Forklift Market Report 2025 (Global Edition)

Global Forklift Market Report 2024 Market Size Split by Tonnage Capacity (Below 5 Tons, 5-10 Tons, 11-36 Tons, Above 36 Tons), by Application (Indoor, Outdoor, Indoor And Outdoor), by Class (Class 1, ...

Forklift Market Report Description

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Competitive Landscape of the Forklift Market

The competitive landscape of the forklift market is characterized by fierce rivalry among industry players striving to innovate and differentiate their offerings. Key factors driving competition include technological advancements, product diversification, pricing strategies, and global market reach, intensifying the battle for market share.

Forklift Industry News 

In December 2021, the KION Group released a new forklift truck manufacturing facility in China, in response to the country's burgeoning economy and the surging demand for advanced intra-logistics solutions.

(Source:https://www.kiongroup.com/en/News-Stories/Stories/Performance/The-KION-Group-opens-a-new-forklift-truck-plant-in-Jinan-China.html#:~:text=The%20KION%20Group%20is%20responding,its%20Supply%20Chain%20Solutions%20segment.)  

Top Companies Market Share in Forklift Industry: (In no particular order of Rank)

• Toyota Material Handling
• KION Group AG
• Mitsubishi Logisnext Co Ltd
• Jungheinrich AG
• Hyster-Yale Materials Handling Inc
• Anhui Heli Co Ltd
• Hangcha Forklift
• Lonking Holdings Limited
• Tailift Material Handling Taiwan Co Ltd
• Liuzhou Liugong Forklift Co Ltd
• Crown Equipment Corporation
• Others
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of Forklift Market

Which Region Dominates the Forklift Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue due to several factors. Firstly, the region's robust industrial sector, particularly in the United States, drives consistent demand for forklifts across various industries such as manufacturing, logistics, and retail. Additionally, stringent safety regulations mandate the replacement of older equipment with newer, safer models, stimulating market growth. Moreover, the trend towards automation and e-commerce boosts the need for efficient material handling solutions. Lastly, favourable economic conditions and government incentives for infrastructure development contribute to increased investment in forklifts, solidifying North America's dominance in the market by revenue.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is the fastest-growing region. Rising manufacturing activities, particularly in countries like China, India, and Japan, propel demand for forklifts in warehouses, distribution centres, and manufacturing facilities. Furthermore, expanding e-commerce sectors and growing urbanization increase the need for efficient logistics solutions, boosting forklift sales. Additionally, infrastructural developments and government initiatives to enhance transportation and logistics infrastructure further stimulate market growth in the region. Lastly, increasing adoption of advanced technologies, such as automation and robotics, fuels demand for specialized forklifts, contributing to the rapid expansion of the Asia-Pacific forklift market.

The current report Scope analyzes Forklift Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Forklift Market

According to Cognitive Market Research, the global forklift market size was estimated at USD 59152.2 Million out of which North America held the major market of around 40% of the global revenue with a market size of USD 23660.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031. The revival of construction activities post-pandemic fuels the need for forklifts in building and infrastructure projects. Moreover, the emphasis on workplace safety and ergonomics encourages businesses to invest in modern forklifts with advanced features. Furthermore, the shift towards automation in manufacturing and logistics further boosts the demand for specialized forklifts tailored to automated environments. In North America, the warehouse segment is poised for significant growth, driven by the expansion of e-commerce operations and the need for efficient inventory management solutions.

Country Analysis

• According to Cognitive Market Research, The United States forklift market had a market share of USD 18668.43 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Sales of forklifts in the U.S. are expected to increase due to the surge in e-commerce activities, booming construction projects, emphasis on workplace safety, and growing demand for automation in warehouses.
• Canada forklift market had a market share of USD 2839.31 million in 2024 and is projected to grow at a CAGR of 7.0% during the forecast period. Forklift sales in Canada are set to rise owing to the expansion of logistics networks, increasing construction activities, adoption of advanced forklift technologies, and focus on enhancing warehouse efficiency.
• Mexico forklift market had a market share of USD 2153.14 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period.

 

Europe Forklift Market

According to Cognitive Market Research, with a market value of USD 59152.2 million in 2024 and projected to expand at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031. Europe accounted for a share of around 30% of the global market size of USD 17745.66 million. The expansion of manufacturing and industrial activities across the region boosts the demand for forklifts in material handling operations. Moreover, the trend towards urbanization and infrastructure development fuels the need for forklifts in construction and logistics sectors. Furthermore, the increasing adoption of automation and robotics in warehouses drives the demand for specialized forklifts optimized for automated systems. In Europe, the counterbalance segment is poised for significant growth, driven by its versatility and suitability for a wide range of applications.

