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Forklift Trucks Market Size, Share & Industry Analysis, By Type (Class I, Class II, Class III, Class IV, and Class V), By End-User Industry (Mining, Manufacturing, Retail & Wholesale, Logistics, Construction, Automotive, Food & Beverages, Natural Resources, and Others (Chemicals)), and Regional Forecast, 2024 – 2032

Last Updated: July 16, 2024 | Format: PDF | Report ID: FBI101541



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The global forklift trucks market size was valued at 2,159.8 thousand units in 2023. The market is projected to grow from 2,328.9 thousand units in 2024 to 4,904.9 thousand units by 2032, exhibiting a CAGR of 9.8% during the forecast period.

Forklift trucks, also known simply as forklifts or lift trucks, are industrial vehicles primarily used for lifting and transporting heavy materials and goods over short distances. They are essential equipment in warehouses, distribution centers, manufacturing facilities, construction sites, and other settings where the efficient movement of goods is required. Forklift trucks are equipped with a pair of fork-like prongs or blades attached to the front of the vehicle, which can be raised and lowered to lift, stack, and move loads.

  • Power Source: Forklifts can be powered by various sources, including internal combustion engines (using gasoline, diesel, or propane) or electric motors (battery-powered). Electric forklifts are often preferred for indoor use due to their quieter operation and zero emissions, while internal combustion forklifts are suitable for outdoor and heavy-duty applications.

  • Lifting Mechanism: Forklifts are equipped with hydraulic systems that enable the lifting and lowering of loads. The forks can be raised to different heights, allowing for the stacking of materials on pallets or racks.

  • Load Capacity: Forklifts come in various sizes and configurations to accommodate different load capacities, ranging from small, light-duty models to large, heavy-duty trucks capable of lifting several tons.

During the initial phases of the COVID-19 pandemic, many manufacturing facilities and warehouses temporarily shut down or scaled back operations due to lockdowns and supply chain disruptions. This led to a decrease in demand for forklift trucks as businesses focused on conserving cash and minimizing expenses. However, as the pandemic progressed, there was a notable shift in demand for forklifts. With an increased emphasis on e-commerce and online shopping, distribution centers and warehouses experienced a surge in demand for their services. This led to an increased need for forklift trucks to handle and move goods within these facilities.

Forklift Trucks Market Trends

Lithium-Ion Battery Advancements and Demand for Operational Efficiency is a Latest Trend

Lithium-ion battery advances are generating strong market opportunities, offering several benefits such as high energy capacity, electrical efficiency, and operator safety reducing overall cost of ownership for customers. Warehouse operations and rental fleets are generating strong demand for on-board charging of lift trucks to achieve operational efficiency.

Moreover, high productivity demand and limited skilled workforce are boosting the development and deployment of Automated Guided Vehicles (AGV) and battery-powered forklift solutions. As companies are focusing on designing battery charging solutions, such as on-board chargers, off-board charging solutions, and hybrid charging solutions to increase the operational efficiency. Several manufacturing firms are introducing in-house charging solutions for their customers that offer cost-effective charging solutions further contributing toward the forklift trucks market growth.

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Forklift Trucks Market Growth Factors

E-commerce Industry Growth and Growing Demand for Warehouse Optimization to Propel Market Growth

Rising disposable income, convenient delivery, impulsive shopping patterns, and reduced product costs are all surging the demand for material handling solutions. Rising e-commerce, increased online shopping, sales, and deliveries are leading to a larger number of orders for individual items across warehouses.

  • For instance, the Census Bureau of the Department of Commerce estimated the total e-commerce sales for the year 2023 would be around USD 1.12 trillion in the U.S. showing about 7.6% year-on-year growth.

Owing to rising volume sales, warehouse aisles are further getting narrower and generating strong demand for compact-sized forklift trucks. Forklifts with faster pick-up and unloading processes are playing a crucial role in warehouses in managing inventory regularly. Several warehouses have added third shifts to meet delivery dates for customers.


Regulatory Policies Severely Impacting the Growth of IC Forklift Trucks

The logistics and transport sectors contribute considerably to carbon emissions, mainly due to the use of conventional engines in industrial trucks and other construction equipment. Several government regulatory bodies have introduced regulatory action to reduce carbon footprint across geography.

Several manufacturers are also regulating their product shipment in specific countries to comply with updated standards and regulatory policies in the region.

