Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source (ICE, Electric), By Load Capacity (Below 5 Ton, 5-15 Ton), By Region- Global Industry Analysis, Share, Growth, Regional Outlook and Forecasts, 2024-2033

The global forklift market size was exhibited at USD 65.17 billion in 2023 and is projected to hit around USD 233.26 billion by 2033, growing at a CAGR of 13.6% during the forecast period of 2024 to 2033.

Key Takeaways:

• Asia Pacific dominated the forklift market and accounted for 48.0% of the share in 2023.
• Class 3 segment led the market and accounted for 43.1% of the market in 2023.
• The electric segment accounted for the largest market revenue share in 2023.
• The 5–15-ton segment led the market in 2023.
• The lead-acid segment held the largest revenue share of 68.0% in 2023.
• The industrial segment held the largest revenue share of 24.06% in 2023.

Forklift Market: Overview 

The global forklift market stands at the intersection of industrial efficiency and material handling, playing a pivotal role in streamlining operations across diverse sectors. Forklifts, also known as lift trucks, have evolved from simple mechanical devices to sophisticated, technologically advanced equipment, reflecting the dynamic nature of modern industries.

Forklift Market Growth

The forklift market is experiencing robust growth, driven by several key factors. One significant contributor is the escalating demand for efficient material handling solutions across industries such as manufacturing, logistics, and e-commerce. As global trade continues to expand, the need for streamlined supply chain operations has become paramount, propelling the adoption of forklifts. Moreover, technological advancements in the form of automated guided vehicles (AGVs), telematics, and IoT integration are enhancing the overall efficiency and safety of forklift operations. The shift towards electric forklifts, driven by environmental considerations and stringent regulations, is another pivotal growth factor. Additionally, the ongoing emphasis on warehouse optimization and the increasing trend of e-commerce fulfillment centers further fuel the demand for versatile and high-performance forklifts. In essence, the confluence of industrial automation, technological innovation, and evolving logistics requirements positions the forklift market on a trajectory of sustained growth.

Forklift Market Report Scope

Forklift Market Dynamics

• Economic Trends and Global Trade Dynamics:

The forklift market is intricately linked to the global economic landscape and trade dynamics. Fluctuations in economic conditions, such as GDP growth, directly impact industrial activities and, consequently, the demand for forklifts. As economies expand, the need for efficient material handling and logistics solutions rises, driving the adoption of forklifts across diverse industries. Furthermore, the interconnectedness of supply chains in the era of globalization amplifies the significance of forklifts in facilitating the seamless movement of goods. 

• Technological Advancements and Automation Integration:

Technological innovation stands as a primary driver of change in the forklift market. The integration of advanced technologies such as telematics, the Internet of Things (IoT), and automation has revolutionized the capabilities of forklifts, enhancing efficiency and safety in material handling operations. Automated guided vehicles (AGVs) are gaining prominence, offering a glimpse into the future of autonomous forklifts. These technological advancements not only improve the precision and speed of forklift operations but also contribute to reduced downtime and maintenance costs. 

Forklift Market Restraint

• Initial Cost and Implementation Challenges:

While the adoption of advanced forklift technologies brings undeniable benefits, the initial costs associated with acquiring and implementing these solutions can pose a significant restraint. Businesses, particularly smaller enterprises, may find the upfront expenses prohibitive, impacting the rate of forklift technology adoption. Additionally, the integration of sophisticated technologies requires comprehensive training programs for operators, which further adds to the initial investment. 

• Environmental and regulatory compliance pressures:

As environmental sustainability gains prominence, forklift manufacturers and users face challenges associated with meeting stringent emission standards and environmental regulations. The traditional reliance on internal combustion engine (ICE) forklifts raises concerns regarding air quality and carbon emissions. Transitioning to environmentally friendly alternatives, such as electric forklifts, can be constrained by the limitations of current battery technologies, impacting factors like range and charging infrastructure. 

Forklift Market Opportunity

• Rising Demand for Electric Forklifts:

One of the prominent opportunities in the forklift market stems from the growing demand for electric forklifts. With an increasing emphasis on sustainability and environmental consciousness, businesses are actively seeking alternatives to traditional internal combustion engine (ICE) forklifts. Electric forklifts present a compelling solution, offering not only reduced emissions but also operational cost advantages over time. As advancements in battery technology continue, there is an opportunity for manufacturers to capitalize on this trend by developing more efficient and high-performance electric forklifts. 

