Forklift Trucks Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2025 - 2030)

The Forklift Trucks Market Report is Segmented by Power-Train Type (Internal Combustion Engine and Electric), 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) for all the Segments Mentioned Above.

Forklift Trucks Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2025 - 2030)

Forklift Trucks Market Size

Forklift Market Summary
Study Period 2019 - 2030
Market Size (2025) USD 59.79 Billion
Market Size (2030) USD 70.87 Billion
CAGR (2025 - 2030) 3.46 %
Fastest Growing Market North America
Largest Market Asia Pacific
Market Concentration Medium

Major Players

Forklift Trucks Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Forklift Trucks Market Analysis

The Forklift Trucks Market size is estimated at USD 59.79 billion in 2025, and is expected to reach USD 70.87 billion by 2030, at a CAGR of 3.46% during the forecast period (2025-2030).

The market is expected to grow during the forecast period over the medium term as forklift manufacturers increasingly adopt automation to enhance their production capacity. Powered industrial forklifts reduce manual labor by facilitating the ease and speed of transferring various parts and materials from warehouses to the production line.

The rapid expansion of the e-commerce and logistics industries in major countries such as Europe, the United States, and China is driving the need for a more modern distribution network. This is expected to increase the demand for forklifts worldwide.

The majority of e-commerce companies are implementing new strategies, such as investing heavily in autonomous and electric forklifts, to expedite product loading and picking processes and reduce delivery times. This, in turn, is likely to enhance the demand for forklifts in the coming years.

Strict emission regulations for diesel vehicles worldwide have prompted manufacturers to introduce more eco-friendly forklift models. Additionally, government initiatives supporting these efforts are expected to drive market demand in the coming years.

The material handling industry has been revolutionized by advancements in technology, particularly in electric forklifts. These forklifts, powered by rechargeable batteries or grid electricity, are environmentally friendly with zero harmful emissions, making them a sustainable option for businesses. Their efficiency and eco-friendly nature have led to significant growth in their adoption across various industrial sectors.

Forklift Trucks Industry Overview

Some of the key players in the forklift market are Komastu Ltd, Toyota Industries Corporation, KION Group AG, Hyster-Yale Material Handling Inc., Jungheinrich Group, Mitsubishi Nichiyu Forklift Corporation, and Crown Equipment Corporation. The market for forklifts witnessed various growth strategies, such as acquisitions, mergers, and collaborations, which market players adopted over the past few years. The market players are focusing on expanding their product portfolios to augment their revenue share. For instance:

  • In January 2024, Hangcha's American subsidiary unveiled the innovative XE Series electric lithium-ion pneumatic forklift. This cutting-edge forklift can lift loads from 4,000 lb. (1.8 T) to 7,600 lb. (3.4 T). It has maintenance-free battery packs, three battery options, up to 11 hours of runtime, and heating elements for exceptional performance in cold weather.
  • In December 2023, Kalmar expanded its manufacturing of electric reachstackers and Essential forklifts at its facility in Shanghai, enhancing its production capacity.
  • In April 2023, Still GmbH introduced the first standardized electric forklift in the market segment for entry-level solutions. The RCE 25/35 series, the intralogistics expert, is expanding its portfolio and, for the first time, presents electric forklifts in the market segment for entry-level solutions.
  • In February 2023, Doosan launched two new ranges of high-capacity electric counterbalance forklifts within the NXE Series, providing industrial users with a wide range including low-noise level, zero-emission, and environmentally friendly. The forklifts are capable of tackling heavy-duty tasks. Both ranges include a compact new design for greater maneuverability in tight spaces and are built to Doosan's exacting standards on durability and robust, reliable performance.

Forklift Trucks Market Leaders

  1. Jungheinrich AG

  2. Toyota Industries Corporation

  3. Mitsubishi Heavy Industries Group

  4. KION Group AG

  5. Crown Equipment Corporation

  6. *Disclaimer: Major Players sorted in no particular order
Forklift Trucks Market Concentration
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Forklift Trucks Market News

  • In February 2024, KION North America added another product to its existing portfolio of powered industrial forklifts. This time, the company added Linde Series 1293 to the North American market. The series includes models like E20BHP and E25BHP, which are electric counterbalance forklifts with a 4,000–5,000 lb capacity powered by Linde Li-ION batteries.
  • In September 2023, Mitsubishi Logisnext Americas introduced its latest innovation, the state-of-the-art SCX N2 Series of Electric Stand-up Counterbalanced Lift Trucks.
  • In June 2023, Cyngn Inc., a developer of AI-powered autonomous driving solutions for industrial applications, made progress in adapting DriveMod to enable autonomous forklifts. The autonomous forklift development effort by Cyngn's ongoing paid contract with a separate end-user in the building materials industry. This engagement yielded AI-powered autonomous vehicle capabilities on an electric BYD forklift.
  • In April 2023, Toyota Australia showcased an innovative fuel cell truck concept in Melbourne. The forklift also demonstrates a variety of potential applications for its hydrogen fuel cell technology. Toyota showcased fuel cell vehicles, including the HiAce-based FCV Express Diner concept, a Caetano 33-seat commercial bus, a Toyota forklift, and other products.

