Forklift Truck Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Power Source (Internal Combustion Enginee, Electric Motor), By Vehicle Class (Class I, Class II, Class III, Class IV, Class V), By End-User (Logistics, Industrial, Construction, Manufacturing, Others), And By Geography - Forecasts From 2023 To 2028

  • Published : Feb 2023
  • Report Code : KSI061614307
  • Pages : 145

A motorized commercial truck called a forklift is designed to lift and transport items over short ranges. As manufacturers embrace automation to increase their manufacturing capability, the market is expected to expand during the timeframe of the forecast. These trucks let producers move diverse components and materials quickly and efficiently from warehouses to the assembly line, which reduces the need for human labor. The e-commerce industry's advancements will also fuel the market expansion for forklift trucks. The large demand for forklift trucks from developing countries is likely to propel market expansion in the Asia-Pacific region. One of the main aspects that are expected to support the market's growth is the rise in industrialization. This expansion is partly a result of rising demand from emerging markets like China and India.

Electric powered

Due to their expanding uses and the quick development of technology, electric-powered forklift trucks will soon have lucrative opportunities. Such electrically-powered forklift trucks can load and transport incredibly big products from the ground and are thought to be perfect for inside settings. These vehicles' significant emission levels encourage customers to switch to electric material-handling methods that are simple to manage and operate inside of warehouses.

In the developed nations of North America, Europe, and Asia, where there is a well-established e-commerce business, stringent emissions regulations, and sustainability concerns, the usage of electrically driven forklifts is expanding. In order to differentiate themselves from their rivals, a number of firms that are operating in the battery-powered forklift market are constantly developing new variants. For instance, Toyota introduced the Traigo 80 heavy-duty electric forklift in October 2019. Toyota added two additional models to its portfolio of four-wheel, sit-down counterweight lift trucks in April 2020. In comparison to the previous models, the new 3,000-pound and 3,500-pound versions were predicted to have approximately 27% speedier traveling, lifting, and lower speeds, as well as an enhanced run-time by roughly 12%. Additionally, in December 2020, the family-owned material handling and forklift business A D Lift Truck was announced to be purchased by Wolter Group LLC. The company's selection of battery-powered forklifts was increased with the transaction. These battery-powered forklift trucks are anticipated to rise quickly during the analyzed period because of their many additional benefits, which include minimal noise, zero emissions, superior visibility, and the ability to execute nearly all tasks that an IC forklift can.

North America

Sales are anticipated to increase significantly in the North American region during the projected period. Due to significant US participants, this expansion is projected. These players are heavily investing in the use of modern forklift trucks rather than outdated fork trucks. State and local authorities in the area use a variety of rebates and regulations to assist the expansion of the forklift truck business. State laws in Chicago have compelled material handling businesses to innovate and develop modern technologies. Hyster Yale unveiled two cutting-edge products as a result of its R&D efforts, including the first counterbalanced electrical forklift truck the business has ever produced with a factory-integrated lithium-ion battery pack. Sales of this machinery are projected to experience significant expansion in the region over the studied period due to the alignment with the goals of the present US government to generate employment for its residents, causing North America to achieve significant growth for the forklift trucks market. For instance, Electro Vaya Inc. declared in June 2019 that it would be releasing more than 25 distinct lithium-ion ceramic battery variants for the market for battery-powered forklifts. There are 23 locations where the lithium-ion ceramic batteries from the Electro Vaya are in use, including 20 in the United States, 2 in Canada, and 1 in Mexico.

Recent developments

  • In February 2022, the KION Group officially started its IMOCO European research initiative. The initiative attempted to make it possible for intelligent trucks to move about a factory or warehouse on their own.
  • January 2021 saw the introduction of Doosan's entry-level NX Plus Series, an enhanced low-cost line of four-wheel Diesel and LPG-powered counterbalance forklift trucks. The brand-new NX Plus gave a straightforward, potent functionality with less maintenance expense than the GX Series, and was created to provide sporadic consumers and SMEs with a dependable, affordable alternative to buying a used or reconditioned forklift truck.

COVID-19 Impact on the Forklift Truck Market

The COVID-19 outbreak had a negative effect on the forklift truck market. The requirement for material handling and inventory management was lessened as businesses and facilities closed. Owing to lockdowns, important enterprises stopped operating in various areas. This had an adverse effect on the need for material-handling machinery. Nevertheless, the industry's post-pandemic market potential appears promising due to the anticipated rise in urbanization and international trade in addition to the quick development of warehouse management systems, which can facilitate material handling and warehouse management.

Forklift Truck Market Scope:


Report Metric Details
 Growth Rate  CAGR during the forecast period
 Base Year  2021
 Forecast Period  2023–2028
 Forecast Unit (Value)  USD Billion
 Segments Covered  Power Source, Vehicle Class, End-User, And Geography
 Regions Covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies Covered Hyundai Heavy Industries Co Ltd, Hyster-Yale Materials Handling Inc, Mitsubishi Nichiyu Forklift Co Ltd, Toyota Industries Corporation, Kion Group AG, Clark Material Handling Company, Crown Equipment Corporation, Anhui Forklift Truck, Godrej and Boyce Manufacturing, Jungheinrich AG 
 Customization Scope  Free report customization with purchase



  • By Power Source
    • Internal Combustion Enginee
    • Electric Motor
  • By Vehicle Class
    • Class I
    • Class II
    • Class III
    • Class IV
    • Class V
  • By End-User
    • Logistics
    • Industrial
    • Construction
    • Manufacturing
    • Others
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Indonesia
      • Others


1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation



2.1. Research Data

2.2. Assumptions



3.1. Research Highlights



4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis



5.1. Introduction

5.2. Internal Combustion Engine

5.3. Electric Motor



6.1. Introduction

6.2. Class I

6.3. Class II

6.4. Class III

6.5. Class IV

6.6. Class V



7.1. Introduction

7.2. Logistics

7.3. Industrial

7.4. Construction

7.5. Manufacturing 

7.6. Others



8.1. Introduction

8.2. North America 

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America 

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe 

8.4.1. UK

8.4.2. Germany

8.4.3. France

8.4.4. Spain 

8.4.5. Others

8.5. Middle East and Africa 

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific 

8.6.1. China

8.6.2. Japan

8.6.3. India

8.6.4. South Korea

8.6.5. Australia

8.6.6. Indonesia

8.6.7. Others



9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix



10.1. Hyundai Heavy Industries Co Ltd 

10.2. Hyster-Yale Materials Handling Inc 

10.3. Mitsubishi Nichiyu Forklift Co Ltd 

10.4. Toyota Industries Corporation 

10.5. Kion Group AG 

10.6. Clark Material Handling Company 

10.7. Crown Equipment Corporation 

10.8. Anhui Forklift Truck 

10.9. Godrej and Boyce Manufacturing 

10.10. Jungheinrich AG 

Hyundai Heavy Industries Co Ltd

Hyster-Yale Materials Handling Inc

Mitsubishi Nichiyu Forklift Co Ltd

Toyota Industries Corporation

Kion Group AG

Clark Material Handling Company

Crown Equipment Corporation

Anhui Forklift Truck

Godrej and Boyce Manufacturing

Jungheinrich AG