Forklift Trucks - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2025-2031)

The forklift trucks market size was valued at USD 73.55 billion in 2025 and estimated to grow from USD 76.31 billion in 2026 to reach USD 93.60 billion by 2031, at a CAGR of 4.17% during the forecast period (2026-2031). This report is Segmented by Powertrain Type (Internal Combustion Engine (ICE), Electric, and More), Vehicle Class (Class I, Class II, Class III, and More), Load Capacity (Less Than 5 Tons, 5-15 Tons, and More), End-User Industry (Manufacturing, Logistics and Warehousing, and More), and Geography. Market Forecasts are Provided in Value (USD) and Volume (Units).

Global Forklift Trucks Market Trends and Insights

APAC's Emission Mandates Propel Electric Forklift Adoption

China mandates zero-emission non-road machines in major cities starting in the near future as part of its Air Pollution Action Plan. India's PM E-DRIVE scheme provides significant funding for charging infrastructure and offers a substantial capital grant for electric forklifts. Japan's working-hour ceiling is driving warehouses to adopt faster-charging lithium-ion fleets. Meanwhile, South Korea's Green New Deal 2.0 aims to achieve a considerable electric share for commercial vehicles within the next decade. Given these converging initiatives, the electric share of the forklift truck market in the Asia Pacific region is projected to grow significantly in the coming years, outpacing Western counterparts.

North America's Automated and E-commerce Warehouses Expand

E-commerce giants are ramping up the deployment of "lights-out" fulfillment centers, seamlessly integrating autonomous mobile robots with advanced warehouse management systems. Amazon's sprawling new facility in Calgary has integrated several FoxBot robotic units, optimizing aisle widths and significantly boosting pallet density. Meanwhile, Walmart's introduction of in-store drones and cleaning robots has not only streamlined operations but also liberated capital for narrow-aisle lift trucks, which now work in harmony with automated racking systems. In a significant move, Prologis has allocated substantial funding for Prologis Labs in 2024, setting the stage to test VisionNav and Multiway's autonomous forklifts at multiple sites across the United States and Europe. These initiatives are poised to drive strong growth for Class I and Class II electric units over the next few years, even as the broader forklift truck market sees a slowdown. Furthermore, the integration of IoT software and battery analytics platforms is swiftly becoming a standard requirement.

Electric Forklift’s High Upfront Cost Hinders Adoption

Electric trucks, powered by lithium-ion technology, are significantly more expensive than their diesel counterparts. This places electric trucks in a higher price range compared to diesel models. Notably, batteries constitute a substantial portion of the total build cost. Over recent years, lithium-carbonate prices have shown considerable volatility, fluctuating widely. Many small enterprises face challenges in securing collateral, which limits their access to green financing. While the European Investment Bank's Clean Transport Facility offers highly competitive interest rates, adoption remains low among smaller firms with limited employee numbers. In India, subsidies are available for electric trucks, but they cover only a small fraction of the total fleet, highlighting the limited reach of such incentives. Additionally, until battery pack costs decrease significantly, the adoption of electric forklift trucks will remain constrained, particularly among cost-conscious buyers.

Other drivers and restraints analyzed in the detailed report include:

• European Cold-Chain Facilities Embrace Lithium-ion Forklifts
• Aging Forklift Fleet Replacement Cycle in Japan and South Korea
• Europe and Nordics Face Shortage of Skilled Forklift Operators

Segment Analysis

Electric units accounted for 67.73% of 2025 shipments as operators chase a minimal lifetime cost. Within the electric segment, lithium-ion packs experienced substantial growth, becoming the dominant choice compared to their position a few years ago. While hydrogen fuel-cell forklifts currently hold a minimal share, they are expected to grow steadily with a robust CAGR of 4.19% through 2031, supported by deployments in key industrial operations. Internal combustion continues to maintain a considerable share, primarily catering to outdoor and emerging-market applications. The U.S. Department of Energy (DOE) aims to achieve a competitive hydrogen price within the next few years, which could significantly reduce operating-cost differences. Heavy users in cold storage increasingly prefer hydrogen due to its quick refueling capability, which supports uninterrupted multi-shift operations. The forklift truck market is adapting to declining battery costs, with OEMs gradually phasing out lead-acid batteries in premium models.

