Forklift Market

Global Forklift Market Research Report: By Class (Class 1, Class 2, Class 3, and Class 4/5), By Power Source (Internal Combustion Engine and Electric), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.

ICT & Media | September 2023 | Report ID: EMR00107 | Pages: 217

The Global Forklift Market was valued at USD 57.62 billion in 2022, and is predicted to reach approximately USD 126.18 billion by 2031, at a CAGR of 9.1% from 2023 to 2031. A forklift, which is also referred to as a lift truck or powered industrial truck, is a highly adaptable vehicle used extensively in warehouses, construction sites, and various industries. It possesses hydraulic lifting mechanisms and front-mounted forks, enabling it to effortlessly lift and transport heavy loads. Forklifts are available in several types, such as counterbalance, reach trucks, pallet jacks, and order pickers, each specifically designed for particular tasks and operating conditions. They can be powered by either internal combustion engines or electric motors. Forklifts play a vital role in boosting productivity and efficiency by facilitating the movement and stacking of goods. However, the safe operation of forklifts necessitates appropriate training and adherence to safety protocols to prevent accidents and safeguard the well-being of operators and those working nearby. Forklifts are an indispensable tool in modern material handling, making significant contributions to the smooth operation of industries worldwide.




Report Attribute


Estimated Market Value (2022)

57.62 Bn

Projected Market Value (2031)

126.18 Bn

Base Year


Forecast Years

2023 - 2031

Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Class, By Power Source, & Region

Segments Covered

By Class, By Power Source, & Region

Forecast Units

Value (USD Billion or Million), and Volume (Units)

Quantitative Units

Revenue in USD million/billion and CAGR from 2023 to 2031

Regions Covered

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World

Countries Covered

U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others

Report Coverage

Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.

Delivery Format

Delivered as an attached PDF and Excel through email, according to the purchase option.


Global Forklift Market Dynamics

The growth and demand of the forklift market are influenced by multiple factors. One key driver is the expansion of the e-commerce sector, which has led to an increase in warehousing and logistics activities. Consequently, there is a higher demand for efficient forklifts to handle material handling tasks effectively. Furthermore, the global growth of the manufacturing and construction industries has amplified the need for forklifts in tasks like loading, unloading, and transporting heavy goods. In addition, there is a strong focus on enhancing operational efficiency and reducing labor costs, which has resulted in the widespread adoption of forklifts across various industries. Technological advancements have played a significant role in market growth, particularly with the development of electric forklifts. These environmentally friendly options offer lower operating costs, further driving their adoption. Stringent safety regulations and an increased emphasis on worker safety have also contributed to the demand for advanced forklifts equipped with safety features. These requirements have prompted industry players to invest in safer and more reliable forklift solutions

Overall, the drivers of the forklift market encompass the expansion of industries, the pursuit of operational efficiency, technological advancements, and the need to comply with safety regulations.


Global Forklift Market Drivers

  • Rising Demand of Industry Expansion

growth of various industries such as e-commerce, manufacturing, and construction has led to increased demand for forklifts. The expansion of the e-commerce sector has created a higher need for efficient material handling in warehouses and logistics, driving the demand for forklifts.

  • Advancements in Technology



  • High Initial Investment

Forklifts can be a significant investment for businesses, especially for smaller enterprises. The cost of purchasing or leasing forklifts, along with maintenance and training expenses, can be a barrier for some businesses, limiting their adoption of forklifts.

  • Maintenance and Operating Costs High



  • Rental and Leasing Services

The demand for forklift rental and leasing services is on the rise, providing an opportunity for businesses to offer flexible solutions to customers who may not want to invest in purchasing forklifts outright. Rental and leasing options enable businesses to access forklifts as needed, reducing the financial burden of ownership.

  • Sustainable and Eco-friendly Solutions


Segment Overview

By Class

Based on the class, the global forklift market is segmented into class 1, class 2, class 3, and class 4/5. The class 3 segment is dominating the market with the largest revenue share of around 37.6% in 2022. Electric forklifts have become increasingly popular due to their positive environmental impact and lower operational costs in comparison to internal combustion engine forklifts. The growing emphasis on sustainability and the reduction of carbon emissions has been a driving force behind the increased demand for electric forklifts. Moreover, class 3 forklifts are specifically designed for indoor applications, such as warehouses and distribution centers, where maneuverability and compact size are crucial factors. They excel in efficiently handling and stacking pallets, thereby enhancing productivity within confined spaces. Furthermore, advancements in electric forklift technology, including improvements in battery life and the availability of better charging infrastructure, have further accelerated the adoption of class 3 forklifts. These technological enhancements have contributed to the market leadership of the class 3 segment.


