Global Forklift Trucks Market Expected to Reach USD 97.8 Billion by 2033, Asia Pacific led with 42.9% Market Share in 2024- IMARC Group

Global Forklift Trucks Market Statistics, Outlook and Regional Analysis 2025-2033

The global forklift trucks market size was valued at USD 68.1 Billion in 2024, and it is expected to reach USD 97.8 Billion by 2033, exhibiting a growth rate (CAGR) of 4.1% from 2025 to 2033.

The global forklift trucks market is experiencing significant growth, driven by the increasing demand for efficient material handling solutions across industries such as retail, manufacturing, construction, and logistics. In addition to this, forklifts are essential in manufacturing industries as they require improved ways of transporting materials, aiding the market growth. Moreover, the rapidly increasing e-commerce is acting as another growth-inducing factor, as the demand for highly efficient warehouse storage and delivery solutions increase with the efficient use of forklift trucks in handling stocks. Besides this, the increasing industrialization and urbanization in emerging countries are leading to rapid infrastructure development and the rising need for forklifts for construction, warehousing, and distribution, thus contributing to the market expansion. Furthermore, the increasing emphasis on automation in material handling is fueling the adoption of technologically advanced forklifts, which is providing an impetus to the market. For instance, Mitsubishi Logisnext Americas Group introduced its new UniCarriers Forklift SCX N2 Series of Electric Stand-Up Counterbalanced Lift Trucks, to upgrade their warehouse efficiency, supporting the market growth.

Concurrently, the integration of robotics, artificial intelligence (AI), and advanced sensor technologies, is making forklifts more efficient, by reducing human error, and improving safety in the workplace, thus contributing to the market expansion. For example, Konecranes launched the new product variant of the E-VER electric forklift for lifting capacities of 18-25 tons, aiming to strengthen the versatility of the vehicle for utilization in heavy industries, while consuming low energy and zero tailpipe emissions. Also, the rising shift towards sustainability is boosting the market demand, as businesses are focusing on reducing their carbon footprint. As a result, the demand for electric forklifts and other eco-friendly solutions has risen, which is significantly driving the market for battery-powered forklifts and catalyzing the market growth. Furthermore, strict government rules and regulations concerning the safety measures in material dealing operations favor the use of forklifts attached with sophisticated safety features including collision identification and automatic halting, thus impelling the market growth. Apart from this, the increasing focus on workforce productivity and reducing operational costs is encouraging organizations to invest in forklifts to increase efficiency and minimize downtime for logistics, thereby propelling the market forward.

Global Forklift Trucks Market Statistics, By Region

The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific accounted for the largest market share due to rapid industrialization, a growing manufacturing base, and high demand for logistics services.

North America Forklift Trucks Market Trends:

In North America, the demand for forklift trucks is rising due to the integration of automation and innovative technologies in sectors including retail, automotive, and food processing industries. In line with this, the increasing awareness to enhance work productivity, and minimize the expenses on labor and stock is significantly contributing to the market expansion.

Asia-Pacific Forklift Trucks Market Trends:

The demand for forklift trucks in Asia Pacific is increasing, driven by the tremendous growth in electronic selling and supply chain networks. In addition, the advanced automation and smart warehouses in the logistics industry meet the demand for material-handling equipment. Also, the expansion of areas in urban regions and the retail sectors requires forklifts for distribution in premises and godowns. Concurrently, the government of various countries is actively involved in investing in infrastructure projects in the region. For instance, the Airports Authority of India (AAI) has announced plans to build new airports in the and upgrade and expand several existing airports with an investment of US$ 338 Million by 2028-29. Besides this, advanced trucks, such as electric and green forklifts are integrated with high safety and align with environmental consciousness, thus providing an impetus to the market.

Europe Forklift Trucks Market Trends:

In Europe, the demand for forklift trucks is rising due to the strict legislative requirements for occupational health and safety, and environmental legislation. Furthermore, the continuous development of industries and the appearance of e-commerce, which are encouraging the need to transport and manage stocks in warehouses and logistic centers, is fueling the market growth.

Latin America Forklift Trucks Market Trends:

The demand for forklift trucks in Latin America is expanding, driven by the growing infrastructure activities and industrial growth in the region. Additionally, the manufacturing and construction industries require forklifts for transporting materials, and enhancing logistics and distribution functions, thus fostering the market demand in the region.

Middle East and Africa Forklift Trucks Market Trends:

In the Middle East and Africa, the demand for forklift trucks is surging due to the ongoing infrastructure advancements in construction, the increasing number of oil and gas industries, and the escalating retail businesses. Concurrently, the warehousing and logistics industry requires highly advanced equipment for handling machines, which is strengthening the market share.

Top Companies Leading in the Forklift Trucks Industry

Some of the leading forklift trucks market companies include Clark Material Handling Company, Crown Equipment Corporation, Godrej & Boyce, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd., Jungheinrich, KION Group, Mitsubishi Forklift Trucks, and Toyota Industries Corporation, among many others.

• In June 2024, Clark Material Handling Company announced the creation of a Global Headquarters in the United States, strengthening forklift innovation, enhancing market reach, and solidifying its legacy as the creator of the modern forklift.
• In May 2024, Mitsubishi Forklift Trucks introduced next-generation GRENDiA diesel counterbalance forklift trucks 2-5.5T, endorsed by RDD its proven performer in the United Kingdom across a broad spectrum of industries.

Global Forklift Trucks Market Segmentation Coverage

• On the basis of the product type, the market has been categorized into counterbalanced forklift trucks and warehouse forklift trucks, wherein counterbalanced forklift trucks represent the leading segment because they are maneuverable and can carry and lift heavy loads with stability. Their widespread application for delivering in industries such as manufacturing, logistics, and construction is due to the ease of use as they can work in limited spaces, serving in indoor and outdoor facilities, driving the market demand.
• Based on the technology, the market is bifurcated into electricity powered and internal combustion engine powered, amongst which internal combustion engine powered dominate the market due to their superior performance as they can withstand harsh operating conditions. They provide greater operation time, and increased load-carrying capacity, and are designed for outdoor and high-demand usage, including construction and manufacturing, impelling the market growth.
• On the basis of the class, the market has been divided into class I, class II, class III, class IV, and class V. Among these, class V accounts for the majority of the market share owing to their particular design for rough terrain and outdoor use, particularly in construction, agriculture, and heavy-duty industrial environments. Their high load capacity and ability to work in extreme conditions, make them a preferred choice for heavy-duty operations, boosting the market expansion.
• Based on the application, the market is segregated into non-industrial (warehouses and distribution centers, construction sites, dockyards, and snow plows) and industrial (manufacturing and recycling operations). Non-industrial holds the biggest market share due to the growing demand for improved methods of transporting materials in companies such as logistics, construction, and retail industries. These applications involve handling and moving goods including warehousing, lifting, and transporting goods, thereby propelling the market forward.