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Forklift Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034

Publisher Global Market Insights
Published Apr 07, 2025
Length 173 Pages
SKU # GMI19996885

Description

The Global Forklift Market was valued at USD 81.8 billion in 2024 and is estimated to grow at a CAGR of 5.6%, reaching USD 137.8 billion by 2034, driven by rapid advancements in electric and hybrid forklift technologies, rising e-commerce activities, and a global emphasis on warehouse automation. Manufacturers are developing forklifts with longer battery life, faster charging capabilities, and improved efficiency, aligning with global sustainability goals. Innovations such as hydrogen-powered forklifts and autonomous navigation systems are also reshaping the landscape, offering companies enhanced operational performance and lower carbon footprints.

Manufacturers are developing forklifts with longer battery life, faster charging capabilities, and improved operational efficiency, aligning closely with global sustainability goals and the broader industry shift toward carbon-neutral operations. Advanced lithium-ion battery technologies are increasingly replacing traditional lead-acid batteries, offering significant advantages such as shorter charging times, longer run times, maintenance-free operation, and greater energy efficiency. These improvements not only reduce downtime and operational costs but also contribute to minimizing the environmental footprint of logistics and material handling operations. In addition to electric forklifts, hydrogen-powered forklifts are emerging as a compelling solution, particularly for heavy-duty and high-intensity applications where long operating hours and quick refueling are critical.

The forklift market is primarily segmented by type, with warehouse forklifts leading in 2024, generating USD 49.6 billion. Warehouse forklifts are vital for efficient material handling in logistics hubs, distribution centers, and manufacturing plants, especially as the demand for faster and more accurate order fulfillment rises globally. Advancements in battery technologies and ergonomic designs have further boosted the adoption of these forklifts, enhancing productivity and operator safety.

In terms of end-use, the retail & e-commerce segment generated reaching USD 25.36 billion in 2024. The explosive growth of online shopping platforms has intensified the need for agile, reliable, and energy-efficient material handling solutions, driving forklift demand across warehouses and distribution networks. Forklifts equipped with IoT connectivity and automation capabilities are increasingly deployed to optimize inventory management, streamline logistics operations, and ensure quick turnaround times.

Asia Pacific Forklift Market generated USD 10.1 billion in 2024 driven by the region's booming manufacturing sector, expansive e-commerce market, and strong infrastructure development initiatives. Countries like China, Japan, and India are at the forefront, embracing electric forklifts and smart warehouse solutions to enhance supply chain efficiencies and meet strict environmental regulations. Europe and North America remain crucial markets, supported by investments in sustainable technologies and industrial automation.

Companies such as Toyota Industries Corporation, KION Group AG, Crown Equipment Corporation, Hyster-Yale Materials Handling, Jungheinrich AG, Mitsubishi Logisnext, and Anhui Heli are actively shaping the forklift market through innovation, mergers & acquisitions, and strategic collaborations. Key strategies include expanding electric forklift offerings, integrating AI-powered solutions for predictive maintenance, and leveraging digital platforms to offer fleet management services.

