Forklift Trucks Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Forklift Trucks Market is Segmented by Power-train Type (Internal Combustion Engine and Electric Motor), Vehicle Class (Class I, Class II, Class III, and Class IV), End-user Vertical (Industrial, Construction, and Manufacturing), and Geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers the market size and forecast of the forklift truck market value (in USD billion) for all the above-mentioned segments.

Market Snapshot

Forklift Trucks Market Summary
Study Period: 2018-2027
Base Year: 2021
Fastest Growing Market: North America
Largest Market: Asia Pacific
CAGR: >4 %
Forklift Trucks Market Major Players

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Market Overview

The forklift trucks market was valued at USD 2262.47 million in 2021, and it is expected to reach USD 2889.4 million by 2027, registering a CAGR of over 4.16% during the forecast period.

The COVID-19 pandemic negatively impacted the forklift trucks market. With the industries and warehouses shutting down, the need for material handling and inventory management was removed entirely. Major companies suspended their operations in different locations due to the lockdown. This directly impacted the requirement for material handling equipment. However, the post-pandemic prospects look hopeful for the industry, owing to the projected increase in urbanization, global trade, and rapid development in warehouse management tools, which can ease material handling and warehouse management.

Over the long term, the market is expected to witness growth during the forecast period, as companies within the manufacturing sector are adopting automation to enhance their production capacity. Powered industrial trucks reduce manual work, as they help manufacturers transfer various parts and materials from warehouses to the production line with ease and speed. Moreover, the developments in the e-commerce business drive the growth of the global forklift trucks market.

The Asia-Pacific region will likely dominate the forklift truck market because of the massive need for forklift trucks from advancing nations. The increase in industrialization is one of the factors expected to aid the growth of the forklift trucks market. This growth is also a result of the rising demand in developing economies, such as China and India.

Scope of the Report

A Forklift is a powered industrial truck used to lift and move materials over short distances. The Forklift truck market report covers details about the latest technologies, trends, and developments in the market. The scope of the report covers segmentation based on power-train type, vehicle class,end-user vertical, and geography.

By Power-train Type, the market is segmented into Internal Combustion Engine and Electric Motor. By Vehicle Class, the market is segmented into Class I, Class II, Class III, and Class IV. By End-user Vertical, the market is segmented as Industrial, Construction, and Manufacturing.

By Geography, the market is segmented as North America, Europe, Asia-Pacific, and the Rest of the World. The report also covers the market size and forecast for the forklift trucks market across the regions mentioned. For each segment, the market sizing has been done in value (USD million).

Power-train Type
Internal Combustion Engine
Electric Motor
Vehicle Class
Class I
Class II
Class III
Class IV
End-user Vertical
North America
United states
Rest of North america
United Kingdom
Rest of Europe
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle-East and Africa

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Key Market Trends

Electric-powered Forklift Trucks are Gaining Popularity in Developed Nations

With the rapid advancement in technology, there is a lot of potential for electric-powered forklift trucks due to their growing applications and popularity. Such electrically-powered forklift trucks are ideal for indoor spaces and can load and unload heavy goods from the ground level or the docks.

A significant advantage of using electrically powered forklift trucks is that there is no need to store the fuel for them at their place of operation. The critical pollutant emissions from these forklift trucks also drive the companies toward adopting electric material handling vehicles that can be easily operated and maintained inside warehouses.

The use of electrically powered forklift trucks is gaining massive ground in the developed regions of North America, Europe, and Asia that boast an established e-commerce industry and strict emissions norms, and sustainability concerns. However, in emerging economies, there is still a preference for IC-engine forklift trucks. Many manufacturers are active in the field of electric forklifts and are continuously introducing new models to stay abreast of their competition. For instance,

  • In October 2019, Toyota introduced the Traigo 80 heavy-duty electric forklift. In April 2020 again, the company launched two new models to its lineup of sit-down counterbalance, four-wheel electric lift trucks. The new 3,000-pound and 3,500-pound models are expected to see up to 27% faster travel, lift, and lower speeds, as well as increased run-time by 12%, compared to the outgoing models.​
  • In December 2020, Wolter Group LLC announced A D Lift Truck’s acquisition, a family-owned material handling & forklift company. The acquisition expands the company’s line of gas and electric forklifts.

With several other advantages, like zero-emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, electric forklift trucks are expected to gain higher market share, and it is expected to be the fastest growing forklift type over the forecast period.

Forklift Truck Market - Revenue Share (%), by Power-train Type, 2021

North America to Account for a Significant Portion in the Forklift Truck Market

North America is expected to witness the highest growth in sales in the region during the forecast period. This anticipated growth is because of prominent players in the United States. These players are involved in making heavy investments in adopting advanced and modern forklift trucks instead of conventional fork trucks.

Forklift trucks powered by alternative energy sources, such as hydrogen, are also gaining traction in the global forklift trucks market. Governments across various regions support the growth of the forklift trucks market through various incentives and policies.

  • The Chicago government regulations are pushing materials handling companies to innovate. Hyster Yale introduced two new products of its research and development initiatives, showcasing the company’s first counterbalanced electrical forklift truck with a factory-integrated lithium-ion battery pack.

