USD 83416.09 Million
Forklift Trucks Market Size, Share, and Growth Analysis
Forklift Trucks Market By Type (Class I, Class II), By Power Source, By End User, By Region - Industry Forecast 2025-2032
Report ID:
SQSG20G2002 |
Region:
Global |
Published Date: December, 2024
Pages:
157
|Tables:
71
|Figures:
75
Format -
Forklift Trucks Market Insights
Forklift Trucks Market size was valued at USD 83416.09 Million in 2023 and is poised to grow from USD 94427.01 Million in 2024 to USD 113200 Million by 2032, growing at a CAGR of 13.2% during the forecast period (2025-2032).
Advancements in lithium-ion batteries, with high energy density, electrical efficiency, and operator safety, which cut down the total cost of ownership for customers, are creating a huge market opportunity. The efficiency in operation will create a huge demand for warehouse operations and rental fleets to be on board in lift truck charging. In addition, the lack of skilled labor and increasing need for productivity has prompted the development and use of battery-powered forklifts and Automated Guided Vehicles (AGV). To make operations more efficient, companies are developing solutions to charge batteries, including hybrid, offboard, and onboard chargers. Several manufacturing companies are providing their customers with in-house charging options, which are relatively inexpensive, thereby promoting the global forklift trucks market growth.
Impulsive buying, easy delivery, increased disposable income, and decreased product prices are the factors that drive the demand for material handling solutions. Increasingly, the online purchases of commodities with multiple orders lead to growing demands across the warehouses due to sales, e-commerce, and deliveries. Besides, the warehouse aisles have been becoming increasingly narrow because of more volume sales, and this gives rise to the increased demand for smaller forklift trucks. A rapid pick-up and unloading time are an important requirement by the forklifts of warehouses' routine management of inventory. A number of warehouses have already initiated third shifts to complete delivery deadlines by the clients.
US Forklift Trucks Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
Largest Segment
ICE
Fastest Growth
Electric
Growth Rate
13.2% CAGR
Global Forklift Trucks Market ($ Bn)
Country Share for Asia-Pacific Region (%)
To get more reports on the above market click here to Buy The Report
Forklift Trucks Market Segments Analysis
Global Forklift Trucks Market is segmented by type, power source, end user and region. Based on type, the market is segmented into class i, class ii, class iii, class iv and class v. Based on power source, the market is segmented into internal combustion engine (gasoline, diesel, propane) and electric (battery-powered). Based on end user, the market is segmented into manufacturing, retail & wholesale, logistics, construction, automotive, food & beverages, natural resources, mining and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Analysis by Type
Based on the 2024 global forklift trucks market forecast, due to increased use in material handling applications, the class III category, also known as electric motor hand trucks or hand/rider, dominated the market. These walkie pallet jacks, and walkie stackers are suited to light-duty jobs and pedestrian use and are perfect to be used while loading and unloading vehicles. They can easily be used in stacking items placed in warehouses, retail stores, and moving loads on pallet over short distances. More classes of III trucks are in demand because they are mobile, easy to drive, and can be operated in confined spaces. The forklifts are classified in a very important market segment because they are highly used in industries requiring safe and effective solutions for handling light-duty materials.
While electric motor rider trucks or class I forklift have an excellent performance and become serious contenders for handling indoor materials, such electric forklifts are highly popular in industry, distribution centers, and warehouses where such need for noise reduction and pollution-free environments are important. Compared to regular gasoline or diesel forklifts, these are comparatively more efficient and safer. Class I trucks have electric motors, which makes them suitable for places that need high throughput and cleaner operations. Electric motor rider trucks are increasingly being used across a variety of industries as companies are focusing more on sustainability and environmentally friendly operations.
