Forklift Rental Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The Forklift Rental Market Report is Segmented by Load Capacity (Less Than 3. 5 T, 3. 6 To 10 T, and More), Rental Duration (Short-Term and Long-term/Contract), Power Source (Electric, Internal Combustion, and More), Truck Class (Class I – Electric Rider, Class II – Narrow-Aisle, and More), End-Use Industry (Warehousing and Logistics, and More), and Geography. The Market Forecasts are Provided in Terms of Value (USD).

Forklift Rental Market Size and Share

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Compare market size and growth of Forklift Rental Market with other markets in Automotive Industry

Forklift Rental Market Analysis by Mordor Intelligence

The forklift rental market is valued at USD 5.39 billion in 2025 and is forecast to reach USD 7.35 billion by 2030, advancing at a 6.39% CAGR. Accelerated e-commerce fulfilment, growing warehouse automation, and the corporate shift from capex to opex models keep demand resilient across economic cycles. Stringent zero-emission regulations, notably California’s phase-out of large spark-ignition forklifts, are tilting fleet composition toward electric units. AI-driven fleet-optimization software is lifting utilization rates and compressing downtime. Consolidation among the top five rental companies continues to raise competitive intensity, yet a large share of regional and niche providers keep pricing disciplined. Asia-Pacific leads revenue and incremental growth, supported by rapid industrialization, rising online retail penetration, and a strong manufacturing base.

Key Report Takeaways

  • By load-capacity segment, the 3.6-10 t category held 45.30% of the forklift rental market share in 2024; the sub-3.5 t class is projected to expand at a 10.60% CAGR to 2030.  
  • By power source, electric forklifts commanded 54.30% of the forklift rental market size in 2024 and are set to grow at an 11.80% CAGR.  
  • By rental duration, short-term contracts captured 64.70% of revenue in 2024, whereas long-term agreements are forecast to post the fastest growth at 8.50% CAGR.  
  • By truck class, Class III electric hand trucks led with 32.50% revenue share in 2024; Class II narrow-aisle equipment is advancing at a 9.10% CAGR.  
  • By end-use industry, warehousing and logistics accounted for 38.60% of the forklift rental market size in 2024, while e-commerce warehousing is moving ahead at an 11.70% CAGR.  
  • By geography, Asia-Pacific dominated with 37.60% revenue share in 2024, rising at a 10.20% CAGR through 2030.

Segment Analysis

By Load Capacity: Mid-Range Dominance Amid Compact Growth

The 3.6 to 10T load capacity segment commands 45.30% market share in 2024, reflecting its versatility across diverse industrial applications and optimal balance between lifting capability and operational flexibility. This segment's dominance stems from its suitability for standard warehouse operations, manufacturing facilities, and construction sites requiring moderate to heavy lifting capabilities. The less than 3.5T segment, while holding a smaller market share, exhibits the fastest growth at 10.60% CAGR through 2030, driven by the expansion of last-mile delivery operations and compact warehouse configurations optimized for e-commerce fulfillment. Amazon's adoption of autonomous forklifts in fulfillment centers exemplifies this trend toward smaller, more agile material handling solutions. The more than 10T segment serves specialized heavy-duty applications in ports, steel mills, and large-scale manufacturing, maintaining steady demand despite representing the smallest market share.

Technological advancement in compact forklifts is accelerating their adoption, with manufacturers developing more sophisticated control systems and enhanced battery technologies for smaller units. The shift toward urban warehousing and micro-fulfillment centers creates sustained demand for sub-3.5T forklifts capable of operating in constrained spaces while maintaining high productivity. KION Group's development of autonomous outdoor operation capabilities for counterbalanced forklifts, including real-time communication via private 5G networks, demonstrates the technological sophistication being integrated across all capacity segments. The rental model particularly benefits the compact segment as businesses can test different configurations and technologies without committing to specific models, enabling optimization of material handling operations based on actual performance data.

Forklift Rental Market: Market Share by Load Capacity
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Note: Segment shares of all individual segments available upon report purchase

By Rental Duration: Short-Term Flexibility Drives Current Demand

Short-term rental arrangements (less than 12 months) dominate the market with a 64.70% share in 2024, reflecting businesses' preference for operational flexibility and reluctance to commit to long-term contracts amid economic uncertainty. This preference is reinforced by the volatile construction market, where project timelines frequently change and equipment needs fluctuate based on contract awards and seasonal demand patterns. The American Rental Association's forecast of 7.9% growth in equipment rental revenue for 2024 underscores the sustained demand for flexible rental arrangements. Short-term rentals allow businesses to scale operations rapidly without capital commitments, which is particularly valuable during economic transitions and market volatility.

