Forklift Market By Class (1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-ion, Lead Acid), Tonnage Capacity, Operation, Application, Tire, Product Type, End Use Industry, Electric Forklift, Lifting Capacity & Region - Global Forecast to 2030
[376 Pages Report] The global forklift market is projected to grow from USD 85.2 billion in 2024 to USD 125.4 billion by 2030 at a compound annual growth rate (CAGR) of 6.7%. The market is experiencing growth due to the rising demand for automated warehouses, expansion of the e-commerce industry, and increasing need for sustainable intralogistics equipment. Companies are increasingly using material handling equipment because of rising labor costs and a shortage of skilled labor. This is driving the demand for forklifts. Asia Pacific is the largest market for forklifts. This is due to the presence of major manufacturing companies in countries such as China, Japan, and India, leading to a consistently high demand for forklifts in manufacturing centers and warehouses.
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Market Dynamics
DRIVER: Growth in e-commerce and warehousing industries
The e-commerce industry is witnessing strong growth due to the increasing number of online shoppers, driven by the widespread adoption of the internet and smartphones. Factors such as convenience, a wide range of options, and favorable return policies are encouraging consumers to shop online, leading to growth in both business-to-consumer (B2C) and business-to-business (B2B) e-commerce. The rise in online sales of pharmaceuticals, household goods, and food items particularly highlights the increase in B2C sales. According to the International Trade Administration, global B2C e-commerce revenue is expected to reach USD 5.5 trillion by 2027, with consumer electronics, fashion, and furniture as the leading revenue segments. China, the US, Germany, Japan, and the UK are the major economies dominating the global e-commerce market. According to the US Census Bureau, adjusted US retail e-commerce sales reached USD 285.2 billion in the fourth quarter of 2023, marking a 0.8% increase from the previous quarter.
RESTRAINT: Increasing demand for stacker cranes
Stacker cranes are utilized for pallet storage and retrieval in rack systems, offering several operational advantages. They can navigate through narrow aisles, which is not possible with forklifts due to the space required for maneuvering. While forklifts are commonly used for the same task, stacker cranes excel in facilitating the storage and retrieval of goods at greater vertical heights. They are particularly suitable for warehouses with limited floor space but high vertical clearance, as they can operate in narrow aisles and access higher storage levels compared to forklifts.
The racks in warehouses can support stacker cranes without requiring additional structures, and the crane mounted on the racks inherently provides a safe structure, eliminating the risk of tipping over. These advantages have contributed to the growing demand for stacker cranes. Single-column stacker cranes are designed to be swift and precise in order picking and storage, while double-column stacker cranes can handle higher load capacities by containing the load platform between two columns. The rising demand for automated warehouses to enhance operational efficiency and reduce human error has led to increased adoption of automated storage and retrieval systems (ASRS). This has resulted in the increased application of stacker cranes in various industries. According to MarketsandMarkets Analysis, the global stacker crane market is expected to grow from USD 976 million in 2021 to USD 1,442 million in 2027, at a CAGR of 6.7%.
OPPORTUNITY: Evolution of rental and refurbished forklifts
Forklift manufacturers are frequently introducing a wide range of models with many technical advancements. This attracts both first-time customers in need of a material handling solution for their applications and existing customers looking to upgrade to a modern and advanced material handling solution. While some customers add newer models to their material handling fleet, most prefer to replace their old forklifts with the latest models. As a result, there is a growing demand for used forklifts among various customers, including SMEs and new entrepreneurs who cannot afford new forklifts. Renting or leasing forklifts allows companies to access the equipment they need without making significant capital investments or facing large upfront costs, which is especially beneficial for businesses with seasonal fluctuations or temporary increases in demand. The growth of the e-commerce and warehousing industries, infrastructural development, and construction activities is also boosting the demand for forklifts. Renting forklifts can be more cost-effective than purchasing, especially for short-term needs. It also reduces the risk of loss incurred by the obsolescence inherent in the purchase of material handling equipment. Due to these factors, companies find rental services to be more economical than equipment purchases. In the US, key rental forklift companies include BigRentz, Sunbelt Rentals, United Rentals, Herc Rentals, and Ahern Rentals. BigRentz, an online equipment rental, offers forklifts and various construction equipment with a streamlined system and over 8,000 rental yards, providing comprehensive rental solutions for forklifts with reliable equipment and excellent customer support.
