Author: Swarup Sahu - Senior Consultant, Report ID - DS2101004, Published - December 2024
Segmented in Product Type (Electric Forklifts, Internal Combustion Engine Forklifts, Automated Forklifts), Class Type (Class 1: Electric Motor Riders, Class 2: Electric Motor Narrow Aisle Trucks, Class 3: Electric Hand or Hand-Rider Trucks, Class 4: Internal Combustion Engine Trucks Cushion Tires, Class 5: Internal Combustion Engine Trucks Pneumatic Tires), End-Use Industry, Technology and Regions - Global Industry Analysis, Size, Share, Trends, and Forecast 2024 – 2034
Forklifts have significantly influenced the logistics and construction sectors as a force over the past few decades by changing how operations are carried out in ways we couldnt have imagined before their introduction. The market, for Forklifts was estimated at $58.9 billion in 2024. It is anticipated to increase to $85.0 billion by 2030 with projections indicating a growth to around $115.3 billion by 2035. This expansion represents a compound annual growth rate (CAGR) of 6.3% over the forecast period. They play a role, in warehouse activities by combining efficiency with productivity and safety to revolutionize industrial processes with their essential capabilities.
Forklifts are commonly used in industries for moving materials short distances due, to their versatility and durability.
Absolute Growth Opportunity = $49.6B
•The Forklifts market is projected to grow from $58.9 billion in 2024 to $108 billion in 2034. This represents a CAGR of 6.3%, reflecting rising demand across Warehouse Management, Construction Sites and Port Operations.
•The Forklifts market is set to add $49.6 billion between 2024 and 2034, with manufacturer targeting Class 2: Electric Motor Narrow Aisle Trucks & Class 3: Electric Hand or Hand-Rider Trucks Class Type projected to gain a larger market share.
•With Rise in e-commerce, and Technological evolution, Forklifts market to expand 84% between 2024 and 2034.
The Rising Demand for Eco-Friendly Solutions
The rise of reality (VR) technology has provided a new opportunity, for teaching individuals how to operate forklifts.
The forklift industry is always. Influenced by different factors that affect its current status and future direction. Key factors that drive the forklift market are the growing industrialization trend, expansion of warehouse spaces driven by the sectors growth and the significant increase in online shopping activities. These elements create a demand for material handling equipment such as forklifts leading to growth, within the market.
December 2024
August 2024
June 2024
The latest trends in the forklift market indicate some shifts in the world of industrial machinery. Innovations in technology are playing a role in shaping this landscape and are expected to have a lasting impact in the years to come. Notably increased automation and the shift towards electric power sources are leading to changes, in forklift functionalities and how they are operated.
As a core segment of the Lifting Equipment industry, the Forklifts market develops in line with broader industry shifts. Over recent years, transitions such as Transition to Electric Forklifts and Integration of Cutting-Edge Technology have redefined priorities across the Lifting Equipment sector, influencing how the Forklifts market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
The forklift industry is moving towards forklifts due to growing environmental worries and strict emission rules. Electric forklifts come with benefits like reduced noise levels, zero carbon emissions and decreased expenses which appeal to businesses aiming for eco friendly practices. Moreover improvements, in battery technology are boosting the efficiency and dependability of forklifts driving their increased use.
The forklift industry is undergoing changes due to the adoption of cutting edge technologies, like the Internet of Things (Io T) automation and robotics systems. These advancements result in improved efficiency and safety measures while also lowering labor expenses.
The chart below highlights how external events including emerging market developments, regulatory changes, and technological disruptions, have added another layer of complexity to the Lifting Equipment industry. These events have disrupted supply networks, changed consumption behavior, and reshaped growth patterns. Together with structural industry transitions, they demonstrate how changes within the Lifting Equipment industry cascade into the Forklifts market, setting the stage for its future growth trajectory.
ArcelorMittal
Alcoa Corporation
Robert Bosch GmbH
Denso Corporation
Toyota Industries Corporation
Kion Group AG
Retail Industry
Warehousing and Storage
Construction Industry
| Application Area | Industry | Leading Providers | Provider Strategies |
|---|---|---|---|
Material Handling | Logistics & Warehousing | Toyota Material Handling | Promoting sustainability through higher fuel efficiency and reduced emissions |
Inventory Management | Retail | KION Group | Implementing automation and digitalization to increase efficiency and flexibility |
Dockyard Operations | Shipping & Marine | Mitsubishi Caterpillar Forklift America Inc. | Focusing on safety and durability to withstand harsh outdoor weather conditions |
Construction & Excavation | Construction | Jungheinrich AG | Providing tailor-made solutions to meet unique construction demands while ensuring operator comfort and safety |
Elevate your strategic vision with in-depth analysis of key applications, leading market players, and their strategies. The report analyzes industry leaders' views and statements on the Forklifts market's present and future growth.
Forklifts provide lifting capacity and productivity in comparison to manual work or smaller equipment; however costs and safety concerns may pose challenges to their adoption in various settings. These machines occupy a position in the market with potential for expansion particularly given the progress, in automation and use of electric power.
Forklifts
Pallet Jacks / Telehandlers / Conveyor Systems
Forklifts provide lifting capacity and productivity in comparison to manual work or smaller equipment; however costs and safety concerns may pose challenges to their adoption in various settings. These machines occupy a position in the market with potential for expansion particularly given the progress, in automation and use of electric power.