Long-term contracts (over 12 months) are expanding faster at 8.50% CAGR, driven by businesses seeking predictable operational costs and rental companies offering attractive pricing for extended commitments. This growth reflects a maturing market where established relationships between rental providers and customers enable more sophisticated service arrangements. Equipment Depot's expansion to 50 locations across 25 states and its target of USD 1 billion revenue by 2025 demonstrate how rental companies are building infrastructure to support both short-term flexibility and long-term partnerships. The trend toward long-term contracts is particularly pronounced in sectors with predictable demand patterns, such as established warehousing operations and manufacturing facilities requiring consistent material handling capacity. Rental companies increasingly offer comprehensive service packages for long-term contracts, including maintenance, operator training, and fleet optimization services that create additional value beyond equipment provision.

By Power Source: Electric Leadership Accelerates Sustainability Transition

Electric forklifts command 54.30% market share in 2024 while maintaining the fastest growth at 11.80% CAGR through 2030, driven by regulatory mandates, operational cost advantages, and technological improvements in battery performance. California's Zero-Emission Forklift Regulation, requiring the phase-out of large spark-ignition forklifts by 2026-2030, creates a regulatory template that other jurisdictions will likely adopt. The regulation mandates that rental agencies cannot rent non-compliant forklifts, directly impact rental fleet composition, and accelerate the transition to zero-emission technologies. 

Internal combustion forklifts (diesel/LPG) maintain a significant market presence in outdoor applications and heavy-duty operations where electric alternatives face performance limitations. However, technological advances in lithium-ion batteries address traditional electric forklift constraints, with companies retrofitting lead-acid systems to improve performance and reduce downtime. The hybrid/hydrogen segment represents an emerging category with potential for specialized applications requiring extended operating ranges and rapid refueling capabilities. Zero-emission forklifts offer operational cost savings of up to 75% compared to internal combustion engines, with total cost of ownership potentially 20-40% lower within 2-4 years despite higher upfront costs. The rental model facilitates the electric transition by allowing businesses to test electric forklifts without capital commitments while rental companies manage higher initial investment and charging infrastructure requirements.

By Truck Class: Class III Dominance Meets Class II Innovation

Class III electric hand trucks lead the market with a 32.50% share in 2024, reflecting their fundamental role in warehouse operations and material handling workflows across diverse industries. These units provide essential functionality for order picking, inventory management, and short-distance material transport, making them indispensable in modern logistics operations. Class II narrow-aisle forklifts exhibit the fastest growth at 9.10% CAGR through 2030, driven by warehouse optimization strategies that maximize storage density while maintaining operational efficiency. The growth in Class II equipment reflects the trend toward vertical storage solutions and high-density warehousing configurations that require specialized narrow-aisle capabilities.

Class I electric rider trucks serve medium-duty applications requiring operator mobility and enhanced productivity compared to hand trucks. At the same time, Class IV and V internal combustion units face regulatory pressure from emission standards. California's regulation specifically targets Class IV and V forklifts with large spark-ignition engines, affecting approximately 89,000 operating units and creating a shift toward zero-emission alternatives. The phase-out schedule for Class IV and V forklifts has been adjusted to 2028 and 2030, respectively, allowing for longer equipment lifespans of 10-13 years before mandatory replacement with zero-emission models. Rental companies strategically positioned their fleets to accommodate these regulatory transitions while maintaining service capabilities across all truck classes. The diversity of truck classes enables rental providers to offer comprehensive solutions tailored to specific operational requirements, from compact warehouse operations to heavy-duty outdoor applications.

Forklift Rental Market:Market Share By Truck Class
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Note: Segment shares of all individual segments available upon report purchase

By End-use Industry: Warehousing Leadership Drives E-commerce Evolution

Warehousing and logistics operations command 38.60% market share in 2024, reflecting the sector's central role in modern supply chain management and the continued expansion of e-commerce fulfillment infrastructure. E-commerce warehousing emerges as the fastest-growing subsegment at 11.70% CAGR, driven by the structural shift toward omnichannel retail strategies and the need for sophisticated material handling solutions in fulfillment centers. The construction industry maintains significant rental demand despite cyclical volatility, with the Infrastructure Investment and Jobs Act providing stability through USD 1.2 trillion in project funding. Automotive manufacturing requires specialized material handling solutions for assembly line operations and parts management, while food and beverage operations demand equipment meeting stringent hygiene and temperature control requirements.

