Forklift Market Size (USD 75.49 Bn) by 2032

Overview

The forklift market is projected to reach USD 58.8 billion by 2024 and expand at a CAGR of 3.23% during the forecast period, ultimately reaching USD 75.49 billion by 2032.

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Over the medium term, the market anticipates steady growth as manufacturers adopt automation to enhance production capacity. Electric forklifts, in particular, are gaining traction as they streamline material handling processes, reducing physical labor and facilitating efficient movement of goods within warehouses and production facilities.

The burgeoning e-commerce and logistics sectors, especially in major economies like Europe, the United States, and China, are driving the demand for forklifts, emphasizing the critical role of distribution in today's market landscape. Recent technological advancements, including fleet management systems, connected vehicles, and Internet of Things (IoT) integration in forklifts, are further propelling the adoption of electric forklifts. Unlike traditional internal combustion engine forklifts, electric variants produce zero carbon dioxide and nitrogen oxide emissions, aligning with sustainability goals and contributing to the growth of the electric forklift market.

Moreover, industry players are ramping up their production capacities in response to the increasing demand for eco-friendly forklifts.

For Instance,

• Godrej Material Handling aims to double its production capacity and capture a significant market share in electric forklifts in India by FY24. This strategic focus on green forklifts aligns with the growing emphasis on sustainability within the Indian manufacturing sector, as companies seek to mitigate environmental impact and adopt eco-friendly practices.

Asia Pacific is poised to dominate the forklift market, driven by robust demand from developed and emerging economies alike. The region's expanding market share, fueled by significant demand from countries like China and India, underscores its pivotal role in supporting overall market growth. With increasing emphasis on sustainability and technological innovation, the forklift market is poised for sustained expansion, catering to evolving customer needs and market dynamics.

Forklift Market Trends

Electric-Powered Forklift Trucks are Gaining Popularity in Developed Nations

The forklift market is witnessing remarkable growth propelled by the demand for cargo handling, moving, and lifting applications, alongside the expansion of e-commerce platforms. The adoption of electric forklifts across various industries further amplifies market growth. Technological advancements, such as the development of fast-charging batteries that minimize wear and tear while extending service life, are also contributing to the industry's expansion.

In 2021, global forklift sales reached approximately 2.1 million units, with fully electric vehicles (BEVs) comprising over half of all sales. Projections indicate that by 2030, global forklift sales will escalate to around 2.4 million units, with electric vehicles accounting for approximately 1.5 million units. According to the China Industrial Vehicle Association, China's forklift production is anticipated to exceed 80,000 units by 2030, with electric forklift sales surpassing household power tool sales.

The advantages of electric forklifts, such as eliminating on-site fuel storage and reducing pollution, have prompted companies to opt for electric vehicles, particularly for household tasks. Electric forklifts are extensively utilized on construction sites across North America, Europe, and Asia, driven by the surge in e-commerce, stringent energy standards, and infrastructure development projects. Nonetheless, in emerging markets, there remains a preference for internal combustion engine forklifts. Numerous companies are actively engaged in the development of electric forklifts, introducing new models to gain a competitive edge. For instance, in June 2022, Mitsubishi Logisnext unveiled the MX2 and MXL series of 4-wheel electro-pneumatic forklifts with capacities ranging from 5,000 to 7,000 pounds and 9,000 to 12,000 pounds.

Electric forklifts offer numerous advantages, including zero emissions, reduced noise levels, enhanced visibility, and more, compared to internal combustion counterparts. Consequently, electric forklifts are poised to dominate the market during the forecast period, with increased adoption across industries expected to drive sustained growth and market penetration.

North America is Expected to Account for a Significant Portion of the Forklift Market

North America emerges as a key sales hub in the global forklift market, fueled by robust demand and significant investments from renowned companies based in the United States. These industry leaders have allocated substantial resources towards replacing traditional forklifts with modern, advanced equipment, driving market growth.

Forklifts powered by alternative energy sources such as hydrogen are gaining traction worldwide, with governments in various regions offering incentives and implementing policies to support the industry's expansion.

In line with this trend, Hyster-Yale, spurred by Chicago government regulations promoting innovation, introduced two new products from its research and development division. Notably, the company unveiled its first balanced electric stacker equipped with a factory-integrated lithium-ion battery pack, reflecting a commitment to sustainable solutions and technological advancement.

The current administration in the United States prioritizes job creation, further boosting economic growth and property sales in the region. This dynamic environment positions North America as one of the fastest-growing regions in the forklift market.

