North America and Europe Forklift Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034
Description
North America and Europe Forklift Market was valued at USD 30.6 billion in 2024 and is estimated to grow at a CAGR of 6.8% to reach USD 59 billion by 2034.
Market growth is driven by the rapid electrification of material-handling equipment, warehouse automation, and the expansion of e-commerce logistics. The market’s transformation is underpinned by strong government regulations supporting zero-emission technologies, including California’s CARB ban on new ICE forklifts from 2026 and the EU’s Fit for 55 initiative, which together are accelerating the adoption of cleaner, more efficient electric models. Forklifts are evolving from traditional lifting vehicles into intelligent, connected systems integrated with IoT, AI, and telematics for enhanced safety, predictive maintenance, and real-time fleet optimization.
The market is primarily segmented by product type, with counterbalance forklifts leading in 2024, generating USD 21.5 billion. Their dominance stems from unmatched versatility across indoor and outdoor operations, making them indispensable in manufacturing plants, logistics centers, ports, and construction sites. Counterbalance forklifts are the backbone of material handling operations due to their superior lifting capacity, stability, and ease of maneuverability in both confined and open spaces. Continuous design innovations such as enhanced operator ergonomics, telematics integration, and automated load detection systems are further strengthening their position in the market.
The electric forklift segment generated USD 8.42 billion in 2024, bolstered by rapid advances in lithium-ion battery technology, fast-charging infrastructure, and reduced lifetime maintenance costs. The transition from lead-acid to lithium-ion batteries is enabling longer operational hours and minimizing downtime, a crucial factor for 24/7 logistics and retail operations. Electric forklifts are increasingly preferred in warehousing, food and beverage, retail, and cold-chain logistics due to their zero-emission operation, minimal noise levels, and compliance with stringent indoor air-quality and emission regulations.
North America Forklift Market was valued at USD 12.4 billion in 2024, led by the United States, which alone contributed nearly USD 9.9 billion. The region’s strong industrial base, extensive e-commerce infrastructure, and early adoption of warehouse automation are major growth drivers. Sustainability-driven incentives such as tax credits and funding programs for clean industrial vehicles are further accelerating the shift toward electric and hydrogen-powered forklifts. The rise of automated distribution centers, supported by the expansion of leading players like Amazon, Walmart, and FedEx, continues to fuel forklift demand across logistics and manufacturing.
Leading players such as Toyota Material Handling, Kion Group, Jungheinrich, Mitsubishi Logisnext, and Doosan Industrial Vehicle are focusing on electrification, automation, and digital fleet management to strengthen their market positions. They are expanding portfolios with lithium-ion and hydrogen fuel-cell forklifts, emphasizing sustainability and reduced total cost of ownership. Strategic alliances and R&D investments target autonomous mobile robots (AMRs), AGVs, and IoT-integrated platforms that enhance warehouse productivity. Companies are also localizing manufacturing and expanding after-sales service networks to mitigate supply-chain risks and meet regional compliance standards. Additionally, the integration of telematics, AI-based predictive maintenance, and robot-as-a-service models is allowing manufacturers to offer scalable, data-driven solutions that improve uptime, safety, and energy efficiency across North American and European operations.
Market growth is driven by the rapid electrification of material-handling equipment, warehouse automation, and the expansion of e-commerce logistics. The market’s transformation is underpinned by strong government regulations supporting zero-emission technologies, including California’s CARB ban on new ICE forklifts from 2026 and the EU’s Fit for 55 initiative, which together are accelerating the adoption of cleaner, more efficient electric models. Forklifts are evolving from traditional lifting vehicles into intelligent, connected systems integrated with IoT, AI, and telematics for enhanced safety, predictive maintenance, and real-time fleet optimization.
The market is primarily segmented by product type, with counterbalance forklifts leading in 2024, generating USD 21.5 billion. Their dominance stems from unmatched versatility across indoor and outdoor operations, making them indispensable in manufacturing plants, logistics centers, ports, and construction sites. Counterbalance forklifts are the backbone of material handling operations due to their superior lifting capacity, stability, and ease of maneuverability in both confined and open spaces. Continuous design innovations such as enhanced operator ergonomics, telematics integration, and automated load detection systems are further strengthening their position in the market.
