The global forklift market was valued at approximately USD 65.16 billion in 2023, and it is anticipated to expand at a compound annual growth rate (CAGR) of 13.5% from 2024 through 2030. The market is expected to reach USD 154.99 billion by 2030.
A growing focus on sustainability and environmental awareness is encouraging a shift from diesel and gas-powered forklifts toward electric models. Governments worldwide are advancing policies aimed at achieving net-zero emissions. As part of these efforts, the Federal Economic Development Agency for Southern Ontario announced a USD 3.6 million investment in Stromcore Energy Inc. in May 2023, supporting the development of eco-friendly forklift technologies. Stromcore Energy plans to launch two innovative products: a zero-emission electric forklift developed in partnership with Amazon and an AI-driven charger called Turbo Bank. These developments align with Ontario’s goals to promote green manufacturing technologies.
Forklifts are essential in airports and seaports for efficient goods movement and are key in enabling the quick and organized transfer of materials necessary for ongoing infrastructure projects. For instance, New South Wales introduced a long-term strategy in June 2023 to enhance the operations at Port Botany and Port Kembla, expecting substantial growth in container and vehicle trade. The increased use of forklifts in these high-activity environments enables efficient organization and transport of materials.
Market Dynamics
Growth Stage and Innovation: The forklift market is in a mid-growth stage, with significant advancements in technology, particularly in autonomous vehicle solutions. This evolution is expected to drive market expansion as autonomous forklifts improve safety and operational efficiency. Product innovation remains high, with key market players frequently introducing new, advanced models to maintain competitive advantage.
Regulatory Environment and Safety: Regulatory bodies, such as OSHA, mandate forklift operators’ training to minimize workplace accidents, recognizing the importance of safe handling practices.
Alternative Handling Solutions: Alternatives to forklifts, such as conveyor and automated guided systems, present potential challenges to market demand due to their space efficiency, safety, and operational convenience. However, forklifts remain integral for many sectors, including construction, automotive, aerospace, and logistics, which require robust, flexible equipment for material handling.
Class 3 Dominance: Electric motorized hand trucks, or Class 3 forklifts, led the market in 2023 with a 43.1% share. These are ideal for low-lift applications and warehouse navigation, with easy-to-operate controls for maneuvering items across short distances.
Electric Forklifts on the Rise: Forklifts powered by electricity led the power source segment in 2023, driven by their eco-friendliness and advancements in battery technology. Notably, AB Volvo Penta partnered with FTMH Fantuzzi to develop a heavy-duty electric forklift, demonstrating an industry shift toward sustainable equipment.
Load Capacities: Forklifts with a load capacity between 5-15 tons dominated the market in 2023, favored for their versatility in handling diverse materials. However, compact forklifts with below 5-ton capacities are gaining traction due to their adaptability in limited spaces, especially for warehouses and manufacturing facilities.
Lead-acid batteries, known for their powerful surge capacity, held a major market share of 66.77% in 2023. Conversely, lithium-ion batteries, which offer a cleaner, eco-friendly alternative to traditional lead-acid options, are expected to see significant growth due to rising environmental consciousness.
Industrial Sector: Forklifts are pivotal in industrial environments for tasks such as warehousing and material handling. In manufacturing, forklifts help manage raw materials and finished goods across production areas, thereby improving workflow efficiency.
Retail & E-commerce Growth: The shift to online shopping has transformed retail and e-commerce logistics, with forklifts playing a key role in handling orders and optimizing warehouse operations.
Asia Pacific Leadership: In 2023, Asia Pacific accounted for a 47.6% share of the forklift market, driven by leading manufacturers and continued investments in electric forklift innovations. Europe is projected to grow due to increased demand for sustainable supply chain solutions, with an emphasis on reducing carbon footprints.
Anhui Heli Co., Ltd.
Clark Material Handing Company, (Clark Equipment Company)
Crown Equipment Corporation
Doosan Corporation
Hangcha Forklift
Hyster-Yale Materials Handling, Inc.(Hyster-Yale Group, Inc.)
Jungheinrich AG
KION Group AG
Komatsu Ltd.
Mitsubishi Logisnext Co., Ltd.
Toyota Motor Corporation (Toyota Material Handling)
Each offers a range of products tailored to various industries, with extensive efforts in product development and innovation.
The report provides revenue forecasts and trend analyses at the global, regional, and country levels from 2018 to 2030. Market Research Port has segmented the global forklift market based on class, power source, load capacity, electric battery type, end use, and region.
– Class 1
– Class 2
– Class 3
– Class 4/5
– Internal Combustion Engine (ICE)
– Electric
– Below 5 Ton
– 5-15 Ton
– Above 16 Ton
– Lithium-ion (Li-ion)
– Lead Acid
– Industrial
– Logistics
– Chemical
– Food & Beverage
– Retail & E-Commerce
– Others
– North America
– United States
– Canada
– Europe
– United Kingdom
– Germany
– France
– Italy
– Spain
– Asia Pacific
– China
– India
– Japan
– Australia
– South Korea
– Latin America
– Brazil
– Mexico
– Argentina
– Middle East & Africa (MEA)
– United Arab Emirates (UAE)
– Saudi Arabia
– South Africa
