The global forklift market reached a value of about 1.84 million Units in 2024. The market is further expected to grow at a CAGR of 4.50% in the forecast period of 2025-2034 to reach value of around 2.86 million Units by 2034.
Increased Implementation of Counterbalance Forklifts in Transport and Logistics Operations to Boost the Industry Growth
Based on type, the counterbalance segment leads the global market for forklift, accounting for a significant share in the industry. This can be attributed to the benefits offered by counterbalance trucks, which include features like high performance, improved efficiency, and effective maneuverability. Further, LPG counterbalance equipment are witnessing increased adoption in transport and logistics industries as they do not require the need to be refuelled or recharged while operating both in indoor and outdoor facilities.
Over the forecast period, the market for electric forklift is expected to witness significant growth due to the implementation of stringent emission norms for diesel vehicles. Further, the rising investments by the manufacturers in R&D activities to develop advanced forklifts and enhance their productivity is expected to have a positive effect on the expansion of the market.
Increased Implementation of Counterbalance Forklifts in Transport and Logistics Operations to Boost the Industry Growth
Based on type, the counterbalance segment leads the global market for forklift, accounting for a significant share in the industry. This can be attributed to the benefits offered by counterbalance trucks, which include features like high performance, improved efficiency, and effective maneuverability. Further, LPG counterbalance equipment are witnessing increased adoption in transport and logistics industries as they do not require the need to be refuelled or recharged while operating both in indoor and outdoor facilities.
The Asia-Pacific to Provide Enhanced Growth Opportunities to the Forklift Industry
The Asia-Pacific is expected to witness the robust growth over the forecast period owing to the expanding e-commerce sector and the increasing shift towards automation in logistics and material handling industries in the region. The rising demand from emerging nations like India and China are significantly contributing to the industry growth. Further, the increasing demand for advanced technologies like IoT and big data analytics in logistics to enhance the efficiency will further aid the market growth.Forklift Industry Segmentation
Forklift refers to a powered industrial truck which is particularly designed to lift materials and move them over short distances. It is also referred to as lift truck or forklift truck. It is commonly used to load and unload goods in various industries including warehouses and other large storage facilities. They enhance operator safety and productivity while providing comfort during material handling.Based on class, the market is divided into:
- Class 1
- Class 2
- Class 3
- Class 4 and 5
By type, the industry can be bifurcated into:
- Counterbalance Type
- Warehouse Type
On the basis of technology, the industry is broadly categorised into:
- IC Engine
- Electric
The regional markets for the product include:
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
Growing E-Commerce Industry to Bolster the Growth of the Global Market for Forklift
The growth of the e-commerce sector and the growing focus on enhancing the safety and security of workers in logistics industry are the main factors driving the growth of the market. The e-commerce giants are making significant investments in setting up new warehouses and distribution centres in developing regions, which is significantly contributing to the industry growth. Further, the deployment of forklifts in warehouse provides improved safety and ensures fast delivery of products to customers, thus, resulting in its increased demand. Further, the rapid urbanisation and the increasing construction activities across the globe will enhance the market for forklift trucks, thus, aiding the growth of the overall industry.Over the forecast period, the market for electric forklift is expected to witness significant growth due to the implementation of stringent emission norms for diesel vehicles. Further, the rising investments by the manufacturers in R&D activities to develop advanced forklifts and enhance their productivity is expected to have a positive effect on the expansion of the market.
Key Industry Players in the Global Forklift Market
The report gives a detailed analysis of the following key players in the global forklift market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:- Toyota Material Handling, Inc.
- Crown Equipment Corporation
- Jungheinrich AG
- Komatsu Ltd.
- Anhui Heli Co., Ltd.
- Doosan Industrial Vehicle America Corp.
- Others
Table of Contents
1 Executive Summary
2 Market Overview and Stakeholder Insights
3 Economic Summary
4 Country Risk Profiles
5 Global Forklift Market Analysis
6 North America Forklift Market Analysis
7 Europe Forklift Market Analysis
8 Asia-Pacific Forklift Market Analysis
9 Latin America Forklift Market Analysis
10 Middle East and Africa Forklift Market Analysis
11 Market Dynamics
13 Competitive Landscape
Companies Mentioned
The key companies featured in this Forklift market report include:- Toyota Material Handling, Inc.
- Crown Equipment Corporation
- Jungheinrich AG
- Komatsu Ltd.
- Anhui Heli Co., Ltd.
- Doosan Industrial Vehicle America Corp.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 152 |
| Published | August 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value in 2025 | 1.84 Million Units |
| Forecasted Market Value by 2034 | 2.86 Million Units |
| Compound Annual Growth Rate | 4.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 7 |
