Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2), By Power Source, By Load Capacity (Below 5 Ton, 5-15 Ton, Above 16 Ton), By Battery Type, By End Use, By Region, And Segment Forecasts, 2025 - 2030

Forklift Market Growth & Trends

The global forklift market size is estimated to reach USD 154.99 billion by 2030, expanding at a CAGR of 13.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The e-commerce industry has experienced significant growth due to factors such as increased disposable income, widespread internet access, and enhanced shopping convenience. This surge in online shopping, coupled with unpredictable shipping and shopping patterns, as well as direct-to-customer shipments, has led to a substantial increase in retail sales. Hence, this growth in retail sales has brought about a noticeable transformation in warehouse operations. Warehouses are tasked with fulfilling substantial orders for individual items. This shift necessitates greater efficiency among warehouse workers and forklifts in the processes of locating, selecting, and transporting goods within the warehouse space.

Manufacturers such as Toyota Material Handling and Hyster-Yale Materials Handling, Inc. are focusing on investing heavily in R&D activities to manufacture technologically advanced autonomous forklifts. Hyster-Yale Materials Handling, Inc. integrates forklifts with systems such as Enterprise Resource Planning (ERP) and Warehouse Management System (WMS), offering employees a complete real-time view of the automated forklift. In addition, manufacturers aim to reduce the dependency of autonomous forklifts on guide wires, magnets, and lasers. Autonomous forklifts provide stable and consistent performance. These machines may reduce the cost of finding as well as onboarding a new workforce. They decrease product damage and reduce the ergonomic impact of physically demanding and monotonous work tasks for warehouse workers.

Forklift suppliers are constantly upgrading the technologies used in forklifts to provide advanced features, such as operator assist, improved ergonomics, and onboard programming and diagnostics. For instance, in October 2022, Toyota Material Handling (TMH), a forklift manufacturer and warehousing solutions provider, launched an updated version of its 3-Wheel Electric Forklift featuring Toyota Assist's SEnS+ pedestrian detection technology to detect objects and pedestrians within the detection range. Other features included enhanced energy efficiency to allow for a 40% longer run time on a single charge, an auto power mode to detect slopes and automatically switch to a higher power mode to maintain speed, and a lithium-ion battery to minimize maintenance costs and reduce downtime for improved productivity. These enhancements were designed to enable operators to be more productive while incurring a lower cost of ownership over the forklift’s lifespan.