The electric forklift segment generated USD 8.42 billion in 2024, bolstered by rapid advances in lithium-ion battery technology, fast-charging infrastructure, and reduced lifetime maintenance costs. The transition from lead-acid to lithium-ion batteries is enabling longer operational hours and minimizing downtime, a crucial factor for 24/7 logistics and retail operations. Electric forklifts are increasingly preferred in warehousing, food and beverage, retail, and cold-chain logistics due to their zero-emission operation, minimal noise levels, and compliance with stringent indoor air-quality and emission regulations.
North America Forklift Market was valued at USD 12.4 billion in 2024, led by the United States, which alone contributed nearly USD 9.9 billion. The region’s strong industrial base, extensive e-commerce infrastructure, and early adoption of warehouse automation are major growth drivers. Sustainability-driven incentives such as tax credits and funding programs for clean industrial vehicles are further accelerating the shift toward electric and hydrogen-powered forklifts. The rise of automated distribution centers, supported by the expansion of leading players like Amazon, Walmart, and FedEx, continues to fuel forklift demand across logistics and manufacturing.
Leading players such as Toyota Material Handling, Kion Group, Jungheinrich, Mitsubishi Logisnext, and Doosan Industrial Vehicle are focusing on electrification, automation, and digital fleet management to strengthen their market positions. They are expanding portfolios with lithium-ion and hydrogen fuel-cell forklifts, emphasizing sustainability and reduced total cost of ownership. Strategic alliances and R&D investments target autonomous mobile robots (AMRs), AGVs, and IoT-integrated platforms that enhance warehouse productivity. Companies are also localizing manufacturing and expanding after-sales service networks to mitigate supply-chain risks and meet regional compliance standards. Additionally, the integration of telematics, AI-based predictive maintenance, and robot-as-a-service models is allowing manufacturers to offer scalable, data-driven solutions that improve uptime, safety, and energy efficiency across North American and European operations.
Table of Contents
279 Pages
- Chapter 1 Methodology
- 1.1 Industry coverage
- 1.2 Market scope and definitions
- 1.3 Research design
- 1.4 Market size estimates and calculations
- 1.4.1 Approach 1: Company revenue share analysis
- 1.4.2 Approach 2: Data mining approach (investor presentations)
- 1.5 Key trends for market estimates
- 1.6 Forecast model
- 1.7 Primary research & validation
- 1.7.1 Primary sources
- 1.7.2 Data mining sources
- 1.7.2.1 Paid sources
- 1.7.2.2 Public sources
- Chapter 2 Executive Summary
- 2.1 Industry 360 degree synopsis
- 2.1.1 Market Overview and Growth Projections
- 2.2 Regional Market Dynamics
- 2.2.1 Product trends
- 2.2.2 Fuel Type trends
- 2.2.3 Class trends
- 2.2.4 End-use trends
- 2.2.5 Regional trends
- 2.3 Competitive Landscape Snapshot
- 2.4 Strategic Recommendations for Procurement
- Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Component supplier
- 3.1.2 Raw material provider
- 3.1.3 Manufacturers
- 3.1.4 Fuel Integrators
- 3.1.5 Technology providers
- 3.2 Supplier Landscape
- 3.3 Profit margin analysis
- 3.4 Technology and innovation landscape
- 3.5 Patent analysis
- 3.6 Key news and initiatives
- 3.7 Regulatory landscape
- 3.8 Price trends
- 3.9 Cost breakdown analysis
