Forklift Market

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

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
  • ICE
  • Electric
• By Electric Battery Type
  • Li-Ion
  • Lead Acid
• By Application
  • Construction
  • Industrial
  • Logistics
  • Others

Region Covered in the Report

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
• Rest of the World
  • Brazil
  • Saudi Arabia
  • South Africa
  •  U.A.E
  • Other Countries

Source: VynZ Research

Source: VynZ Research

1.    Research Overview

        1.1.    The Report Offers
        1.2.    Market Coverage
                1.2.1.    By Class
                1.2.2.    By Load Capacity
                1.2.3.      By Power Source 
                1.2.4.      By Electric Battery Type
                1.2.5.      By Application 
                1.2.6.    By Region
        1.3.    Research Phases
        1.4.    Limitations
        1.5.    Market Methodology
                1.5.1.  Data Sources
                        1.5.1.1. Primary Research
                        1.5.1.2. Secondary Research
                1.5.2.  Methodology
                        1.5.2.1. Data Exploration
                        1.5.2.2. Forecast Parameters
                        1.5.2.3. Data Validation
                        1.5.2.4. Assumptions
                1.5.3.    Study Period & Data Reporting Unit

2.    Executive Summary

3.    Industry Overview

        3.1.    Industry Dynamics
                3.1.1.    Market Growth Drivers
                3.1.2.    Market Restraints
                3.1.3.    Key Market Trends
                3.1.4.    Major Opportunities
        3.2.    Industry Ecosystem
                3.2.1.    Porter’s Five Forces Analysis
                3.2.2.    Recent Development Analysis
                3.2.3.    Value Chain Analysis
        3.3.    Competitive Insight
                3.3.1.    Competitive Position of Industry Players
                3.3.2.    Market Attractive Analysis
                3.3.3.    Market Share Analysis

4.    Global Market Estimate and Forecast

        4.1.    Global Market Overview
        4.2.    Global Market Estimate and Forecast to 2030

5.    Market Segmentation Estimate and Forecast

        5.1.    By Class 
                5.1.1.  Class 1
                        5.1.1.1. Market Definition
                        5.1.1.2. Market Estimation and Forecast to 2030 
                5.1.2.  Class 2
                        5.1.2.1. Market Definition
                        5.1.2.2. Market Estimation and Forecast to 2030
                5.1.3. Class 3
                        5.1.3.1. Market Definition
                        5.1.3.2. Market Estimation and Forecast to 2030
                5.1.4.    Class 4/5
                        5.1.4.1. Market Definition
                        5.1.4.2. Market Estimation and Forecast to 2030
        5.2.    By Load Capacity
                5.2.1.  5 tons
                        5.2.1.1. Market Definition
                        5.2.1.2. Market Estimation and Forecast to 2030
                5.2.2.  5-15 tons
                        5.2.2.1. Market Definition
                        5.2.2.2. Market Estimation and Forecast to 2030
                5.2.3.  Above 16 tons
                        5.2.3.1. Market Definition
                        5.2.3.2. Market Estimation and Forecast to 2030                                          
        5.3    By Power Source
                5.3.1.  ICE 
                        5.3.1.1. Market Definition
                        5.3.1.2. Market Estimation and Forecast to 2030    
                5.3.2.  Electric
                       5.3.2.1. Market Definition
                       5.3.2.2. Market Estimation and Forecast to 2030          
    5.4.    By Electric Battery Type
                5.4.1.    Li-ion 
                        5.4.1.1. Market Definition
                        5.4.1.2. Market Estimation and Forecast to 2030
                5.4.2.    Lead Acid
                        5.4.2.1. Market Definition
                        5.4.2.2. Market Estimation and Forecast to 2030
    5.5.    By Application
                5.5.1.    Construction
                        5.5.1.1. Market Definition
                        5.5.1.2. Market Estimation and Forecast to 2030
                5.5.2.    Industrial
                        5.5.2.1. Market Definition
                        5.5.2.2. Market Estimation and Forecast to 2030
                5.5.3.    Logistics
                        5.5.3.1. Market Definition
                        5.5.3.2. Market Estimation and Forecast to 2030
    
