Forklift Market Summary

The global forklift market size is estimated at USD 72.59 billion in 2024 and is projected to reach USD 154.99 billion by 2030, growing at a CAGR of 13.7% from 2025 to 2030. The world is witnessing a substantial rise in construction and infrastructure development activities, supported by expanding road networks, airport upgrades, port modernization, and advancements in railway systems. These developments require efficient material-handling equipment, driving demand for forklifts across construction sites, logistics hubs, manufacturing facilities, and warehouses as companies prioritize productivity and operational efficiency.

In the 2023-2024 annual budget of the Victoria state government in Australia, around AUD 9.3 billion (USD 6.18 billion) was projected to be allocated toward infrastructure and energy investments. This major capital outlay presents significant growth opportunities for the regional construction industry and, in turn, increases the requirement for high-performing forklifts to support material movement and site operations. Large-scale public and private infrastructure projects across various countries continue to create new avenues for forklift adoption.

The growing emphasis on sustainability and rising environmental concerns have accelerated the need for eco-friendly alternatives, resulting in a major shift from gas-fired or diesel-fired forklifts to electric models. Governments worldwide are implementing initiatives aimed at achieving a net-zero economy and encouraging industries to reduce carbon emissions. For instance, in May 2023, the Federal Economic Development Agency for Southern Ontario announced an investment of USD 3.6 million in Stromcore Energy Inc., a forklift battery manufacturer, to support the installation of advanced manufacturing equipment and the launch of new green technologies. These efforts promote wider adoption of electric forklifts, enhancing efficiency while reducing environmental impact.

Key Market Trends & Insights

• The Asia Pacific forklift industry accounted for 48.4% share of the overall market in 2024, driven by rapid industrialization, expanding e-commerce, and strong growth in manufacturing and warehousing sectors.
• The China forklift market held a substantial market share in 2024, supported by significant domestic production, rising automation, and strong exports.
• Based on class, the class 3 segment accounted for the largest market share of 44.2% in 2024 due to high demand for electric pallet trucks and walkie stackers in warehouses and distribution centers.
• Based on power source, the electric segment held the largest share of the forklift industry in 2024, reflecting the market’s shift toward clean and energy-efficient equipment.
• Based on load capacity, the 5-15 ton segment led the market in 2024 as industries require versatile forklifts suitable for medium to heavy material handling operations.

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Market Size & Forecast

• 2024 Market Size: USD 72.59 Billion
• 2030 Projected Market Size: USD 154.99 Billion
• CAGR (2025-2030): 13.7%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights

Some of the key players operating in the market include Toyota Motor Corporation (Toyota Material Handling); KION Group AG; Jungheinrich AG; Crown Equipment Corporation; and Mitsubishi Logisnext Co., Ltd.

• Mitsubishi Logisnext Co., Ltd is engaged in developing, designing, and selling engine and electric-powered forklifts, local area networks, electric vehicles, automated warehouses, monorails, transportation robots, and other logistics equipment. The company has a strong market presence in North America, Europe, Asia & Oceania, and China. For the company Asia is the most potential market for future growth.
• Jungheinrich AG is an intralogistics solutions provider offering a wide product portfolio comprising material handling equipment, digital solutions, automated systems, and related services, including rental services and aftermarket services. The company provides its customers with tailor-made solutions from a single source to help them expand their intralogistics services The company has developed an automated intralogistics workflow using various automated warehouse equipment, mobile robots, and software.

Key Players

• Anhui Heli Co., Ltd.
• Clark Material Handing Company, (Clark Equipment Company)
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha Forklift
• Hyster-Yale Materials Handling, Inc.(Hyster-Yale Group, Inc.)
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Motor Corporation (Toyota Material Handling)

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Conclusion

The forklift market is positioned for strong long-term growth as global construction, industrial expansion, and logistics modernization continue to accelerate. The increasing emphasis on sustainability is reshaping product preferences, with electric forklifts gaining rapid adoption due to their lower emissions, reduced operating costs, and compliance with environmental policies. Government investments and infrastructure upgrades further stimulate equipment demand. Asia Pacific, particularly China, remains a major growth hub due to strong industrial activity. As companies focus on efficiency, safety, and automation, innovations in battery technology, smart fleet management, and durable forklift designs will play a crucial role in driving future market advancement.