- 3.10 Industry impact forces
- 3.10.1 Growth drivers
- 3.10.1.1 Growth in E-commerce and Warehousing
- 3.10.1.2 Industrial and Manufacturing Expansion
- 3.10.1.3 Technological Advancements
- 3.10.2 Industry pitfalls & challenges
- 3.10.2.1 High Initial Investment
- 3.10.2.2 Maintenance and Operational Costs
- 3.11 Growth potential analysis
- 3.12 Value Chain Analysis & Profit Pool Distribution
- 3.13 Supply Chain Dynamics & Procurement Trends
- 3.13.1 Maintenance strategy landscape
- 3.13.1.1 In-house vs Outsourced Models
- 3.13.2 Maintenance Cost Analysis by Fleet Size and Ownership Model
- 3.13.3 Economies of Scale in Maintenance (Cost per Hour)
- 3.13.4 Case studies
- 3.13.4.1 Successful Maintenance Strategy Implementations
- 3.13.5 Maintenance Strategy Decision Matrix
- 3.13.6 Impact of E-commerce on Material Handling Equipment Demand
- 3.14 Porter's analysis
- 3.15 PESTEL analysis
- 3.16 Fleet Maintenance Ecosystem Analysis
- 3.16.1 Internal Workshop Capabilities vs Third-party Service Provider
- 3.16.2 Maintenance Strategy Performance Benchmarking
- 3.16.3 Technology Integration in Maintenance Operations
- 3.16.4 Predictive Maintenance Adoption Trends
- Chapter 4 Competitive Landscape
- 4.1 Category Management Framework for Forklifts
- 4.2 Total Cost of Ownership Analysis
- 4.2.1 Fleet Ownership vs Leasing Decision Framework
- 4.2.2 Industry Benchmarking
- 4.2.2.1 Purchase vs Lease Preferences by End-Use Sector
- 4.2.3 Financial Impact Analysis
- 4.2.3.1 CapEx vs OpEx Models
- 4.2.4 Risk Assessment
- 4.2.4.1 Ownership vs Leasing in Different Market Conditions
- 4.3 Supplier Risk Assessment & Mitigation Strategies
- 4.3.1 Regional vs Global Account Prerequisites Analysis
- 4.3.2 Supplier Account Classification Framework
- 4.3.3 Benefits Matrix
- 4.3.3.1 Regional vs Global Account Status
- 4.4 Contract Structures & Pricing Models
- 4.5 Sourcing Strategy Optimization
- 4.6 RFP/RFI Best Practices for Forklift Procurement
- 4.7 Fleet Acquisition Strategy Analysis
- 4.7.1 Purchase vs Lease Preference Trends (2021-2024)
- 4.7.2 Sector-wise Fleet Acquisition Patterns
- 4.7.3 Decision Drivers: Why Companies Choose to Own vs Lease
- 4.7.4 Regional Variations in Fleet Acquisition Strategies
- 4.8 Strategic Supplier Partnership Framework
- 4.8.1 Global Account Requirements
- 4.8.1.1 Supplier Perspective Analysis
- 4.8.2 Regional Account Qualification Criteria
- 4.8.3 Supplier Benefits Portfolio
- 4.8.4 Account Relationship Maturity Model
- 4.8.5 Supplier Partnership ROI Analysis
- 4.9 Fleet Management Best Practices
- 4.9.1 Integrated Fleet Management
- 4.9.1.1 Ownership
- 4.9.1.2 Maintenance
- 4.9.1.3 Supplier Strategy Alignment
- 4.9.2 Digital Fleet Management Platform Adoption
- 4.9.3 Sustainability Considerations in Fleet Management Decision
- Chapter 5 NA and EU Forklift Market, By Product
- 5.1 Warehouse
- 5.2 Counterbalance
- Chapter 6 NA and EU Forklift Market, By Fuel Type
- 6.1 Diesel
- 6.2 Electric
- 6.3 Gasoline & LPG/CNG
- Chapter 7 NA and EU Forklift Market, By Class
- 7.1 Class I
- 7.2 Class II
- 7.3 Class III
- 7.4 Class IV
- 7.5 Class V
- 7.6 Others
- Chapter 8 NA and EU Forklift Market, By End-use
- 8.1 Chemical
- 8.2 Food & beverages
- 8.3 Industrial
- 8.4 Logistics
- 8.5 Retail & e-commerce
- 8.6 Others
- Chapter 9 NA and EU Forklift Market, By Region
- 9.1 North America
- 9.1.1 Product trends
- 9.1.2 Fuel Type trends
- 9.1.3 Class trends
- 9.1.4 End-use trends
- 9.1.5 Country trends
- 9.1.6 United States
- 9.1.6.1 Product trends
- 9.1.6.2 Fuel Type trends
