Forklift Market - Databook 2025 to 2034

The global forklift market size was estimated at USD 72.61 billion in 2024 and is projected to be worth around USD 264.5 billion by 2034, growing at a CAGR of 13.8% from 2025 to 2034.

Highlights of the Forklift Market

• Asia Pacific dominated the global market in 2024.
• North America is predicted to witness significant growth in the market over the forecast period.
• By class, the Class 3 segment held a dominant presence in the market in 2024.
• By class, the Class 1 segment is expected to grow at the fastest rate in the market during the forecast period of 2025 to 2034.
• By power source, the electric segment accounted for a considerable share of the market in 2024.
• By power source, the ICE segment is projected to experience the highest growth rate in the market between 2025 and 2034.
• By load capacity, the 5-15 ton segment led the forklift market.
• By load capacity, the below 5 ton segment is set to experience the fastest rate of market growth from 2025 to 2034.
• By electric battery type, the lead acid segment registered its dominance over the market in 2024.
• By electric battery type, the Li-ion segment is projected to expand rapidly in the market in the coming years.
• By end use, the industrial segment dominated the market.
• By end use, the retail & e-commerce segment is predicted to witness significant growth in the market over the forecast period.

Industry Valuation and Growth Rate Projection

A forklift, also called a fork truck, is an industrial truck that is utilized to pick up and move supplies across short spaces. These trucks carry heavy weights and perform actions that might be considered difficult or dangerous for human workers. Forklifts help around various industrial and warehouse spaces, lifting loads and transporting them across short distances within the complex. These specialized require special training and forklift licenses to operate in many countries, also leading to a demand for forklift operators. However, they have become an essential part of the industrial setup, with applications in industrial, construction, warehousing, retail, shipping, and logistics operations.

Forklifts can also be modified and used for purposes such as maintenance and for specified tasks with a number of attachments. Some of the attachments include those for sweeping, snow plowing, lifting drum barrels, pipes, or even for cleaning. Due to the advent of electric and autonomous forklift models and versions, the market is expected to see substantial growth in the coming years. For instance, Brett Wood, president and CEO of Toyota Material Handling North America, said, “Electric forklifts make up 65% of the North American market, and this trend towards electrification in the material handling industry will continue to grow,” indicating the growth of the forklift market.

Forklift Market: Stats and Figures

• Toyota Material Handling (TMH), along with state and local representatives, has set up a landmark by introducing about $100 million provision for electric forklift production.
• In 2024, Lithium-ion (Li-ion) forklift batteries rocketed by over 10%.
• As per the U.S. Bureau of Labor Statistics, 500,000 people drive forklifts daily and are considered forklift operators.
• According to the Occupational Safety and Health Administration (OSHA), on average, 95 people are seriously injured each day, and in the span of four days, one person dies in the U.S.

How AI Has Benefitted the Forklift Market

When it comes to material handling and forklift operations, Artificial Intelligence (AI) is especially useful for improving the safety, productivity of the machinery, allowing for predictive upkeep, and the development of autonomous forklifts which use AI edge inference computers to navigate the factory or warehouse, or shop floor. There is also a growing adoption of electric forklifts due to developments in energy storage technologies, especially with new advancements in lithium-ion battery technology.

• Tracking: Due to AI, the truck operators can be tracked and supervised for safe driving of forklifts.
• Real-time feedback: As AI can analyze immense data rapidly, real-time feedback concerning the operators can be detected.
• Operator guidance: The supervisors can train and educate workers about basic forklift actions by deploying AI.
• Holding back trash: By checking for waste in the surroundings, AI may help the administrators and operatives stay aware while using forklifts.

Industry Leader Announcements

• Andre Marshall, Product Manager at Doosan Industrial Vehicle America Corporation:

Underscoring the importance of automation in forklifts, Marshall says, “Consumers are interested in a variety of flavors and beverage options, making it very difficult to warehouse in traditional settings. Today’s managers are pushed to expand their product offerings while staying within the same warehouse space. Thus, picking equipment is required to travel higher and narrower aisles to pull merchandise for shipment, while keeping operators safe and productive. The incorporation of automated guided forklifts [or robotic lift trucks (RTLs)] has become more mainstream.”