  • For instance, in March 2023 Toyota Industries Corporation announced the suspension of two models of forklifts with diesel engines and one gasoline engine model of forklift. 

Buyers and rental agencies are also complying with new regulatory policies proposed to eliminate emissions and support air quality standards.

Forklift Trucks Market Segmentation Analysis

By Type Analysis

Class III Leads the Market Due to Huge Adoption across Warehouse

By type, the market is divided into Class I, Class II, Class III, Class IV, and Class V. Class III (Electric Motor Hand Trucks or Hand/Rider Trucks) is dominating the market, exhibiting major growth in CAGR during the forecast period. Class 3 includes walkie pallet jacks and walkie stackers, designed for pedestrian operation and light-duty material handling tasks. These forklifts are commonly used for transporting palletized loads over short distances, loading and unloading trucks, and stacking goods in retail and warehouse environments.

Moreover, Class I (Electric motor rider trucks) are also gaining major traction as they are powered by electric motors and designed for indoor use. These forklifts are commonly used in warehouses, manufacturing facilities, and distribution centers where emissions and noise pollution need to be minimized.

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By End-User Industry Analysis

Food & Beverages Industry to Lead Owing to the Increased Demand for Hygienic Handling Solutions

Based on end-user, the market is fragmented into manufacturing, retail & wholesale, logistics, construction, automotive, food & beverages, natural resources, mining, and others. The food and beverage industry is poised to lead in terms of CAGR and market share. The sector extensively utilizes forklift trucks for the handling of raw materials, packaging supplies, and finished products in food processing plants, warehouses, and distribution centers. By making it easier for goods to move efficiently and hygienically across the supply chain, trucks play a key role in maintaining food safety and hygiene standards. Forklifts used in the food and beverages industry often feature special coatings, seals, and design considerations to prevent contamination and ensure compliance with regulatory requirements.

In addition, the automotive industry is expected to experience major growth in upcoming years, as this sector heavily relies on forklift trucks for handling components, sub-assemblies, and finished vehicles within manufacturing plants, distribution centers, and logistics facilities. Automotive manufacturers prioritize forklifts with high precision, reliability, and safety features to optimize production efficiency.


The report's scope comprises five major regions, North America, Europe, Asia Pacific, the Middle East & Africa, and South America.

Asia Pacific Forklift Trucks Market Size, 2023 (Thousand Units)

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Asia Pacific dominates in terms of market share and CAGR as the demand for forklift trucks is growing in China, India, and Southeast Asia due to rapid industrialization and urbanization. These machines are indispensable for the operation of material handling operations in a variety of sectors such as manufacturing, construction, logistics, retail, and warehouse. Demand for efficient warehousing and logistics solutions has increased in the region due to an increase in online shopping. Forklift trucks play a crucial role in handling and moving goods within warehouses and distribution centers, supporting the growth of e-commerce platforms and logistics companies.

China is leading the Market Due to Widespread Logistics Network

China’s huge production sector, extensive logistics network and rapid urbanization, makes it one of the biggest markets. The demand for these trucks in warehouses and distribution centers is increasing due to the growth of e-commerce and retail activities in China. The growth in the Chinese market is further supported by government initiatives to promote industry automation, logistics efficiency and environment sustainability.

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North America’s market is well established, due to its strong manufacturing sector, large logistics networks and modern warehousing facilities. A steady growth in the economy, such as industry expansion, online shopping and infrastructure development projects, has led to a substantial market size. The market is segmented based on various factors including type (electric, internal combustion engine), class (Class 1 to 5), application (manufacturing, logistics, and construction), and end-user industry (automotive, retail, and food & beverages) which increases the forklift trucks market share.

South America is gaining major traction due to factors, such as GDP growth, industrial development, and infrastructure projects, directly impacting the demand for forklift trucks. The increasing industrialization, growing e-commerce activities, expansion of logistics and warehousing sectors, infrastructure development, and technological advancements in forklift design (e.g., automation and electrification) are contributing to this trend. 

In Europe, the market is exhibiting significant growth due to the region's growing manufacturing activities, large warehouses, and expanding logistics sectors. Over the years, it's been growing steadily. Toyota Material Handling, KION Group AG, Jungheinrich AG, Crown Equipment Corporation and HysterYale Materials Handling, Inc. are the major players in the European market. They compete based on factors, such as product quality, innovation, and aftersales services.