6.    North America Market Estimate and Forecast

    6.1.    By Class
    6.2.    By Load Capacity
    6.3.    By Power Source
    6.4.    By Electric Battery Type
    6.5.    By Application
                6.6.1.    U.S. Market Estimate and Forecast
                6.6.2.    Canada Market Estimate and Forecast
                6.6.3.    Mexico Market Estimate and Forecast

7.    Europe Market Estimate and Forecast

    7.1.    By Class
    7.2.    By Load Capacity
    7.3.    By Power Source
    7.4.    By Electric Battery Type
    7.5.    By Application
                7.6.1.    Germany Market Estimate and Forecast
                7.6.2.    France Market Estimate and Forecast
                7.6.3.    U.K. Market Estimate and Forecast
                7.6.4.    Italy Market Estimate and Forecast
                7.6.5.    Spain Market Estimate and Forecast
                7.6.6.    Rest of Europe Market Estimate and Forecast

8.    Asia-Pacific Market Estimate and Forecast

    8.1.    By Class
    8.2.    By Load Capacity
    8.3.    By Power Source
    8.4.    By Electric Battery Type
    8.5    By Application
    8.6.    By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific
                8.6.1.    China Market Estimate and Forecast
                8.6.2.    Japan Market Estimate and Forecast
                8.6.3.    India Market Estimate and Forecast
                8.6.4.    South Korea Market Estimate and Forecast
                8.6.5.    Singapore Market Estimate and Forecast
                8.6.6.    Rest of Asia-Pacific Market Estimate and Forecast

9.    Rest of the World (RoW) Market Estimate and Forecast

    9.1.    By Class
    9.2.    By Load Capacity
    9.3.    By Power Source
    9.4.    By Electric Battery Type
    9.5.    By Application
    9.6.    By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
                9.6.1.    Brazil Market Estimate and Forecast
                9.6.2.    Saudi Arabia Market Estimate and Forecast
                9.6.3.    South Africa Market Estimate and Forecast
                9.6.4.    Other Countries Market Estimate and Forecast

10.    Company Profiles

        10.1.   Komatsu
                10.1.1.    Snapshot
                10.1.2.    Overview
                10.1.3.    Offerings
                10.1.4.    Financial Insight
                10.1.5.    Recent Developments
        10.2.   Toyota Material Handling
                10.2.1.    Snapshot
                10.2.2.    Overview
                10.2.3.    Offerings
                10.2.4.    Financial Insight
                10.2.5.    Recent Developments
        10.3.   KION Group AG
                10.3.1.    Snapshot
                10.3.2.    Overview
                10.3.3.    Offerings
                10.3.4.    Financial Insight
                10.3.5.    Recent Developments
        10.4.   Mitsubishi Heavy Industries Ltd.
                10.4.1.    Snapshot
                10.4.2.    Overview
                10.4.3.    Offerings
                10.4.4.    Financial Insight
                10.4.5.    Recent Developments
        10.5.   Hyster-Yale Material Handling Inc.
                10.5.1.    Snapshot
                10.5.2.    Overview
                10.5.3.    Offerings
                10.5.4.    Financial Insight
                10.5.5.    Recent Developments
        10.6.   Jungheinrich AG
                10.6.1.    Snapshot
                10.6.2.    Overview
                10.6.3.    Offerings
                10.6.4.    Financial Insight
                10.6.5.    Recent Developments
        10.7.   Hyundai Heavy Industries
                10.7.1.    Snapshot
                10.7.2.    Overview
                10.7.3.    Offerings
                10.7.4.    Financial Insight
                10.7.5.    Recent Developments
        10.8.   CLARK
                10.8.1.    Snapshot
                10.8.2.    Overview
                10.8.3.    Offerings
                10.8.4.    Financial Insight
                10.8.5.    Recent Developments
        10.9.   Crown Equipment Corporation
                10.9.1.    Snapshot
                10.9.2.    Overview
                10.9.3.    Offerings
                10.9.4.    Financial Insight
                10.9.5.    Recent Developments
        10.10.  Anhui Heli Co., Ltd.
                10.10.1. Snapshot
                10.10.2. Overview
                10.10.3. Offerings
                10.10.4. Financial Insight
                10.10.5. Recent Developments
        
