Electric Forklifts Market Report 2026

The electric forklifts market size has grown rapidly in recent years. It will grow from $72.12 billion in 2025 to $80.42 billion in 2026 at a compound annual growth rate (CAGR) of 11.5%. The growth in the historic period can be attributed to e-commerce growth, warehouse expansion, demand for indoor forklifts, lead-acid battery adoption, industrial material handling needs.

The electric forklifts market size is expected to see rapid growth in the next few years. It will grow to $124.23 billion in 2030 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to lithium-ion battery cost reduction, automation in logistics, sustainability mandates, demand for fast-charging forklifts, smart fleet management. Major trends in the forecast period include shift from ic to electric forklifts, adoption of lithium-ion batteries, growth of indoor material handling, expansion of warehouse automation, demand for low-emission equipment.

The rise in the warehouse industry is expected to drive the electric forklift market going forward. The warehouse industry encompasses the storage, management, and distribution of goods within facilities designed for inventory handling, logistics, and supply chain operations. The warehouse industry is increasing due to the rapid expansion of e-commerce, which drives higher demand for storage and faster order fulfillment. Electric forklifts are used in warehouses to efficiently lift, move, and stack goods with low noise and zero on-site emissions. For instance, in June 2024, according to the Bureau of Labor Statistics, a US-based government agency, employment in transportation and warehousing is expected to grow 8.6% from 2022 to 2032, outpacing the nation's overall projected growth of 2.8%. Therefore, the rise in the demand for the warehouse industry is driving the growth of the electric forklift market.

Major companies operating in the electric forklift market are concentrating on new innovative product development such as electric pneumatic forklifts to drive growth, advance innovation, and meet evolving consumer demands. This type of forklift runs on electricity and is built to withstand outdoor terrain and work in various weather conditions, making it ideal for retail applications such as lumberyards, home centers, landscaping, and store support applications. For instance, in November 2023, Toyota Material Handling, Inc., a US-based manufacturer of forklifts and tow tractors, launched a new line of electric pneumatic forklifts with 48V and 80V models. These are built to offer maintenance-free operation, programmable performance, and a power-select function for customization based on application and driver preference. Additionally, these forklifts are capable of handling a wide range of tasks, both indoors and outdoors, and come with several productivity-enhancing innovations such as electric power steering, regenerative braking, and load-sensing power steering.

In July 2023, Mitsubishi Heavy Industries Ltd., a Japan-based engineering company, acquired Concentric LLC for an undisclosed amount. This acquisition aims to be part of Mitsubishi Heavy Industries' broader efforts to provide comprehensive, solution-oriented products and services to customers in the material handling equipment sector and other industries. Concentric LLC is a US-based industrial power services organization delivering electric forklifts and critical power solutions.

Major companies operating in the electric forklifts market report include Toyota Motor Corporation, BYD Company Ltd, Komatsu Ltd., KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Lonking Holdings Limited, Anhui Heli Co Ltd., Manitou Group, UniCarriers Corporation, Godrej And Boyce Mfg. Co. Ltd, Hangcha Group Co Ltd, Clark Material Handling International, Linde Material Handling, Doosan Industrial Vehicles Co. Ltd, Tailift Co Ltd, HELI Forklift Co Ltd, EP Equipment, Nissan Forklift Corporation.

North America was the largest region in the electric forklifts market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric forklifts market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric forklifts market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electric forklift market consists of sales of warehouse forklifts, order pickers, pallet jacks, tow trucks, and automated guided vehicles. 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.

This product will be delivered within 1-3 business days.