By Power Source

Based on the power source, the global forklift market is segmented into internal combustion engine and electric. The electric segment is dominating the market with the largest revenue share of around 65.8% in 2022. The growing focus on sustainability and the reduction of carbon emissions has stimulated the demand for material handling equipment powered by electricity. Electric forklifts provide significant environmental benefits by eliminating exhaust emissions and minimizing noise pollution. The progress made in battery technology has enhanced the performance and efficiency of electric forklifts, enabling longer operating durations and faster charging times. Additionally, the lower operational costs associated with electric forklifts, including reduced fuel expenses and maintenance requirements, make them highly appealing to businesses. Furthermore, the versatility and adaptability of electric forklifts make them suitable for a wide array of applications, ranging from indoor warehousing to outdoor operations. The electric segment's dominance in the market can be attributed to its environmental advantages, cost-effectiveness, and the technological advancements achieved in battery-powered forklifts.


Global Forklift Market Overview by Region

By Region, the global Forklift Market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific held the largest share, of around 46.5%, of the global market in 2022. The region is currently undergoing rapid industrialization and urbanization, resulting in a surge of manufacturing activities and infrastructure development. This significant industrial growth is a key driver behind the increased demand for forklifts, particularly in industries such as automotive, electronics, and logistics. The rise of e-commerce in the region has also played a crucial role in fueling the need for efficient material-handling equipment, including forklifts, to support the growing warehousing and logistics operations. Furthermore, the presence of major manufacturing hubs like China, Japan, and South Korea further reinforces the market in the Asia-Pacific region. These countries possess robust industrial bases and serve as major exporters, thereby driving the demand for forklifts.

In addition, government initiatives aimed at promoting industrial growth, favorable investment policies, and an increase in consumer spending contribute to the expansion of the market. These supportive factors create a favorable environment for the adoption and utilization of forklifts in various sectors



Global Forklift Market Competitive Landscape

In the global forklift market, a small number of prominent players hold significant market dominance and have established a strong regional presence. These key participants are committed to ongoing research and development initiatives. Additionally, they actively engage in strategic growth endeavors such as product development, product launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position and expand their customer base to capture a substantial share of the market.

Some of the prominent players in the global forklift market include Anhui Heli Co., Ltd., Clark Material Handling Company Inc., Crown Equipment Corporation, Doosan Industrial Vehicles Co. Ltd, Hangcha Group Co., Hyster-Yale Materials Handling, Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Material Handling, Caterpillar Inc., and various other key players.


Global Forklift Market Recent Developments

In July 2022, TMH (Toyota Material Handling) has announced the acquisition of PennWest Toyota Lift, a Pennsylvania-based forklift dealership. This purchase includes many places, including Mount Pleasant, Pittsburgh, and Erie. TMH is the proud owner of the Hoist Liftruck series in the United States, which comprises container handlers, marina trucks, and FLTs. TMH also has a large selection of medium and heavy forklifts in their product line.


Scope of the Global Forklift Market Report

Forklift Market Report Segmentation



By Class

  • Class 1
  • Class 2
  • Class 3
  • Class 4/5


By Power Source

  • Internal Combustion Engine
  • Electric


By Geography

  • North America (USA, and Canada)
  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Brazil, Mexico, and Rest of Latin America)
  • Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)

Customization Scope

  • Available upon request


  • Available upon request


Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:


  • Global Forklift Market Size and Forecast:

To identify and estimate the market size for the global forklift market segmented by class, by power source, region and by value (in U.S. dollars). Also, to understand the consumption/ demand created by consumers of forklift between 2019 and 2031.


  • Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges for the global forklift market


  • Market Influencing Factors:

To find out the factors which are affecting the sales of forklift among consumers


  • Impact of COVID-19:

To identify and understand the various factors involved in the global forklift market affected by the pandemic


  • Company Profiling:

To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company's past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience

  • Forklift Manufacturers
  • Raw Material Suppliers
  • Retailers, Wholesalers, and Distributors
  • Governments, Associations, and Industrial Bodies
  • Investors and Trade Experts

Research Methodology

Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region.  The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.

Data Collection

Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.

Primary Research

After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market. 

Secondary Research

A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.

Top-Down Approach & Bottom-Up Approach

In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.

In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.

This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.

Market Analysis & size Estimation

Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.

Quality Checking & Final Review

The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.

Frequently Asked Questions

The global forklift market forecast period is 2023 - 2031
According to forklift market research, the market is expected to grow at a CAGR of ~9.1% over the coming years.
Europe is expected to register the highest CAGR during 2023 - 2031
Asia-Pacific held the largest share in 2022
The major companies operating in the global Forklift market include Anhui Heli Co., Ltd., Clark Material Handling Company Inc., Crown Equipment Corporation, Doosan Industrial Vehicles Co. Ltd, Hangcha Group Co., Hyster-Yale Materials Handling, Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Material Handling, Caterpillar Inc., and others.