Top Forklift Companies

The global forklift market is projected to grow at a CAGR of 6.5% during the forecast period, from an estimated market size of USD 91.19billion in 2025 to USD 141.32 billion by 2032.

The global forklift market is a consolidated market with the presence of some major market players, such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), and Crown Equipment Corporation (US). These players hold approximately 55–60% of the market share and have a well-established global presence, supply chain, and strong product portfolio. The market is expected to grow due to growth in the e-commerce industry, rising demand for efficient material handling equipment, and stringent emission norms for industrial vehicles. Toyota Industries Corporation (Japan) is spending USD 1 million an hour on R&D on forward-looking, leading-edge technologies and product development in activities associated with the environment, energy and safety. KION AG Group (Germany) deepens automation leadership though strategic partnerships with Quicktron (China) for autonomous mobile robots (AMR) and Eurofork (Germany) for pallet-shuttle systems, integrating these with its Linde and Dematic brands portfolio to deliver end-to-end smart-warehouse solutions.

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Toyota Industries Corporation is a global material handling equipment market leader, operating through its Toyota Material Handling Group division. The company’s operations are divided into three segments: Automobile, Textile Machinery, and Materials Handling Equipment. Toyota offers many products in the Materials Handling Equipment segment, including forklifts, pallet jacks, automated guided vehicles, warehouse solutions, and automation solutions under the Toyota, Raymond, and Aichi brands. Toyota Industries Corporation can sustain its global leadership in material handling by blending aggressive new product development with strategic collaborations. In 2025, Toyota launched more than 22 new electric forklift models and innovative lithium-ion battery solutions for next-generation forklifts, targeting improved efficiency and sustainability. Simultaneously, the company has doubled its R&D investments and deepened collaborations, such as with Vanderlande for logistics automation, enabling advanced automated vehicles, telematics, and integrated warehouse solutions. This dual approach of continuous innovation and alliance-building ensures Toyota’s dominance as a forward-looking market leader in the forklift industry.

KION Group AG is one of the top service providers for supply chain and logistics solutions, and it is known for its Linde Material Handling, Still, Baoli, and Dematic brands. The company offers a vast range of forklifts with gasoline, diesel, electric drives, and automated guided vehicles of various load capacities. Linde has an international presence in over 100 countries and a strong customer support network. It is one of the key brands under KION and offers forklifts, fleet management software, automation systems, and warehousing equipment. Dematic, a pioneer in intelligent solutions and warehouse automation, is also owned by KION Group. The company’s industrial trucks and services segment is a significant revenue source, with nearly 1.9 million units of forklifts and warehouse equipment in use globally as of December 2024. KION Group drives its market leadership through sustained increases in R&D investment, key acquisitions (notably Dematic), and high-profile technology partnerships with firms such as NVIDIA and Accenture to deliver AI-powered automation. In 2024–2025, KION launched new electric forklifts and advanced automation platforms to accelerate geographic expansion across North America, Europe, and Asia Pacific. Its inclusion in the Dow Jones Best-in-Class Europe Index 2025 further underscores KION’s commitment to technology innovation, sustainable solutions, and industry-leading ESG standards. February 2025 highlights its strong commitment to environmental, social, and governance. This blend of advanced technology innovation, wide-ranging product offerings, and continuous investment in sustainable and customer-focused solutions maintains KION's reputation as one of the industry leaders in the forklift and material handling market in 2025.

Jungheinrich AG engages in manufacturing automation systems and material handling equipment, with over 60 years of experience, forming a key player in intralogistics. The firm's business segments include used equipment and short-term rentals, after-sales services, and new truck sales. As of 2025, it has 42 countries with a significant international presence and 11 production sites in Germany and China. Jungheinrich is leading in electric material-handling equipment; moreover, more than 90% of its trucks are Li-ion battery-powered, underpinning its commitment to sustainability. The company's diverse business segments include new and used equipment sales, short-term rentals, after-sales services, and digital fleet management solutions. Innovation is at the heart of Jungheinrich’s business strategy. In 2025, the company showcased major product launches, which include the ETV 3i reach truck, which features cutting-edge lithium-ion technology, high ergonomic standards, and advanced safety functions. Its award-winning EFG 425 electric counterbalanced truck, recipient of the 2025 IFOY Award, reflects Jungheinrich's blend of high performance, energy efficiency, and operator safety.

Mitsubishi Logisnext Co., Ltd. is a leading warehouse management and material handling solutions provider. Six subsidiaries contribute to the business: TCM, Rocla, Cat Lift Trucks, Nichiyu Electric Forklift Trucks, Mitsubishi Forklift Trucks, and Unicarriers. These companies specialize in AGVs as well as IC and electric forklifts. Mitsubishi Logisnext has a vast global dealer network, focusing on the North American region and production facilities in Spain, the Netherlands, Finland, the US, Japan, and China. The company is well-known for the quality and reliability of its products. It has an extensive portfolio of traditional and electric forklift models and AGVs. The company has made notable progress in electrification and announced plans to electrify 90% of its forklift lineup by 2035. It invests nearly USD 20 million in new facilities to boost electric Class I and Class II production. Major innovations include the "PLATTER Auto S Type," an advanced automated forklift solution supporting modern-day demand. Mitsubishi Logisnext secures its leadership in material handling by offering a broad portfolio of traditional, electric forklifts, and AGVs, with a clear commitment to electrification—targeting 90% of its lineup to be electric by 2035 through a USD 20 million investment in new facilities.

Related Reports:

Forklift Market by Propulsion (Electric, ICE, Fuel Cell), Tonnage Capacity, End-Use Industry, by Class (1, 2, 31, 32, 4/5), Operation, Application, Battery Type (Li-ion, Lead Acid), Lifting Capacity, Tire, Product Type, Region - Global Forecast to 2032

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