Industry Overview:
The global forklift market was valued at USD 85,309.8 million in 2024 and is estimated to reach USD 91,025.6 million in 2025, reflecting a growth rate of 6.7%. Growth is driven by the rise in demand for e-commerce globally, rapid automation in warehouses, and continuous replacement of ICE forklifts with both electric and hybrid. Increasing investments in the infrastructural development of logistics, combined with the reshoring of manufacturing by manufacturers, are leading to increased fleet renewal rates across major industries. Cost reductions in lithium-ion batteries and the adoption of telematics for real-time management of fleets are reducing operational costs, improving productivity, and extending demand across the manufacturing and retail sectors, among others.
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Industry Insights: Scale, Segments, and Shifts
• Market Size & Growth: The global forklift market is projected to reach USD 175,742.2 million by 2035, registering a CAGR of 6.8% between 2025 and 2035.
• Segment Analysis: Electric forklifts make up about 58% of the market share owing to the shift toward low-emission equipment; it is expected that automated and narrow-aisle forklifts will show the fastest growth during the forecast period.
• Regional Highlights: With expanding manufacturing and growth of e-commerce logistics, the Asia Pacific holds nearly 42% of the overall market share in 2024. North America shows a strong demand due to modernization, while Europe holds a lead with regard to sustainability and green logistics.
• Competitive Landscape: The market is moderately consolidated with competitors like Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, and Hyster-Yale Materials Handling, Inc. These industry players are focusing on electrification, telematics integration, and strategic collaborations in automation technologies.
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Factors Shaping the Next Decade
• Market Gaps / Restraints: The lack of charging infrastructure in emerging countries, higher purchase cost of autonomous forklifts, and strong reliance on supply chains for lithium restrains market penetration in cost-sensitive regions.
• Key Trends and Innovations: The industry is witnessing a transition towards lithium-ion powered forklifts, integration of autonomous navigation using AI and connected fleet management solutions. The rapid deployment of advance telematics and predictive maintenance systems is improving efficiency and fleet runtime.
• Potential Opportunities: Retrofit electrification of existing fleets, expansion of service-based business models, and rising adoption of autonomous material handling in small and medium-sized storages, warehouses are expected to generate new revenue streams in upcoming time period.
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Recent Industry Updates:
• Oct 2025: Hyster added two high-capacity ICE models to its UT Series for light-duty use in warehousing, mining, manufacturing, and metals.
• May 2025: Jungheinrich and Merantix partnered to boost AI-based industrial applications in forklift industry.
• Feb 2025: Jungheinrich started making its new lithium-ion “ETV 2i” reach truck, using 20% less energy than lead-acid models.
• Jan 2025: Toyota Material Handling launched new Mid & Large Electric Pneumatic Forklifts and an updated Core Electric Forklift series.
• Jan 2025: KION Group joined with NVIDIA and Accenture to create AI robots and digital twins for smarter warehouses.
• Jan 2024: Hyster-Yale partnered with PortxGroup, making it the sole dealer for seaports and terminals in Thailand, Malaysia, Indonesia, and South Korea.
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Industry Outlook Scope:
By Class Type
• Class I
• Class II
• Class III
• Class IV
• Class V
By Power Source
• ICE
• Electric
By Load Capacity
• Below 5 Ton
• 5-15 Ton
• Above 16 Ton
By Battery Type
• Lithium-ion Battery
• Lead Acid Battery
By Tire Type
• Cushion
• Pneumatic
By End-Use Industry
• Mining
• Industrial Manufacturing
• Retail & E-Commerce
• Logistics & Warehouses
• Building Construction
• Automotive
• Food & Beverages
• Metals & Heavy Industries
• Paper & Pulp
• Others
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Geographical Insights: Emerging Corridors of Growth
• Regional Overview: While North America drives strong growth on account of automation in logistics operations and the expansion of large-scale e-commerce warehouse facilities, the European Green Deal and strict emission norms are fast-tracking the move toward electric forklifts to meet demand in Europe. In the Middle East and Africa increasing demand for forklift is attributed to increasing construction activities and port logistics developments, while the demand in South America is being driven by industrial modernization and nearshoring trends that emphasize local production and fleet renewal.
• Countries to Watch: China leads the world transition toward electric and self-operating forklifts, supported both by domestic manufacturing and export strengths. India is emerging as a high-growth market with developing logistics networks and infrastructural development. Germany retains importance as technology and innovation hubs in Europe, driving automation standards across the continent.
