Forklift Market is expected to grow at a CAGR of 6.80% through 2030.

The rising need for efficient warehouse management, growing adoption of electric forklifts, and increasing automation in material handling are the factors driving the market in the forecast period 2026–2030.

According to TechSci Research report, “Forklift Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F”, The Global Forklift Market was valued at USD 66.16 billion in 2024 and is expected to reach USD 98.17 billion by 2030 with a CAGR of 6.80% during the forecast period.

Industries across sectors are upgrading their material handling systems, driving increased demand for advanced forklift solutions. The rise of organized warehousing and fulfillment centers in response to booming online retail has made forklifts essential for fast, reliable load movement. Electric-powered forklifts are gaining traction due to emissions compliance, quieter operations, and reduced service needs. Smart technology integration has transformed forklifts into connected tools capable of boosting operational efficiency while maintaining safety standards.

Key industry shifts include a broader preference for battery-powered equipment, more flexible ownership models through rentals, and design improvements focused on operator comfort. Advanced battery technologies like lithium-ion and hydrogen fuel cells are extending forklift applications across longer duty cycles. As companies digitalize logistics, forklifts are being embedded into connected systems, supporting predictive maintenance and fleet optimization.

The market still faces obstacles such as high acquisition costs, insufficient infrastructure for electric fleets, and gaps in skilled labor. Uneven safety practices and material cost fluctuations can hinder adoption. However, the shift toward clean energy, automation, and smarter logistics continues to reshape the landscape.

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Global Forklift Market Is Segmented By Power Source, Class, End Use, and Region.

The global forklift market is segmented by class based on their operational design and fuel type. Class 1 forklifts, which are electric motor rider trucks, are increasingly popular due to their zero emissions and suitability for indoor use, especially in warehouses, retail, and food storage facilities. Class 2 forklifts, designed for narrow aisle operations, are in high demand where space optimization is critical, particularly in logistics and wholesale sectors. Class 3 forklifts, or electric motor hand trucks, are widely used for low-lift applications and short-distance movement, offering cost-effective solutions for smaller operations. Class 4 forklifts, powered by internal combustion engines with solid cushion tires, are typically used in indoor manufacturing settings. Class 5 forklifts, with pneumatic tires and ICE engines, dominate outdoor and heavy-duty industrial operations like construction and automotive manufacturing. The “Others” category includes specialized forklifts such as rough-terrain and side loaders, which are gaining traction in niche industrial and agricultural applications.

The global forklift market is witnessing strong growth across diverse end-use sectors, with logistics and warehousing leading demand. As global e-commerce and third-party logistics (3PL) expand, logistics companies are heavily investing in forklifts for efficient handling and inventory movement. The retail and wholesale sector also accounts for a substantial share, driven by the need for rapid stock turnover and optimized storage in distribution centers and stores. The automotive industry utilizes forklifts extensively for moving parts and assembling components within manufacturing plants. In the food industry, forklifts with cold storage compatibility are essential for transporting perishable goods in controlled environments. The “Others” category includes construction, pharmaceuticals, and chemicals, where forklifts are used for specialized applications. Increasing automation, rising warehouse modernization, and safety standards across industries are influencing the shift toward electric and autonomous forklift models. End-user demand is also driving innovation in compact and high-capacity forklifts suited to specific industrial and commercial requirements.

Europe is emerging as one of the fastest-growing regions in the global forklift market, driven by the region’s rapid transition toward automation, sustainability mandates, and the modernization of logistics infrastructure. Countries like Germany, France, Italy, and the Netherlands are witnessing strong demand for electric and hybrid forklifts, supported by strict emission regulations and government incentives promoting eco-friendly industrial equipment. The growth of e-commerce and regional logistics hubs across Western and Northern Europe is significantly boosting forklift adoption, particularly for warehouse and distribution center operations. The automotive and food processing industries also contribute heavily to forklift demand, with a focus on energy-efficient and compact material handling solutions. In addition, Eastern European countries are experiencing increased manufacturing investments, creating new demand for both conventional and advanced forklift technologies. Europe’s push toward electrification and autonomous systems positions it as a major growth driver in the global forklift market beyond the APAC region.

Major Market Players Operating in Global Forklift Market Are:

• Crown Equipment Corporation
• EP Equipment
• Hangcha Group Co Ltd
• Hyster Yale Material Handling Inc
• Jungheinrich AG
• Kion Group AG
• Komatsu Ltd
• Lonking Holdings Limited
• Mitsubishi Logisnext Co Ltd
• Toyota Industries Corporation

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The forklift market is witnessing strong growth driven by the expansion of e-commerce, warehousing, and manufacturing sectors. Rising demand for efficient material handling, increasing adoption of electric-powered forklifts, and integration of smart technologies like telematics and automation are transforming operations. Environmental regulations and the shift toward sustainable equipment are encouraging the use of battery-powered models. While challenges such as high initial costs, infrastructure limitations, and operator shortages persist, the market is steadily progressing toward cleaner, safer, and more efficient forklift solutions. Diverse end-use applications across logistics, retail, automotive, and food industries further support market expansion", said Mr. Karan Chechi, Research Director of TechSci Research, a global research-based management consulting firm, these trends are expected to contribute significantly to the market's expansion.

“Forklift Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Power Source (IC Engine Powered, Electric Powered), By Class (Class 1, Class 2, Class 3, Class 4, Class 5, Others), By End Use (Retail & Wholesale, Logistics, Automotive, Food Industry, Others), By Region & Competition, 2020-2030F”, assesses the market's future growth potential and provides data on market size, trends, and forecasts. It aims to offer comprehensive market insights, helping decision-makers make informed investment choices. The report also highlights emerging trends, key drivers, challenges, and opportunities in the Global Forklift Market.

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