• Integration of IoT and Telematics for Smart Forklifts:

The integration of Internet of Things (IoT) and telematics presents a significant opportunity for the forklift market. Smart forklifts equipped with sensors and connectivity features enable real-time monitoring of key performance metrics, including maintenance status, fuel efficiency, and operator behavior. This data-driven approach enhances operational efficiency, reduces downtime through predictive maintenance, and improves overall safety. As businesses increasingly embrace Industry 4.0 principles, the demand for intelligent forklifts is on the rise. 

Forklift Market Challenges

• Technological Adaptation and Training Requirements:

One of the primary challenges facing the forklift market lies in the swift pace of technological advancements and the associated need for workforce training. As forklifts evolve with features like automation, IoT integration, and advanced telematics, businesses encounter the challenge of ensuring their workforce is adept at utilizing these technologies effectively. The implementation of automated guided vehicles (AGVs) and other autonomous features demands a skilled workforce capable of managing, monitoring, and troubleshooting these complex systems. 

• Global supply chain disruptions:

The forklift market is susceptible to challenges arising from global supply chain disruptions, as evidenced by events like natural disasters, geopolitical tensions, or pandemics. The interconnected nature of supply chains exposes the industry to potential delays in raw material procurement, manufacturing, and transportation. Such disruptions can lead to a shortage of critical components for forklift production, impacting manufacturers' ability to meet market demands. 

Segments Insights:

Class Insights

Class 3 segment led the market and accounted for 43.1% of the market in 2023. The Class 3 segment includes electric motorized hand trucks. These are hand-controlled forklifts, where the operator steers the forklift with a tiller from the front of the vehicle. Hand trucks are often controlled by a handle at the back of the truck, with a hand control used to steer as the driver rides or walks it to the destination. These forklifts are frequently used for moving items requiring low lifts and can effortlessly transfer goods throughout the warehouse floor without requiring the product to be placed on a high shelf or rack.

The class 1 segment is expected to witness considerable growth over the forecast period. The high demand for electric rider trucks across end-use areas such as retail stores, factories, the food service industry, and chemical factories is expected to support segment growth. These forklifts generally have fewer moving parts, thereby reducing maintenance requirements and overall expenses. The ease of maneuverability and quiet operations make class 1 forklifts suitable for diverse work environments, from warehouses to manufacturing facilities, where noise levels and space constraints are significant considerations.

Power Source Insights

The electric segment accounted for the largest market revenue share in 2023. Electricity is an eco-friendly alternative to gasoline- and diesel-powered forklifts. Rising environmental concerns and depleting fossil fuel resources are driving the need for sustainable, efficient, and durable forklifts, which can also ensure a healthier, emission-free environment for employees. Advances in battery technology and the strong emphasis on ensuring a healthier working environment for employees are expected to play a potent role in driving the growth of the segment over the forecast period.

Several vendors are developing new electric forklift models as part of their efforts to expand their respective portfolios of material handling solutions. For instance, in May 2023, AB Volvo Penta, an industrial engine manufacturer, announced a partnership with FTMH Fantuzzi Team Material Handling Spa, a heavy equipment manufacturer, to develop electric forklifts. The partnership envisaged developing an electric forklift with a weighing capacity of up to 52 tons.

Load Capacity Insights

The 5–15-ton segment led the market in 2023. Forklifts with capacities between 5 tons and 15 tons are commonly used for handling a wide range of materials, including pallets, steel, and bricks. They can be considered highly efficient equipment for mechanized loading and short-distance transportation. They can be used both indoors or outdoors and can be fired by natural gas, liquid propane, or gasoline. These forklift trucks are usually sit-down models and happen to be the most common types of forklifts used to lift and position heavy objects promptly and with precision. This versatility is expected to create lucrative opportunities for the growth of the segment.

The below-listed segment is expected to register the highest growth rate over the forecast period. These compact forklifts are highly versatile, allowing businesses to handle various load sizes efficiently. These compact forklifts facilitate the safe and easy movement of products across limited floor space. Manufacturing, warehousing, material handling, logistics, and freight handling are some of the application fields of these forklifts. Furthermore, when used to transport risky cargo in small warehouse spaces, these forklifts also protect the workforce.

Electric Battery Type Insights

The lead-acid segment held the largest revenue share of 68.0% in 2023. Lead-acid batteries can be considered a reliable energy source due to their ability to provide a high-power surge. Hence, they are popularly used in electric forklifts. Electric forklifts call for high current output to perform heavy lifting and maneuvering tasks. Lead-acid batteries can deliver the necessary power output, making them well-suited for these applications without confronting any significant voltage drops or power fluctuations.