For Instance,

• In May 2022, Mitsubishi Logisnext announced the expansion of its distribution network in the United States, consolidating its three brands—Cat Lift Trucks, Mitsubishi Lift Trucks, and Jungheinrich Warehouse Products—under the name Wiese USA, strengthening its presence in Alabama and west Florida.

Following North America, the Asia-Pacific region emerges as another significant market in terms of revenue during the forecast period. The rapid expansion of small and medium-sized businesses, coupled with the burgeoning e-commerce sector in countries such as India, Japan, and China, is expected to drive substantial demand for forklifts. This trend underscores the pivotal role of Asia-Pacific in shaping the global forklift market landscape, with opportunities for growth and market penetration abound.

Forklift Market Overview

• The forklift industry boasts several key players, including Komatsu Ltd, Toyota Industries, Kion Group, Hyster-Yale Material Handling, Jungheinrich Group, Mitsubishi Logisnext, Crown Equipment Corporation, and others. In recent years, entrepreneurs within the industry have pursued various growth strategies such as acquisitions, mergers, and partnerships to expand their product offerings and enhance profitability.

For Instance,

• In October 2022, Electrovaya announced the establishment of its first manufacturing facility in the USA, complementing its two existing facilities in Canada. The new facility will focus on producing high-quality lithium-ion cells and battery packs utilized in electric trucks, robots, buses, forklifts, and other applications. The initial phase of operations is slated to commence by the end of 2023, signaling the company's commitment to meeting the rising demand for electric mobility solutions.
• Similarly, in September 2022, Toyota Industries unveiled an automatic elevator leveraging cutting-edge intelligence-based technology. This innovative solution automatically identifies the location of trucks and cargo, generating optimal driving routes for efficient cargo operations. Toyota Industries' investment in advanced automation underscores its dedication to enhancing operational efficiency and meeting evolving market demands.
• These strategic initiatives underscore the dynamic nature of the forklift industry, with key players continuously striving to innovate and expand their offerings to stay ahead in the competitive landscape. By embracing technological advancements and forging strategic partnerships, industry entrepreneurs aim to drive growth and address the evolving needs of customers in a rapidly changing market environment.

Forklift Market Leaders

• Jungheinrich AG
• Toyota Industries Corporation
• Mitsubishi Forklift Trucks
• KION Group AG
• Crown Equipment Corporation
• Hangcha Group Co.
• Hyster-Yale Materials Handling Inc.
• Doosan Industrial Vehicles Co. Ltd
• Caterpillar Inc.
• Anhui Heli
• Komatsu Ltd
• Clark Material Handling Company Inc.

Forklift Market Recent Developments

• August 2023: Jungheinrich Group unveiled its latest advancement in electric forklift technology, introducing the EFG S40s model. This new addition to the EFG series boasts enhanced performance capabilities and improved energy efficiency, catering to the evolving needs of industrial users. Equipped with state-of-the-art lithium-ion battery technology, the EFG S40s offers extended operating times and faster charging cycles, ensuring uninterrupted productivity in warehouse environments.
• July 2023: Crown Equipment Corporation announced the expansion of its product portfolio with the launch of the Crown RM 6000 Series reach truck. Designed for high-density warehousing applications, the RM 6000 Series features advanced ergonomics, intuitive controls, and customizable configurations to optimize operator comfort and efficiency. Additionally, the reach truck incorporates Crown's innovative regenerative braking system, enhancing energy efficiency and reducing operational costs for warehouse operators.
• June 2023: Linde Material Handling introduced the Linde R14X series of reach trucks, incorporating cutting-edge technology to deliver superior performance and versatility in narrow aisle applications. The R14X series boasts enhanced maneuverability and precision control, enabling operators to navigate tight spaces with ease while maximizing warehouse storage capacity. Furthermore, Linde's innovative energy management system ensures optimal battery utilization, prolonging equipment runtime and minimizing downtime for increased productivity.
• May 2023: Yale Materials Handling Corporation unveiled its latest innovation in electric forklift design, introducing the Yale ERP20-35UX series. Engineered for exceptional durability and reliability, the ERP20-35UX series offers industry-leading load handling capabilities and advanced safety features. With a focus on operator comfort and efficiency, Yale's ergonomic design enhancements and intuitive controls ensure effortless operation and heightened productivity in demanding warehouse environments.

Forklift Market Segmentation

By Power-train Type

• Internal Combustion Engine
• Electric

By Vehicle Class

• Class I
• Class II
• Class III
• Class IV

By End-user Vertical

• Industrial
• Construction
• Manufacturing

By Geography

• North America
  • United States
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • Rest of Asia-Pacific
• Latin America
  • Brazil
  • Rest of Latin America
• Middle-East and Africa
  • South Africa
  • Rest of Middle-East and Africa