Forklift Market (By Class: Class 1, Class 2, Class 3, Class 4/5; By Power Source: ICE, Electric; By Load Capacity: Below 5 Ton, 5-15 Ton, Above 16 Ton; By Electric Battery Type: Li-ion, Lead Acid; By End Use) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024-2033


The global forklift market size reached USD 65.47 billion in 2023 and is expected to hit around USD 232.89 billion by 2033, poised to grow at a CAGR of 13.53% during the forecast period from 2024 to 2033.

Forklift Market Size 2024 to 2033

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Key Takeaways

  • Asia-Pacific dominated the forklift market with a market share of 48% in 2023.
  • By class, the class 3 segment dominated the market with a revenue share of 44% in 2023.
  • By power source, the electric segment dominated the forklift market's largest revenue share in 2023. 
  • By load capacity, the 5-15 ton segment dominated the market in 2023. 
  • By electric battery type, the lead-acid segment dominated the forklift market largest revenue share of 67% in 2023.
  • By end-use, the industrial has captured more than 25%  of market share in 2023.

Forklift Market in the Asia Pacific 2024 To 2033

The Asia Pacific forklift market size was valued at USD 31.43 billion in 2023 and is expected to reach USD 111.79 billion by 2033, growing at a CAGR of 13.55% from 2024 to 2033.

Asia Pacific Forklift Market Size 2024 to 2033

Asia-Pacific held the largest share in the forklift market in 2023. The segment is observed to sustain the position with an impressive growth rate during the forecast period.  Several well-known forklift manufacturers, including Doosan Corporation and Hangcha Forklift, are based in the Asia Pacific area, which promotes technological advancements and increases industry competitiveness. To stay competitive and productive, end-use industries upgrade their fleets in tandem with corporations as they consistently develop cutting-edge electric forklift models with improved performance and features. Governments, manufacturers, and companies working together are anticipated to be crucial in promoting further developments and the extensive use of forklifts in Asia as the market develops.

Forklift Market Share, By Region, 2023 (%)

Forklift Market Overview

The industry that produces, markets, and distributes powered industrial trucks (PITs), commonly called forklifts, is known as the forklift market worldwide. These industrial vehicles are primarily used in factories, warehouses, shipping yards, and construction sites for short-distance lifting and transporting items. 

In factories, forklifts move components, finished goods, and raw materials between manufacturing lines and storage locations. Trailers are used in mines to carry rocks, minerals, and other resources. They are also utilized in shipping ports and logistical hubs to load and unload containers. Businesses are searching for ways to automate processes as labor costs grow, which has increased the use of automated guided vehicles (AGVs) and other automated forklift solutions.

  • In August 2023, Jungheinrich AG purchased the automated solution provider Magazino. The previous business improved its standing in the market for autonomous mobile robots and associated software through the acquisition.

Growth Factors

  • The demand for effective material handling systems is driven by rising production levels and increased e-commerce activity. 
  • Businesses are implementing integrated management systems and automated forklifts to increase operational effectiveness and safety. 
  • This region's expanding infrastructure and quick economic expansion are generating a lot of opportunities. 
  • Customized and specialist forklift solutions are increasingly in demand due to specific needs across multiple sectors. 
  • Flexible rental solutions meet enterprises' short-term requirements and financial constraints. 
  • Forklifts are necessary for transportation and lifting operations in growing cities and construction projects. 
  • The market is growing in certain regions due to incentives for adopting sustainable forklift technology.

Forklift Market Scope 

Report Coverage Details
Market Size in 2023 USD 31.43 Billion
Market Size by 2033 USD 111.79 Billion
Growth Rate from 2024 to 2033 CAGR of 13.55%
Bae Year 2023
Forecast Period 2024 to 2033
Segments Covered By Class, By Power Source, By Load Capacity, By Electric Battery Type, and By End Use
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Forklift Market Dynamics

Drivers

Increasing demand for forklifts for lean warehouse operations

The primary goals of lean warehouse operations are to reduce waste, increase productivity, and preserve flexibility in response to shifting customer needs. Forklifts are essential to these operations because they make it easier to move and store things in an efficient and well-organized manner. Forklift demand is further fueled by the increased emphasis on optimizing warehouse processes brought about by the growth of e-commerce and just-in-time inventory systems. Furthermore, forklifts are more prevalent in lean warehouse environments due to technological improvements like automation and integration with warehouse management systems, which facilitate smoother operations and greater resource use.

