Market Size of Forklift Trucks Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 57.79 Billion |
| Market Size (2029) | USD 68.01 Billion |
| CAGR (2024 - 2029) | 3.46 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Forklift Trucks Market Analysis
The Forklift Trucks Market size is estimated at USD 57.79 billion in 2024, and is expected to reach USD 68.01 billion by 2029, growing at a CAGR of 3.46% during the forecast period (2024-2029).
Over the medium term, the market is expected to witness growth during the forecast period as forklift truck manufacturers 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. The rapid expansion of e-commerce and logistics industries across the major countries, including Europe, the United States, and China, is pushing the demand for a more modern distribution network. It, in turn, is likely to increase the demand for forklift trucks across the globe.
The recent advancement of technology such as fleet management, linked vehicles, and IoT-enabled devices in forklifts led to the use of electrical forklifts by a wide range of businesses. Instead of an internal combustion engine, these are driven by an electric motor that is either rechargeable forklift batteries or grid electricity. Because electric forklifts generate no CO2 or NOx emissions, they are more popular among end users, fueling the growth of the electric forklift market.
Further, owing to a rise in demand for green forklifts in the manufacturing industry, players in the country are also focusing on doubling their production capacity. For instance, Godrej Material Handling expanded its green product line, aiming for a 28% market share of Electric Forklifts in India by FY24. It is because India's manufacturing industry experiences considerable industrial expansion and corporate India's purposeful use of green manufacturing practices. Godrej & Boyce is making significant strides in reducing its carbon footprint and creating a more sustainable future for India's manufacturing sector by focusing on green forklifts.
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.