Table of Contents

173 Pages
Chapter 1 Research Methodology
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 360 degree synopsis, 2021-2034
2.2 Business trends
2.2.1.1 Total Addressable Market (TAM), 2025 - 2034
2.2.1.2 TAM trends
2.3 Regional trends
2.4 Type trends
2.5 Fuel type trends
2.6 Class trends
2.7 End-use trends
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Raw material suppliers
3.1.2 Component providers
3.1.3 Manufacturers
3.1.4 Fuel integrators
3.1.5 Technology providers
3.1.6 End users
3.2 Supplier landscape
3.2.1 Supplier landscape
3.3.1 Introduction of li-ion batteries
3.3.2 Smart connectivity and fleet management
3.3.3 Automation and robotics integration
3.3.4 IoT and telematics
3.4 Patent analysis
3.5 Key news and initiatives
3.6 Regulatory landscape
3.6.1 North America
3.6.1.1 ANSI/ITSDF Standards
3.6.1.2 Occupational Safety and Health Act (OSHA)
3.6.1.3 Canadian Standards Association standards
3.6.2 Europe
3.6.2.1 The Health and Safety at Work Act 1974 UK
3.6.2.2 French Labor Code, 1973
3.6.2.3 German Occupational Safety Act
3.6.2.4 Royal decree of Spain
3.6.3 Asia Pacific
3.6.3.1 Workplace Safety and Health Act (WSHA),2006
3.6.3.2 Factories Act, 1948
3.6.3.3 The Industrial Safety and Health Act (ISHA),1972
3.6.3.4 Industrial Safety and Health Act,1972
3.6.3.5 Work Safety Law
3.6.3.6 Work Health and Safety (WHS) Act, 2011
3.6.4 Latin America
3.6.4.1 Brazilian Warehousing Law
3.6.4.2 Mexican Warehousing Law
3.6.5 MEA
3.6.5.1 Federal Law No. 8 of 1980 - UAE
3.6.5.2 Occupational Health and Safety Act (Act No. 85 of 1993)
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Rising investments in product development
3.7.1.2 Increasing demand for efficient material handling
3.7.1.3 The growth of e-commerce and online retailing
3.7.1.4 Rising warehouse automation
3.7.2 Industry pitfalls and challenges
3.7.2.1 High initial investment
3.7.2.2 Lack of trained operators
3.8 Growth potential analysis
3.9 Porter's analysis
3.10 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook
Chapter 5 Forklift Market, By Product
5.1 Key trends
5.2 Warehouse
5.3 Counterbalance
Chapter 6 Forklift Market, By Fuel Type
6.1 Key trends
6.2 Diesel
6.3 Electric
6.4 Gasoline
Chapter 7 Forklift Market, By Class
7.1 Key trends
7.2 Class 1
7.3 Class 2
7.4 Class 3
7.5 Class 4
7.6 Class 5
7.7 Others (Class 6, 7, 8)
Chapter 8 Forklift Market, By End-Use
8.1 Key trends
8.2 Chemical
8.3 Food & Beverage
8.4 Industrial
8.5 Logistics
8.6 Retail and e-commerce
8.7 Others
Chapter 9 Forklift Market, By Region
9.1 Key trends
9.2 North America
9.3 Europe
9.4 Asia Pacific
9.5 Latin America
9.6 MEA
Chapter 10 Company Profiles
10.1 Anhui Heli Co. Ltd.
10.1.1 Global overview
10.1.2 Market/business overview
10.1.3 Financial data
10.1.4 Product landscape
10.1.5 SWOT analysis
10.2 Cargotec Oyj
10.2.1 Global overview
10.2.2 Market/business overview
10.2.3 Financial data
10.2.3.1 Sales revenue, 2021-2024
10.2.4 Product landscape
10.2.5 Strategic outlook
10.2.6 SWOT analysis
10.3 Clark Material Handling Company
10.3.1 Global overview
10.3.2 Market/business overview
10.3.3 Financial data
10.3.4 Product landscape
10.3.5 Strategic outlook
10.3.6 SWOT analysis
10.4 Crown Equipment Corporation
10.4.1 Global overview
10.4.2 Market/business overview
10.4.3 Financial data
10.4.4 Product landscape
10.4.5 Strategic outlook
10.4.6 SWOT analysis