The adoption of used forklifts also helps cut down on the waste and energy used to make new forklifts. Toyota, KION, Jungheinrich AG, and Hyster-Yale offer certified refurbished trucks with warranties and after-sales services. Jungheinrich's "Jungstars" range has a warranty for 12 months and comes with several service choices, while KION's refurbishment initiatives support sustainability objectives across various processing plants within Europe.
CHALLENGE: High initial cost of electric forklifts
For many years, gas and diesel-powered LPG forklifts have been widely used and have significantly improved performance and productivity. However, with increasing concerns about fumes, noise levels, and high fuel prices, electric forklifts have become a more convenient option. Electric forklifts offer cost savings and environmental benefits, making them a more realistic choice. Despite this, the high initial cost of electric forklifts, which is almost 20% higher than conventional internal combustion models, poses a significant challenge for small and medium-sized enterprises (SMEs) in particular. Although electric forklifts can ultimately provide a greater return on investment due to lower fuel and maintenance costs, the substantial upfront expenses make them difficult for SMEs to afford. This issue is aggravated by limited productive work hours for these businesses, resulting in longer periods needed to recoup their investments. As a result, many SMEs find it difficult to justify switching to electric forklifts, irrespective of the sustainability benefits they offer.
Furthermore, due to the high initial cost of autonomous forklifts, which surpasses that of electric versions, they remain unattainable by most small businesses. For smaller companies, autonomous forklifts are unaffordable because their starting prices are higher than electric ones.
FORKLIFT MARKET ECOSYSTEM
The major players in the forklift market are Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co. Ltd. (Japan). They offer the latest technologies, diversified portfolios, and a robust distribution network worldwide.
Indoor segment to be largest application of forklifts during forecast period
By application, the indoor segment is projected to lead the forklift market due to the growth in the warehouse and logistics industries. Indoor forklifts are an essential part of the material handling fleet in the logistics industry. According to MarketsandMarkets analysis, the global logistics market is projected to grow at a CAGR of 11.5% during 2022−2027 due to the growing online shopping industry. Asia Pacific is projected to show the highest growth in the indoor forklift market. According to the International Trade Association, the e-commerce market in this region is projected to be USD 28.9 trillion by 2026. China is the largest e-commerce market and a global manufacturing hub; this contributes to the growth of the regional indoor forklift market. Anhui Heli Co., Ltd. (China), Hangcha (China), Mitsubishi Logisnext Co., Ltd. (Japan), Toyota (Japan), and Hyundai (South Korea) are some of the leading global forklift market players with a strong presence in Asia Pacific.
Less than 2 tonnage lifting capacity segment to lead electric forklift market during forecast period
The rapid growth of the e-commerce industry has increased the demand for effective material handling solutions in warehouses and distribution centers. Less than 2-ton electric forklifts are small, compact, and energy-efficient. They are mainly used for indoor applications, especially in warehouses with limited moving space. They work efficiently in tighter spaces where maneuverability is important. These forklifts entail less maintenance cost, which makes them attractive to SMEs.
Below 5 tons to be largest as well as fastest-growing segment of forklift market during forecast period
By tonnage capacity, the below 5 tons segment is estimated to gain maximum market share at the global level in 2024; it is also projected to be the fastest-growing segment during the forecast period. These forklifts find applications throughout the intra-logistics system for their efficiency in handling material applications. They have multiple applications in the warehouse and logistics industries, especially in Asia Pacific and European countries like China, Japan, and Germany, where warehouses are small due to space constraints. Less energy consumption, swift operations, and easy maneuverability make 5-ton forklifts suitable for applications in compact places, especially indoor operations for handling goods.
Asia Pacific to be largest market for forklifts during forecast period
The Asia Pacific region is projected to account for the largest forklift market share during the forecast period. Increasing e-commerce activities driven by rapid urbanization, infrastructure development, and economic growth are likely to continue to fuel the demand for forklifts in the region. In Asia Pacific, Class 3 forklifts have a major market share as they are predominantly used in warehouses and factories. Class
3 forklifts have a lower initial cost, and operators are more available for these forklifts.
