Forklift Truck Market Report 2026

The forklift truck market size has grown strongly in recent years. It will grow from $73.34 billion in 2025 to $78.55 billion in 2026 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to expansion of warehouse and distribution centers, rising mechanization in material handling, growth of organized retail logistics, increasing use of forklifts in manufacturing plants, availability of diverse forklift configurations.

The forklift truck market size is expected to see strong growth in the next few years. It will grow to $105.59 billion in 2030 at a compound annual growth rate (CAGR) of 7.7%. The growth in the forecast period can be attributed to increasing demand for autonomous material handling, rising adoption of electric and low-emission forklifts, expansion of e-commerce warehousing, growing focus on warehouse efficiency optimization, increasing integration of iot-enabled fleet monitoring. Major trends in the forecast period include increasing adoption of electric forklift trucks, rising deployment of autonomous warehouse forklifts, growing demand for compact and high-lift warehouse models, expansion of smart fleet management integration, enhanced focus on operator safety and ergonomics.

The expansion of the construction industry is expected to drive the growth of the forklift truck market in the coming years. Construction includes activities related to the development of residential, commercial, industrial, institutional, and infrastructure projects. Forklift trucks are widely used in the construction sector for tasks such as unloading pallets of bricks or blocks, steel joists, and construction machinery, as well as transporting materials from delivery vehicles to construction sites. For example, in February 2024, according to Eurostat, a Luxembourg-based government agency, average annual building production in the European Union and the euro area increased by 0.1% and 0.2%, respectively, compared to 2022. Therefore, the growth of the construction industry is contributing to the expansion of the forklift truck market.

Companies operating in the forklift truck market are increasingly introducing innovative products, such as electric pallet trucks, to strengthen their competitive position. An electric pallet truck is a battery-powered material handling solution designed for the horizontal movement of palletized goods. For instance, in August 2024, Clark, a US-based manufacturer of material handling equipment, expanded its electric pallet truck portfolio with the launch of the WS and SWX series. These pedestrian-operated models offer load capacities ranging from 1.2 to 1.6 tons. Clark’s emphasis on ergonomic design and safety features, including automatic speed reduction when loads are lifted, improves operational safety and efficiency across logistics and industrial environments.

In October 2024, KION Group, a Germany-based provider of industrial trucks and supply chain solutions, partnered with Eurofork S.p.A. to establish a strategic collaboration focused on the distribution and integration of automated pallet shuttle systems within KION’s intralogistics portfolio. Through this partnership, the companies aim to enhance warehouse performance by improving operational efficiency and delivering flexible, scalable automation solutions that increase throughput, optimize storage utilization, and support long-term sustainability. Eurofork S.p.A. is an Italy-based industrial automation company specializing in the design and manufacture of pallet shuttle systems and telescopic forks for warehouse applications.

Major companies operating in the forklift truck market are Anhui HELI Co. Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, UniCarriers Americas Corporation., Manitou Group, Tailift Group, LiuGong Machinery Corporation, Lonking Holdings Limited, Hubtex Maschinenbau GmbH & Co. KG, Hangzhou UN Forklift Co. Ltd., Paletrans Equipamentos Ltda.

Asia-Pacific was the largest region in the forklift truck market in 2025. The regions covered in the forklift truck market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the forklift truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The forklift truck market consists of sales of forks, tilt cylinder, side shift lever, tilt lever, and more. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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