11.    Appendix

        11.1.    Exchange Rates
        11.2.    Abbreviations

Note: Financial insight and recent developments of different companies are subject to the availability of information in the secondary domain.

List of Tables

Table 1 Class 
Table 2 Study Periods
Table 3 Data Reporting Unit
Table 4 Global Forklift Market Size, by Class, 2018-2023 (USD Billion)
Table 5 Global Forklift Market Size, by Class, 2025-2030 (USD Billion)
Table 6 Global Forklift Market Size, by Load Capacity, 2018-2023 (USD Billion)
Table 7 Global Forklift Market Size, by Load Capacity, 2025-2030 (USD Billion)
Table 8 Global Forklift Market Size, by Power Source, 2018-2023 (USD Billion)
Table 9 Global Forklift Market Size, by Power Source, 2025-2030 (USD Billion)
Table 10 Global Forklift Market Size, by Electric Battery Type, 2018-2023 (USD Billion)
Table 11 Global Forklift Market Size, by Electric Battery Type, 2025-2030 (USD Billion)
Table 12 Global Forklift Market Size, by Application, 2018-2023 (USD Billion)
Table 13 Global Forklift Market Size, by Application, 2025-2030 (USD Billion)
Table 14 Global Forklift Market Size, by Region, 2018-2023 (USD Billion)
Table 15 Global Forklift Market Size, by Region, 2025-2030 (USD Billion)
Table 16 North America Forklift Market Size, by Class, 2018-2023 (USD Billion)
Table 17 North America Forklift Market Size, by Class, 2025-2030 (USD Billion)
Table 18 North America Forklift Market Size, by Load Capacity, 2018-2023 (USD Billion)
Table 19 North America Forklift Market Size, by Load Capacity, 2025-2030 (USD Billion)
Table 20 North America Forklift Market Size, by Power Source, 2018-2023 (USD Billion)
Table 21 North America Forklift Market Size, by Power Source, 2025-2030 (USD Billion)
Table 22 North America Forklift Market Size, by Electric Battery Type, 2018-2023 (USD Billion)
Table 23 North America Forklift Market Size, by Electric Battery Type, 2025-2030 (USD Billion)
Table 24 North America Forklift Market Size, by Application, 2018-2023 (USD Billion)
Table 25 North America Forklift Market Size, by Application, 2025-2030 (USD Billion)
Table 26 North America Forklift Market Size, by Country, 2018-2023 (USD Billion)
Table 27 North America Forklift Market Size, by Country, 2025-2030 (USD Billion)
Table 28 Europe Forklift Market Size, by Class, 2018-2023 (USD Billion)
Table 29 Europe Forklift Market Size, by Class, 2025-2030 (USD Billion)
Table 30 Europe Forklift Market Size, by Load Capacity, 2018-2023 (USD Billion)
Table 31 Europe Forklift Market Size, by Load Capacity, 2025-2030 (USD Billion)
Table 32 Europe Forklift Market Size, by Power Source, 2018-2023 (USD Billion)
Table 33 Europe Forklift Market Size, by Power Source, 2025-2030 (USD Billion)
Table 34 Europe Forklift Market Size, by Electric Battery Type, 2018-2023 (USD Billion)
Table 35 Europe Forklift Market Size, by Electric Battery Type, 2025-2030 (USD Billion)
Table 36 Europe Forklift Market Size, by Application, 2018-2023 (USD Billion)