• The United Kingdom forklift market had a market share of USD 2981.27 million in 2024 and is projected to grow at a CAGR of 7.3% during the forecast period. The UK forklift market will see growth driven by infrastructure developments, expansion of manufacturing industries, rising e-commerce demands, and the need for efficient material handling solutions in warehouses and distribution centres.
• France forklift market had a market share of USD 1632.60 million in 2024 and is projected to grow at a CAGR of 5.7% during the forecast period.
• Germany forklift market had a market share of USD 3513.64 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period. Sales of forklifts in Germany are poised to increase due to the thriving manufacturing sector, emphasis on sustainability leading to the adoption of electric forklifts, infrastructure projects, and growing demand for automation in logistics.
• Italy forklift market had a market share of USD 1526.13 million in 2024 and is projected to grow at a CAGR of 5.9% during the forecast period.
• Russia forklift market had a market share of USD 2750.58 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period.
• Spain forklift market had a market share of USD 1455.14 million in 2024 and is projected to grow at a CAGR of 5.6% during the forecast period.
• Luxembourg forklift market had a market share of USD 550.12 million in 2024 and is projected to grow at a CAGR of 6.6% during the forecast period.
• Portugal forklift market had a market share of USD 372.66 million in 2024 and is projected to grow at a CAGR of 6.3% during the forecast period.
• Greece forklift market had a market share of USD 212.95 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period.
• Rest of Europe forklift market had a market share of USD 2750.58 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period.

 

Asia Pacific Forklift Market

According to Cognitive Market Research, the global forklift market size was estimated at USD 59152.2 Million out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 13605.01 million in 2024 and will grow at a compound annual growth rate (CAGR) of 10.0% from 2024 to 2031. The infrastructural development and urbanization across emerging economies fuel the need for forklifts in construction and logistics sectors. Moreover, the increasing focus on efficiency and productivity encourages businesses to invest in advanced forklift technologies. Furthermore, the rise of automation and robotics in industries like automotive and electronics further stimulates the demand for specialized forklifts. In Asia Pacific, the electric forklift segment is expected to dominate, driven by the region's focus on sustainability and energy efficiency.

• According to Cognitive Market Research, China's forklift market had a market share of USD 6122.25 million in 2024 and is projected to grow at a CAGR of 9.5% during the forecast period. Forklift sales in China will surge due to rapid industrialization, expansion of e-commerce, infrastructural developments, government initiatives promoting automation, and the need for efficient material handling in manufacturing and logistics sectors.
• Japan's forklift market had a market share of USD 1877.49 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period.
• India's forklift market had a market share of USD 1632.60 million in 2024 and is projected to grow at a CAGR of 11.8% during the forecast period. In India, forklift sales will rise due to the growing manufacturing sector, infrastructure projects, increasing investments in warehouses and distribution centres, and adoption of forklifts in agriculture and construction industries.
• South Korea's forklift market had a market share of USD 1360.50 million in 2024 and is projected to grow at a CAGR of 9.1% during the forecast period.
• Australia's forklift market had a market share of USD 707.46 million in 2024 and is projected to grow at a CAGR of 9.7% during the forecast period.
• South East Asia's forklift market had a market share of USD 938.75 million in 2024 and is projected to grow at a CAGR of 11.0% during the forecast period.
• Rest of Asia Pacific's forklift market had a market share of USD 965.96 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period.

 

South America Forklift Market

According to Cognitive Market Research, the global forklift market size was estimated at USD 59152.2 Million out of which Latin America market of around 5% of the global revenue with a market size of USD 2957.61 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.4% from 2024 to 2031. The recovery of the manufacturing and construction sectors post-pandemic drives the demand for forklifts in material handling operations. Additionally, the expansion of logistics and distribution networks fuels the need for efficient warehouse solutions. Moreover, the increasing adoption of forklifts in agriculture and mining sectors further stimulates market growth. Furthermore, the trend towards urbanization and infrastructure development drives the demand for forklifts in construction projects. In Latin America, the outdoor forklift segment is expected to lead the market, driven by its suitability for rugged environments and outdoor applications.

