Global Forklift Market size was valued at USD 72.9 Billion in 2023 and is expected to reach USD 168.6 Billion by 2033, at a CAGR of 13.8% during the forecast period 2024 – 2033.

Forklift Market: Overview

A forklift, also referred to as a lift truck, is a motorized industrial truck designed to lift, move, and carry large items and cargo over short distances. Forklifts have fork-like prongs or platforms connected to the front that can be lifted and dropped hydraulically to raise and move items.

The rising preference for electric forklifts is due to their environmental friendliness, cheaper operating costs, and technical improvements that improve battery efficiency.

Furthermore, there is a growing emphasis on safety features and automation, with the incorporation of cameras, sensors, and automated navigation systems to increase operator safety and efficiency.

Another noticeable development is the increase in renting and leasing options, which provide organizations with flexibility and cost savings. Furthermore, there is a rising need for specialized forklifts designed for certain sectors, such as narrow lane forklifts for warehouses and rough terrain forklifts for construction projects.

At last, globalization and e-commerce growth are driving the demand for more effective and agile material handling solutions, resulting in innovations and developments in the forklift market to suit changing client expectations.

By power source, IC engine powered segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. IC engine-powered forklifts remain popular because of their durability, high torque production, and extended running hours, which make them ideal for heavy-duty applications in industrial settings where electric alternatives may be impracticable.

By class, the class 3 segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Class 3 forklifts, which are noted for their maneuverability and effectiveness in small places, dominate the forklift industry owing to their appropriateness for interior activities and high-demand warehouse settings across the world.

By end user, the retail & wholesale segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The retail and wholesale industries fuel the forklift industry because of their high need for efficient material handling and logistical operations in warehouses, distribution centers, and retail stores.

Asia-Pacific dominates the forklift market on account of fast industrial development, booming e-commerce, the rise of manufacturing centers, increased port facilities, and government efforts boosting industrial automation and technology use.

Crown manufactures a comprehensive range of electric and gasoline-powered lift trucks and components at 23 plants across the globe. Product sales and services are handled via the company’s network of Crown-owned and independently operated retailers in major areas.

Report Scope

Feature of the ReportDetails
Market Size in 2024USD 72.9 Billion
Projected Market Size in 2033USD 168.6 Billion
Market Size in 2023USD 70.5 Billion
CAGR Growth Rate13.8% CAGR
Base Year2023
Forecast Period2024-2033
Key SegmentBy Power Source, Class, End User and Region
Report CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying OptionsRequest tailored purchasing options to fulfil your requirements for research.

CMI has comprehensively analyzed the Global Forklift market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict in depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Forklift industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

Global Forklift Market 2024–2033 (By Billion)

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List of the prominent players in the Forklift Market:

  • Toyota Industries Corporation
  • KION Group AG
  • Jungheinrich AG
  • Mitsubishi Logisnext Co. Ltd.
  • Crown Equipment Corporation
  • Hyster-Yale Materials Handling Inc.
  • Anhui Forklift Group Co.Ltd.
  • Hangcha Group Co. Ltd.
  • Clark Material Handling Company
  • Komatsu Ltd.
  • Doosan Corporation Industrial Vehicle
  • Hyundai Heavy Industries Co. Ltd.
  • Lonking Holdings Limited
  • Godrej & Boyce Mfg. Co. Ltd.
  • Manitou Group
  • UniCarriers Corporation
  • Combilift Ltd.
  • Xiamen XGMA Machinery Co. Ltd.
  • EP Equipment Co. Ltd.
  • Tailift Co. Ltd.
  • Others

The Forklift Market is segmented as follows:

By Power Source

  • IC Engine Powered
  • Electric Powered

By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4
  • Class 5
  • Others

By End User

  • Retail & Wholesale
  • Logistics
  • Automotive
  • Food Industry
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America