The aerospace and defense sector represents a niche but important market segment requiring precision material handling for high-value components and assemblies. Other industries, including retail and pharmaceutical operations, contribute to market diversity through specialized requirements for clean room environments, cold storage, and regulatory compliance. The rental model benefits end-use industries with variable demand patterns, seasonal fluctuations, or project-based operations where equipment ownership would result in underutilization. Equipment Depot's focus on building long-term partnerships and adapting to market demands by promoting electric-powered equipment demonstrates how rental providers tailor their offerings to specific industry requirements. The trend toward automation and electrification spans all end-use industries, creating opportunities for rental companies to provide cutting-edge technology without requiring customers to make substantial capital investments in rapidly evolving equipment categories.

Geography Analysis

Asia-Pacific dominates with 37.60% market share in 2024 while maintaining the fastest growth at 10.20% CAGR through 2030, driven by rapid industrialization, e-commerce expansion, and infrastructure development. China's forklift market exemplifies this growth trajectory, with sales reaching 1.29 million units in 2024, representing a 9.52% increase from the previous year, and electric forklifts comprising 73.61% of total sales. The region's manufacturing hub status and the growth of e-commerce platforms create sustained demand for material handling equipment. At the same time, the rental model provides flexibility for businesses navigating rapid market changes. India's expanding logistics infrastructure and Japan's automation initiatives contribute to regional growth, while Southeast Asian markets benefit from foreign investment and manufacturing relocation trends.

North America represents a mature but stable market, with the United States equipment rental industry projected to reach USD 77.3 billion in 2024, reflecting a 7.9% increase. The region's growth is supported by infrastructure investment, including the Infrastructure Investment and Jobs Act, and the continued expansion of e-commerce fulfillment capabilities. Canada's equipment rental revenue is projected to grow by 7.2%, reaching USD 5.79 billion, demonstrating consistent regional performance. 

Europe faces mixed conditions, with established markets showing maturity while Eastern European countries offer growth opportunities through industrial development and EU infrastructure programs. The region's stringent environmental regulations drive demand for electric and low-emission forklifts, creating opportunities for rental companies with modern, compliant fleets.

Forklift Rental Market CAGR (%), Growth Rate by Region
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Competitive Landscape

The forklift rental market exhibits moderate consolidation with intensifying competition as major players pursue aggressive acquisition strategies to achieve scale economies and expand geographic coverage. United Rentals, the global leader with USD 14.3 billion in 2023 revenues, initially bid USD 4.8 billion for H&E Equipment Services before being outbid by Herc Rentals at USD 5.3 billion, demonstrating the premium valuations driving industry consolidation. The competitive intensity reflects the industry's focus on achieving operational leverage through branch density, fleet utilization optimization, and customer relationship depth. Sunbelt Rentals completed 26 acquisitions in 2024, while Ashtead Group seeks to relocate its primary listing from the UK to the US and rename itself Sunbelt Rentals Holdings, reflecting the strategic importance of the North American market.

Technology adoption represents a critical competitive differentiator, with leading companies investing in IoT fleet management, AI-driven optimization, and customer-facing digital platforms to enhance service delivery and operational efficiency. Sunbelt Rentals' implementation of IoT technology through PTC's ThingWorx platform to manage over 600,000 assets exemplifies how technology creates competitive advantages through improved asset utilization and customer experience. 

White-space opportunities exist in specialized applications, emerging markets, and technology-enabled services that traditional rental models have not fully addressed. Integrating autonomous forklifts and AI-powered fleet optimization creates opportunities for companies that can effectively bridge technology capabilities with traditional rental operations, as demonstrated by KION Group's collaboration with NVIDIA and Accenture for AI-powered robots and digital twins.

Forklift Rental Industry Leaders

  1. Caterpillar Inc

  2. Crown Equipment Corporation

  3. Sunbelt Rentals, Inc.

  4. Toyota Industries Corporation

  5. Combilift Depot

  6. *Disclaimer: Major Players sorted in no particular order
Forklift Rental Market Concentration.png
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Recent Industry Developments

  • February 2025: Herc Rentals completed its USD 5.3 billion acquisition of H&E Equipment Services, outbidding United Rentals' previous USD 4.8 billion offer and combining Herc's USD 3.5 billion annual revenue with H&E's USD 1.5 billion to strengthen its position as the third-largest rental company in North America.
  • January 2025: United Rentals announced record Q4 2024 results with total revenue of USD 4.095 billion and rental revenue of USD 3.422 billion, marking a 9.7% year-over-year increase. The company introduced a 2025 outlook projecting total revenue between USD 15.6-16.1 billion.
  • January 2025: KION Group announced collaboration with NVIDIA and Accenture to enhance supply chain efficiency through AI-powered robots and digital twins, showcased at CES 2025, aimed at optimizing warehouse operations including automated forklift deployment.

