Forklift Trucks Market
Report ID: SQMIG20I2426
Report ID: SQMIG20I2426
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Report ID:
SQMIG20I2426 |
Region:
Global |
Published Date: July, 2025
Pages:
199
|Tables:
121
|Figures:
69
Global Forklift Trucks Market size was valued at USD 94427.01 Million in 2024 and is poised to grow from USD 106891.38 Million in 2025 to USD 288213.35 Million by 2033, growing at a CAGR of 13.2% during the forecast period (2026–2033).
The global forklift trucks market growth is being driven by the increasing urbanization, industrialization, and infrastructure development in China, India, and Southeast Asia. Additionally, factors like impulsive buying, easy delivery, growing disposable income, and falling product costs are driving up demand for material handling solutions like forklifts. Due to the growth of e-commerce, online shopping, sales, and deliveries, warehouses are now handling more orders for individual items.
Numerous benefits are also offered by these trucks, including reduced emissions, better operation, less noise pollution, and cheaper maintenance costs. Manufacturers such as Crown Equipment Corporation, Doosan Corporation, and Jungheinrich AG are increasingly using electric forklifts that run on lithium-ion batteries. Compared to lead-acid batteries, these batteries are more efficient, charge more quickly, and require no maintenance.
What is Driving the Shift Toward Electric and Autonomous Forklift Trucks?
An important technological advancement revolutionizing the forklift trucks market outlook is the combination of electric powertrains and autonomous navigation systems. These forklifts use AI, LiDAR, cameras, and real-time data processing to move and lift objects without a human operator, increasing warehouse productivity and safety.
Market snapshot - 2026-2033
Global Market Size
USD 83416.09 Million
Largest Segment
Less Than 5 Tons
Fastest Growth
5-15 Tons
Growth Rate
13.2% CAGR
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The global forklift trucks market is segmented into power-train type, vehicle class, load capacity, end user, and region. By power-train type, the market is classified into internal combustion engines (ICE), electric, and hydrogen fuel-cell vehicles (HFCV). Depending on vehicle class, it is divided into class I (electric rider trucks), class II (electric narrow-aisle), class III (electric pallet), class IV (ice cushion-tire), and class V (ice pneumatic-tire). According to load capacity, the market is categorized into less than 5 tons, 5-15 tons, and above 15 tons. As per end user, it is segregated into manufacturing, logistics & warehousing, construction & infrastructure, retail & wholesale, and food & beverage cold chain. Regionally, it is analyzed across North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
How are Last-Mile and Cross-Dock Networks Fueling Demand for Class III Trucks?
As per the 2024 forklift trucks market analysis, the Class III (electric pallet) has a 44.70% market share because of last-mile cross-dock networks, but margin pressure is rising as these trucks become increasingly commoditized. Demand diversification forces OEMs to manage a broad range of SKUs, from tiny three-wheel electrics for micro-fulfillment centers to massive 18-ton rigs for container yards. Therefore, standardizing electronics across classes is an essential cost-cutting strategy.
The extensive use of state-of-the-art lithium-ion battery technology is anticipated to propel the Class I electric rider forklift market's growth at a compound annual growth rate (CAGR) of 4.53%. By facilitating continuous, multi-shift indoor operations without requiring time-consuming battery swaps, these batteries improve uptime and productivity. Their extended lifespan, rapid charging, and minimal maintenance needs make them ideal for high-intensity warehouse environments.
How are Less Than 5 Tons Forklifts Powering Warehouse and Retail Operations?
As per the 2024 forklift trucks market forecast, the less than 5-tons segment of the market is the market leader due to its extensive use in manufacturing facilities, retail establishments, and warehouses. These small forklifts are perfect for last-mile logistics and handling items indoors. To improve order processing speed and efficiency, Amazon installed a fleet of sub-5-ton electric forklifts at its micro-fulfillment centers in Texas in February 2025.
The 5–15 tons category is anticipated to have a significant forklift trucks market share due to growing demand in the mid-scale logistics, automotive, and construction industries. The power and maneuverability of these forklifts are balanced. As they can handle heavier pallets and equipment without taking up as much space as larger machines, they are becoming more popular in ports and medium-sized warehouses.
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How are Automation and Emission Mandates Driving Forklift Innovation Across Asia-Pacific?
As per the forklift trucks market regional analysis, Asia Pacific accounted for 45.10% of the market revenue due to significant investments made by China, Japan, and India in automated warehouses and smart manufacturing. The competition for incumbents from Europe and the US is getting more intense as local brands use cost advantages and government incentives to grow both domestically and in Southeast Asia. Strict pollution regulations encourage new purchases of lithium-ion or hydrogen batteries, while South Korea's and Japan's established fleets are approaching required replacement cycles. The Regional Comprehensive Economic Partnership's freight routes promote cross-border standardization, which raises the potential amount of demand that can be met.
Japan Forklift Trucks Market
In Japan, the use of autonomous forklifts is increasing because of labor shortages and declining industry workforces. A new line of AI-powered forklifts designed for aging logistics facilities was introduced by Toyota Industries in 2024. There is a growing demand for small, silent electric forklifts that can function in urban settings as smart cities, particularly Tokyo and Osaka, come into being. Furthermore, through industrial digitalization awards, Japan's Ministry of Economy is advancing robotic material handling technologies.
