North America Forklift Rental Market Size and Share
| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 2.48 Billion |
| Market Size (2030) | USD 3.06 Billion |
| CAGR (2025 - 2030) | 4.30% |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Forklift Rental Market Analysis by Mordor Intelligence
The North America Forklift Rental Market size is estimated at USD 2.48 billion in 2025, and is expected to reach USD 3.06 billion by 2030, at a CAGR of 4.30% during the forecast period (2025-2030).
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Contractors and e-commerce firms are increasingly opting to rent forklifts, primarily due to the steep initial costs associated with purchasing new ones. Factors like high taxes, maintenance expenses, rapid depreciation, and mandatory equipment insurance for new machines have fueled the surge in demand for forklift rentals. Furthermore, industries are ever-evolving, often swayed by market fluctuations. By renting equipment, companies can shield themselves from unforeseen financial challenges.
The market is witnessing a revenue boost, thanks to the rental of diverse, state-of-the-art equipment. Post-pandemic, several trends in the automation sector have spurred a rise in the forklift rental market share. Additionally, the surge in online shopping has amplified the demand for warehouse and logistics roles, including forklift operators and mechanics. E-commerce's upward trajectory is driving this demand in twofold: the spike in online orders calls for more personnel to manage them, and heightened competition in the sector pushes retailers to enhance delivery speed and efficiency, responding to consumer demands.
Forklifts play a pivotal role in the daily operations of various sectors, including warehousing, logistics, manufacturing, and construction. Renting empowers these industries to access specialized forklift models, be it rough-terrain forklifts or narrow-aisle variants, tailored to their unique requirements.
North America Forklift Rental Market Trends and Insights
Forklift Rentals Set for Significant Growth in the Coming Years
Recent surges in demand for modern material handling equipment have spurred notable growth in the sector. A key driver of this expansion is the rising reliance on vehicles within warehouses and distribution centers. These vehicles are pivotal for tasks such as placing and removing loads from storage racks, loading and unloading trailers, and ensuring safe delivery of components to the delivery line. Industries spanning consumer goods, automotive, aerospace, food and beverage, retail, and construction are poised to see a heightened demand for forklift trucks in the coming years. Notably, forklift production is a global endeavor.
North America's forklift rental market has consistently expanded in recent years, marked by steady upticks in volume. Starting at 185.42 thousand units in 2019, the market volume climbed to 196.26 thousand units in 2020. The ascent continued in 2021, reaching 219.4 thousand units, and further surged to 233.84 thousand units in 2022. By 2023, the volume hit 250.03 thousand units, underscoring a robust demand for rental forklifts in the region. This consistent growth trajectory highlights a growing preference among North American businesses for forklift rentals to address their material handling requirements.
Forklift trucks stand out for th eir cost-effectiveness, user-friendliness, power, and ease of maintenance. They find diverse applications across industries, notably in wood, steel, and mortar. This versatility gives forklift trucks a competitive edge over other industrial equipment. Their global preference, whether in developing or developed nations, is largely attributed to their operational simplicity.
United States set to dominate the market
In the United States, the forklift rental market has seen a steady uptick in volume over recent years. Starting at 168.02 thousand units in 2019, the volume jumped to 177.35 thousand units in 2020. The upward trajectory continued with 197.89 thousand units in 2021, followed by 210.57 thousand units in 2022. By 2023, the market volume hit 224.78 thousand units, underscoring a robust demand for forklift rentals across diverse industries.
Forklift rentals have gained traction primarily due to their flexibility, allowing businesses to adapt to changing operational needs without hefty capital outlays. As industries like logistics, manufacturing, and construction grow, there's a noticeable shift towards rented equipment, enabling firms to stay agile and meet short-term demands. Given the consistent rise in market volume, this trend of favoring rentals, driven by both adaptability and cost-efficiency, appears set to continue.
Competitive Landscape
In North America, the forklift rental market is shaped by competition based on fleet size, service reach, and the variety of equipment offered. Major players like United Rentals, Sunbelt Rentals, and Herc Rentals utilize their extensive networks and diverse inventories to meet the needs of various industries.
