Forklift Truck Market Size, Share, Opportunities, And Trends By Power-Train Type (Internal Combustion Engine (ICE) Forklifts, Electric Forklift, Hybrid Forklift), By Vehicle Class (Class I, II, III, IV, V, Others), By End-User (Logistics and Warehousing, Industrial, Construction, Manufacturing, Others), And By Geography – Forecasts from 2025 to 2030

Forklift Truck Market Size:

The Forklift Truck Market is expected to grow from US$51.114 billion in 2025 to US$62.075 billion in 2030, at a CAGR of 3.96%.

Forklift Truck Market Trends:

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 forecast period. 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 is 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.

Forklift Truck Market Growth Drivers:

• 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 indoor settings. These vehicles' significant emission levels encourage customers to switch to electric material handling methods that are simple to manage and operate inside 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.

Forklift Truck Market Geographical Outlook:

• 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 forklift 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.

Forklift Truck Market Segmentations:

Forklift Truck Market Segmentation By Power-Train Type

The market is analyzed by power-train type into the following:

• Internal Combustion Engine (ICE) Forklifts
• Electric Forklift
• Hybrid Forklift

Forklift Truck Market Segmentation By Vehicle Class

The market is analyzed by vehicle class into the following:

• Class I
• Class II
• Class III
• Class IV
• Class V
• Others

Forklift Truck Market Segmentation By End-User

The report analyzes the market by end-user as below:

• Logistics and Warehousing
• Industrial
• Construction
• Manufacturing
• Others

Forklift Truck Market Segmentation By Regions:

The study also analyzed the forklift truck market into the following regions, with country-level forecasts and analysis as below:

• North America (USA, Canada, and Mexico)
• South America (Brazil, Argentina, and Others)
• Europe (Germany, UK, France, Spain, and Others)
• Middle East and Africa (Saudi Arabia, UAE, and Others)
• Asia Pacific (China, Japan, India, South Korea, Thailand, Indonesia, and Others)

Forklift Truck Market Competitive Landscape:

The forklift truck market features key players such as Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Heavy Industries, Ltd., Crown Equipment Corporation, Hyster-Yale Group, Inc., and Komatsu, among others.

Forklift Truck Market Report Coverage:

This report provides extensive coverage as explained in the points below:

• Forklift truck market size, forecasts, and trends by different power-train type, with historical revenue data and analysis focusing on key factors driving adoption, current challenges faced by key players, and major growth areas.
• Forklift truck market size, forecasts, and trends by vehicle class, with historical revenue data and analysis.
• Forklift truck market size, forecasts, and trends by end-user, with historical revenue data and analysis across various segments.
• The forklift truck market is also analysed across different regions, with historical data, regional share, attractiveness, and opportunity of these solutions in different countries. The growth prospects and key players operating in these markets. The section also dwells on the macro factors, economic scenario and other complementing factors aiding in market growth.
• Market dynamics: The section details the market growth factors, restraints, and opportunities in the market. The segment also presents a complete market scenario with the help of Porter’s five forces model.
• Competitive Intelligence: A thorough investigation of the competitive structure of the market presented through a proprietary vendor matrix model, market share analysis of key players, insights on strategies of key players and recent major developments undertaken by the companies to gain competitive edge.
• Research methodology: The assumptions and sources that were considered to arrive at the final market estimates. Additionally, our model is refined to ensure most significant factors are taken into consideration with the proper hypothesis and bottom-up and top-down approaches enhance the reliability of forecasts, further strengthening the trustworthiness of the numbers being presented.

How this report is helpful to you and reasons for purchase?

• The report provides a strategic outlook of the forklift truck market to the decision-makers, analysts and other stakeholders in the easy to read format for taking informed decisions.
• The charts, tables and figures make it easy for the executives to gain valuable insights while skimming the report.
• Analyst support through calls and email for timely clarification and incorporating additional requests.
• Option of presentation or doc format with the estimates file to take care of diverse requirements.
• 15% FREE customization with all our reports help cater additional requirements with significant cost-savings.
• Option of purchasing specific segments of the study, including opting for summary reports or just the estimates file. 

Forklift Truck Market Scope:

Report Metric	Details
Forklift Truck Market Size in 2025	US$51.114 billion
Forklift Truck Market Size in 2030	US$62.075 billion
Growth Rate	CAGR of 3.96%
Study Period	2020 to 2030
Historical Data	2020 to 2023
Base Year	2024
Forecast Period	2025 – 2030
Forecast Unit (Value)	USD Billion
Segmentation	Power-Train Type Vehicle Class End-User Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in Forklift Truck Market	Toyota Industries Corporation KION Group AG Jungheinrich AG Mitsubishi Heavy Industries, Ltd. Crown Equipment Corporation
Customization Scope	Free report customization with purchase

 

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1. EXECUTIVE SUMMARY

2. MARKET SNAPSHOT

2.1. Market Overview

2.2. Market Definition

2.3. Scope of the Study

2.4. Market Segmentation

3. BUSINESS LANDSCAPE

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

3.4. Porter’s Five Forces Analysis

3.5. Industry Value Chain Analysis

3.6. Policies and Regulations

3.7. Strategic Recommendations

4. TECHNOLOGICAL OUTLOOK

5. FORKLIFT TRUCK MARKET BY POWER-TRAIN TYPE

5.1. Introduction

5.2.  Internal Combustion Engine (ICE) Forklifts

5.3. Electric Forklift

5.4. Hybrid Forklift

6. Forklift Truck Market by Vehicle Class

6.1. Introduction

6.2.  Class I

6.3. Class II

6.4. Class III

6.5. Class IV

6.6. Class V

6.7. Others

7. Forklift Truck Market by END-USER

7.1. Introduction

7.2. Logistics and Warehousing

7.3. Industrial

7.4. Construction

7.5. Manufacturing

7.6. Others

8. Forklift Truck Market BY GEOGRAPHY

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. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. 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. Taiwan

8.6.6. Thailand

8.6.7. Indosneisa

8.6.8. Others

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Toyota Industries Corporation

10.2. KION Group AG

10.3. Jungheinrich AG

10.4. Mitsubishi Heavy Industries, Ltd.

10.5. Crown Equipment Corporation

10.6. Hyster-Yale Group, Inc.

10.7. Doosan Group

10.8. Komatsu

10.9. Clark Material Handling Company

10.10. Hangcha Forklift

11. APPENDIX

11.1. Currency

11.2. Assumptions

11.3. Base and Forecast Years Timeline

11.4. Key benefits for the stakeholders

11.5. Research Methodology

11.6. Abbreviations 

Toyota Industries Corporation

KION Group AG

Jungheinrich AG

Mitsubishi Heavy Industries, Ltd.

Crown Equipment Corporation

Hyster-Yale Group, Inc.

Doosan Group

Komatsu

Clark Material Handling Company

Hangcha Forklift