Table of Contents for Forklift Rental Industry Report

1. Introduction

  • 1.1 Study Assumptions and Market Definition
  • 1.2 Scope of the Study

2. Research Methodology

3. Executive Summary

4. Market Landscape

  • 4.1 Market Overview
  • 4.2 Market Drivers
    • 4.2.1 E-commerce fulfilment boom
    • 4.2.2 Shift from capex to opex in material-handling budgets
    • 4.2.3 Accelerated warehouse automation roll-outs
    • 4.2.4 Emission regulations phasing-out Class IV/V ICE trucks
    • 4.2.5 AI-driven fleet-optimisation software adoption
    • 4.2.6 OEM subscription-based “power-by-the-hour” models
  • 4.3 Market Restraints
    • 4.3.1 Cyclical construction spending
    • 4.3.2 Tight labour pool of certified forklift operators
    • 4.3.3 Rising lithium-ion battery raw-material costs
    • 4.3.4 OEM direct-leasing cannibalising independent rental fleets
  • 4.4 Value / Supply-Chain Analysis
  • 4.5 Regulatory Landscape
  • 4.6 Technological Outlook
  • 4.7 Porter’s Five Forces Analysis
    • 4.7.1 Threat of New Entrants
    • 4.7.2 Bargaining Power of Buyers
    • 4.7.3 Bargaining Power of Suppliers
    • 4.7.4 Threat of Substitutes
    • 4.7.5 Intensity of Rivalry

5. Market Size and Growth Forecasts (Value, USD)

  • 5.1 By Load Capacity
    • 5.1.1 Less Than 3.5 T
    • 5.1.2 3.6 to 10 T
    • 5.1.3 More Than 10 T
  • 5.2 By Rental Duration
    • 5.2.1 Short-term (Less Than 12 months)
    • 5.2.2 Long-term/Contract (More Than 12 months)
  • 5.3 By Power Source
    • 5.3.1 Electric
    • 5.3.2 Internal Combustion (Diesel/LPG)
    • 5.3.3 Hybrid/Hydrogen
  • 5.4 By Truck Class
    • 5.4.1 Class I – Electric Rider
    • 5.4.2 Class II – Narrow-Aisle
    • 5.4.3 Class III – Electric Hand
    • 5.4.4 Class IV – ICE Cushion
    • 5.4.5 Class V – ICE Pneumatic
  • 5.5 By End-use Industry
    • 5.5.1 Warehousing and Logistics
    • 5.5.2 Construction
    • 5.5.3 Automotive
    • 5.5.4 Food and Beverage
    • 5.5.5 Aerospace and Defense
    • 5.5.6 Others (Retail, Pharma, etc.)
  • 5.6 By Geography
    • 5.6.1 North America
    • 5.6.1.1 United States
    • 5.6.1.2 Canada
    • 5.6.1.3 Rest of North America
    • 5.6.2 South America
    • 5.6.2.1 Brazil
    • 5.6.2.2 Argentina
    • 5.6.2.3 Rest of South America
    • 5.6.3 Europe
    • 5.6.3.1 Germany
    • 5.6.3.2 United Kingdom
    • 5.6.3.3 France
    • 5.6.3.4 Italy
    • 5.6.3.5 Spain
    • 5.6.3.6 Russia
    • 5.6.3.7 Rest of Europe
    • 5.6.4 Asia-Pacific
    • 5.6.4.1 China
    • 5.6.4.2 Japan
    • 5.6.4.3 India
    • 5.6.4.4 South Korea
    • 5.6.4.5 Australia
    • 5.6.4.6 Rest of Asia-Pacific
    • 5.6.5 Middle East and Africa
    • 5.6.5.1 Saudi Arabia
    • 5.6.5.2 United Arab Emirates
    • 5.6.5.3 Egypt
    • 5.6.5.4 South Africa
    • 5.6.5.5 Rest of Middle East and Africa