At present, hydrogen represents a very small portion of the forklift truck market. However, with the expansion of renewable energy capacities and the implementation of zero-emission mandates by port authorities, hydrogen is gaining recognition as a viable long-term alternative. Meanwhile, lithium-ion technology is expected to remain the preferred investment choice in the foreseeable future, driven by its established charging infrastructure, integration with telematics, and improved safety certifications that reduce insurance risks.

Class I electric rider trucks are growing at a 4.25% CAGR as e-commerce firms condense aisle widths to 8 feet for greater cube efficiency. Amazon’s Calgary site illustrates the shift, using autonomous riders for narrower corridors. Class III pallet trucks still led 2025 volume at 43.47% but logged slower growth in saturated retail channels. Class II narrow-aisle machines benefit from pharmaceuticals and electronics verticals where high-value SKUs support premium equipment. Class IV and V combustion models held a combined share, indispensable on uneven terrains and heavy-construction zones. In 2024, Linde’s KAnIS project combined Class V electrics with 5G controls at Maersk Rotterdam, showcasing high-capacity automation.

Demand for agile Class I units signals a lasting reorder of warehouse design. As more sites integrate mezzanines and automated storage, navigation accuracy and battery productivity will shape OEM differentiation. The Forklift trucks market size for Class I equipment is projected to widen its gap over Class III by the decade’s end.

Complete Report Scope:

• By Powertrain Type
  • Internal Combustion Engine (ICE)
  • Electric
    • Lead-acid
    • Li-ion
  • Hydrogen Fuel-cell Vehicle (HFCV)
• By Vehicle Class
  • Class I (Electric Rider Trucks)
  • Class II (Electric Narrow-Aisle)
  • Class III (Electric Pallet)
  • Class IV (ICE Cushion-Tire)
  • Class V (ICE Pneumatic-Tire)
• By Load Capacity
  • Less than 5 Tons
  • 5-15 Tons
  • Above 15 Tons
• By End-user Industry
  • Manufacturing
  • Logistics & Warehousing
  • Construction & Infrastructure
  • Retail & Wholesale
  • Food & Beverage Cold-Chain
• By Geography
  • North America
    • United States
    • Canada
    • Rest of North America
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Europe
    • Germany
    • United Kingdom
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Middle East and Africa
    • United Arab Emirates
    • Saudi Arabia
    • South Africa
    • Turkey
    • Rest of Middle East and Africa

Geography Analysis

Asia Pacific held a 47.63% slice of the Forklift trucks market in 2025, anchored by China’s vast production scale. Domestic makers Hangcha, Heli, and EP exported a massive number of units to Southeast Asia and Africa, challenging traditional suppliers.

China’s city-level zero-emission deadline of 2026 is likely to drive electric penetration past four-fifths by 2028. India’s warehousing build-out, tied to the Production-Linked Incentive program, could lift annual demand by a vast number of units by 2027. The Middle East and Africa, with a 4.27% CAGR, are driving megaprojects such as King Salman Airport and Jebel Ali’s cold-store build.

Europe controls most of the revenue, with the strict EU Battery Regulation accelerating the uptake of lithium. North America, with a minimal volume, benefits from reshoring, as well as gigafactory pipelines that secure steady, heavy-duty orders. South America lags premium electrics due to currency volatility but finds localized demand in Brazil’s grain corridors.

List of Companies Covered in this Report:

• Toyota Industries Corp.
• KION Group AG
• Jungheinrich AG
• Hyster-Yale Materials Handling Inc.
• Mitsubishi Logisnext Co. Ltd.
• Crown Equipment Corp.
• Hangcha Group Co.
• Doosan Industrial Vehicles Co. Ltd.
• Komatsu Ltd.
• Anhui Heli Co. Ltd.
• Clark Material Handling Co.
• Caterpillar Inc. (CAT Lift Trucks)
• Hyundai Material Handling
• Lonking Holdings Ltd.
• Manitou Group
• Godrej & Boyce Mfg. Co.
• EP Equipment Co.
• Liugong Machinery Co.
• UniCarriers Corp.
• SANY Group Co.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support