share Analysis
      - 8.2.4.1.2.2. By Power Source Market Share Analysis
      - 8.2.4.1.2.3. By Class Market Share Analysis
  - 8.2.4.2. Saudi Arabia Forklift Market Outlook
    - 8.2.4.2.1. Market Size & Forecast
      - 8.2.4.2.1.1. By Value
    - 8.2.4.2.2. Market Share & Forecast
      - 8.2.4.2.2.1. By End Use Market Share Analysis
      - 8.2.4.2.2.2. By Power Source Market Share Analysis
      - 8.2.4.2.2.3. By Class Market Share Analysis
  - 8.2.4.3. UAE Forklift Market Outlook
    - 8.2.4.3.1. Market Size & Forecast
      - 8.2.4.3.1.1. By Value
    - 8.2.4.3.2. Market Share & Forecast
      - 8.2.4.3.2.1. By End Use Market Share Analysis
      - 8.2.4.3.2.2. By Power Source Market Share Analysis
      - 8.2.4.3.2.3. By Class Market Share Analysis
  - 8.2.4.4. Turkey Forklift Market Outlook
    - 8.2.4.4.1. Market Size & Forecast
      - 8.2.4.4.1.1. By Value
    - 8.2.4.4.2. Market Share & Forecast
      - 8.2.4.4.2.1. By End Use Market Share Analysis
      - 8.2.4.4.2.2. By Power Source Market Share Analysis
      - 8.2.4.4.2.3. By Class Market Share Analysis

9. South America Forklift Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By End Use Market Share Analysis
- 9.2.2. By Power Source Market Share Analysis
- 9.2.3. By Class Market Share Analysis
- 9.2.4. By Country Market Share Analysis
  - 9.2.4.1. Brazil Forklift Market Outlook
    - 9.2.4.1.1. Market Size & Forecast
      - 9.2.4.1.1.1. By Value
    - 9.2.4.1.2. Market Share & Forecast
      - 9.2.4.1.2.1. By End Use Market Share Analysis
      - 9.2.4.1.2.2. By Power Source Market Share Analysis
      - 9.2.4.1.2.3. By Class Market Share Analysis
  - 9.2.4.2. Argentina Forklift Market Outlook
    - 9.2.4.2.1. Market Size & Forecast
      - 9.2.4.2.1.1. By Value
    - 9.2.4.2.2. Market Share & Forecast
      - 9.2.4.2.2.1. By End Use Market Share Analysis
      - 9.2.4.2.2.2. By Power Source Market Share Analysis
      - 9.2.4.2.2.3. By Class Market Share Analysis

10. Market Dynamics

10.1. Drivers
10.2. Challenges

11. Market Trends & Developments

12. Porters Five Forces Analysis

13. Disruptions: Conflicts, Pandemics and Trade Barriers

14. Competitive Landscape

14.1. Company Profiles
- 14.1.1. Crown Equipment Corporation
  - 14.1.1.1. Business Overview
  - 14.1.1.2. Company Snapshot
  - 14.1.1.3. Products & Services
  - 14.1.1.4. Financials (As Per Availability)
  - 14.1.1.5. Key Market Focus & Geographical Presence
  - 14.1.1.6. Recent Developments
  - 14.1.1.7. Key Management Personnel
- 14.1.2. EP Equipment
- 14.1.3. Hangcha Group Co Ltd
- 14.1.4. Hyster Yale Material Handling Inc
- 14.1.5. Jungheinrich AG
- 14.1.6. Kion Group AG
- 14.1.7. Komatsu Ltd
- 14.1.8. Lonking Holdings Limited
- 14.1.9. Mitsubishi Logisnext Co Ltd
- 14.1.10. Toyota Industries Corporation