South Korea Forklift Trucks Market
Automation in the electronics and auto manufacturing sectors is propelling the forklift trucks sector in South Korea. By incorporating AI-based forklifts into its Uiwang smart logistics hub, Hyundai Motor Group was able to reduce order processing times by 22% in 2025. SMEs are being encouraged to use connected forklifts through government-backed "Smart Factory" initiatives. The need for vision-guided and collision-avoidance technologies is also being driven by the emphasis on worker safety, especially in high-density logistics environments like the freight terminals in Busan.
Why Is North America Leading the Shift to Electric and Telematics-Enabled Forklifts?
North America continues to be a bellwether for technology. The need for electric Class I and hydrogen Class V machines is fueled by e-commerce fulfillment, manufacturing reshoring, and California's zero-emission forklift law. With fleet managers monitoring operator behavior, battery health, and maintenance schedules to increase utilization, the US is also setting the standard for telematics use. With the aid of new inland ports in British Columbia and Ontario, Canada exhibits comparable forklift trucks industry trends.
U.S. Forklift Trucks Market
U.S. warehouse automation and the expansion of e-commerce fulfillment are driving the forklift trucks industry in the United States. To increase productivity, Amazon extended its autonomous forklift trials throughout its distribution facilities in Texas and Ohio in 2024. Due to increased workplace compliance requirements, OSHA also projected a 15% increase in forklift safety training programs in 2025. As businesses strive for carbon neutrality and low-maintenance, quieter alternatives to diesel machines, electric forklifts are growing in popularity.
Canada Forklift Trucks Market
The need for sustainability and the growing use of electric models in retail and logistics are driving growth in the Canadian forklift market. Lithium-ion forklifts were introduced by Walmart Canada in 2024 in several of its distribution centers, resulting in 30% lower maintenance costs. Fleet upgrades are being encouraged by government discounts on zero-emission equipment. Battery-powered forklifts are becoming more popular, particularly for cold storage and urban logistics applications, as a result of the growing cost of diesel.
How is Europe Tackling Labor Shortages and Decarbonization in the Forklift Trucks Market?
The European forklift trucks market continues to move toward zero-emission powertrains in spite of a labor crisis. Automation pilots are motivated by the skills shortage of more than 400,000 licensed operators, particularly in the Nordic region. Germany supports a circular equipment economy by spearheading research and development on the recycling and second-life applications of lithium-ion batteries. As supply chains for electronics and automobiles move closer to the continent's main consumer markets, member countries in Eastern Europe are seeing above-average unit growth.
UK Forklift Trucks Market
Brexit-related supply chain restructuring and growing warehousing requirements are driving up demand for forklifts in the UK. To maximize available space and lessen worker dependency, Tesco quadrupled the number of smart forklifts in its North London warehouse in 2024. Imports of electric forklifts have increased by 20% because of the UK government's emphasis on decarbonization. In the face of increasing insurance pressure, operators also look for equipment that complies with changing workplace safety regulations.
France Forklift Trucks Market
Factory automation and data-driven maintenance are influencing the use of forklifts in France. In 2025, Renault revealed a fully automated material handling system at its Douai plant, complete with AI-enabled forklifts that reduce handling time by 25%. Electric versions are adopted more quickly due to the "France Relance" program, which provides financial incentives to encourage equipment upgrading. Due to limited storage space and delivery windows, French SMEs are increasingly investing in small forklifts for urban operations.
Germany Forklift Trucks Market
Industry 4.0 methods and the growing need for intelligent logistics are driving the forklift trucks market in Germany. The installation of 5G-enabled autonomous forklifts at BMW's Leipzig facility in 2024 reduced internal logistics time by 18%. The need for forklifts with sensors and remote monitoring is increasing along with warehouse automation. The government is giving mid-sized businesses money through the "Digital Now" program to outfit their fleets with low-emission and telemetry technologies.
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Forklift Trucks Market Drivers
Growth of E-Commerce and Extension of Warehousing
Making Use of Lithium-ion and Electric Forklifts
Forklift Trucks Market Restraints
High Initial Cost of Advanced Forklifts
Insufficient Facilities for Upkeep and Charging
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With companies like Toyota Industries, KION Group, and Jungheinrich setting the standard through strategic acquisitions and the growth of their electric fleet, the forklift truck market is consolidated. Hyster-Yale is investigating hydrogen-powered models, KION is concentrating on cloud-based fleet management, and Toyota is investing in automation and lithium-ion technology. Increasing global visibility and cutting lead times can be achieved through localized production in Asia-Pacific and partnerships with transportation companies.
Top Player’s Company Profile
Recent Developments in Forklift Trucks Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the global forklift trucks market is experiencing tremendous upheaval through technical enhancements, electrification, and the emergence of autonomous logistics solutions. Demand is driven by deep e-commerce penetration, urban warehousing, and growing emission regulations. Many inherent challenges exist from high purchase prices and lack of enabling infrastructure but telematics, automation, and lithium-ion drive developments that will attain smart, safer, sustainable operations potential realize for >9000 electric forklift trucks. OEMs must prioritize developments for effective cost, standardization, and broadened geographic footprints to maintain competitiveness. Start-ups are disrupting conventional enterprises with AI-based, autonomous products. With all the ongoing disruptions and due to the importance of automation and real-time data in warehouse operations, the activity of forklift market will continue to progress into the future authentically.
| Report Metric | Details |
|---|---|
| Market size value in 2024 | USD 94427.01 Million |
| Market size value in 2033 | USD 288213.35 Million |
| Growth Rate | 13.2% |
| Base year | 2024 |
| Forecast period | 2026-2033 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Forklift Trucks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Forklift Trucks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Forklift Trucks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Forklift Trucks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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