Global Forklift Market Size, Share, Growth Analysis, By Class(Class 1, Class 2), By Power(Internal Combustion Engine, Electric) - Industry Forecast 2024-2031

Forklift Market was valued at USD 54.79 billion in 2021, and is expected to rise from USD 58.9 billion in 2022 to reach a value of USD 105.05 billion by 2030, at a CAGR of 7.50% during the forecast period 2023-2030.

Increased warehouse usage and a requirement for effective supply chain management in those facilities are both results of the booming e-commerce sector. Additionally, warehouse owners put a lot of effort into boosting productivity both within the warehouse and in the operational plants as well as raising transparency and reducing operating costs. These factors are predicted to enhance demand for forklifts like stand-up riders and narrow-aisle forklifts, which provide high operating precision and better navigation in narrow aisles, levels, and mezzanines. This market is projected to witness notable expansion owing to the rise in popularity of electric forklifts and their rising ubiquity among chemical producers and operators of recycling facilities. Additionally, the expanding e-commerce market on a global scale, and the changes in warehouse operations over the past several years, have raised the demand for forklifts to handle big loads and manoeuvres in small, constrained locations. Globally increasing construction projects are also boosting the demand for forklifts that can handle difficult terrain and vast distances of hauling big building materials.

US Forklift Market is poised to grow at a sustainable CAGR for the next forecast year.