These companies primarily serve the construction, logistics, and manufacturing sectors, providing both short-term and long-term rental options. Meanwhile, regional and local operators focus on niche markets, often delivering tailored services to smaller clients. Notably, companies expanding through new locations or warehouses are increasingly influencing the market. For instance,
In October 2024, Herc Rentals' CEO, Larry Silber, discussed the company's growth strategy during an investor conference call. In the first three quarters of 2024, Herc Rentals acquired 26 locations and opened 16 new branches. Silber stated that these acquisitions were aligned with Herc's focus on urban market growth to increase market share and improve revenue efficiencies in metropolitan areas.
North America Forklift Rental Industry Leaders
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Caterpillar Inc
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Crown Equipment Corporation
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Sunbelt Rentals, Inc.
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Combilift Depot
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Hyster-Yale Materials Handling, Inc.
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- September 2024: Crown Equipment opened a new sales and service location in Goodyear, Arizona. The newly inaugurated Crown Lift Trucks-Goodyear facility guaranteed that regional companies engaged in material handling could access essential equipment and services, boosting productivity and ensuring smooth supply chain operations.
- March 2024: Mitsubishi Logisnext Americas (Logisnext), a global frontrunner in material handling, automation, and fleet solutions, unveiled Logisnext Financial Services. This initiative streamlined the equipment purchasing and financing process for customers, consolidating it into a single point of contact. Logisnext Financial Services was made possible through Logisnext's strategic alliance with DLL, a worldwide leader in asset financing for equipment and technology.
- March 2023: Crown launched the latest iteration of its renowned VNA trucks. The newly introduced TSP Series melded established forklift engineering with state-of-the-art technologies, ensuring a seamless operator experience, enhanced ergonomics, and heightened efficiency in order picking.
North America Forklift Rental Market Report Scope
Forklift rental services provide businesses with the flexibility to use forklifts for a predetermined period without the financial burden of ownership. By paying a monthly fee, businesses gain access to forklifts, which come with comprehensive maintenance and repair services included in the rental agreement. This arrangement eliminates the need for businesses to invest in long-term ownership costs, such as depreciation and ongoing maintenance. At the end of the rental period, businesses return the forklift to the rental company, allowing them to adapt quickly to changing operational needs without being tied to permanent equipment.
North America Forklift Rental Market is segmented Class, Load Type, End Use and Country. Based on the Class, the market is segmented into Class 1, Class 2, Class 3, Class 4, Class 5 and Others. Based on the Load Type, the market is segmented into 3.5 Tons, 10 Tons, and Above 10 Tons. Based on the End Use, the market is segmented into Construction, Automotive, Aerospace & Defense, Warehouse & Logistics, and Others. Based on the country, the market is segmented into the United States, Canada and Rest of the North America. For each segment, market sizing and forecast have been done on the basis of value (USD).
| Class 1 |
| Class 2 |
| Class 3 |
| Class 4 |
| Class 5 |
| Others |
| 3.5 Tons |
| 10 Tons |
| Above 10 Tons |
| Construction |
| Automotive |
| Aerospace & Defense |
| Warehouse & Logistics |
| Others |
| United States |
| Canada |
| Rest of North America |
| Class | Class 1 |
| Class 2 | |
| Class 3 | |
| Class 4 | |
| Class 5 | |
| Others | |
| Load Type | 3.5 Tons |
| 10 Tons | |
| Above 10 Tons | |
| End-Use | Construction |
| Automotive | |
| Aerospace & Defense | |
| Warehouse & Logistics | |
| Others | |
| Country | United States |
| Canada | |
| Rest of North America |
Key Questions Answered in the Report
How big is the North America Forklift Rental Market?
The North America Forklift Rental Market size is expected to reach USD 2.48 billion in 2025 and grow at a CAGR of 4.30% to reach USD 3.06 billion by 2030.
What is the current North America Forklift Rental Market size?
In 2025, the North America Forklift Rental Market size is expected to reach USD 2.48 billion.
Who are the key players in North America Forklift Rental Market?
Caterpillar Inc, Crown Equipment Corporation, Sunbelt Rentals, Inc., Combilift Depot and Hyster-Yale Materials Handling, Inc. are the major companies operating in the North America Forklift Rental Market.
What years does this North America Forklift Rental Market cover, and what was the market size in 2024?
In 2024, the North America Forklift Rental Market size was estimated at USD 2.37 billion. The report covers the North America Forklift Rental Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the North America Forklift Rental Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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North America Forklift Rental Market Report
Statistics for the 2025 North America Forklift Rental market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Forklift Rental analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