10.5 Combilift Ltd.
10.5.1 Global overview
10.5.2 Market/business overview
10.5.3 Financial data
10.5.4 Product landscape
10.5.5 Strategic outlook
10.5.6 SWOT analysis
10.6 Doosan Industrial Vehicle America Corp.
10.6.1 Global overview
10.6.2 Market/business overview
10.6.3 Financial data
10.6.3.1 Sales revenue, 2020-2023
10.6.4 Product landscape
10.6.5 Strategic outlook
10.6.6 SWOT analysis
10.7 Godrej & Boyce Group
10.7.1 Global overview
10.7.2 Market/business overview
10.7.3 Financial data
10.7.4 Product landscape
10.7.5 Strategic outlook
10.7.6 SWOT analysis
10.8 Hangcha Group Co. Ltd.
10.8.1 Global overview
10.8.2 Market/business overview
10.8.3 Financial data
10.8.3.1 Sales revenue, 2021-2023
10.8.4 Product landscape
10.8.5 Strategic outlook
10.8.6 SWOT analysis
10.9 Hyster-Yale Materials Handling Inc.
10.9.1 Global overview
10.9.2 Market/business overview
10.9.3 Financial data
10.9.3.1 Sales revenue, 2020-2024
10.9.4 Product landscape
10.9.5 Strategic outlook
10.9.6 SWOT analysis
10.10 Hubtex Maschinenbau GmbH & Co. KG
10.10.1 Global overview
10.10.2 Market/business overview
10.10.3 Financial data
10.10.4 Product landscape
10.10.5 Strategic outlook
10.10.6 SWOT analysis
10.11 Hyundai Heavy Industries Co., Ltd.
10.11.1 Global overview
10.11.2 Market/business overview
10.11.3 Financial data
10.11.3.1 Sales revenue, 2020-2024
10.11.4 Product landscape
10.11.5 Strategic outlook
10.11.6 SWOT analysis
10.12 Jungheinrich AG
10.12.1 Global overview
10.12.2 Market/business overview
10.12.3 Financial data
10.12.3.1 Sales revenue, 2020-2024
10.12.4 Product landscape
10.12.5 Strategic outlook
10.12.6 SWOT analysis
10.13 Kion Group AG
10.13.1 Global overview
10.13.2 Market/business overview
10.13.3 Financial data
10.13.3.1 Sales revenue, 2020-2024
10.13.4 Product landscape
10.13.5 Strategic outlook
10.13.6 SWOT analysis
10.14 Komatsu Ltd.
10.14.1 Global overview
10.14.2 Market/business overview
10.14.3 Financial data
10.14.3.1 Sales revenue, 2021-2024
10.14.4 Product landscape
10.14.5 Strategic outlook
10.14.6 SWOT analysis
10.15 Konecranes
10.15.1 Global overview
10.15.2 Market/business overview
10.15.3 Financial data
10.15.3.1 Sales revenue, 2021-2024
10.15.4 Product landscape
10.15.5 Strategic outlook
10.15.6 SWOT analysis
10.16 Lonking Holdings Ltd.
10.16.1 Global overview
10.16.2 Market/business overview
10.16.3 Financial data
10.16.3.1 Sales revenue, 2020-2024
10.16.4 Product landscape
10.16.5 Strategic outlook
10.16.6 SWOT analysis
10.17 Manitou Group
10.17.1 Global overview
10.17.2 Market/business overview
10.17.3 Financial data
10.17.3.1 Sales revenue, 2021-2024
10.17.4 Product landscape
10.17.5 Strategic outlook
10.17.6 SWOT analysis
10.18 Mitsubishi Nichiyu Forklift Co., Ltd.
10.18.1 Global overview
10.18.2 Market/business overview
10.18.3 Financial data
10.18.3.1 Sales revenue, 2021-2024
10.18.4 Product landscape
10.18.5 Strategic outlook
10.18.6 SWOT analysis
10.19 Paletrans Equipment Ltd
10.19.1 Global overview
10.19.2 Market/business overview
10.19.3 Financial data
10.19.4 Product landscape
10.19.5 SWOT analysis
10.20 Toyota Industries Corporation
10.20.1 Global overview
10.20.2 Market/business overview
10.20.3 Financial data
10.20.3.1 Sales revenue, 2021-2024
10.20.4 Product landscape
10.20.5 Strategic outlook
10.20.6 SWOT analysis

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