Forklift Market Report Highlights

  • The class 3 segment accounted for the largest market share of 44.2% in 2024. Due to the growing demand from small and medium-sized warehouses for material loading and unloading, the market is anticipated to gain momentum.
  • The below 5 segment is expected to register the fastest CAGR over the forecast period. The segment growth is owing to their versatility, compactness, and cost-effectiveness, among others making them a valuable asset for end-use industries seeking flexible and efficient material handling solutions.
  • The lithium-ion segment is anticipated to register the highest CAGR over the forecast period. These batteries are broadly used in electric forklifts as they provide longer lifespan, higher energy density, and faster charging capabilities.
  • Retail & e-commerce is expected to register the highest growth rate over the forecast period. As businesses strive to optimize their supply chain operations and enhance productivity, they invest in advanced warehousing facilities. As a result, the need for efficient forklifts has grown substantially.
  • The Asia Pacific forklift industry accounted for 48.4% share of the overall market in 2024. Companies in the region are incorporating smart technologies such as IoT sensors, telematics, and AI-driven fleet management systems into forklifts. These innovations enable real-time monitoring, predictive maintenance, and optimized route planning, driving better decision-making and cost savings for end-use industries.
  • In August 2024, Crown Equipment Corporation opened a sales and service facility in New Albany, Ohio. This new facility is expected to offer material handling and warehouse solutions to customers in the area. The facility will also provide regional businesses with the necessary equipment and services to boost productivity and uptime, ensuring their material handling operations and supply chains remain efficient and effective.
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Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Research Methodology
1.2.1. Information Procurement
1.3. Information or Data Analysis
1.4. Methodology
1.5. Research Scope and Assumptions
1.6. Market Formulation & Validation
1.7. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Forklift Market Variables, Trends, & Scope
3.1. Market Lineage Outlook
3.2. Market Dynamics
3.2.1. Market Driver Analysis
3.2.2. Market Restraint Analysis
3.2.3. Industry Challenge
3.3. Forklift Market Analysis Tools
3.3.1. Industry Analysis - Porter’s
3.3.1.1. Bargaining power of the suppliers
3.3.1.2. Bargaining power of the buyers
3.3.1.3. Threats of substitution
3.3.1.4. Threats from new entrants
3.3.1.5. Competitive rivalry
3.3.2. PESTEL Analysis
3.3.2.1. Political landscape
3.3.2.2. Economic landscape
3.3.2.3. Social landscape
3.3.2.4. Technological landscape
3.3.2.5. Environmental landscape
3.3.2.6. Legal landscape
Chapter 4. Forklift Market : Class Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Forklift Market : Class Movement Analysis, 2024 & 2030 (USD Million)
4.3. Class 1
4.3.1. Class 1 Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Volume Units)
4.4. Class 2
4.4.1. Class 2 Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Volume Units)
4.5. Class 3
4.5.1. Class 3 Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Volume Units)
4.6. Class 4/5
4.6.1. Class 4/5 Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Volume Units)
Chapter 5. Forklift Market : Power Source Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Forklift Market : Power Source Movement Analysis, 2024 & 2030 (USD Million)
5.3. ICE
5.3.1. ICE Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Volume Units)
5.4. Electric
5.4.1. Electric Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million, Volume Units)
Chapter 6. Forklift Market : Load Capacity Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Forklift Market : Load Capacity Movement Analysis, 2024 & 2030 (USD Million)
6.3. Below 5 Ton
6.3.1. Below 5 ton Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.4. 5-15 Ton
6.4.1. 5-15 Ton Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
6.5. 16 Ton
6.5.1. 16 Ton Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Forklift Market : Electric Battery Type Estimates & Trend Analysis
7.1. Segment Dashboard
7.2. Forklift Market : Electric Battery Type Movement Analysis, 2024 & 2030 (USD Million)
7.3. Li-ion
7.3.1. Li-ion Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
7.4. Lead Acid
7.4.1. Lead Acid Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Forklift Market : End Use Estimates & Trend Analysis
8.1. Segment Dashboard
8.2. Forklift Market : End Use Movement Analysis, 2024 & 2030 (USD Million)
8.3. Industrial
8.3.1. Industrial Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
8.4. Logistics
8.4.1. Logistics Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
8.5. Chemical
8.5.1. Chemical Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
8.6. Food & Beverage
8.6.1. Food & Beverage Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
8.7. Retail & E-commerce
8.7.1. Retail & E-commerce Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
8.8. Others
8.8.1. Others Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 9. Forklift Market : Regional Estimates & Trend Analysis
9.1. Forklift Market Share, By Region, 2024 & 2030 (USD Million)
9.2. North America
9.2.1. North America Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.2.2. U.S.
9.2.2.1. U.S. Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.2.3. Canada
9.2.3.1. Canada Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.3. Europe
9.3.1. Europe Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.3.2. UK
9.3.2.1. UK Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.3.3. Germany
9.3.3.1. Germany Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.3.4. France
9.3.4.1. France Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.3.5. Italy
9.3.5.1. Italy Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.3.6. Spain
9.3.6.1. Spain Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.4. Asia Pacific
9.4.1. Asia Pacific Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.4.2. China
9.4.2.1. China Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.4.3. Japan
9.4.3.1. Japan Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.4.4. India
9.4.4.1. India Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.4.5. South Korea
9.4.5.1. South Korea Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.4.6. Australia
9.4.6.1. Australia Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.5. Latin America
9.5.1. Latin America Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.5.2. Brazil
9.5.2.1. Brazil Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.5.3. Mexico
9.5.3.1. Mexico Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.5.4. Argentina
9.5.4.1. Argentina Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.6. Middle East and Africa
9.6.1. Middle East and Africa Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.6.2. UAE
9.6.2.1. UAE Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.6.3. KSA
9.6.3.1. KSA Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
9.6.4. South Africa
9.6.4.1. South Africa Forklift Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 10. Competitive Landscape
10.1. Company Categorization
10.2. Company Market Positioning
10.3. Company Heat Map Analysis
10.4. Company Profiles/Listing
10.4.1. Anhui Heli Co., Ltd.
10.4.1.1. Participant’s Overview
10.4.1.2. Financial Performance
10.4.1.3. Product Benchmarking
10.4.1.4. Strategic Initiatives
10.4.2. Clark Material Handing Company, (Clark Equipment Company)
10.4.2.1. Participant’s Overview
10.4.2.2. Financial Performance
10.4.2.3. Product Benchmarking
10.4.2.4. Strategic Initiatives
10.4.3. Crown Equipment Corporation
10.4.3.1. Participant’s Overview
10.4.3.2. Financial Performance
10.4.3.3. Product Benchmarking
10.4.3.4. Strategic Initiatives
10.4.4. Doosan Corporation
10.4.4.1. Participant’s Overview
10.4.4.2. Financial Performance
10.4.4.3. Product Benchmarking
10.4.4.4. Strategic Initiatives
10.4.5. Hangcha Forklift
10.4.5.1. Participant’s Overview
10.4.5.2. Financial Performance
10.4.5.3. Product Benchmarking
10.4.5.4. Strategic Initiatives
10.4.6. Hyster-Yale Materials Handling, Inc.(Hyster-Yale Group, Inc.)
10.4.6.1. Participant’s Overview
10.4.6.2. Financial Performance
10.4.6.3. Product Benchmarking
10.4.6.4. Strategic Initiatives
10.4.7. Jungheinrich AG
10.4.7.1. Participant’s Overview
10.4.7.2. Financial Performance
10.4.7.3. Product Benchmarking
10.4.7.4. Strategic Initiatives
10.4.8. KION Group AG
10.4.8.1. Participant’s Overview
10.4.8.2. Financial Performance
10.4.8.3. Product Benchmarking
10.4.8.4. Strategic Initiatives
10.4.9. Komatsu Ltd.
10.4.9.1. Participant’s Overview
10.4.9.2. Financial Performance
10.4.9.3. Product Benchmarking
10.4.9.4. Strategic Initiatives
10.4.10. Mitsubishi Logisnext Co., Ltd.
10.4.10.1. Participant’s Overview
10.4.10.2. Financial Performance
10.4.10.3. Product Benchmarking
10.4.10.4. Strategic Initiatives
10.4.11. Toyota Motor Corporation (Toyota Material Handling)
10.4.11.1. Participant’s Overview
10.4.11.2. Financial Performance
10.4.11.3. Product Benchmarking
10.4.11.4. Strategic Initiatives

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