The lithium-ion battery segment is expected to register the highest growth rate over the forecast period. Growing environmental concerns are prompting businesses to seek eco-friendly solutions to reduce their carbon footprint. Lithium-ion batteries offer a cleaner alternative to conventional lead-acid batteries, which feature toxic chemicals such as lead and sulfuric acid. By adopting lithium-ion technology in electric forklifts, vendors are demonstrating their commitment to sustainability by abiding by increasingly stringent environmental regulations, which bodes well for the growth of the segment.

End-use Insights

The industrial segment held the largest revenue share of 24.06% in 2023. Forklifts are extensively used for undertaking material handling and warehousing tasks in industrial environments. In manufacturing plants, forklifts play a crucial role in moving raw materials, intermediate products, and finished goods within production lines. Their ability to handle heavy loads and navigate tight spaces helps ensure a smooth material flow, reducing production bottlenecks and enhancing operational efficiency.

The retail & e-commerce segment has experienced a significant transformation in recent years, driven by changing consumer preferences and the rise of online shopping. The retail & e-commerce industry has been evolving significantly over the past few years, driven by changing consumer preferences and the growing preference for online shopping. In this dynamic landscape, forklifts have become integral to the industry, offering tailored applications to support efficient material handling and logistics operations. Forklifts play a vital role in streamlining warehouse operations and ensuring seamless movement of goods from order receipt to storage and order fulfillment. Their compact design and precise control enable agile maneuvering in tight spaces, optimizing space utilization and expediting inventory management.

Regional Insights

Asia Pacific dominated the forklift market and accounted for 48.0% share in 2023. The Asia Pacific region is home to several prominent forklift manufacturers, such as Doosan Corporation and Hangcha Forklift, fostering technological innovations and driving industry competitiveness. As companies continuously develop advanced electric forklift models with enhanced performance and features, end-use industries upgrade their fleets to remain competitive and efficient. As the market evolves, collaborations among governments, manufacturers, and businesses are expected to play a pivotal role in driving further advancements and widespread adoption of forklifts in Asia.

In Europe, the market is expected to register a considerable growth rate over the forecast period. The forklift industry in Europe is expected to witness significant growth over the forecast period owing to the increasing demand for sustainable supply-chain solutions, the rising global awareness of climate change, and the need for sustainable practices. The concept of a sustainable supply chain has gained significant momentum in Europe, with various businesses focusing on reducing their carbon footprint and promoting eco-friendly practices throughout their operations.

Recent Developments

• In August 2023, Jungheinrich AG acquired Magazino, an automated solution provider. The acquisition helped the former company to its position in autonomous mobile robots and related software.
• In September 2023, Hangcha Forklift launched a high-voltage lithium battery-based electric rough terrain forklift. The forklift ranges from 2.5 to 3.5 tons and features such features as reduced noise, zero emissions, and fast charging time.
• In May 2023, Toyota Material Handling announced the launch of three new forklift models. The new forklifts have features such as standard power steering, an industrial tow tractor, an automatic parking brake, a side-entry end rider, and a center rider stacker. These features offer the user enhanced performance, efficiency, and a comfortable operating environment in the cabin. The models fall between the 6,000 and 8,000 lbs. weight classes and are ideal for order picking and cross-warehouse transportation.
• In January 2023, Crown Equipment Corporation announced the launch of an electric counterbalance forklift. The C-B series features electric forklifts equipped with 80-volt motors. The forklifts have application-oriented ergonomics such as a full suspension, adjustable seat, intuitive control system, compact mast, and overhead guard. These features provide enhanced safety and productivity and reduce operator strain and fatigue.

Some of the prominent players in the forklift market include:

• Anhui Heli Co., Ltd.
• Clark Material Handing Company, (Clark Equipment Company)
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha Forklift
• Hyster-Yale Materials Handling, Inc.(Hyster-Yale Group, Inc.)
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Motor Corporation (Toyota Material Handling)

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Nova one advisor, Inc. has segmented the global forklift market.

Class

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

Power Source

• ICE
• Electric

Load Capacity

• Below 5 Ton
• 5-15 Ton
• Above 16 Ton

Electric Battery Type

• Li-ion
• Lead Acid

End Use

• Industrial
• Logistics
• Chemical
• Food & Beverage
• Retail & E-Commerce
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)