Table 37 Europe Forklift Market Size, by Application, 2025-2030 (USD Billion)
Table 38 Europe Forklift Market Size, by Country, 2018-2023 (USD Billion)
Table 39 Europe Forklift Market Size, by Country, 2025-2030 (USD Billion)
Table 40 Asia-Pacific Forklift Market Size, by Class, 2018-2023 (USD Billion)
Table 41 Asia-Pacific Forklift Market Size, by Class, 2025-2030 (USD Billion)
Table 42 Asia-Pacific Forklift Market Size, by Load Capacity, 2018-2023 (USD Billion)
Table 43 Asia-Pacific Forklift Market Size, by Load Capacity, 2025-2030 (USD Billion)
Table 44 Asia-Pacific Forklift Market Size, by Power Source, 2018-2023 (USD Billion)
Table 45 Asia-Pacific Forklift Market Size, by Power Source, 2025-2030 (USD Billion)
Table 46 Asia-Pacific Forklift Market Size, by Electric Battery Type, 2018-2023 (USD Billion)
Table 47 Asia-Pacific Forklift Market Size, by Electric Battery Type, 2025-2030 (USD Billion)
Table 48 Asia-Pacific Forklift Market Size, by Application, 2018-2023 (USD Billion)
Table 49 Asia-Pacific Forklift Market Size, by Application, 2025-2030 (USD Billion)
Table 50 Asia-Pacific Forklift Market Size, by Country, 2018-2023 (USD Billion)
Table 51 Asia-Pacific Forklift Market Size, by Country, 2025-2030 (USD Billion)
Table 52 RoW Forklift Market Size, by Class, 2018-2023 (USD Billion)
Table 53 RoW Forklift Market Size, by Class, 2025-2030 (USD Billion)
Table 54 RoW Forklift Market Size, by Load Capacity, 2018-2023 (USD Billion)
Table 55 RoW Forklift Market Size, by Load Capacity, 2025-2030 (USD Billion)
Table 56 RoW Forklift Market Size, by Power Source, 2018-2023 (USD Billion)
Table 57 RoW Forklift Market Size, by Power Source, 2025-2030 (USD Billion)
Table 58 Asia-Pacific Forklift Market Size, by Application, 2018-2023 (USD Billion)
Table 59 Asia-Pacific Forklift Market Size, by Application, 2025-2030 (USD Billion)
Table 60 RoW Forklift Market Size, by Electric Battery Type, 2018-2023 (USD Billion)
Table 61 RoW Forklift Market Size, by Electric Battery Type, 2025-2030 (USD Billion)
Table 62 RoW Forklift Market Size, by Country, 2018-2023 (USD Billion)
Table 63 RoW Forklift Market Size, by Country, 2025-2030 (USD Billion)
Table 64 Snapshot – Tenneco Inc.
Table 65 Snapshot – KYB Corporation
Table 66 Snapshot – Continental AG
Table 67 Snapshot – Hendrickson USA LLC
Table 68 Snapshot – Gabriel India Ltd (ANAND Group)
Table 69 Snapshot – WABCO Holdings Inc.
Table 70 Snapshot – Hyundai Mobis Co. Ltd.
Table 71 Snapshot – ThyssenKrupp AG
Table 72 Snapshot – Sogefi SpA
Table 73 Snapshot – Marelli Holdings Co. Ltd.
Table 74 Snapshot – HL Mando Corp.
Table 75 Snapshot – FOX Factory
Table 76 Snapshot – Infineon Technologies AG
Table 77 Snapshot – LORD Corporation
Table 78 Snapshot – Daimler AG
Table 79 Snapshot – Hitachi Ltd
Table 80 Snapshot – Benteler International AG (Austria)
Table 81 Snapshot – NHK Spring Co, Ltd.
Table 82 Snapshot – Parker Hannifin Corporation (US)
Table 83 Snapshot – Rassini (Mexico)
Table 84 Snapshot – Parker Hannifin Corp.