• According to Cognitive Market Research, Brazil's forklift market had a market share of USD 1265.86 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period. Forklift sales in Brazil will increase owing to infrastructure developments, growth in the automotive and manufacturing sectors, expansion of logistics networks, and rising demand for efficient material handling solutions.
• Argentina's forklift market had a market share of USD 496.88 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. Argentina's forklift market will see growth driven by agricultural activities, expansion of warehousing facilities, investments in infrastructure, and adoption of forklifts in manufacturing and construction sectors.
• Colombia's forklift market had a market share of USD 263.23 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period.
• Peru's forklift market had a market share of USD 242.52 million in 2024 and is projected to grow at a CAGR of 7.6% during the forecast period.
• Chile's forklift market had a market share of USD 212.95 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period.
• Rest of Latin America's forklift market had a market share of USD 476.18 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period.

Middle East and Africa Forklift Market

According to Cognitive Market Research, the global forklift market size was estimated at USD 59152.2 Million out of which Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 1183.04 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.7% from 2024 to 2031. The growing construction and infrastructure projects across the region drive the demand for forklifts in material handling and site logistics. Additionally, the expansion of manufacturing and industrial activities fuels the need for forklifts in production facilities. Moreover, the increasing focus on logistics and supply chain optimization stimulates the demand for forklifts in warehouses and distribution centres. Furthermore, the rise of e-commerce and retail sectors further boosts market growth. In MEA, the electric forklift segment is expected to dominate, driven by the region's focus on sustainability and environmental regulations.

• According to Cognitive Market Research, GCC Countries' forklift market had a market share of USD 506.34 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period. Forklift sales in GCC countries will surge due to infrastructure projects, expansion of logistics networks, growth in the construction sector, adoption of advanced forklift technologies, and focus on automation in warehouses.
• Egypt's forklift market had a market share of USD 124.22 million in 2024 and is projected to grow at a CAGR of 8.0% during the forecast period.
• South Africa's forklift market had a market share of USD 186.92 million in 2024 and is projected to grow at a CAGR of 8.7% during the forecast period. In South Africa, forklift sales will increase due to expansion of mining activities, growth in logistics and transportation sectors, infrastructure projects, and rising demand for forklifts in manufacturing and warehouse operations.
• Turkey's forklift market had a market share of USD 101.74 million in 2024 and is projected to grow at a CAGR of 7.2% during the forecast period.
• Nigeria's forklift market had a market share of USD 124.22 million in 2024 and is projected to grow at a CAGR of 6.8% during the forecast period.
• Rest of MEA's forklift market had a market share of USD 139.60 million in 2024 and is projected to grow at a CAGR of 6.7% during the forecast period.

Forklift Market Analysis

According to Cognitive Market Research, below 5 Tons held the major market share over the forecast period as businesses favor smaller, more maneuverable models for diverse applications within warehouses and confined spaces. Additionally, the affordability and versatility of these forklifts make them attractive to small and medium-sized enterprises. Furthermore, stringent safety regulations encourage the adoption of lighter forklifts for indoor operations, driving market growth. Moreover, the rise of e-commerce necessitates compact yet capable forklifts for efficient material handling in distribution centres.

5-10 Tons is the fastest-growing category over the forecast period due to various factors. Firstly, increasing industrial activities and construction projects demand forklifts with medium capacity for handling heavier loads. Additionally, as businesses expand their operations, they require larger forklifts capable of handling diverse materials efficiently. Moreover, advancements in forklift technology enhance the performance and versatility of 5-10 Tons models, attracting buyers seeking improved productivity and cost-effectiveness. Furthermore, the expansion of e-commerce and logistics sectors fuels the demand for medium-sized forklifts for handling bulkier goods.

• Below 5 Tons
• 5-10 Tons
• 11-36 Tons
• Above 36 Tons

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Forklift Industry. Request a Free Sample PDF!

According to Cognitive Market Research, indoor hold a prominent market share due to their widespread use in warehouse operations. With the growing demand for efficient material handling in indoor environments, these forklifts remain indispensable. Additionally, the emphasis on workplace safety prompts businesses to invest in indoor forklifts with advanced safety features. Furthermore, the trend towards automation in indoor facilities drives the need for specialized forklifts that can seamlessly integrate with automated systems, boosting market demand.

Outdoor is the fastest-growing category over the forecast period due to several factors. Firstly, expansion in construction, agriculture, and logistics sectors drives demand for outdoor forklifts capable of handling heavy loads in rugged environments. Additionally, the increasing adoption of outdoor forklifts in industries such as mining and forestry further stimulates market growth. Moreover, advancements in outdoor forklift technology, including improved fuel efficiency and enhanced durability, attract buyers seeking reliable equipment for outdoor applications. Furthermore, infrastructure development projects globally fuel the demand for outdoor forklifts for material handling and construction activities.