China is projected to continue dominating the forklift market in this region during the forecast period, and the growth is attributed to the country's robust industrial base and fast-growing e-commerce market.
Key Market Players
The forklift market is consolidated and boasts a presence of established companies, including Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co. Ltd. (Japan). These companies have adopted product launches, partnerships, and joint ventures to gain traction in the forklift market.
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|
Report Attribute |
Details |
|
Years considered for market size |
2019–2030 |
|
Base year considered |
2023 |
|
Market growth forecast |
USD 125.4 Billion by 2030 from USD 85.2 Billion in 2024 at a CAGR of 6.7% |
|
Forecast period |
2024–2030 |
|
Forecast units |
Volume (Units) and Value (USD Million/Billion) |
|
Segments covered |
Forklift Market By Tonnage Capacity, Tire Type, Class, End-use Industry, Propulsion, Operation, Application, Type, Region, Electric Forklift Market By Battery Type, Electric Forklift Market By Lifting Capacity |
|
Geographies covered |
Asia Pacific, North America, Europe, and Rest of the World |
|
Top players |
Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), and Crown Equipment Corporation (US) |
The study categorizes the Forklift market based on tonnage capacity, application, class, industry, propulsion, operation, product type, battery type, tire type, and region at regional and global levels.
By Tonnage Capacity
- Below 5 Tons
- 5–10 Tons
- 11–36 Tons
- Above 36 Tons
By Application
- Indoor
- Outdoor
- Indoor And Outdoor
By Class
- Class 1
- Class 2
- Class 3
- Class 4/5
By Industry
- 3PL
- Food And Beverage
- Automotive
- Paper And Pulp
- Metals And Heavy Machinery
- E-Commerce
- Aviation
- Semiconductors And Electronics
- Chemical
- Healthcare
- Others
By Propulsion
- Electric
- ICE
By Operation
- Manual
- Autonomous
By Product Type
- Warehouse
- Counterbalance
Electric Forklift by Battery Type
- Lithium-Ion
- Lead-Acid
By Tire Type
- Cushion
- Pneumatic
Electric Forklift by Lifting Capacity (Below 2 tons, 2–5 tons and Above 5 tons)
By Region
- Asia Pacific
- Europe
- North America
- Rest Of the World
Recent Developments
- In June 2024, Toyota Industries Corporation announced that it would launch its innovation center in Linköping, Sweden. The opening of this center is scheduled for the end of September 2024. This center will serve as an R&D center and a hub for workshops and pitch events.
- In September 2023, Jungheinrich AG and Mitsubishi Logisnext launched their joint venture, Rocrich AGV Solutions, which specializes in mobile automation solutions. Based in Houston, TX, US, with operational support from Marengo, IL, Rocrich offers a comprehensive range of AGVs and robotics for warehouses and production facilities across North America.
- In September 2023, Crown launched the ESR 1200 Series reach trucks, succeeding the award-winning ESR 1000 Series. These trucks feature a highly stable mast design, allowing operators to handle heavy loads quickly and safely. They have a capacity of 1,200 kg at 12 meters. The mast technology boosts productivity by providing up to 36% higher stability, reducing swaying and vibration, and offering better visibility with an angled cross-beam design.
- In September 2023, Toyota Industries Corporation launched electric pneumatic forklifts in 48V and 80V models. These forklifts are used for lumber yards, home centers, landscaping, and store/warehouse applications. They are offered in ranges from 3,000 to 7,000 pounds.
- In April 2023, KION's subsidiary Linde Material Handling launched X35 – X50 electric forklift trucks. These front-wheel-drive trucks are powered by dual permanent magnet-assisted synchronous reluctance motors (SRM+). The X35 – X50 electric forklift trucks have a 3.5-ton to 5-ton load capacity.
- In March 2023, KION Group and Li-Cycle formed a strategic partnership on lithium-ion battery recycling for industrial trucks. This partnership aimed to achieve up to 95% recycling efficiency through Li-Cycle's sustainable process. The initiative, starting with a new recycling plant in Magdeburg and expanding across Europe, supported KION's commitment to sustainability and compliance with future EU battery regulations.