As this aligns with the interests of the current US government to create jobs for US citizens, the sales of this equipment are expected to witness considerable growth in the region over the forecast period, making North America one of the fastest-growing regions for forklift trucks market. For instance,

  • In 2019, Toyota Material Handling North America (TMHNA) selected four research proposals to provide the industry with smarter and more efficient solutions in terms of new technology and innovative approaches, which can help the industry with material handling, warehouse and supply chain, and logistics. This growth is attributed to prominent market players such as Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., and CLARK.
  • In June 2019, Electro Vaya Inc. announced that it had launched more than 25 different lithium-ion ceramic battery models for the electric forklift market. The Electro Vaya’s lithium-ion ceramic batteries operate in 23 locations, including 20 in the United States, two in Canada, and one in Mexico.
Forklift Truck Market - Growth Rate, by Region, 2022 - 2027

Competitive Landscape

Some of the key players in the forklift trucks market are Komastu Ltd (Japan), Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich Group (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.K), The Raymond Corporation (U.S.), Anhui HELI Co. Ltd (China), and Kalmar Global (Finland).

  • In February 2022, The KION Group launched the European research project IMOCO. The project aims to enable intelligent trucks to navigate autonomously in a factory or warehouse.
  • In January 2021, Doosan launched the NX Plus Series – an enhanced low-cost range of four-wheel Diesel and LPG-powered counterbalance forklift trucks – the successor to Doosan’s popular entry-level GX Series. Designed to offer occasional users and small-to-medium size enterprises (SMEs) a reliable, low-cost ‘buy new’ alternative to purchasing a second-hand or reconditioned forklift truck, the all-new NX Plus offers simple, powerful performance with lower maintenance costs than the GX Series.

The market for forklifts witnessed various growth strategies, such as acquisitions, mergers, and collaborations, which market players have been adopting over the past few years. The market players are focusing on expanding their product portfolio to augment their revenue share.

Major Players

  1. Toyota Industries Corporation

  2. KION Group AG

  3. Hyster-Yale Materials Handling Inc.

  4. Hyundai Heavy Industries Co. Ltd

  5. Godrej and Boyce Manufacturing Co. Ltd

Forklift Trucks Market Concentration

Recent Developments

  • In January 2022, KION Group opened a new forklift truck plant in China and laid the foundation stone for further supply chain solutions plants. The total volume of around €140 million for future production of industrial trucks and supply chain solutions in Jinan. The plan is to create over 1,000 new jobs at the site.
  • In July 2021, Hangcha launched its new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries. These trucks are integrated with high voltage lithium batteries, which can be fully charged within one hour and perform up to 12 hours. Furthermore, with a rapid charging facility, these can be charged during regular work breaks, which will run for the entire day with no extra battery exchange.
  • In July 2021, KION Group AG set up a new industrial truck plant in the Polish town of Kołbaskowo, near Szczecin. The site will produce counterbalance trucks for all brand companies within the KION Industrial Trucks & Services segment.
  • In May 2021, Jungheinrich unveiled its new electric pallet truck ERD 220i. The new ERD 220i has L2 dimension of just 1,065 mm and is, therefore, the most compact truck in its class. Compared to its predecessor, the 220i is more than 300mm shorter thanks to its new lithium-ion battery concept, which results in a space reduction of approximately 25 percent.
  • In April 2021, Godrej Material Handling launched the new Uno Electric Forklift truck. With advanced ergonomics, augmented safety, improved visibility, and a longer runtime on every charge, the new Uno Electric Forklift is a workhorse in the 1.5 to 3-tonne forklift category.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study



  4. 4. MARKET DYNAMICS (Market Size in Value - USD million)

    1. 4.1 Market Driver

    2. 4.2 Market Restraint

    3. 4.3 Porter's Five Force Analysis - Industry Attractiveness

      1. 4.3.1 Bargaining Power of Suppliers

      2. 4.3.2 Bargaining Power of Consumers

      3. 4.3.3 Threat of New Entrants

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 Power-train Type

      1. 5.1.1 Internal Combustion Engine

      2. 5.1.2 Electric Motor

    2. 5.2 Vehicle Class

      1. 5.2.1 Class I

      2. 5.2.2 Class II

      3. 5.2.3 Class III

      4. 5.2.4 Class IV

    3. 5.3 End-user Vertical

      1. 5.3.1 Industrial

      2. 5.3.2 Construction

      3. 5.3.3 Manufacturing

    4. 5.4 Geography

      1. 5.4.1 North America

        1. United states

        2. Canada

        3. Rest of North america

      2. 5.4.2 Europe

        1. Germany

        2. United Kingdom

        3. France

        4. Spain

        5. Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. China

        2. India

        3. Japan

        4. South Korea

        5. Rest of Asia-Pacific

      4. 5.4.4 Rest of the World

        1. South America

        2. Middle-East and Africa


    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles*

      1. 6.2.1 Toyota Industries Corporation

      2. 6.2.2 KION Group

      3. 6.2.3 Jungheinrich AG

      4. 6.2.4 Crown Equipment Corp.

      5. 6.2.5 Hyster-Yale Materials Handling Inc.

      6. 6.2.6 Hangcha Group Co.

      7. 6.2.7 Mitsubishi Forklift Trucks

      8. 6.2.8 Doosan Industrial Vehicles Co. Ltd

      9. 6.2.9 Caterpillar Inc.

      10. 6.2.10 Anhui Heli

      11. 6.2.11 Komatsu Ltd

      12. 6.2.12 Clark Material Handling Company Inc.


**Subject to Availability
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Frequently Asked Questions

The Forklift Trucks Market market is studied from 2018 - 2027.

The Forklift Trucks Market is growing at a CAGR of >4% over the next 5 years.

The Forklift Trucks Market is valued at 2262 Billion USD in 2018.

The Forklift Trucks Market is valued at 2889 Billion USD in 2027.

North America is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2021.

Toyota Industries Corporation, KION Group AG, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd, Godrej and Boyce Manufacturing Co. Ltd are the major companies operating in Forklift Trucks Market.

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