Forklift Market Report 2026

The forklift market size has grown rapidly in recent years. It will grow from $72.11 billion in 2025 to $81.35 billion in 2026 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to growth in logistics industry, expansion of manufacturing facilities, material handling efficiency needs, rise in palletized goods, warehouse infrastructure development.

The forklift market size is expected to see rapid growth in the next few years. It will grow to $130.2 billion in 2030 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to e commerce growth, smart warehouse adoption, electrification mandates, autonomous material handling systems, focus on energy efficiency. Major trends in the forecast period include rising adoption of electric forklifts, growing demand for warehouse automation, integration of telematics and fleet management, expansion of lithium ion battery forklifts, focus on operator safety enhancements.

The increasing demand for e-commerce is expected to drive the growth of the forklift market in the coming years. E-commerce, or electronic commerce, involves buying and selling goods and services over the Internet. Its growth is fueled by advances in mobile technology, digital marketing, logistics, supply chain management, AI-driven personalized experiences, and buy-now-pay-later services. Forklifts support e-commerce operations by improving inventory management, speeding up order fulfillment, optimizing warehouse layouts, and enhancing safety and cost efficiency. Their versatility and efficiency are essential to meet the fast-paced demands of the e-commerce sector. For example, in November 2023, the International Trade Administration reported that UK e-commerce revenues are projected to grow at an annual rate of 12.6% by 2025, making the UK the third-largest e-commerce market globally. As of January 2021, consumer e-commerce accounted for 36.3% of total retail sales in the UK, with revenues expected to reach $285.6 billion by 2025. Consequently, the rise in e-commerce is propelling the forklift market.

Technological advancements are shaping the forklift market, with companies developing autonomous and remote-controlled systems to improve operational efficiency, reduce labor costs, and enhance safety in warehouses and industrial environments. These systems enable forklifts to operate with minimal human intervention while maintaining high efficiency and safety. For instance, in February 2024, ArcBest Corporation, a US-based logistics and supply chain solutions provider, launched Vaux Smart Autonomy, a line of autonomous and remote-controlled forklifts. The system integrates autonomous mobile robots with software that allows remote human control. The forklifts can function in both autonomous and manual modes, equipped with sensors and cameras to navigate warehouse environments, load and stack pallets, and transport other goods efficiently.

In May 2024, Oshkosh Corporation, a US-based manufacturer of purpose-built vehicles and equipment, acquired Ausa Corporation S.L. for an undisclosed amount. This acquisition enables Oshkosh to expand its global presence and product portfolio by leveraging Ausa’s expertise and established market position. Ausa Corporation S.L. is a Spain-based manufacturer of forklifts.

Major companies operating in the forklift market are Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Hyster-Yale Inc., Crown Equipment Corporation, Komatsu Ltd., Caterpillar Inc., Anhui Heli Co. Ltd., Hangcha Group Co. Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Manitou Group, Noblelift Intelligent Equipment Co. Ltd., TCM Corporation, AUSA Center S.L., Action Construction Equipment Ltd., Lonking Holdings Limited, Godrej & Boyce Manufacturing Company Limited, Hyundai Construction Equipment, Baoli EMEA S.p.A., EP Equipment Group.

Asia-Pacific was the largest region in the forklift market in 2025. 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, South East Asia, 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, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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.

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