Forklift Truck Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Market Driver
    • 4.1.1 Increased Sea Port Cargo Fueled By E-commerce Handling Boosting The Forklift Sales
  • 4.2 Market Restraint
    • 4.2.1 Rise in Forklift Rental Services Across the Globe
  • 4.3 Porter's Five Forces Analysis - Industry Attractiveness
    • 4.3.1 Bargaining Power of Suppliers
    • 4.3.2 Bargaining Power of Consumers
    • 4.3.3 Threat of New Entrants
    • 4.3.4 Threat of Substitute Products
    • 4.3.5 Intensity of Competitive Rivalry

5. MARKET SEGMENTATION (Market Size by Value - USD)

  • 5.1 By Power-train Type
    • 5.1.1 Internal Combustion Engine
    • 5.1.2 Electric
  • 5.2 By Vehicle Class
    • 5.2.1 Class I
    • 5.2.2 Class II
    • 5.2.3 Class III
    • 5.2.4 Class IV
  • 5.3 By End-user Vertical
    • 5.3.1 Industrial
    • 5.3.2 Construction
    • 5.3.3 Manufacturing
  • 5.4 By Geography
    • 5.4.1 North America
    • 5.4.1.1 United States
    • 5.4.1.2 Canada
    • 5.4.1.3 Rest of North America
    • 5.4.2 Europe
    • 5.4.2.1 Germany
    • 5.4.2.2 United Kingdom
    • 5.4.2.3 France
    • 5.4.2.4 Spain
    • 5.4.2.5 Rest of Europe
    • 5.4.3 Asia-Pacific
    • 5.4.3.1 China
    • 5.4.3.2 India
    • 5.4.3.3 Japan
    • 5.4.3.4 South Korea
    • 5.4.3.5 Rest of Asia-Pacific
    • 5.4.4 Rest of the World
    • 5.4.4.1 South America
    • 5.4.4.2 Middle East & Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Vendor Market Share
  • 6.2 Company Profiles*
    • 6.2.1 Jungheinrich AG
    • 6.2.2 Toyota Industries Corporation
    • 6.2.3 Mitsubishi Forklift Trucks
    • 6.2.4 KION Group AG
    • 6.2.5 Crown Equipment Corporation
    • 6.2.6 Hangcha Group Co.
    • 6.2.7 Hyster-Yale Materials Handling Inc.
    • 6.2.8 Doosan Industrial Vehicles Co. Ltd
    • 6.2.9 Caterpillar Inc.
    • 6.2.10 Anhui Heli Ltd
    • 6.2.11 Komatsu Ltd
    • 6.2.12 Clark Material Handling Company Inc.

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Forklift Trucks Industry Segmentation

A forklift is a powered industrial truck used to lift and move materials over short distances and goods from one place to another within industrial premises.

The forklift market is segmented by power-train type, vehicle class, vertical end-user, and geography. By power-train type, the market is segmented into electric and internal combustion engines (ICE). 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 into industrial, construction, and manufacturing. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecast have been done based on the value (USD).

By Power-train Type Internal Combustion Engine
Electric
By Vehicle Class Class I
Class II
Class III
Class IV
By End-user Vertical Industrial
Construction
Manufacturing
By Geography North America United States
Canada
Rest of North America
Europe Germany
United Kingdom
France
Spain
Rest of Europe
Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World South America
Middle East & Africa
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Forklift Truck Market Research FAQs

How big is the Forklift Trucks Market?

The Forklift Trucks Market size is expected to reach USD 59.79 billion in 2025 and grow at a CAGR of 3.46% to reach USD 70.87 billion by 2030.

What is the current Forklift Trucks Market size?

In 2025, the Forklift Trucks Market size is expected to reach USD 59.79 billion.

Who are the key players in Forklift Trucks Market?

Jungheinrich AG, Toyota Industries Corporation, Mitsubishi Heavy Industries Group, KION Group AG and Crown Equipment Corporation are the major companies operating in the Forklift Trucks Market.

Which is the fastest growing region in Forklift Trucks Market?

North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Forklift Trucks Market?

In 2025, the Asia Pacific accounts for the largest market share in Forklift Trucks Market.

What years does this Forklift Trucks Market cover, and what was the market size in 2024?

In 2024, the Forklift Trucks Market size was estimated at USD 57.72 billion. The report covers the Forklift Trucks Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Forklift Trucks Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Forklift Truck Industry Report

The Forklift Trucks Market Report is segmented by power-train type, vehicle class, end-user vertical, and geography. The report offers the market size and forecast of the forklift truck market value for all the segments mentioned. The global market is projected to expand, driven by factors such as stringent emission norms, the increasing need for sustainable material handling equipment for intralogistics operations, and the growth of warehouse and logistics industries worldwide. The market is transitioning towards lean and automated warehouses to boost operational efficiency, with automated forklifts playing a pivotal role.

However, the rising demand for stacker cranes, offering several operational advantages over forklifts, could potentially dampen the demand for forklifts. Manufacturers are turning to modular solutions to cater to unique customer needs and enhance productivity. Electric forklifts, despite their higher initial cost, are gaining traction due to their sustainability and efficiency. The market is also witnessing an increase in the use of lithium-ion batteries in electric forklifts and the adoption of pneumatic tires for outdoor material handling operations.

The Asia Pacific region, a significant hub for automobile and industrial production, is forecasted to be the largest market for forklifts. Mordor Intelligence™ Industry Reports provide statistics for the forklift trucks market share, size, and revenue growth rate, including market forecast and a historical overview. A sample of this industry analysis is available as a PDF download. The report also covers industry trends, industry outlook, and industry statistics, providing a comprehensive market overview and market predictions. The market segmentation includes detailed market research and market review, highlighting the market leaders and market growth.

Additionally, the report includes industry information on market data, market value, and market forecast. Industry reports and industry research are essential for understanding the market trends and market outlook. The report example and report PDF offer insights into the market segmentation and market overview. Research companies can utilize this report for industry analysis and to understand the industry size, industry sales, and market growth.

Forklift Trucks Market Report Snapshots