Forklift Trucks Market to Grow at a CAGR of 11.1% over 2025 to 2032; Surging Demand for Effective Material Handling Solutions to Fuel Market Growth

The global forklift trucks market size was valued at USD 79.22 billion in 2024. The market is anticipated to rise from USD 86.57 billion in 2025 to 180.47 billion by 2032, exhibiting a CAGR of 11.1% during the forecast period. Fortune Business Insights™ presents this information in its report titled “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, E-commerce, Retail & Wholesale, Logistics (Excluding E-commerce), Construction, Automotive, Food & Beverages, Natural Resources, and Others (Chemicals)), and Regional Forecast, 2025 – 2032”.

Forklift trucks are industrial machines used to lift and move heavy items in warehouses, factories, and construction sites. They run on engines powered by gasoline, diesel, or propane and use hydraulic systems for lifting. As countries such as China, India, and others in Southeast Asia grow rapidly, the need for efficient material handling increases. Rising online shopping, higher incomes, and faster delivery expectations are also pushing up demand for forklift trucks.

Rapid Integration of Advanced Technologies to Boost Market Expansion

Forklift trucks are evolving with the adoption of AI, robotics, and machine learning, enabling features such as collision avoidance, asset tracking, and fleet analytics. The growing preference for lithium-ion-powered electric forklifts supports sustainability and cost-efficiency. These technological advancements are fueling demand across industries and boosting the global forklift trucks market.

Toyota Material Handling Unveiled a New Range of Eco-Friendly Electric Forklifts to Enhance Minimize Carbon Emissions

In February 2025, Toyota Material Handling unveiled a new range of eco-friendly electric forklifts designed for mid to large-scale operations. Offering a load capacity between 3,640 KG and 7,890 KG, these forklifts are powered by lithium-ion batteries, providing low maintenance and reduced downtime. They are specifically suited for industries such as retail, manufacturing, and food & beverages, enhancing operational efficiency and minimizing carbon emissions.

Rapid Expansion of E-commerce Industry and Warehouse Development to Drive Market Growth

As e-commerce continues to grow, there is an increasing demand for distribution centers and warehouse spaces, boosting the need for forklift trucks to handle material efficiently. With the global e-commerce sector expected to expand by 27% from 2024 to 2027 (SOAX), the shift to modernized warehouses and logistics operations is fueling market growth. Additionally, the surge in online spending and changing consumer behavior in emerging markets is further driving forklift demand across regional warehouses.

However, stringent regulatory actions to curb carbon emissions could deter the forklift trucks market growth.

Industry Participants Focus on Partnerships to Gain Competitive Edge

Key forklift truck producers such as Toyota, Anhui Heli, Crown Equipment, and Jungheinrich are driving competition through innovations and strategic partnerships. Toyota, for example, launched an electric forklift in November 2023 tailored for the retail and logistics sectors. The model includes pneumatic controls and operates efficiently outdoors, even in extreme weather. Offered in 48V and 80V versions, it is widely used in landscaping, lumberyards, and home centers.

List of Key Players Mentioned in the Report

• Toyota Industries Corporation (Japan)


• Anhui Heli Co. Ltd (China)


• Cargotec Corporation (U.S.)


• Clark Material Handling Company Inc (U.S.)


• Crown Equipment Corporation (U.S.)


• Hangcha Group Co. (China)


• Hyster-Yale Materials Handling Inc (U.S.)


• Jungheinrich AG (Germany)


• KION Group (Germany)


• Mitsubishi Heavy Industries Ltd (Japan)


• Nissan Forklifts (U.S.)


• Linde (U.K.)


• Kalmar (Finland)


• Cesab (Italy)


• Cimbria (Denmark)


• Hyundai (South Korea)


• Doosan Corporation (South Korea)


• BYD (China)


• Sany Group (China)


• Hangcha Group Co. (China)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/forklift-trucks-market-101541

Key Industry Development:

• August 2024: Hyster Yale Materials Handling Inc. introduced the 12-3.5 XTLG forklift series, offering a 3.5-ton load capacity. Designed for industrial warehouses and industries such as wood, metal, and building materials, it operates efficiently both indoors and outdoors. Key features include a robust engine, emission-free drive, high performance, and minimal maintenance.

Further Report Findings

• By type, the class III segment is expected to command the market owing to its maximum storage capacity and load capacity, capacity to function in inadequate space, eco-friendliness, and improved operational efficiency.


• Asia Pacific held the key forklift trucks market share in 2024, driven by rapid urbanization and industrialization in China, India, and Southeast Asia. Growing applications across manufacturing, logistics, retail, and construction, along with surging e-commerce activity, are fueling demand. Notably, China’s e-commerce sector grew by 6.9% in 2024, further boosting the need for efficient warehouse material handling solutions.


• North America is poised for significant market growth, driven by its advanced manufacturing base, expansive logistics networks, and modern warehouses. The rise of e-commerce and industrial expansion is elevating demand for inventory and shipment handling. In the U.S., a 1.9% increase in light vehicle sales in 2024 highlights growing forklift needs in automotive logistics.


• The Middle East & Africa region is expected to witness constant growth, driven by rising demand across logistics, retail, mining, and e-commerce sectors. Expanding operations in countries such as Turkey, Israel, and South Africa are creating a strong demand for efficient material handling and logistics solutions.

Table of Segmentation