6. Competitive Landscape

  • 6.1 Market Concentration
  • 6.2 Strategic Moves
  • 6.3 Market Share Analysis
  • 6.4 Company Profiles (includes Global level Overview, Market level overview, Core Segments, Financials as available, Strategic Information, Market Rank/Share for key companies, Products and Services, and Recent Developments)
    • 6.4.1 United Rentals Inc.
    • 6.4.2 Sunbelt Rentals (Ashtead Group)
    • 6.4.3 Toyota Industries Corp. (Toyota Material Handling)
    • 6.4.4 Caterpillar Inc. (Cat Rental)
    • 6.4.5 Herc Rentals Inc.
    • 6.4.6 HandE Equipment Services
    • 6.4.7 Crown Equipment Corp.
    • 6.4.8 Jungheinrich AG (Rental)
    • 6.4.9 Mitsubishi Logisnext
    • 6.4.10 KION Group (Linde, STILL)
    • 6.4.11 Speedy Hire Plc
    • 6.4.12 Loxam Group
    • 6.4.13 Coates Hire
    • 6.4.14 Boels Rental
    • 6.4.15 Riwal Holding Group
    • 6.4.16 BigRentz Inc.
    • 6.4.17 Sunstate Equipment
    • 6.4.18 Ahern Rentals
    • 6.4.19 Komatsu Ltd. (Rental)
    • 6.4.20 Doosan Bobcat

7. Market Opportunities and Future Outlook

  • 7.1 White-space and Unmet-need Assessment
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Global Forklift Rental Market Report Scope

Forklift rental refers to a location where large vehicles or machinery are supplied to different industry verticals and can be retrieved and stored for public use. It may also include complementary and auxiliary retail activities.

The forklift rental market has been segmented by load type, end-use type, and geography. By load type, the market is segmented into 3.5 tons, 10 tons, and above 10 tons. By end-use type, the market is segmented into construction, automotive, aerospace and defense, warehouse and logistics, and other end-use types. By region, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The report offers market size and forecast for the forklift rental market in value (USD billion) for all the above segments.

By Load Capacity Less Than 3.5 T
3.6 to 10 T
More Than 10 T
By Rental Duration Short-term (Less Than 12 months)
Long-term/Contract (More Than 12 months)
By Power Source Electric
Internal Combustion (Diesel/LPG)
Hybrid/Hydrogen
By Truck Class Class I – Electric Rider
Class II – Narrow-Aisle
Class III – Electric Hand
Class IV – ICE Cushion
Class V – ICE Pneumatic
By End-use Industry Warehousing and Logistics
Construction
Automotive
Food and Beverage
Aerospace and Defense
Others (Retail, Pharma, etc.)
By Geography North America United States
Canada
Rest of North America
South America Brazil
Argentina
Rest of South America
Europe Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe
Asia-Pacific China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Middle East and Africa Saudi Arabia
United Arab Emirates
Egypt
South Africa
Rest of Middle East and Africa
By Load Capacity
Less Than 3.5 T
3.6 to 10 T
More Than 10 T
By Rental Duration
Short-term (Less Than 12 months)
Long-term/Contract (More Than 12 months)
By Power Source
Electric
Internal Combustion (Diesel/LPG)
Hybrid/Hydrogen
By Truck Class
Class I – Electric Rider
Class II – Narrow-Aisle
Class III – Electric Hand
Class IV – ICE Cushion
Class V – ICE Pneumatic
By End-use Industry
Warehousing and Logistics
Construction
Automotive
Food and Beverage
Aerospace and Defense
Others (Retail, Pharma, etc.)
By Geography
North America United States
Canada
Rest of North America
South America Brazil
Argentina
Rest of South America
Europe Germany
United Kingdom
France
Italy
Spain
Russia
Rest of Europe
Asia-Pacific China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
Middle East and Africa Saudi Arabia
United Arab Emirates
Egypt
South Africa
Rest of Middle East and Africa
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Key Questions Answered in the Report

What is the current size of the forklift rental market?

The forklift rental market stands at USD 5.39 billion in 2025 and is projected to reach USD 7.35 billion by 2030.

Which region leads the forklift rental market?

Asia Pacific leads with a 37.60% revenue share in 2024 and is set to grow at a 10.20% CAGR through 2030.

Why are electric forklifts gaining share in rental fleets?

Zero-emission regulations, lower operating costs, and advances in lithium-ion batteries pushed electric forklifts to 54.30% market share in 2024, growing at an 11.80% CAGR.

How are rental companies using technology to stay competitive?

Leading firms deploy IoT sensors, AI-based pricing, and digital-twin simulations to boost uptime, optimize utilization, and provide real-time data to customers.

Forklift Rental Market Report Snapshots