List of Figures

Figure 1 Market Coverage
Figure 2 Research Phases
Figure 3 Secondary Class for Different Parameters
Figure 4 Methodology
Figure 5 Data Mining & Exploration
Figure 6 Data Triangulation
Figure 7 Assumptions for Market Estimation and Forecast
Figure 8 Market Synopsis
Figure 9  Global Forklift Market  - Growth Drivers and Restraints
Figure 10 Competitive Benchmark
Figure 11 Global Forklift Market  Highlight
Figure 12 Global Forklift Market Size, by Class, 2018 – 2030 (USD Billion)
Figure 13 Global Forklift Market Size, by Load Capacity  2018 – 2030 (USD Billion)
Figure 14 Global Forklift Market Size, by Power Source   2018 – 2030 (USD Billion)
Figure 15 Global Forklift Market Size, by  Electric Battery Type  2018 – 2030 (USD Billion)
Figure 16 Global Forklift Market Size, by Application   2018 – 2030 (USD Billion)
Figure 17 Global Forklift Market Size, by Region, 2018 – 2030 (USD Billion)
Figure 18 North America Forklift Market  Highlight
Figure 19 North America Forklift Market Size, by Class, 2018 – 2030 (USD Billion)
Figure 20 North America Forklift Market Size, by Load Capacity  2018–2030 (USD Billion)
Figure 21 North America Forklift Market Size, by  Power Source   2018–2030 (USD Billion)
Figure 22 North America Forklift Market Size, by  Electric Battery Type  2018–2030 (USD Billion)
Figure 23 Global Forklift Market  Size, by Application   2018 – 2030 (USD Billion)
Figure 24 North America Forklift Market  Size, by Country, 2018 – 2030 (USD Billion)
Figure 25 Europe Forklift Market  Highlight
Figure 26 Europe Forklift Market  Size, by Class, 2018 – 2030 (USD Billion)
Figure 27 Europe Forklift Market  Size, by Load Capacity  2018 – 2030 (USD Billion)
Figure 28 Europe Forklift Market  Size, by Power Source   2018 – 2030 (USD Billion)
Figure 29 Europe Forklift Market  Size, by Electric Battery Type  2018 – 2030 (USD Billion)
Figure 30 Global Forklift Market  Size, by application    2018 – 2030 (USD Billion)
Figure 31 Europe Forklift Market  Size, by Country, 2018 – 2030 (USD Billion)
Figure 32 Asia-Pacific Forklift Market  Highlight
Figure 33 Asia-Pacific Forklift Market  Size, by Class, 2018 – 2030 (USD Billion)
Figure 34 Asia-Pacific Forklift Market  Size, by Load Capacity  2018 – 2030 (USD Billion)
Figure 35 Asia-Pacific Forklift Market  Size, by  Power Source   2018 – 2030 (USD Billion)
Figure 36 Asia-Pacific Forklift Market  Size, by  Electric Battery Type  2018 – 2030 (USD Billion)
Figure 37 Global Forklift Market  Size, by Application    2018 – 2030 (USD Billion)
Figure 38 Asia-Pacific Forklift Market  Size, by Country, 2018 – 2030 (USD Billion)
Figure 39 RoW Forklift Market  Highlight
Figure 40 RoW Forklift Market  Size, by Class, 2018 – 2030 (USD Billion)
Figure 41 RoW Forklift Market  Size, by Load Capacity  2018 – 2030 (USD Billion)
Figure 42 RoW Forklift Market  Size, by Power Source   2018 – 2030 (USD Billion)
Figure 43 RoW Forklift Market  Size, by Electric Battery Type  2018 – 2030 (USD Billion)
Figure 44 Global Forklift Market  Size, by Application    2018 – 2030 (USD Billion)
Figure 45 RoW Forklift Market  Size, by Country, 2018 – 2030 (USD Billion)