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

The forklift market is projected to grow from USD 91.19 billion in 2025 to USD 141.32 billion in 2032, at a CAGR of 6.5%. Forklifts are one of the most common intralogistics systems and are seen as efficient in handling materials for various applications. The compact size, heavy-weight carrying capacity, and versatility make forklifts the preferred choice in material handling operations. The Asia Pacific market is expected to grow and dominate the global forklift market over the forecast period. Major OEMs such as Toyota Industries Corporation, Kion Group, and Jungheinrich AG are driving a shift towards innovative electric and autonomous models that enhance productivity and efficiency. In addition, the emergence of artificial intelligence with real-time location monitoring and automated material handling capabilities in forklifts has revolutionized warehouse automation at the highest level, thereby encouraging global warehousing industry giants to increase the deployment of autonomous forklifts for optimized operations. Institutional entities like the U.S. National Institute for Occupational Safety and Health (NIOSH) and the Occupational Safety and Health Administration (OSHA) emphasize these advancements in the autonomous forklift market, noting that sensor-equipped forklifts can reduce workplace incidents by promoting safer navigation and load management.

“Electric forklifts are projected to remain dominant in the global market during the forecast period.”

Electric forklifts represent the largest share of the global market. Classified as Class 1, Class 2, Class 3, and Class 2, these forklifts are electrically powered and account for over 70% of the market as of 2024. The demand for electric forklifts is on the rise due to the need to comply with strict emissions standards for industrial vehicles worldwide. Additionally, electric forklifts reduce ownership costs and offer a better return on investment (ROI) compared to internal combustion engine (ICE) forklifts.

The widespread adoption of lithium-ion batteries is another trend ensuring the dominance of electric forklifts. These lithium-ion batteries offer rapid charging, minimal maintenance, and a longer lifespan than traditional lead-acid types. For example, lithium iron phosphate (LFP) batteries are favored by most OEMs for their safety profile, long cycle life, and cost advantages, which make them attractive for multi-shift warehouse operations and cold storage environments. According to BloombergNEF, by December 2024, lithium-ion battery pack prices had fallen to a record low of USD 115 per kilowatt-hour, representing a 20% decline from 2023 and marking the largest annual drop since 2017. Thus, with advancements in battery technologies coupled with emerging stringent emission norms and demand for low-cost and efficient warehouse management, the demand for electric forklifts is expected to increase in the coming years.

“Forklift demand in the E-commerce industry is expected to grow at the fastest CAGR during the review period.”

Forklifts are highly useful in the e-commerce industry as they enable faster and more efficient handling of goods, directly supporting the sector’s growth. With consumer buying shifting from physical shops to digital platforms, forklifts help manage large volumes of goods in warehouses and distribution centers. They play a key role in meeting same-day or quick delivery demands by speeding up loading, unloading, and inventory movement. E-commerce players increasingly rely on advanced electric and autonomous forklifts, which integrate with innovative warehousing technologies to improve operational efficiency. Their usefulness is evident globally, though more pronounced in North America and Europe, where forklifts help e-commerce companies meet faster delivery commitments, often tied to premium services.

“Europe is estimated to be the second-largest forklift market during the forecast period.”

By 2032, Europe is projected to be the second-biggest consumer market for forklifts worldwide. This can be attributed to stringent workplace safety guidelines, high labor costs, high real estate prices, which limit warehouse space, and the stringent European emission norms. Most of the forklift market in Europe falls in three countries, namely Germany, France, and the UK, which are experiencing high growth rates in e-commerce, retail, and manufacturing sectors.

In Europe, forklifts below 5 tons command the most significant and fastest-growing market share, reflecting the region’s strong emphasis on space-efficient, high-throughput indoor material handling. By class, Class 3 (electric pedestrian trucks) and Class 2 (electric narrow aisle trucks) lead the market, driven by high demand in warehousing, retail, and automation-focused sectors across Germany, France, and the UK. The fastest-growing segment, however, is Class 1 (electric motor rider trucks), underpinned by rising e-commerce activity, accelerating automation investments, and stringent emission and safety standards that favor electric, ergonomic, and flexible forklift solutions for Europe’s modern logistics environments. To conclude, Europe is leading the warehouse automation and material handling market due to high labor costs, limited space, and strict safety standards. Further, the surging pharma and chemicals industries are likely to continue boosting the forklift market in the European region.

The break-up of the profile of primary participants in the forklift market:

• By Company Type: Forklift OEMs – 80%, Others – 20%
• By Designation: C Level – 60%, Director-level – 30%, Others - 10%
• By Region: North America– 25%, Europe – 30%, Asia Pacific – 40%, Rest of the World–5%

Mitsubishi Logisnext Co., Ltd. (Japan) is the leading manufacturer of forklifts in the global market. The other key companies include Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), and Crown Equipment Corporation (US).

Research Coverage:

The study segments the forklift market and forecasts the market size based on Tonnage Capacity (below 5 tons, 5–10 tons, 11–36 tons, and above 36 tons), Application (indoor, outdoor, and indoor and outdoor), Class (Class 1, Class 2, Class 3 (Class 31, Class 32), and Class 4/5), Industry (3PL, food & beverage, automotive, pulp & paper, metals & heavy machinery, e-commerce, aviation, semiconductors & electronics, chemical, healthcare, and others), Propulsion (electric and ICE), Operation (manual and autonomous), Product Type (warehouse and counterbalance), by Battery Type (lithium-ion and lead-acid), Tire Type (cushion and pneumatic) and Region (Asia Pacific, Europe, North America, and Rest of the World).

Reasons to buy this report:

The report will help the market leaders/new entrants with information on the closest approximations of the revenue numbers for the overall forklift market and the subsegments. The report includes a comprehensive market share analysis, supply chain analysis, extensive lists and insights into component manufacturers, chapter segmentation based on materials, a thorough supply chain analysis, and a competitive landscape. The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.

The report provides insights into the following pointers:

• Analysis of key drivers (Rising GHG emissions, government incentives and policies, overall targets to reduce fleet-level emissions and increasing demand for emission-free vehicles), restraints (safety concerns in EV batteries and high development cost), opportunities (transition towards hydrogen fuel cell electric mobility), and challenges (high cost of developing charging infrastructure) that are influencing the growth of the forklift market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the forklift market
• Market Development: Comprehensive information about lucrative markets – the report analyzes the forklift market across varied regions
• Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the forklift market
• Deep dive segments on the electric forklift market and their trends
• OEM analysis for electric forklifts
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players in the forklift market, such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co. Ltd. (Japan)

The report also helps stakeholders understand the pulse of the forklift market by providing them with information on key market drivers, restraints, challenges, and opportunities. Show more