Analysis by Power Source
As per the 2024 global forklift trucks market analysis, the ICE-powered forklifts took up most of the market as they boasted unparallelled power, reliability, and capability of executing tough jobs at adverse weather conditions outdoors. This kind of forklift is commonly applied in construction, logistics, agriculture, among others where the length of range must be high as well as their payload capacities. The reason for using ICE forklifts is the capability to function in demanding applications where the equipment will be operated in difficult conditions, such as uneven terrain and extreme temperatures-high or low. Still, with worries about emissions, noise, and increasing fuel prices, the shift has been slow to more environmentally friendly options. ICE-powered forklifts are the unchallenged leaders in this market, particularly where electric vehicle infrastructure has not been well developed.
The electric forklift utilization is highly expected to escalate as material handling demand remains based on energy-friendly and eco-based solutions. When fitted with recharging batteries, these vehicles have become valuable for indoor operation in warehouses, factories, and distribution centers in that they generate no emissions at all. Superior performance, faster rates of charging and longer battery lifetimes have come through the enhancement of battery technologies such as Li-ion batteries amongst others, but all have driven their use by a lot more. Governments, through incentives and policies promoting sustainability, also motivate companies to switch to electricity-run equipment. Business communities will focus on reducing operational costs and their carbon footprint in the next few years, leading to a considerable rise in the electric forklift.
Global Forklift Trucks Market By Power Source
To get detailed analysis on other segments, Request For Free Sample Report
Forklift Trucks Market Regional Insights
Asia-Pacific led the forklift trucks market in 2024 with a significant compound annual growth rate. The forklift truck is a vital necessity for effective material handling in the sectors of manufacturing, shipping, retail, and construction. Asia Pacific leads with rising demand from countries such as China, India, and Southeast Asia, which are fast industrializing and urbanizing. The use of forklifts would be necessary when items are in a warehouse or the distribution center and is increased further with the advancement of e-commerce platforms and logistic firms. For Asia Pacific to maintain its number one position among all regions regarding forklift truck demand, its requirement for current logistics infrastructure upgrades and operational efficiency would continue fueling market expansion.
North America will lead the forklift trucks industry on account of a strong industrial sector, a developed logistics network, and the presence of the best warehousing facilities. The industry has experienced substantial growth owing to economic expansion facilitated by infrastructure building projects, internet purchasing trends, and industrial growth. The North American forklift trucks market is divided into power sources (electric and internal combustion engines), classes (Class 1 to 5), applications (construction, manufacturing, and logistics), and end-user industries (automotive, retail, and food & beverage). These divisions highlight the many use cases and the rising demand for material handling systems across sectors. The North American industry grows steadily due to innovation and technical advancement as more and more businesses make sustainability and operation efficiency a prime focus.
Global Forklift Trucks Market By Geography
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Forklift Trucks Market Dynamics
Forklift Trucks Market Driver
Increasing Needs for E-commerce and Warehousing
- The demand for forklift trucks has risen with e-commerce. Efficient material handling systems enable warehouse and distribution center operators to achieve the objectives of online sellers. The forklift trucks, therefore, become instrumental in helping them achieve this goal by ensuring that loading and unloading becomes easy and hassle-free, followed by transportation to the desired destinations. The ever-growing e-commerce platforms in Asia Pacific brings forth a sense of urgency towards more advanced storage and logistics solutions.
Building Infrastructure and Growing Industry
- Large-scale infrastructure projects and rapid industrialization, particularly in emerging markets, are driving the global market. Effective equipment is required by sectors such as manufacturing, construction, and logistics for material handling. Government infrastructure expenditures and new industrial zones have enabled the adoption of forklift trucks, further fueling the growth of global industry.
Forklift Trucks Market Restraints
Lack of Skilled Operators
- Qualified operators are a shortage for the forklift trucks industry. It requires special training to operate modern forklifts, especially automatic and advanced electric ones. It is a challenge for most companies to find properly trained employees, which impacts effectiveness in operations. The need for certification and safety compliance worsens this shortage and increases the overall cost and the complexity for companies adopting forklift technology.
