Forklift Market Size and Share - Outlook Report, Forecast Trends and Growth Analysis 2025-2034

The global forklift market reached a value of about 1842.75 Thousand Units in 2024. The market is further expected to grow at a CAGR of 4.50% in the forecast period of 2025-2034 to reach value of around 2861.73 Thousand Units by 2034.

Increased Implementation of Counterbalance Forklifts in Transport and Logistics Operations to Boost the Industry Growth

Based on type, the counterbalance segment leads the global market for forklift, accounting for a significant share in the industry. This can be attributed to the benefits offered by counterbalance trucks, which include features like high performance, improved efficiency, and effective maneuverability. Further, LPG counterbalance equipment are witnessing increased adoption in transport and logistics industries as they do not require the need to be refuelled or recharged while operating both in indoor and outdoor facilities.

The Asia Pacific to Provide Enhanced Growth Opportunities to the Forklift Industry

The Asia Pacific is expected to witness the robust growth over the forecast period owing to the expanding e-commerce sector and the increasing shift towards automation in logistics and material handling industries in the region. The rising demand from emerging nations like India and China are significantly contributing to the industry growth. Further, the increasing demand for advanced technologies like IoT and big data analytics in logistics to enhance the efficiency will further aid the market growth.

Forklift Industry Segmentation

Forklift refers to a powered industrial truck which is particularly designed to lift materials and move them over short distances. It is also referred to as lift truck or forklift truck. It is commonly used to load and unload goods in various industries including warehouses and other large storage facilities. They enhance operator safety and productivity while providing comfort during material handling.

Based on class, the market is divided into:

• Class 1
• Class 2
• Class 3
• Class 4 and 5

By type, the industry can be bifurcated into:

• Counterbalance Type
• Warehouse Type

On the basis of technology, the industry is broadly categorised into:

• IC Engine
• Electric

The regional markets for the product include:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Growing E-Commerce Industry to Bolster the Growth of the Global Market for Forklift

The growth of the e-commerce sector and the growing focus on enhancing the safety and security of workers in logistics industry are the main factors driving the growth of the market. The e-commerce giants are making significant investments in setting up new warehouses and distribution centres in developing regions, which is significantly contributing to the industry growth. Further, the deployment of forklifts in warehouse provides improved safety and ensures fast delivery of products to customers, thus, resulting in its increased demand. Further, the rapid urbanisation and the increasing construction activities across the globe will enhance the market for forklift trucks, thus, aiding the growth of the overall industry.

Over the forecast period, the market for electric forklift is expected to witness significant growth due to the implementation of stringent emission norms for diesel vehicles. Further, the rising investments by the manufacturers in R&D activities to develop advanced forklifts and enhance their productivity is expected to have a positive effect on the expansion of the market.

Key Industry Players in the Global Forklift Market

The report gives a detailed analysis of the following key players in the global forklift market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Toyota Material Handling, Inc.
• Crown Equipment Corporation
• Jungheinrich AG
• Komatsu Ltd.
• Anhui Heli Co., Ltd.
• Doosan Industrial Vehicle America Corp.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

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