Forklift Market Size, Share and Growth Analysis By Type (Counterbalanced, Side Loaders, Rough Terrain, Powered Pallets, Telescopic Handler, and Others), By Propulsion (Gasoline, Diesel, Hybrid Electric, and Electric), By Operation (Manual and Autonomous), By Class (Class 1, Class 2, Class 3, Class 4, and Class-5 & Above), By Application (Industrial, Logistics, Construction, and Others) - Global Industry Analysis, Trends, Regional Outlook and Forecast 2023 - 2032

The global forklift market size reached USD 24.06 billion in 2022 and is expected to hit around USD 32.39 billion by 2032, poised to grow at a CAGR of 3.02% during the forecast period from 2023 to 2032.

Forklift Market Size 2023 To 2032

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Key Takeaways

  • Asia Pacific has held the highest revenue share in 2022.
  • By Type, the rough terrain segment has held the highest revenue share in 2022.
  • By Propulsion, the electric segment had the largest market share in 2022.
  • By Operation, the manual segment dominated the global in 2022.
  • By Application, the industrial segment is estimated to hold the highest market share in 2022.

Forklift Market Overview

Rising security & safety concern for the workers performing transporting and lifting task of heavy materials drives the demand for forklift. Further, the rise in e-commerce shopping platforms boosted the inventory size for the industry players and thus propelled the growth of the market. With the increase in the distribution centers and warehouses by e-commerce giants, thus need for advanced devices for transportation and loading heavy products augment the market revenue. E-commerce and third party logistics (3PL) companies are significantly deploying forklifts in their distribution centers and warehouses to provide easy handling of products and fast delivery to the customers. In 2022, the total spending on e-commerce was reported as USD 3 Tn and is estimated to surpass a value of USD 5 Tn by 2023.

However, high cost associated with the application of battery-powered and fuel cell forklifts along with pollution concerns from gasoline and diesel operated forklifts restrain the market growth. Nonetheless, improvement in industrial sector in Middle East & Africa region expected to offer lucrative growth to the market in the coming years.

Forklift Market in the Asia Pacific 2023 To 2032

The Asia Pacific forklift market size was valued at USD 9.62 billion in 2022 and is expected to reach USD 12.87 billion by 2032, growing at a CAGR of 3% from 2023 to 2032.

Asia Pacific Forklift Market Size 2023 to 2032

Regionally, the global forklift market is segmented into Asia Pacific, North America, Europe, MEAN, Latin America. Asia Pacific region is accounted largest market with a revenue share of 40% in 2022.

Forklift Market Share, By Region, 2022 (%)

The Asia Pacific and Europe projected to offer opportunistic market growth during the forecast period. Rising trend for industrial automation in several manufacturing industries have triggered the lucrative growth in the regions. Those ASEAN and European countries where industrial revolution is still in its upcoming phase offer magnificent growth aspects for the adoption of autonomous forklifts in the industrial and logistics sector

Forklift Market Scope 

Report Coverage Details
Market Size in 2023 USD 24.78 Billion
Market Size by 2032 USD 32.39 Billion
Growth Rate from 2023 to 2032 CAGR of 3.02%
Bae Year 2023
Forecast Period 2023 to 2032
Segments Covered Type, Propulsion, Operation, Application
Regional Scope North America, Europe, Asia Pacific, MEAN, Latin America
Companies Mentioned Komatsu Ltd., Hyster-Yale Material Handling Inc., Mitsubishi Forklift Corporation, Hyundai Heavy Industries Ltd, Toyota Industries Corporation, KION Group AG, Anhui Heli Co. Ltd, Crown Equipment Corporation, Comblift Limited


Type Insights

Rough terrain segment led the global forklift market in 2022 with significant revenue share. The rough terrain forklifts are designed to work on unpaved or rough surfaces. They are generally used at construction sites or military operations. They have large pneumatic tires powered by internal combustion engine, thus they have greater lifting capacity. In addition, they can have vertical tower that lifts load straight up and out from the machine base. The aforementioned benefits and large number of applications drives the growth of rough terrain forklift segment.

Propulsion Insights

Electric forklifts expected to register the fastest growth over the forecast period owing to stringent emission norms imposed by governments of various regions. For instance, in 2016, European Parliament adopted Stage V Standard that has strict limits on the emission of particulate matters from non-road equipment and engines. In addition, ease of automation in the electric-powered or battery-powered triggers the demand for electric forklifts especially in the industrial sector.