Increased demand for efficient material handling

The need for efficient material handling and transportation grows as enterprises strive to increase production and optimize their operations. For lifting, moving, and stacking items in warehouses, distribution centers, manufacturing facilities, and other industrial settings, forklifts offer a flexible and effective option. 

Restraint

Lack of trained professional operators

Companies may find it challenging to operate forklifts effectively and safely without trained operators, increasing the danger of mishaps, product damage, and possible employee injuries. Inadequate training can lead to lower production and increased maintenance costs because of incorrect equipment use. The lack of qualified workers may restrict the use of forklifts across various industries, impeding market expansion and possibly lowering overall operational effectiveness. 

Opportunities

Expansion of road networks

Road networks improve regional connectivity as they grow, which boosts economic activity and raises the need for effective logistics solutions. Forklifts play a critical role in material handling in transportation hubs, distribution centers, and warehouses, making them indispensable for fulfilling increasing logistics needs. Due to improved road networks, businesses may move goods easily to and from various areas. The efficient loading and unloading of commodities is made possible by forklifts, which boosts supply chain efficiency. The greater accessibility of more extended road networks also fuels the need for forklifts.

The growth of e-commerce and online retailing

The growth of e-commerce has increased the need for effective distribution and warehousing facilities to manage the movement and storage of goods. For these tasks, forklifts are necessary since they make loading, unloading, and transporting items around warehouses easier. As automation and technology advance, the forklift market changes. E-commerce organizations are increasingly using forklifts with advanced features like automation software, sensors, and telematics systems to increase safety, optimize inventory management, and boost warehouse productivity.

Class Insights

The class 3 segment dominated the forklift market with the largest market share in 2023. Hand trucks with electric motors are included in this section. These are hand-controlled forklifts, with the operator controlling the machine from the front of the vehicle using a tiller. Hand trucks are often steered while the driver rides or walks to the destination using a handle at the back of the vehicle. These forklifts can easily move goods throughout the warehouse floor without needing the product to be placed on a high shelf or rack, and they are usually used for transporting objects that require minimal elevations. 

The class 1 segment witnessed significant growth in the forklift market during the forecast period. It is anticipated that the strong demand for electric rider trucks in end-use sectors like manufacturing, food service, retail, and chemical plants would fuel the segment's expansion. Because these forklifts often have fewer moving components, they require less maintenance and cost less overall. Class 1 forklifts are ideal for various work environments, including manufacturing plants and warehouses, where noise levels and available space are important factors. This is because of their quiet operations and simplicity of maneuverability.  

Power Source Insights  

The electric segment dominated the forklift market in 2023. An environmentally beneficial substitute for forklifts driven by gasoline and diesel is electricity. The demand for long-lasting, sustainable forklifts is driven by growing environmental concerns and the depletion of fossil fuel supplies. These forklifts also guarantee a cleaner, healthier work environment for employees. Throughout the forecast period, advancements in battery technology and the growing emphasis on providing a healthy working environment for employees are likely to play a significant role in boosting the segment's growth. Several suppliers are creating new types of electric forklifts to broaden their range of material-handling products.

Load Capacity Insights  

The 5-15 ton segment dominated the forklift market in 2023. Forklifts in the 5–15 ton category were made to perform various jobs, such as moving large items in manufacturing facilities and loading and unloading warehouse pallets. Their adaptability makes them invaluable in a variety of industries. Customers were provided Forklift modification options to customize the machines to meet their demands. Due to this flexibility, businesses could adjust to changing operating requirements and optimize their material handling procedures. 

The below 5 segments show significant growth in the forklift market during the forecast period. Due to their great versatility, these small forklifts enable enterprises to manage a range of load sizes effectively. These little forklifts make transferring goods across constrained floor areas easier and safer. Applications for these forklifts include manufacturing, warehousing, freight handling, material handling, and logistics. These forklifts help safeguard the workers when they are utilized in small warehouses to move hazardous items.

Electric Battery Type Insights  

The lead-acid segment dominated the forklift market in 2023. Although lead-acid batteries can deliver a high-power burst, they might be regarded as a dependable energy source. For this reason, they are frequently seen in electric forklifts. Electric forklifts require high current output to carry out heavy lifting and moving duties. Lead-acid batteries are ideal for these applications because they can provide the required power output without experiencing any noticeable voltage decreases or fluctuations. 

