Forklift Truck Market Report 2025

This Forklift Truck market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The forklift truck market size has grown strongly in recent years. It will grow from $68.53 billion in 2024 to $75.17 billion in 2025 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to growth inThe manufacturing and construction industries, expansion of warehouse and logistics operations, adoption of forklift trucks for material handling, advances in forklift technology, including electric and fuel-efficient models, increased demand for e-commerce.

The forklift truck market size is expected to see rapid growth in the next few years. It will grow to $119.73 billion in 2029 at a compound annual growth rate (CAGR) of 12.3%. The growth in the forecast period can be attributed to surge in demand for electric forklift trucks for environmental sustainability, integration of IoT and telematics for enhanced forklift fleet management, growth in the e-commerce industry, with a focus on automated material handling, adoption of hydrogen fuel cell technology in forklifts for cleaner energy, expansion of construction and infrastructure projects. Major trends in the forecast period include development of autonomous and robotic forklifts, emphasis on ergonomic designs, use of lithium-ion batteries for electric forklifts, customization of forklifts for specific industry applications and tasks, integration of predictive maintenance technologies.

The expanding construction industry is anticipated to drive the growth of the forklift truck market in the future. Construction encompasses the building of residential, commercial, industrial, institutional, and infrastructure projects. Forklift trucks are utilized in the construction sector for various tasks, such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, particularly in transporting them from delivery trucks to construction sites. For instance, in February 2024, Eurostat, a Luxembourg-based government agency, reported that the average annual building production in the EU and the euro area increased by 0.1% and 0.2%, respectively, compared to 2022. Thus, the growing construction industry is propelling the growth of the forklift truck market.

The growing logistics and warehousing sector is expected to propel the growth of the forklift truck market going forward. The logistics and warehousing sector refers to the industry segment that encompasses the storage, transportation, and management of goods, products, and materials. Forklift trucks enable the quick and efficient movement of goods within warehouses and distribution centers, contributing to improved productivity and streamlined operations. For instance, in June 2023, according to FreightWaves, Inc., a US-based data and content company, the US e-commerce market expanded by 8% in 2022, reaching $1. 03 trillion, compared to its previous value of $871 billion in 2021. This growth means that e-commerce now constitutes 14. 5% of the total U. S. retail market. Therefore, the growing logistics sector is expected to propel the growth of the forklift truck market.

New product innovations have emerged as a key trend gaining traction in the forklift truck market. Major companies in the forklift truck sector are focusing on developing technological advancements to increase their market share. For example, in 2023, Linde, a UK-based company specializing in industrial gases and engineering, launched the E35-E50 Series 1254 electric counterbalance forklift. This series is designed to deliver high performance while being environmentally friendly, featuring advanced lithium-ion battery technology that improves energy efficiency and reduces charging times. The forklifts have lifting capacities ranging from 3.5 to 5 tonnes, making them suitable for various industrial applications.

Major companies in the forklift truck market are launching innovative products, such as electric pallet trucks, to secure a competitive advantage. An electric pallet truck is a battery-powered piece of material handling equipment used for the horizontal transportation of palletized loads. For example, in August 2024, Clark, a U.S.-based manufacturer of electric pallet trucks, expanded its lineup with the WS and SWX series. These models are designed for pedestrian operation, offering load capacities ranging from 1.2 to 1.6 tons. Clark's emphasis on ergonomic design and safety features, such as automatic speed reduction when loads are lifted, improves their effectiveness in various logistics and industrial applications.

In July 2022, Alta Group, a US-based provider of industrial forklifts, acquired Yale Industrial Trucks for an undisclosed amount. This transaction opens up new overseas markets for Alta's business while connecting its current U. S. regions. The purchase of YIT is in line with Alta's expansion strategy, which involves entering new areas that have significant prospects to extend the scope of Alta's operations. Yale Industrial Trucks is a Canada-based manufacturer of materials handling and warehouse lift equipment including forklifts, narrow aisle trucks and motorized hand trucks.

Major companies operating in the forklift truck market include 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 2024. The regions covered in the forklift truck market report are Asia-Pacific, 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, Russia, South Korea, UK, USA, Italy, Canada, Spain.

A forklift truck refers to a powered industrial truck that consists of a small truck frame with a front-facing assembly for lifting and carrying the load. These trucks are used to lift and move objects over short distances. Forklifts are available in different specifications as per their weight carrying capacity and the requirements of the place of use, and may or may not require a driver for them to be operated.

The main product types in the forklift truck market are counterbalance, warehouse. The counterbalance forklifts are used to lift a wide range of weights, ranging from 1. 8 t to 48 t. It refers to a forklift that has a heavy counterweight to offset the load that is being carried in the front. The different technologies include electric power and IC engines, and they are available in various classes such as class I, class II, class III, class IV, and class V. It is employed in retail and wholesale, logistics, automotive, the food industry, and other end users.

The forklift truck market research report is one of a series of new reports that provides forklift truck market statistics, including forklift truck industry global market size, regional shares, competitors with a forklift truck market share, detailed forklift truck market segments, market trends and opportunities, and any further data you may need to thrive in the forklift truck industry. This forklift truck market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

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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