Poor Electric Forklift Infrastructure
- Although electric forklifts are increasingly gaining popularity, their adoption is limited by the lack of proper charging infrastructure, especially in developing countries. Their use for continuous operations is limited by the scarcity of charging outlets and the longer charge times compared to internal combustion forklifts. Limiting switching of electric vehicles would benefit both in operations to be done and the environmental impact it would create.
Request Free Customization of this report to help us to meet your business objectives.
Forklift Trucks Market Competitive Landscape
The emergence of competition between manufacturers among leading brands in forklift trucks has brought about innovation, sustainability, and modern technology gaining a competitive advantage. As productivity needs to increase, and more importantly, for the fulfillment of environmental requirements, electric and autonomous forklifts are key areas of investments by major businesses. Businesses are focused on making strategic alliances, mergers, and acquisitions in order to increase their product lines and have a global reach. The presence of regional and international players elevates the competition and thrusts the industry with constant innovation.
Top Players in Forklift Trucks Market
- Toyota Industries Corporation
- KION Group AG
- Jungheinrich AG
- Mitsubishi Heavy Industries Group
- Crown Equipment Corporation
- Hyster-Yale Materials Handling Inc.
- Hangcha Group Co.
- Doosan Industrial Vehicle Co., Ltd.
- Anhui Heli Co., Ltd.
- Komatsu Ltd.
- Clark Material Handling Company
- Hyundai Heavy Industries
- Lonking Holdings Limited
- Manitou Group
- NACCO Industries, Inc.
- Godrej & Boyce Manufacturing Co. Ltd.
- Tailift Group
- EP Equipment
- UniCarriers Corporation
- Kalmar Global
Forklift Trucks Market Recent Developments
- In April 2023, Jungheinrich AG launched a mobile robot system for low-lift intralogistics tasks. At LogiMAT 2023, the mobile robot EAE 212a was introduced with a tool chain, an enabled control system, and simple integration.
- In April 2023, the Hangcha Group founded its new headquarters in Mexico under the name Montacargas Hangcha de Mexico S de RL de CV. This would be for the purpose of a new inauguration ceremony to increase its product offers in other markets.
- In May 2023, The Raymond Corporation, a division of Toyota Industries Corporation, launched electric forklifts for outdoor usage. The two new sit-down counterbalanced truck models, with capacities of 4,000 and 11,000 pounds, provide superior performance along with environmentally friendly handling options.
Forklift Trucks Key Market Trends
- Transition to Green and Electric Solutions: Sustainability goals and green laws are driving the industry towards electric and environmentally friendly forklift trucks. Advancements in Lithium-ion batteries and other types of battery increase efficiency, life, and recharge time. This trend is seeing an increase in industries that wish to reduce the cost of operation and carbon footprints.
- Integration of Automation and Telematics: The market is transforming due to the incorporation of automation and telematics in forklift trucks. Telematics enhances the efficiency of operations by allowing for fleet optimization, predictive maintenance, and real-time monitoring. On the other hand, autonomous forklifts with AI and sensors are applied in warehouses to handle materials with ease. This is changing the way companies manage their warehouses and logistics departments.
Forklift Trucks Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, demand for forklift trucks is anticipated to grow with large industrial, warehousing, and e-commerce requirements. As people are turning to automated and electric forklifts to cater to increasing requirements, there's a trend observed in this market. Huge prospects for further expansion of this market are there because of infrastructure developments across the globe and those developed by growing economies in Asia Pacific. For electric models, though, challenges such as high initial investments, a scarcity of skilled workers, and inadequate infrastructure need to be addressed. To stay ahead in the competition and meet shifting market requirements, manufacturers are focusing on innovation and strategic partnerships. The global forklift trucks market outlook is predicted to change steadily in the next few years since it plays a crucial role in logistics and material handling.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 83416.09 Million |
| Market size value in 2032 | USD 113200 Million |
| Growth Rate | 13.2% |
| Base year | 2024 |
| Forecast period | 2025-2032 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Forklift Trucks Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Forklift Trucks Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Forklift Trucks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Forklift Trucks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Forklift Trucks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Forklift Trucks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
USA (+1) 351-333-4748