Geographical Insights 

The global forklift market is experiencing momentous growth, with the Asia Pacific region taking the lead in its position as the dominant region, while Europe held a significant market share in 2024. North America is anticipated to strengthen its presence in the market in the coming years.

Asia Pacific

With major forklift manufacturers’ presence in Asia, it stood out in the market in 2024. Massive production operations being undertaken in the region have given rise to huge demand for forklifts during the past decade. The rise of e-commerce has also driven up demand for large warehouses to store products, which is leading to several market players opting to use forklifts to deal with the large-scale inventory management. These forklifts are widely used in the iron and steel, automotive and shipbuilding industries, which are all currently booming in the Asia Pacific. The increasing automation trend in the region is also leading to the widespread use of these specialized vehicles, ultimately leading to significant growth in the Asian forklift market.

Toyota Material Handling Japan (TMHJ), with its logistics know-how and Fujitsu Limited’s Data Intelligence PaaS, disclosed a cooperative development of Japan's first AI Forklift Driving Analysis service.

North America

The North American region is projected to flourish swiftly in the market over the years as a consequence of rising production and manufacturing provisions. The advent of e-commerce is leading to the development of a robust warehousing infrastructure, high industrial output, and the adoption of advanced manufacturing and supply chain automation.

Hyster-Yale Materials Handling, Inc. forklift trucks declare their proposals to meet the internal manufacturing necessities of the Build America, Buy America (BABA) Act.

Europe

The forklift market is experiencing constant growth owing to technological progress and investment made by private companies. Europe is experiencing a surge in both construction and e-commerce activities, leading to notable growth in the demand for forklifts. Technological advancements in term of automation and robotics is gaining significant traction in Europe, with several companies shifting to autonomous forklifts to improve logistics efficiency and reduce labor dependency.

• British Steel, one of the most prominent suppliers of forklift trucks, has announced the beginning of a £26-million service center for manufacturing purposes.

Recent Developments

• In October 2024, the Kalmar company has established an eight-year Kalmar Complete Care service agreement under which BlueScope, an Australian firm, will be supplied 13 forklift trucks for its Western Port steel processing facility.
• In August 2024, Godrej & Boyce were in talks for an initiative to acquaint the public with lithium-ion battery-powered forklifts containing an originally industrialized Battery Management System (BMS) in India.

Competitive Landscape

The forklift market is highly competitive, with leading automotive companies such as Toyota Industries Corporation, Mitsubishi Logisnext Co., Ltd., Anhui Heli Co., Ltd., Hangcha Group Co., KION Group AG, Crown Equipment Corporation, Jungheinrich AG, and Hyster Yale all with considerable stakes in the market. Emerging businesses also play a pivotal role by initiating trailblazing equipment and stimulating prevailing invention exemplars, implementing a dynamic and leaping competitive landscape.

The market is dominated by quite a lot of automotive companies, well-known for their remarkable contributions to cancer research and treatment. Based on recent data, the top three companies in the lead are:

• Company Name: Toyota Motor Corporation
• Year of Incorporation: 1937
• Headquarters: Aichi, Japan

Toyoto has a dedicated division to forklifts, with a number of solutions for food and beverage storage, cold storage, manufacturing, retail, lumber and construction applications. The annual revenue of Toyota Motor Corporation was $45,095,325,000 in 2024.

• Company Name: Mitsubishi Logisnext Co., Ltd.
• Year of Incorporation: 1937
• Headquarters: Nagaokakyo, Japan

The company deals with the manufacturing of a number of transportation and logistics solutions including forklifts and port cargo handling systems. The yearly revenue of Mitsubishi Logisnext Co., Ltd. rose from $615,421,000 in 2023 to $701,770,000 in 2024.

• Company Name: Anhui Heli Co., Ltd.
• Year of Incorporation: 1958
• Headquarters: Hefei, Anhui, China.

The gross profit of Anhui Heli Co., Ltd. saw an increase from $3,752,692.09 in 2023 to $4,063,944.63 in 2024.