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Regulatory Environment and Policy Support
• Government Regulations & Supportive Policies: Global forklift manufacturers align with the ISO 3691 Industrial Truck Safety Standards and the European Union Non-Road Mobile Machinery Regulation (EU) 2016/1628 – Stage V, ensuring emission reduction and safety compliance. These frameworks are accelerating the uptake of electrified fleets and advanced models integrated with state-of-the-art safety features.
• Key Government Initiatives: Initiatives like the Inflation Reduction Act's Commercial Clean Vehicle Credit in the United States and Europe's Green Industrial Plan encourage electric forklift production, battery development, and the adoption of low-carbon fleets.
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Competitive Landscape and Strategic Outlook
The forklift industry is moderately concentrated, with incumbents consolidating through acquisitions and technology partnerships. Leading players are prioritizing electrification, automation, and data-driven fleet optimization. Emerging Asian manufacturers are competing aggressively through cost-effective production, while innovators are introducing subscription-based fleet and predictive maintenance services to achieve market momentum.
Industry Competition:
• Toyota Industries
• Jungheinrich AG
• Hyster-Yale Group, Inc.
• KION Group AG
• KALMAR
• Mitsubishi Logisnext Co., Ltd.
• Godrej & Boyce Manufacturing
• Komatsu Ltd.
• Clark Material Handling
• Hyundai Construction Equipment
• Bobcat
• Crown Equipment Corporation
• Hangcha Group Co.
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Analyst Perspective
The forklift industry is transforming from manual handling to intelligent, connected, and environmentally sustainable operations. Over the next three to five years, there will be increase in investments in automation, energy storage efficiency, and digital fleet management network systems. Companies who align early with connected, service-oriented, and low-emission activities will capture the most resilient growth and gain competitive advantage in this evolving landscape.
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What to Expect from Outlook:
1. Save time carrying out entry-level research by identifying the size, growth trends, major segments, and leading companies in the Global Forklift Market
2. Use PORTER’s Five Forces analysis to assess the competitive intensity and overall attractiveness of the Global Forklift Market sector.
3. Profiles of leading companies provide insights into key players’ regional operations, strategies, financial results, and recent initiatives.
4. Add weight to presentations and pitches by understanding the future growth prospects of the Global Forklift Market with a forecast for the decade by both market share (%) & revenue (USD Million).
