Forklift Trucks Market Size, Trends & Innovations 2034

Forklift Trucks Market Size, Companies and Highlights

The forklift trucks market size is expected to increase from 2,606 thousand units in 2025 to 5,703 thousand units by 2034, growing at a CAGR of 9.84% throughout the forecast period from 2025 to 2034.

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Major Highlights of Forklift Trucks Market

• Asia Pacific dominated the forklift trucks market due to the rapidly developing construction sector along with rise in number of logistics companies in this region.
• North America is likely to grow with a significant CAGR due to the growing demand for advanced machineries to maintain the daily operations in warehouses.
• Class III trucks segment held the largest share of the market due to its application in transporting palletized loads over short distances along with its usage in warehousing activities.
• Food and Beverages industry segment led the industry due to the rising government initiatives for developing the food and beverage sector coupled with rapid investment by market players to enhance food safety.

Market Overview

The forklift trucks market is an integral branch of the advanced machinery industry. This industry deals in manufacturing and distribution of trucks used for lifting and transporting activities in numerous industries. There are several types of trucks developed in this industry consisting of Class I trucks, Class II trucks, Class III trucks, Class IV trucks and Class V trucks. Some of these trucks run on traditional fuel while some others are based on electricity. These trucks find applications in numerous end-user industries consisting of logistics, automotive, food industry, retail and some others. The rapid developments in the e-commerce sector has increased the application of forklift trucks, thereby contributing to its industrial expansion. This market is expected to rise significantly with the growth in the automotive industry in different parts of the globe.

• According to the Statistics Canada, the retail e-commerce sales of Canada in June 2024 was US$ 3931608000 that increased to US$ 4222463000 in October 2024.

Logistics Trends Across the Globe

• According to the Indian Ministry of Mines, around 966 lakh tons of coal, 42 lakh tons of lignite, 2414 tons of bauxite were produced in India in February 2024.
• According to the Japan Ministry of Economy, Trade and Industry, around the domestic B-to-C EC market reached 24.8 trillion yen in 2023.
• According to the India Brand Equity Foundation, the Indian logistics market was valued at US$ 107.16 billion in 2023 that is projected to reach US$ 159.54 billion in 2024.
• According to the General Contractor Association of America, in the 1st quarter of 2024, there wer around 943,000 construction establishments in the U.S.

Industry Leader Announcement

In November 2024, Max Høegh Nielsen, the CEO of N.C. Nielsen made an announcement stating that,” At Linde, innovation is deeply embedded in the company. The new electric forklifts are visible proof that Linde has the strength and courage to advance its product range. They refine their technological solutions based on experience, a detailed understanding of customer needs, and a scientific approach that results in impressive solutions.“

Competitive Landscape

The forklift trucks market is a consolidated industry with few dominant market players. Some of the important companies of this industry consists of Toyota Industries Corporation (Japan), Anhui Heli Co. Ltd (China), Cargotec Corporation (U.S.), Clark Material Handling Company Inc (U.S.), Crown Equipment Corporation, Mitsubishi Heavy Industries Ltd (Japan) and some others. These market players are constantly engaged in developing forklift trucks and adopting several strategies to sustain in this competitive industry.

• According to the annual report of Cargotec Corporation, the revenue of the equipment segment in 2022 was 2778 million euros in 2022 that increased to 3143.80 in 2023.

Forklift Trucks Market Segments

ByType

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

By Power Source

• Internal Combustion Engine
• Electric

By End User

• Manufacturing,
• Retail & Wholesale
• Logistics
• Construction
• Automotive 
• Food & Beverages
• Natural Resources
• Mining
• Others

By Region

• North America
  • US
  • Canada
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Thailand
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Sweden
  • Denmark
  • Norway
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa (MEA)
  • South Africa
  • UAE
  • Saudi Arabia
  • Kuwait