Operation Insights

In 2022, manual forklifts acquired maximum revenue share in the global forklift market. Industrial and construction sites have trained workers to operate the forklift. Besides this, increasing number of accidents at workplaces has triggered the consumers to shift towards autonomous forklifts.

Forklift Market Share, By Operation, 2022 (%)

In addition, autonomous forklifts are integrated with advanced software for warehouse management and trace and trace solutions. Sensors in the system help them to prevent collision. Autonomous forklifts are the most preferred initiative towards industrial automation. Above factors conclude, accelerating growth of autonomous forklifts in the coming years.

Application Insights

Industrial segment dominated the global forklift market with nearly half of the revenue share in 2022. The prominent growth of the segment is mainly due to the large number of adoption of forklifts in manufacturing and industrial sector. For bulk product handling several manufacturers have adopted forklifts. In addition, advancement in forklift such as integrated automation and management software along with sensors has accelerated the forklifts adoption rate in the industrial segment.

Forklift Market Share, By Application, 2022 (%)

On the contrary, logistics segment seeks lucrative growth opportunities in the forklift market owing to increasing trend of online shopping and e-commerce platforms. Presently, purchasing trend has changed from offline to online especially of consumer driven products such as consumer electronics, food & beverages, cosmetics, cloths, and other products. This has surged the inventory of any industrial sector, leading to increasing the need for inventory management software and tools, forklift is among them.

Key Companies & Market Share Insights

The global forklift market is largely driven by product innovation and strategic alliances between market players, for example merger & acquisition, collaboration, and joint venture agreements to enhance their services. For instance, Hyster-Yale Materials Handling, Inc. acquired Zhejiang Maximal Forklift Co., Ltd. in June 2018. The acquisition helped Hyster-Yale Materials Handling to expand its regional presence in utility & standards market mainly in China.

Some of the prominent players in the forklift market include:

  • Komatsu Ltd.
  • Hyster-Yale Material Handling Inc.
  • Mitsubishi Forklift Corporation
  • Hyundai Heavy Industries Ltd
  • Toyota Industries Corporation
  • KION Group AG
  • Anhui Heli Co. Ltd
  • Crown Equipment Corporation
  • Comblift Limited
  • Hubtex Maschinenbau GmbH & Co. KG
  • Clark Material Handling Company
  • Hangcha Group Co. Ltd
  • Doosan Industrial Vehicle America Corporation.
  • Manitou Group
  • Konecranes
  • Lonking Forklift Co.
  • Godgej & Boyce Group
  • Unicarriers Americas

Segments Covered in the Report

This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2020 to 2032. The global forklift market has been classified on the basis of type, propulsion, operation, class, application, and region:

Forklift Market Segmentation

By Type

  • Counterbalanced
  • Side Loaders
  • Rough Terrain
  • Powered Pallets
  • Telescopic Handler
  • Others

By Propulsion

  • Gasoline
  • Diesel
  • Hybrid Electric
  • Electric

By Operation

  • Manual
  • Autonomous

By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4
  • Class-5 & Above

By Application

  • Industrial
  • Logistics
  • Construction
  • Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the forklift market size?
According to Precedence Research, the global forklift market size is expected to reach around USD 32.39 Billion by 2032.
What are the uses of forklifts?
Forklifts use mainly two types of energy source that are electricity or combustion engine. They are generally used in warehouses and distribution centers for lifting & transporting goods. They are among the prime equipment for industrial automation.
Which are forklift market growth factors?
Increasing safety concern of workers in the manufacturing and construction sites drives the market growth significantly. Demand for innovative material handling system for loading and transportation of products boost the market growth.
What is the forklift market growth?
The global forklift market is growing at a noteworthy CAGR of 3.02% during the forecast period 2023 to 2032.
Why forklift?
A forklift is a small vehicle equipped with power-operated forked platform that helps in moving vehicle from one place to another.
Which are the promising regions in the global forklift market?
The Asia Pacific and Europe are the most promising regions in the global forklift market.
Which segment accounted for the largest forklift market share?
Rough terrain type segment dominated the global forklift market in 2022 with significant revenue share.
Which application segment held the largest market revenue in 2022?
By application, industrial segment held the largest market revenue in 2022 due to significant adoption of industrial automation tools and equipment.


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