Industry Overview
The Global Forklift Market is expected to reach USD 93.5 billion in 2030 from USD 60.7 billion in 2023 with a compound annual growth rate CAGR of 7.8% throughout the forecast period (2025-2030).
Forklifts are an important artery in the operations of industrial businesses by making and transporting goods fast and efficient along with the job of loading and unloading materials. Technology advances and automation is taking hold in the material handling industry hence forklift market continues to evolve all around the world. Electric, automated and connected forklifts are becoming the norm as the industry is now accounting for a major transformation. This has given importance to electric-powered forklifts and other technological innovations improved efficiency and safety in the workplace. This particular factor significantly has speed up the growth of the forklift market.
Market Trends
The market is characterized by a high degree of innovation. The pace of the market growth is accelerating by adopting autonomous forklifts ensures operators' safety and helps maintain a safe work environment. The market is also characterized by a high level of new product launch, innovative and advanced products in the market and to maintain strong brand position in the market.
Market Segmentation
Insight by Class
Based on Class, the market is segmented into Class 1, Class 2, Class 3, and Class 4/5. The class 2 segment dominated the market with the largest market share during the forecast period due to the increasing number of storage facilities & warehouses. Class 2 forklifts are electric designed with maneuverability that permits them to operate in tight spaces & narrow aisles.
Insight by Load Capacity
The Forklift Market is segmented by load capacity as below 5 tons, 5-15 tons and above 16 tons. The 5-15 ton segment accounted for the largest market share as these forklifts are used for handling a wide range of materials, including pallets, steel and bricks. These forklifts can be used outdoors and indoors fueled by liquid propane and natural gas.
Insight by Power Source
On the basis of power source, the Forklift Market is bifurcated into ICE and Electric. Electric segment dominated the market due to their reduced noise levels, lesser emissions and minimum operating costs compared to traditional internal combustion engine (ICE) forklifts.
Insight by Electric Battery Type
On the basis of Electric Battery Type, the Forklift Market is divided into Li-ion and Lead Acid. The lead-acid segment dominated the forklift market during the forecast period as they can provide the required power output without experiencing any perceptible voltage fluctuations.
Insight by Application
Based on application, the Forklift Market is segmented into construction, industrial, logistics and others. The industrial segment dominated the forklift market due to their capacity to move large objects which contributes to a smooth material flow lowering production bottlenecks and boosting operational effectiveness.
Global Forklift Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 60.7 Billion
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Revenue Forecast in 2030
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U.S.D. 93.5 Billion
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Growth Rate
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7.8%
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Segments Covered in the Report
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By Class, By Load Capacity, By Power Source, By Electric Battery Type and By Application
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Asia-Pacific, Europe and Rest of the World
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Industry Dynamics
Growth Drivers
The growth in warehousing and logistics sector significantly influenced the demand for forklifts, which is driving the forklift market. Number of consumers shopping online is rising and organizations are adopting efficient supply chain strategies that increase the need for advanced material handling solutions. Forklifts are the essential tools for the lifting and stacking of goods which have become crucial in managing the logistics operations of warehouses and distribution centers. Restructuring of supply chain and inventory management is improved by the forklift loading and unloading processes, that ultimately helps to reduce operational costs and improve efficiency. The need for more and larger technologically advanced warehouses has risen as the warehousing and logistics sector expands. The need for eco-friendly alternatives and a tremendous shift from gas or diesel-fired forklifts to electric forklifts are the main factors affecting the growth of the forklift market Governments of various countries are following the initiatives to achieve a net-zero economy. For the development of airports and seaports management, efficient movement of goods and equipment is essential where forklifts ensure flawless loading and unloading of cargo onto planes and ships, by assisting timely delivery of supplies for ongoing infrastructure projects.
Restraints
The main constraint of the Forklift Market is lack of trained professional operators. Advanced forklifts cannot be operated without trained operator hence organizations find it difficult to operate forklifts safely and effectively which generally increase the danger of product damage, mishaps and possible employee injuries. Insufficient training can lead to lower production and increased maintenance costs. The lack of qualified labor may restrict the use of forklifts across various industries obstructing market expansion. However, raw materials such as lead, steel and copper with other products such as rubber are used to manufacture forklifts which are sourced from different countries. The supply of these materials is mainly in danger to fluctuations in the commodity markets and exchange rates. Such fluctuations may have negative impact on the supply chain for the original equipment manufacturer operating in the market.
Geographic Overview
- North America
- Europe
- Asia Pacific (APAC)
- Rest of the World
Geographically, Asia Pacific (APAC) shall dominate the Global Forklift Market during the forecast period due to the increased preference of manufacturers toward plant automation. Moreover, the need for technological advancements in in-house logistics, demand for state-of-the-art material processing equipment in industries such as mining, food, construction and beverages and increasing R&D investment for developing new automotive types are helping to boost the market growth in this region.
Key Players Covered in the Report
The key players of the global Forklift Market include Komatsu, Toyota Material Handling, KION Group AG, Mitsubishi Heavy Industries Ltd., Hyster-Yale Material Handling Inc., Jungheinrich AG, Hyundai Heavy Industries, CLARK, Crown Equipment Corporation, Anhui Heli Co., Ltd.
Recent Development by Key Players
Komatsu Ltd. has developed and disclosed a concept machine for an electric forklift powered by sodium-ion batteries, ready to start PoC tests at customer worksites. The forthcoming site trials focuses to validate the optimal usage based on the new battery's performance and its unique characteristics leading towards future commercial production.
Jungheinrich AG acquired Magazino (the automated solution provider). This acquisition had improved its previous business standing in the market for autonomous mobile robots and associated software.
The Global Forklift Market report offers a comprehensive market segmentation analysis along with estimation for the forecast period 2025–2030.
Segments Covered in the Report
- By Class
- Class 1
- Class 2
- Class 3
- Class 4/5
- By Load Capacity
- Below 5 Ton
- 5-15
- Above 16 Ton
- By Power Source
- By Electric Battery Type
- By Application
- Construction
- Industrial
- Logistics
- Others
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- Rest of the World
- Brazil
- Saudi Arabia
- South Africa
- U.A.E
- Other Countries
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Source: VynZ Research
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Source: VynZ Research