- In March 2023, Jungheinrich AG opened a new integrated facility in Bhiwandi, India. The facility has warehouses, workshops, and a training center for electric forklifts and warehouse equipment. With this expansion, the company aims to meet the increasing demand for modern logistics solutions in the Indian market. It is also planning to introduce advanced automation solutions like AGVs to the Indian market.
Frequently Asked Questions (FAQ):
What is the current size of the global forklift market?
The global forklift market size is estimated at USD 85.2 billion in 2024, with Asia Pacific capturing the leading market share.
Which application currently dominates the forklift market?
The indoor segment currently dominates the forklift market by application.
Who are the leading companies in the forklift market, and what strategies have they implemented?
Key players in the forklift market include Toyota Industries Corporations (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), and Crown Equipment Corporation (US). These companies are focusing on product launches and securing supply contracts to enhance their market presence.
How does the demand for forklifts differ by region?
Asia Pacific is projected to be the largest market for forklifts during the forecast period, followed by Europe and North America. The growth is primarily driven by the Chinese market. The presence of major market players and government support through incentives and subsidies are likely to promote the adoption of zero-emission vehicles in Asia Pacific.
What are the growth opportunities for the suppliers in the forklift market?
The rising demand for autonomous and electric forklifts is expected to create significant growth opportunities for suppliers in the forklift market. .
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The research study involved extensive use of secondary sources such as company annual reports/presentations, industry association publications, industrial vehicle magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, technical articles, and databases to identify and collect information on the forklift Market. Primary sources—experts from related industries, including forklift OEMs, battery, and other component suppliers —were interviewed to obtain and verify critical information and assess the growth prospects and market estimations.
Secondary Research
Secondary sources for this research study included corporate filings (such as annual reports, investor presentations, and financial statements), trade, business, professional associations, white papers, certified publications, articles by recognized authors, directories, and databases. The secondary data was collected and analyzed to arrive at the overall market size, which was further validated through primary research.
Primary Research
Primary interviews have been conducted with market experts from both the demand (OEM) and supply-side players across four major regions: North America, Europe, Asia Pacific, and the Rest of the World. Approximately 20% of interviews have been conducted from the demand side, while 80% of primary interviews have been conducted from the supply side. The primary data has been collected through questionnaires, e-mails, and telephonic interviews. In the canvassing of primaries, various departments within organizations, such as sales and operations, have been covered to provide a holistic viewpoint in this report.
After interacting with industry experts, brief sessions with highly experienced independent consultants have been conducted to reinforce the findings from primary interviews. This, along with the opinions of the in-house subject matter experts, has led to the findings described in the remainder of this report.
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Market Size Estimation
BOTTOM-UP APPROACH: FORKLIFT MARKET
The bottom-up approach has been used to estimate and validate the size of the forklift market. In this approach, the country-level sales of forklifts (in units) have been derived from secondary sources and various databases and validated through primary interviews. Further, the country-level penetration of forklifts by class (Class 1, Class 2, Class 3, and Class 4/5) has been derived. The country-level sales of forklifts (in units) have been further multiplied with the penetration of each forklift class type. The forecast has been analyzed based on micro and macro-economic factors such as countries' economic growth and GDP forecast trends, e-commerce industry growth, emission regulations, supply chain and logistics trends, and technological advancements. Through this, the forklift market volume, by class, has been derived for each country. The summation of country-level markets provided the regional-level markets. The further summation of regional-level markets provided the global forklift market in terms of volume (units) by region and class.
BOTTOM-UP APPROACH: BY CLASS
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TOP-DOWN APPROACH: FORKLIFT MARKET
The top-down approach has been followed to determine the market size by application, end-use industry, tire type, propulsion, and tonnage capacity in terms of volume and value for forklifts. The region-wise forklift market volume and value (Asia Pacific, North America, Europe, and the Rest of the World) have been derived from the global forklift market. The percentage share of forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity has been derived from secondary sources and validated through primaries. It has been further multiplied by the region-wise forklift market volume and value. The forecast has been analyzed based on micro and macro-economic factors such as countries economic growth and GDPs forecast trends, e-commerce industry growth, emission regulations, supply chain and logistics trends, and technological advancements. The market volume and value for forklifts by application, end-use industry, tire type, propulsion, and tonnage capacity have been derived through this. The summation of all region-wise markets has been carried out to obtain the total market for forklifts by application, end-use industry, tire type, operation, propulsion, and tonnage capacity in terms of volume (units) and value (USD million).