The li-on segment shows a significant growth in the forklift market during the forecast period. Growing environmental concerns are pushing companies to look for environmentally responsible ways to lower their carbon footprint. Lithium-ion batteries present a more environmentally friendly substitute to traditional lead-acid batteries, which include harmful substances like sulfuric acid and lead. Vendors show their dedication to sustainability by complying with the stricter environmental requirements by using lithium-ion technology in their electric forklifts, encouraging the segment's growth.

  • In September 2023, Hangcha Forklift introduced an electric rough terrain forklift powered by high-voltage lithium batteries. The forklift has a 2.5–3.5-ton weight range, no noise, no emissions, and quick charging.

End-Use Insights  

The industrial segment dominated the forklift market in 2023. In industrial settings, forklifts are widely utilized for material handling and warehousing duties. Forklifts are essential in manufacturing plants because they move raw materials, intermediate products, and final goods along production lines. Their capacity to move large objects and maneuver in confined spaces contributes to a smooth material flow, which lowers production bottlenecks and boosts operational effectiveness. 

The retail & e-commerce segment shows significant growth in the forklift market during the forecast period. Over the past few years, the retail and e-commerce industries have changed tremendously due to shifting consumer tastes and an increasing inclination toward online buying. Forklifts are now an essential part of the industry in an ever-changing landscape since they provide specialized applications that facilitate effective material handling and logistics processes. Forklifts are crucial to efficiently running warehouses because they facilitate the smooth transfer of items from order receipt to storage & order fulfillment. Their precise control and compact form allow for quick and easy mobility in confined locations, which maximizes space usage and speeds up inventory management.

Recent Developments 

  • In February 2024, ArcBest announced the introduction of remote-operated autonomous reach vehicles and forklifts. Vaux Smart Autonomy is an expansion of the business's existing warehouse freight management technology.
  • In November 2023, the leading innovator in material handling technology, Toyota Material Handling (TMH), is introducing a new range of electric pneumatic forklifts, including 48V and 80V variants. This sturdy line is perfect for retail applications, including landscaping, home centers, lumberyards, and shop support applications, because it is made to resist outside terrain and operate in various weather conditions.

Forklift Market Companies

  • Anhui Heli Co., Ltd.
  • Clark Material Handing Company, (Clark Equipment Company)
  • Crown Equipment Corporation
  • Doosan Corporation
  • Hangcha
  • Forklift Co., Ltd.
  • Toyota Motor Corporation (Toyota Material Handling)
  • Hyster-Yale Materials Handling, Inc. (Hyster-Yale Group, Inc.)
  • Jungheinrich AG
  • KION Group AG
  • Komatsu Ltd.
  • Mitsubishi Logisnex

Segments covered in the report

By Class 

  • Class 1
  • Class 2
  • Class 3
  • Class 4/5

By Power Source 

  • ICE
  • Electric

By Load Capacity 

  • Below 5 Ton
  • 5-15 Ton
  • Above 16 Ton

By Electric Battery Type 

  • Li-ion
  • Lead Acid

By End Use

  • Industrial
  • Logistics
  • Chemical
  • Food & Beverage
  • Retail & E-Commerce
  • Others

By Regional Outlook

  • North America
    • U.S.
    • Rest of North America
  • Europe
    • U.K.
    • Germany
    • France
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America- Middle East & Africa
    • Brazil
    • Mexico
    • Argentina
    • Colombia
    • South Africa
    • Saudi Arabia
    • UAE

Frequently Asked Questions

How big is the forklift industry?
The global forklift market size is expected to increase USD 232.89 billion by 2033 from USD 65.47 billion in 2023.
What is the growth rate of the forklift industry?
The global forklift market will register growth rate of 13.53% between 2024 and 2033.
Who are the prominent players operating in the forklift market?
The major players operating in the forklift market are Anhui Heli Co., Ltd., Clark Material Handing Company, (Clark Equipment Company), Crown Equipment Corporation, Doosan Corporation,Hangcha, Forklift Co., Ltd., Toyota Motor Corporation (Toyota Material Handling), Hyster-Yale Materials Handling, Inc. (Hyster-Yale Group, Inc.), Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnex, and Others.
Which region will lead the global forklift market?
Asia Pacific region will lead the global forklift market during the forecast period 2024 to 2033.

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