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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 demand is due to the the growth in warehousing and logistics sector that is ultimately driving the forklift market. The need for advanced material handling solutions has increased because of the number of consumers shopping online so that the organizations are adopting efficient supply chain strategies. 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 only possible by the forklift loading and unloading processes, that ultimately helps to reduce operational costs and improve efficiency. Electric, automated and connected forklifts are becoming the trend as the industry is accounting for a major transformation which has given importance to electric-powered forklifts and other technological innovations improved efficiency and safety in the workplace. However the major constraint of the Forklift Market is the lack of trained professional operators. The lack of qualified labor may restrict the use of forklifts across various industries which shall obstruct market expansion. Fluctuations in the commodity markets and exchange rates is also hindering the market growth.

Browse 84 market data Tables and 45 Figures spread through 205 Pages and in-depth TOC on Forklift Market By Class (Class 1, Class 2, Class 3, and Class 4/5), By Load Capacity (5 tons, 5-15 tons and above 16 tons), By Power Source (ICE and Electric), By Electric Battery Type (Li-ion and Lead Acid), By Application (Construction, Industrial, Logistics and Others) and By Geography (North America, Asia-Pacific, Europe and Rest of the World) - Global Forecast to 2030.

Global Forklift Market Segmentation and Key Players

By class, class 2 dominate the global forklift market.

Based on Class, the forklift 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.

“Asia Pacific is anticipated to register the fastest CAGR during the forecast period, i.e., 2025-2030 in the global forklift market”

Geographically, Asia Pacific (APAC) shall dominate the Global Forklift Market during the forecast period, due to the increased preference of manufacturers toward plant automation. 

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

Recently, ArcBest has introduced the remote-operated autonomous reach vehicles and forklifts. Vaux Smart Autonomy is an expansion of the business's existing warehouse freight management technology.

Hangcha Forklift introduced an electric rough terrain forklift powered by high-voltage lithium batteries. The forklift has a 2.5–3.5-ton weight range, no noise, no emissions, and quick charging.

Global forklift market coverage (By Value)

• Class Insight and Forecast 2025-2030
  • Class 1
  • Class 2
  • Class 3
  • Class 4/5
• Load Capacity Insight and Forecast 2025-2030
  • Below 5 Ton
  • 5-15
  • Above 16 Ton
• Power Source Insight and Forecast 2025-2030
  • ICE
  • Electric
• Electric Battery Type Insight and Forecast 2025-2030
  • Li-Ion
  • Lead Acid
• Application Insight and Forecast 2025-2030
  • Construction
  • Industrial
  • Logistics
  • Others

Geographical Segmentation

Global Forklift Market by Region

• 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