TOP-DOWN APPROACH
Data Triangulation
All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated and enhanced with detailed inputs and analysis from MarketsandMarkets and presented in the report. The following figure is an illustrative representation of the overall market size estimation process employed for this study.
Market Definition
A forklift is an industrial vehicle with an attached, power-operated forked platform that can be raised and lowered to fit underneath cargo to lift or transfer it. Forklifts are used in many industries, including big storage facilities like warehouses. Combustion engines and electric battery-powered forklifts are available in the market. This equipment is widely utilized throughout various sectors for transporting materials and goods.
Key Stakeholders
- Forklift System Manufacturers and Suppliers
- Forklift Fleet Owners
- Forklift Dealers and Distributors
- Autonomous Forklift Solution Providers
- Material Handling Associations
- Government Agencies and Policymakers
- Global Industrial Vehicle and Container Handler Associations
Report Objectives
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To define, describe, and forecast the forklift market in terms of value and volume based on the following segments:
- By tonnage capacity (below 5 tons, 5–10 tons, 11–36 tons, and above 36 tons)
- By application (indoor, outdoor, and indoor and outdoor)
- By class (Class 1, Class 2, Class 3, and Class 4/5)
- By end-use industry (Third-party logistics (3PL), food & beverage, automotive, pulp & paper, metals and heavy machinery, e-commerce, aviation, semiconductors and electronics, chemicals, healthcare, and others)
- By propulsion (electric and ICE)
- By operation (manual and autonomous)
- By type (warehouse and counterbalance)
- Electric forklift, by battery type (lithium-ion and lead-acid)
- By tire type (cushion and pneumatic)
- Electric Forklift by Lifting Capacity (Below 2 tons, 2–5 tons and Above 5 tons)
- By region (Asia Pacific, Europe, North America, and the Rest of the World)
- To provide detailed information about the major factors influencing market growth (drivers, challenges, restraints, and opportunities)
- To strategically analyze the market concerning individual growth trends, prospects, and contributions to the total market
- To strategically analyze the competitive landscape, prepare a company evaluation matrix for the players operating in the global market, evaluate the share/ rankings based on product footprints of leading market players, and position them on the 2x2 quadrant. Also, analyze the competitive landscape of start-ups/ SMEs of forklift manufacturers and evaluate them based on product footprint and position them on the 2x2 quadrant.
- To strategically analyze the market in terms of value chain, case study analysis, patent analysis, revenue analysis, OEM analysis, total cost of ownership, ecosystem analysis, trends/ disruptions impacting buyers, pricing analysis, technology analysis, and regulatory analysis in the forklift market
- To track and analyze competitive developments, such as product launches, deals, and other activities by key industry participants
- To examine the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the specific requirements of companies. The following customization options are available for the report:
FORKLIFT MARKET BY TONNAGE CAPACITY AND COUNTRY
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Asia Pacific
- China
- Japan
- South Korea
- India
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
-
North America
- US
- Canada
- Mexico
-
Rest of the World
- Africa
- Australia and Oceania
FORKLIFT MARKET BY CLASS (CLASS 31, CLASS 32)
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Asia Pacific
- China
- Japan
- South Korea
- India
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
-
North America
- US
- Canada
- Mexico
-
Rest of the World
- Africa
- Australia and Oceania
Generating Response ...
Growth opportunities and latent adjacency in Forklift Market
Hello - can you please tell me the extent of the historical data available in this report? Thank you.
I performed a market survey for 38 FLT fleet customers and would like to summarize the gathered data in SWOT presentation. I appreciate if can send me a PowerPoint sample presentation to my personal e.mail
Hi. I am interested to understand if you have United States forklift historical data by class for each state and also at each county level. Thank you.
I would llike to have market information regarding forklift and machinery in general for Central America, The Caribbean, Colombia and Latin America in general.
We are Forklift Truck Arm Manufacturer. We have a factory in USA. We want to find the size of the AFTER Market for Forklift Truck in USA.
We are beginning a large-scale marketing effort with a new entrant into the market. This seems like an invaluable source of information, but having not used your services in the past, a sample would be greatly appreciated.