- 9.1.6.3 Class trends
- 9.1.6.4 End-use trends
- 9.1.7 Canada
- 9.1.7.1 Product trends
- 9.1.7.2 Fuel Type trends
- 9.1.7.3 Class trends
- 9.1.7.4 End-use trends
- 9.1.8 Mexico
- 9.1.8.1 Product trends
- 9.1.8.2 Fuel Type trends
- 9.1.8.3 Class trends
- 9.1.8.4 End-use trends
- 9.2 Europe
- 9.2.1 Product trends
- 9.2.2 Fuel Type trends
- 9.2.3 Class trends
- 9.2.4 End-use trends
- 9.2.5 Country trends
- 9.2.6 UK
- 9.2.6.1 Product trends
- 9.2.6.2 Fuel Type trends
- 9.2.6.3 Class trends
- 9.2.6.4 End-use trends
- 9.2.7 Germany
- 9.2.7.1 Product trends
- 9.2.7.2 Fuel Type trends
- 9.2.7.3 Class trends
- 9.2.7.4 End-use trends
- 9.2.8 France
- 9.2.8.1 Product trends
- 9.2.8.2 Fuel Type trends
- 9.2.8.3 Class trends
- 9.2.8.4 End-use trends
- 9.2.9 Italy
- 9.2.9.1 Product trends
- 9.2.9.2 Fuel Type trends
- 9.2.9.3 Class trends
- 9.2.9.4 End-use trends
- 9.2.10 Spain
- 9.2.10.1 Product trends
- 9.2.10.2 Fuel Type trends
- 9.2.10.3 Class trends
- 9.2.10.4 End-use trends
- 9.2.11 Belgium
- 9.2.11.1 Product trends
- 9.2.11.2 Fuel Type trends
- 9.2.11.3 Class trends
- 9.2.11.4 End-use trends
- Chapter 10 Company Profiles
- 10.1 Cesab Material Handling Europe
- 10.1.1 Financial data
- 10.1.2 Product landscape
- 10.1.3 Strategic outlook
- 10.1.4 SWOT analysis
- 10.2 Clark Material Handling
- 10.2.1 Financial data
- 10.2.2 Product landscape
- 10.2.3 Strategic outlook
- 10.2.4 SWOT analysis
- 10.3 Combilift
- 10.3.1 Financial data
- 10.3.2 Product landscape
- 10.3.3 Strategic outlook
- 10.3.4 SWOT analysis
- 10.4 Crown Equipment
- 10.4.1 Financial data
- 10.4.2 Product landscape
- 10.4.3 Strategic outlook
- 10.4.4 SWOT analysis
- 10.5 Doosan Industrial Vehicle
- 10.5.1 Financial data
- 10.5.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.5.2 Product landscape
- 10.5.3 Strategic outlook
- 10.5.4 SWOT analysis
- 10.6 Hubtex Maschinenbau
- 10.6.1 Financial data
- 10.6.2 Product landscape
- 10.6.3 Strategic outlook
- 10.6.4 SWOT analysis
- 10.7 Hyundai Material Handling
- 10.7.1 Financial data
- 10.7.2 Product landscape
- 10.7.3 Strategic outlook
- 10.7.4 SWOT analysis
- 10.8 Jungheinrich
- 10.8.1 Financial data
- 10.8.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.8.2 Product landscape
- 10.8.3 Strategic outlook
- 10.8.4 SWOT analysis
- 10.9 Kalmar
- 10.9.1 Financial data
- 10.9.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.9.2 Product landscape
- 10.9.3 Strategic outlook
- 10.9.4 SWOT analysis
- 10.10 Kion Group
- 10.10.1 Financial data
- 10.10.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.10.2 Product landscape
- 10.10.3 Strategic outlook
- 10.10.4 SWOT analysis
- 10.11 Manitou Group
- 10.11.1 Financial data
- 10.11.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.11.2 Service landscape
- 10.11.3 Strategic outlook
- 10.11.4 SWOT analysis
- 10.12 Mitsubishi Logisnext
- 10.12.1 Financial data
- 10.12.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.12.2 Product landscape
- 10.12.3 Strategic outlook
- 10.12.4 SWOT analysis
- 10.13 Raymond Corporation
- 10.13.1 Financial data
- 10.13.2 Product landscape
- 10.13.3 Strategic outlook
- 10.13.4 SWOT analysis
- 10.14 Toyota Material Handling
- 10.14.1 Financial data
- 10.14.2 Product landscape
- 10.14.3 Strategic outlook
- 10.14.4 SWOT analysis
- 10.15 Unicarriers
- 10.15.1 Financial data
- 10.15.1.1 Sales revenue, 2021-2024 (USD Billion)
- 10.15.2 Product landscape
- 10.15.3 Strategic outlook
- 10.15.4 SWOT analysis
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