Forklift Market Trends

Forklift Market size was valued at USD 79.85 Billion in 2023 and is poised to grow from USD 85.2 Billion in 2024 to USD 143.14 Billion by 2032, growing at a CAGR of 6.7% during the forecast period (2025-2032).

'Toyota Industries Corporation (Japan) ', 'KION Group AG (Germany) ', 'Jungheinrich AG (Germany) ', 'Mitsubishi Logisnext Co., Ltd. (Japan) ', 'Crown Equipment Corporation (US) ', 'Hyster-Yale Materials Handling (US) ', 'Clark (US) ', 'Hyundai Construction Equipment (South Korea) ', 'Komatsu Ltd. (Japan) ', 'CAT Lift Trucks (US) ', 'Kalmar (Finland) ', 'Anhui Heli Co., Ltd. (China) ', 'BYD Company Ltd. (China) ', 'Bobcat Company (US) ', 'Godrej Material Handling (Godrej & Boyce Manufacturing Co. Ltd.) (India) ', 'EP Equipment (China) ', 'Lonking (China) ', 'Hangcha Forklift (China) ', 'Konecranes (Finland) ', 'Combilift (Ireland)'

The expansion of the global forklift industry can be linked to the booming global e-commerce industry as well as changes in warehouse operations over the past several years, which have raised demand for forklifts to handle high loads and manoeuvre through confined places.

Warehouse owners prioritise boosting efficiency inside the warehouse and operational plants, reducing operational costs, and increasing transparency. Due to these factors, forklifts with high operating precision and better navigation in tiers, mezzanines, and narrow aisles are projected to witness an increase in demand.

Geographically, the global forklift market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East and Africa (MEA). In 2021, Asia Pacific held a dominating share of 45.0%. The growth of this regional market is attributed to the rise in connections between manufacturers and their rise in investments on factory automation. Additionally, forklifts improve the operational effectiveness and workflow of production processes while streamlining supply chain distribution activities. A number of regional players are concentrating on the launch of new items to draw in more clients and broaden their clientele. With the recently released products hydrostatic drive technology, the forklift can shuttle constantly, increasing uptime and lowering maintenance costs.