1. Key Findings
2. Introduction
2.1. Executive Summery
2.2. Regional Snapshot
2.3. Market Scope
2.4. Market Definition
3. Across The Globe
3.1. Factors Affecting End Use Industries
3.2. Upcoming Opportunities
3.3. Market Dynamics
3.3.1. Ongoing Market Trends
3.3.2. Growth Driving Factors
3.3.3. Restraining Factors
3.4. Value Chain Analysis
3.4.1. List of Manufacturers
3.4.2. List of Distributors/Suppliers
3.5. PORTER’s & PESTLE Analysis
3.6. Key Developments
3.7. Key Industry Patents
3.8. Pricing Analysis
3.9. Trade Analysis
3.9.1. Import Analysis
3.9.2. Export Analysis
4. Global Forklift
Market Overview, By Class Type
4.1. Market Size (US$ Mn) Analysis, 2019 –
2034
4.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
4.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
4.3.1. Class I
4.3.2. Class II
4.3.3. Class III
4.3.4. Class IV
4.3.5. Class V
5. Global Forklift
Market Overview, By Power Source
5.1. Market Size (US$ Mn) Analysis, 2019 –
2034
5.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
5.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
5.3.1. ICE
5.3.2. Electric
6. Global Forklift
Market Overview, By Load Capacity
6.1. Market Size (US$ Mn) Analysis, 2019 –
2034
6.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
6.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
6.3.1. Below 5 Ton
6.3.2. 5-15 Ton
6.3.3. Above 16 Ton
7. Global Forklift
Market Overview, By Battery Type
7.1. Market Size (US$ Mn) Analysis, 2019 –
2034
7.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
7.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
7.3.1. Lithium-ion Battery
7.3.2. Lead Acid Battery
8. Global Forklift
Market Overview, By Tire Type
8.1. Market Size (US$ Mn) Analysis, 2019 –
2034
8.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
8.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
8.3.1. Cushion
8.3.2. Pneumatic
9. Global Forklift
Market Overview, By End-Use Industry
9.1. Market Size (US$ Mn) Analysis, 2019 –
2034
9.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
9.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
9.3.1. Mining
9.3.2. Industrial Manufacturing
9.3.3. Retail & E-Commerce
9.3.4. Logistics & Warehouses
9.3.5. Building Construction
9.3.6. Automotive
9.3.7. Food & Beverages
9.3.8. Metals & Heavy Industries
9.3.9. Paper & Pulp
9.3.10. Others
10. Global Forklift Market
Overview, By Region
10.1. Market Size (US$ Mn) Analysis, 2019 – 2034
10.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
10.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
10.3.1. North America
10.3.2. Europe
10.3.3. Asia Pacific
10.3.4. Middle East & Africa
10.3.5. South America
11. North America Forklift
Market Overview
11.1. Market Size (US$ Mn) Analysis, 2019 – 2034
11.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
11.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
11.3.1. By Country
11.3.1.1. U.S.
11.3.1.2. Canada
11.3.1.3. Mexico
11.3.2. By Class Type
11.3.3. By Power Source
11.3.4. By Load Capacity
11.3.5. By Battery Type
11.3.6. By Tire Type
11.3.7. By End-Use Industry
12. Europe Forklift Market
Overview
12.1. Market Size (US$ Mn) Analysis, 2019 – 2034
12.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
12.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
12.3.1. By Country
12.3.1.1. UK
12.3.1.2. Italy
12.3.1.3. Spain
12.3.1.4. Germany
12.3.1.5. France
12.3.1.6. Rest of Europe
12.3.2. By Class Type
12.3.3. By Power Source
12.3.4. By Load Capacity
12.3.5. By Battery Type
12.3.6. By Tire Type
12.3.7. By End-Use Industry
13. Asia Pacific Forklift
Market Overview
13.1. Market Size (US$ Mn) Analysis, 2019 – 2034
13.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
13.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
13.3.1. By Country
13.3.1.1. China
13.3.1.2. Japan
13.3.1.3. India
13.3.1.4. South Korea
13.3.1.5. Rest of Asia Pacific
13.3.2. By Class Type
13.3.3. By Power Source
13.3.4. By Load Capacity
13.3.5. By Battery Type
13.3.6. By Tire Type
13.3.7. By End-Use Industry
14. Middle East &
Africa Forklift Market Overview
14.1. Market Size (US$ Mn) Analysis, 2019 – 2034
14.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
14.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
14.3.1. By Country
14.3.1.1. GCC
14.3.1.2. South Africa
14.3.1.3. Rest of Middle East & Africa
14.3.2. By Class Type
14.3.3. By Power Source
14.3.4. By Load Capacity
14.3.5. By Battery Type
14.3.6. By Tire Type
14.3.7. By End-Use Industry
15. South America Forklift
Market Overview
15.1. Market Size (US$ Mn) Analysis, 2019 – 2034
15.2. Market Share (%) Analysis (2023 vs 204),
Y-o-Y Growth (%) Analysis (2023-2034) & Market Attractiveness Analysis
(2024-2034)
15.3. Market Absolute $ Opportunity Analysis,
2019 – 2034
15.3.1. By Country
15.3.1.1. Brazil
15.3.1.2. Argentina
15.3.1.3. Rest of South America
15.3.2. By Class Type
15.3.3. By Power Source
15.3.4. By Load Capacity
15.3.5. By Battery Type
15.3.6. By Tire Type
15.3.7. By End-Use Industry
16. Country Wise Market
Analysis
16.1. Growth Comparison By Key Countries
17. Competitive Landscape
17.1. Market Share (%) Analysis, By Top Players
17.2. Maret Structure Analysis, By Tier I &
II Companies
18. Company Profiles
18.1. Toyota Industries
18.1.1. Company Overview
18.1.2. Business Segments
18.1.3. Financial Insights
18.1.4. Key Business Aspects (Noise Analysis)
18.2. Jungheinrich AG
18.3. Hyster-Yale Group, Inc.
18.4. KION Group AG
18.5. KALMAR
18.6. Mitsubishi Logisnext Co., Ltd.
18.7. Godrej & Boyce Manufacturing
18.8. Komatsu Ltd.
18.9. Clark Material Handling
18.10. Hyundai Construction Equipment
18.11. Bobcat
18.12. Crown Equipment Corporation
18.13. Hangcha Group Co.
19. Analysis &
Recommendations
19.1. Targeting Segment
19.2. Targeting Region
19.3. Market Approach
20. Research Methodology
21. Disclaimer
