Summary

Market Overview
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.
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:
o IC Engine Powered
o Electric Powered
• Forklift Market, By Class:
o Class 1
o Class 2
o Class 3
o Class 4
o Class 5
o Class 6
o Class 7
• Forklift Market, By End Use:
o Retail & Wholesale
o Logistics
o Automotive
o Food Industry
o Others
• Forklift Market, By Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ Germany
§ France
§ U.K.
§ Spain
§ Italy
o Asia-Pacific
§ China
§ Japan
§ India
§ South Korea
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Turkey
o 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:
Company Information
• Detailed analysis and profiling of additional market players (up to five).

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Table of Contents

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
15. Strategic Recommendations
16. About Us & Disclaimer