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This market research methodology defines the Forklifts market scope, gathers reliable data, and validates findings using integrated primary and secondary research. Our systematic framework ensures precise market sizing, growth trend analysis, and competitive benchmarking.
We begin secondary research by defining the targeted market at macro and micro levels. As part of the Lifting Equipment ecosystem, we analyze Forklifts across Electric Forklifts, Internal Combustion Engine Forklifts, and Automated Forklifts Applications. Our team gathers data systematically from country level ministerial sources, industry associations & federations, trade databases, company annual & quarterly reports and other credential sources, enabling us to map global and regional market size, pricing trends, regulatory standards, and technology advancements.
We benchmark competitors such as Toyota Industries Corporation, Kion Group AG, and Jungheinrich AG by reviewing company financial statements, and regulatory filings. Our secondary insights identify key market drivers and constraints, forming the analytical foundation for primary research.
We conduct structured interviews and surveys with industry stakeholders, including Raw Material Procurement, Component Manufacturing, and Forklift Assembly. Our geographic coverage spans Americas (40%), Europe (30%), Asia-Pacific (25%) and Middle East & Africa (5%). Our online surveys generally achieve a response rate of above 65%, and telephone interviews yield 60%, resulting in above 92% confidence level with a ±7% margin of error.
Through targeted questionnaires and in-depth interviews, we capture purchase intent, adoption barriers, brand perception across Segment Type. We use interview guides to ensure consistency and anonymous survey options to mitigate response bias. These primary insights validate secondary findings and align market sizing with real-world conditions.
Our data analysis framework integrates Top-Down, Bottom-Up, and Company Market Share approaches to estimate and project market size with precision.
In Top-down approach, we disaggregate global Lifting Equipment revenues to estimate the Forklifts segment, using historical growth patterns to set baseline trends. Simultaneously, in Bottom-up approach, we aggregate Country-Level Demand Data to derive regional and global forecasts, which provide granular consumption insights. By reconciling both approaches, we ensure statistical precision and cross-validation accuracy.
We evaluate the supply chain, spanning Raw Material Procurement (ArcelorMittal, Alcoa Corporation), Component Manufacturing (Robert Bosch GmbH, Denso Corporation), and Forklift Assembly. Our parallel substitute analysis examines Pallet Jacks, Telehandlers, and Conveyor Systems, highlighting diversification opportunities and competitive risks.
We benchmark leading companies such as Toyota Industries Corporation, Kion Group AG, and Jungheinrich AG, analyzing their capabilities in pricing, product features, technology adoption, and distribution reach. By assessing company-level revenues and product portfolios, we derive market share comparisons, clarifying competitive positioning and growth trajectories across the ecosystem.
Our integration of data triangulation, supply chain evaluation, and company benchmarking, supported by our proprietary Directional Superposition methodology enables us to deliver precise forecasts and actionable strategic insights into the Forklifts market.
We cross-reference secondary data with primary inputs and external expert reviews to confirm consistency. Further, we use stratified sampling, anonymous surveys, third-party interviews, and time-based sampling to reduce bias and strengthen our results.
Our methodology is developed in alignment with ISO 20252 standards and ICC/ESOMAR guidelines for research ethics. The study methodology follows globally recognized frameworks such as ISO 20252 and ICC codes of practice.
| Report Attribute | Details |
|---|---|
| Market Value in 2025 | USD 62.6 billion |
| Revenue Forecast in 2034 | USD 108 billion |
| Growth Rate | CAGR of 6.3% from 2025 to 2034 |
| Base Year for Estimation | 2024 |
| Industry Revenue 2024 | 58.9 billion |
| Growth Opportunity | USD 49.6 billion |
| Historical Data | 2019 - 2023 |
| Growth Projection / Forecast Period | 2025 - 2034 |
| Market Size Units | Market Revenue in USD billion and Industry Statistics |
| Market Size 2024 | 58.9 billion USD |
| Market Size 2027 | 70.7 billion USD |
| Market Size 2029 | 79.9 billion USD |
| Market Size 2030 | 85.0 billion USD |
| Market Size 2034 | 108 billion USD |
| Market Size 2035 | 115 billion USD |
| Report Coverage | Market revenue for past 5 years and forecast for future 10 years, Competitive Analysis & Company Market Share, Strategic Insights & trends |
| Segments Covered | Product Type, Class Type, End-Use Industry, Technology |
| Regional scope | North America, Europe, Asia Pacific, Latin America and Middle East & Africa |
| Country scope | U.S., Canada, Mexico, UK, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Mexico, Argentina, Saudi Arabia, UAE and South Africa |
| Companies Profiled | Toyota Industries Corporation, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling Inc, Crown Equipment Corporation, Mitsubishi Logisnext Co Ltd, Anhui Heli Co Ltd, Doosan Corporation Industrial Vehicle, Hangcha Group Co Ltd, Clark Material Handling Company, Komatsu Ltd and Hyundai Heavy Industries |
| Customization | Free customization at segment, region or country scope and direct contact with report analyst team for 10 to 20 working hours for any additional niche requirement which is almost equivalent to 10% of report value |
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