Rapid diversification efforts, leading to a growing demand for forklift trucks across sectors, such as manufacturing, construction, logistics and warehousing, are taking place in numerous countries in the Middle East & Africa. Demand in this region is being driven by infrastructure development projects such as port construction, airports, roads, railways or industry zones. Forklifts are essential for material handling tasks in construction sites, logistics hubs, and warehouses.

List of Key Companies in Forklift Trucks Market

Key Players Diversifying Their Portfolio & Providing Sustainable Solution Aid Market Growth

The forklift trucks market is moderately consolidated primarily catered by established players across the geography. Established players in the market are making heavy investments to diversify their portfolios and provide durable and sustainable solutions to end-users to maintain their global market position and expand across untapped regions. Market participants are also involved in lithium-ion battery products that comply with industry standards and develop in-house power source solutions to become completely self-reliant



  • April 2023 – Jungheinrich AG introduced a mobile robot solution for intralogistics low-lift operations. The mobile robot EAE 212a was introduced at LogiMAT 2023 with easy integration, an enabled control system, and a tool chain.

  • April 2023 – Hangcha Group opened a new headquarter in Mexico, named Montacargas Hangcha de Mexico S de RL de CV. The new opening ceremony was strategized for expanding its offerings in the overseas market.

  • May 2023 – The Raymond Corporation, a part of Toyota Industries Corporation introduced electric forklifts for outdoor applications. The two new models with capacities of 4,000 and 11,000 pounds sit-down counterbalanced trucks offer enhanced performance with sustainable handling solutions.

  • January 2022 – Toyota Material Handling introduced 22 electric products under its portfolio of material handling products and solutions. The expanded lineup includes reach truck models, order pickers, and electric forklifts ranging from 3,000-17,500 pounds.

  • December 2021– KION Group opened a new manufacturing plant in China for the production of industrial forklift trucks. A total of USD 142 million had been invested in establishing a manufacturing facility and R&D center.


The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, product/service types, and leading applications of the product. Besides, it offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.

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Report Scope & Segmentation




Study Period



Base Year



Estimated Year



Forecast Period



Historical Period



Growth Rate

CAGR of 9.8% from 2024 to 2032



Value (Thousand Units)















By Type

  • Class I

  • Class II

  • Class III

  • Class IV

  • Class V

By End-User Industry

  • Mining

  • Manufacturing

  • Retail & Wholesale

  • Logistics

  • Construction

  • Automotive

  • Food & Beverages

  • Natural Resources

  • Others (Chemicals)

By Region

  • North America (By Type, End-User Industry, and Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)

  • South America (By Type, End-User Industry, and Country)

    • Argentina (By Type)

    • Brazil (By Type)

    • Chile (By Type)

    • Colombia (By Type)

    • Peru (By Type)

    • Rest of South America

  • Europe (By Type, End-User Industry, and Country)

    • U.K. (By Type)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • Rest of Europe

  • Asia Pacific (By Type, End-User Industry, and Country)

    • China (By Type)

    • India (By Type)

    • South Korea (By Type)

    • Taiwan (By Type)

    • Vietnam (By Type)

    • Australia (By Type)

    • Singapore (By Type)

    • Malaysia (By Type)

    • Indonesia (By Type)

    • Thailand (By Type)

    • Philippines (By Type)

    • Rest of Asia Pacific

  • Middle East & Africa (By Type, End-User Industry, and Country)

    • Israel (By Type)

    • Saudi Arabia (By Type)

    • United Arab Emirates (By Type)

    • South Africa (By Type)

    • Rest of the Middle East & Africa

Frequently Asked Questions

Fortune Business Insights Inc. says that the market is projected to reach 4,904.9 thousand units by 2032.

In 2023, the market was valued at 2,159.8 thousand units.

The market is projected to grow at a CAGR of 9.8% during the forecast period.

By type, class III segment is leading the market.

Rising e-commerce industry and warehouse optimization is a key factor propelling the market growth.

Top players in the market include Toyota Industries Corporation, Anhui Heli Co. Ltd, Cargotec Corporation, Clark Material Handling Company Inc, Crown Equipment Corporation, Hangcha Group Co., Hyster Yale Materials Handling Inc, Jungheinrich AG, KION Group, and Mitsubishi Heavy Industries Ltd & others.

Asia pacific generated maximum revenue in 2023, due to rapid industrialization and urbanization.

The food & beverages industry is anticipated to grow at the highest CAGR due to efficient and hygienic maintenance.

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