Forklift Market Report 2024

This Forklift 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 market size has grown rapidly in recent years. It will grow from $56.74 billion in 2023 to $63.85 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth during the historical period can be attributed to several factors, including the increasing adoption of electric forklifts, a heightened focus on achieving net-zero emissions, a growing need to enhance energy efficiency, the adoption of lithium battery-powered electric forklifts, and the expansion of the construction industry.

The forklift market size is expected to see rapid growth in the next few years. It will grow to $103.02 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth during the forecast period can be attributed to several factors, including the expanding e-commerce industry, increasing demand for automated and lean warehouses, rising investments in infrastructure development, the need to navigate challenging terrain and transport heavy construction materials, and the expansion of large building projects. Key trends for the forecast period include rapid technological advancements, modular solutions designed to enhance customer productivity, a rising demand for connected forklift trucks to advance the industry, ongoing product innovations, and the integration of automation and robotics.

The increasing demand for e-commerce is expected to drive the growth of the forklift market in the coming years. E-commerce, which refers to the buying and selling of goods and services online, has grown due to advancements in mobile technology, digital marketing, logistics, supply chain management, AI for personalized shopping experiences, and buy-now-pay-later services. Forklifts play a vital role in enhancing e-commerce operations by improving inventory management, speeding up order fulfillment, optimizing warehouse layouts, and increasing safety and cost efficiency. Their versatility and efficiency are essential for meeting the fast-paced demands of the e-commerce industry. For example, in November 2023, the International Trade Administration reported that e-commerce revenues in the UK are projected to grow at an annual rate of 12.6% by 2025, making the UK the third-largest e-commerce market globally, after China and the U.S. As of January 2021, consumer e-commerce accounted for 36.3% of the UK retail market, with revenues expected to reach $285.6 billion by 2025. As a result, the growing demand for e-commerce is propelling the expansion of the forklift market.

Prominent players in the forklift market are focusing on developing innovative technologies, such as autonomous and remote-controlled forklifts, to boost operational efficiency, lower labor costs, and enhance safety in warehouses and industrial settings. Autonomous and remote-controlled forklift technology involves advanced systems that allow forklifts to operate with minimal or no direct human intervention, improving efficiency, safety, and cost-effectiveness. For instance, in February 2024, ArcBest Corporation, a US-based company specializing in freight transportation, logistics, and supply chain solutions, introduced Vaux Smart Autonomy, a new line of autonomous and remote-controlled forklifts. This system integrates autonomous mobile robots with software for remote human control. The forklifts can function in both autonomous and manual modes and are equipped with sensors and cameras for effective navigation in warehouse environments, handling pallets and other goods.

In May 2024, Oshkosh Corporation, a US-based company known for purpose-built vehicles and equipment, acquired Ausa Corporation S.L. for an undisclosed amount. This acquisition aligns with Oshkosh's strategic growth objectives, allowing it to leverage Ausa's expertise and established market presence to further enhance its global footprint and product diversity. Ausa Corporation S.L., based in Spain, specializes in manufacturing forklifts.

Major companies operating in the forklift market are Caterpillar Inc., Toyota Industries Corporation, Komatsu Ltd., Anhui Heli Co. Ltd., Kion Group AG, TCM Corporation, Noblelift Intelligent Equipment Co. Ltd., Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Hyster-Yale Inc., Crown Equipment Corporation, Hangcha Group Co. Ltd, Manitou Group, Doosan Group, Hydrauliska Industri AB, The Raymond Corporation, Action Construction Equipment Ltd., Linde Material Handling Ltd., AUSA, Clark Material Handling Company, Conger Industries Inc.

Asia-Pacific was the largest region in the forklift market in 2023. North America is expected to be the fastest-growing region in the market going forward. The regions covered in the forklift market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the forklift market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

A forklift is a powered industrial vehicle designed to lift and transport materials over short distances. It is built to handle heavy loads, move pallets, and perform tasks that would be challenging or unsafe with manual labor alone. Forklifts play a crucial role in modern logistics and industrial operations, enhancing workflow efficiency and material management.

Forklifts are primarily powered by either electricity or internal combustion engines. Electric forklifts operate using rechargeable batteries that power electric motors. Internal combustion forklifts run on various fuels, including gasoline, compressed natural gas (CNG), liquefied petroleum gas (LPG), and diesel. They come in several classes such as class 1, class 2, class 3, and class 4/5 and are available in different tonnages such as below 5 tons, 5 tons to 10 tons, 11 tons to 36 tons, and above 36 tons. Forklifts are utilized across various sectors, including freight and logistics, wholesale and retail distribution, manufacturing, and more.

The forklift market research report is one of a series of new reports that provides forklift market statistics, including forklift industry global market size, regional shares, competitors with a forklift market share, detailed forklift market segments, market trends, and opportunities, and any further data you may need to thrive in the forklift industry. This forklift 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 market consists of sales of pallet trucks, terrain trucks, and side loaders. 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 3-5 business days.