• Indoor
• Outdoor
• Indoor And Outdoor

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Forklift Class Segment Analysis

According to Cognitive Market Research, class 1 hold a prominent market share due to their dominance in indoor material handling operations. These electric-powered forklifts are preferred for their efficiency, manoeuvrability, and environmental friendliness. Additionally, the emphasis on workplace safety prompts businesses to invest in Class 1 forklifts with advanced safety features. Furthermore, the increasing adoption of automation in warehouses and distribution centres drives the demand for electric forklifts, solidifying Class 1's prominent market share.

Class 3 is the fastest-growing category over the forecast period owing to various factors. Firstly, the versatility of Class 3 forklifts, which include electric pallet jacks and walkie stackers, makes them indispensable in material handling across diverse industries. Additionally, the increasing demand for warehouse automation drives the adoption of Class 3 electric forklifts equipped with advanced features for efficient pallet handling. Moreover, the emphasis on workplace ergonomics and efficiency further boosts the demand for Class 3 forklifts, making it the fastest-growing category over the forecast period.

• Class 1
• Class 2
• Class 3
• Class 4/5

Forklift Industry Segment Analysis

According to Cognitive Market Research, e-commerce hold a prominent market share due to several key factors. Firstly, the exponential growth of online shopping drives the need for efficient warehouse operations, where forklifts play a pivotal role in material handling and order fulfillment. Additionally, the expansion of fulfillment centers and distribution networks by e-commerce giants fuels demand for forklifts. Moreover, the increasing complexity of e-commerce supply chains necessitates versatile forklifts capable of handling diverse products and maximizing storage space, solidifying e-commerce's prominent market share.

Automotive is the fastest-growing category over the forecast period due to various drivers. Firstly, the revival of the automotive industry post-pandemic drives demand for forklifts used in manufacturing and assembly processes. Additionally, the increasing adoption of electric vehicles (EVs) and advancements in automotive technologies necessitate efficient material handling equipment in automotive plants. Moreover, the trend towards lean manufacturing practices and just-in-time inventory management further boosts the demand for forklifts in automotive facilities, making it the fastest-growing category over the forecast period.

• 3PL
• Food And Beverage
• Automotive
• Paper And Pulp
• Metals And Heavy Machinery
• E-Commerce
• Aviation
• Semiconductors And Electronics
• Chemical
• Healthcare
• Others

Forklift Propulsion Segment Analysis

According to Cognitive Market Research, electric hold a prominent market share due to several factors. Firstly, increasing awareness of environmental concerns drives demand for eco-friendly electric forklifts, which produce zero emissions during operation. Additionally, the emphasis on workplace safety and indoor air quality favors electric forklifts over internal combustion engine (ICE) counterparts. Moreover, advancements in battery technology result in longer operating times and faster charging, enhancing the appeal of electric forklifts. Furthermore, the cost savings from reduced fuel and maintenance expenses contribute to the segment's prominent market share.

ICE is the fastest-growing category over the forecast period due to various reasons. Firstly, the versatility of ICE forklifts makes them suitable for outdoor applications where electric models may face limitations. Additionally, the robustness and power of ICE forklifts make them ideal for handling heavy loads in rugged environments such as construction sites and lumber yards. Moreover, the quick refueling capabilities of ICE forklifts offer operational flexibility, attracting buyers seeking efficient material handling solutions. Furthermore, the revival of industrial activities post-pandemic fuels demand for ICE forklifts, making it the fastest-growing category over the forecast period.

• Electric
• ICE

Forklift Operation Segment Analysis

According to Cognitive Market Research, manual hold a prominent market share due to several factors. Firstly, the affordability and simplicity of manual forklifts make them accessible to small businesses and startups with budget constraints. Additionally, the low maintenance requirements of manual forklifts appeal to cost-conscious buyers seeking economical material handling solutions. Moreover, the versatility of manual forklifts, coupled with their ease of operation, makes them ideal for various light-duty applications in warehouses, retail stores, and small-scale manufacturing facilities.

Autonomous is the fastest-growing category over the forecast period due to various reasons. Firstly, advancements in robotics and artificial intelligence technologies enhance the capabilities and reliability of autonomous forklifts, making them suitable for a broader range of applications. Additionally, the increasing focus on workplace safety and efficiency drives the adoption of autonomous forklifts, which eliminate the need for human operators in hazardous or repetitive tasks. Moreover, the integration of autonomous forklifts with warehouse management systems streamlines operations and enhances productivity, making it the fastest-growing category over the forecast period.

• Manual
• Autonomous

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Vinayak Bali

Senior Research Analyst at Cognitive Market Research

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