Forklift Market Size Value worth $154.99 billion, Globally, by 2030- Exclusive Report by The Research Insights

CHICAGO, May 29, 2025 /PRNewswire/ -- The global forklift market is projected to be valued at USD 81.44 billion in 2025 and reach USD 154.99 billion by 2030, growing at a CAGR of 13.7% according to a new report by The Research Insights. The rapidly changing forklift market sees IoT and telematics integration creating new possibilities for enhanced efficiency and intelligent safety systems. Traditional forklifts that operated solely through manual control have become advanced smart machines with integrated sensors and connectivity to enable real-time monitoring and control.

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the forklift market price growth of 13.7% comprises a range of class, power source, load capacity, electric battery type, end-use and geography which are expected to register strength during the coming years.

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Market Overview and Growth Trajectory:

Forklift Market Growth: According to an exhaustive report by The Research Insights, the Forklift Market value is undergoing significant growth, driven by substantial changes due to the increasing implementation of autonomous and robotic forklift systems. Automated Guided Vehicles (AGVs) and driverless forklifts serve as major innovations that enable high-throughput places like warehouses and manufacturing plants to achieve better efficiency and accuracy. Autonomous forklifts tackle operational challenges through precise performance which remains consistent while requiring limited supervision.

Expansion of E-Commerce and Warehousing Sector: The quick expansion of e-commerce has transformed global supply chains which now benefit the forklift market significantly. Millions have adopted online shopping as a daily routine which forces companies to speed up expansion of their warehouse and distribution networks to meet growing demand. The increased demand for fulfillment operations urgently requires dependable and efficient material handling solutions with forklifts becoming essential components of warehousing functionality. Forklifts play a vital role in warehouse operations by enabling quick pallet movement and efficient stacking of goods on high racks. Third-party logistics providers together with retail companies and e-commerce leaders are funneling significant resources into developing extensive fulfillment centers that support high throughput operations. The operations in these facilities follow strict timetables where any delay in moving materials results in disruptions to delivery schedules. Traditional and electric forklifts serve as crucial tools that accelerate operational workflows and reduce worker exhaustion. The forklift market has expanded beyond support functions to become a fundamental infrastructure component of the digital economy.

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Automation and Industrialization in Manufacturing: Manufacturing industries experience ongoing transformation as automation and industrialization become pivotal forces to reshape material movement throughout production floors. The forklift market is experiencing significant transformations because various sectors such as automotive, food production and pharmaceuticals demand improved material handling integration that offer speed, safety and reliability. Modern factories have evolved beyond heavy machinery and assembly lines to become smart ecosystems focused on precision operation with minimal downtime. Forklifts have shifted from being simple utility vehicles to essential elements in modern factory transformations. Forklifts operate as indispensable tools for transporting components at car manufacturing plants and packaged food in cold storages as well as handling sensitive pharmaceutical materials to ensure operational continuity. The push towards leaner manufacturing operations leads manufacturers to prioritize the reduction of manual labor and errors. Smart solutions from the forklift market now deliver improved energy efficiency alongside reduced emissions and built-in safety features which meet essential requirements for industries such as food and pharma that operate under strict regulations.

Surge in Demand for Electric Forklifts Driven by Sustainability and Efficiency Goals: The electric power source segment leads the forklift market because environmental concerns rise while new emission regulations become stricter, pushing businesses toward sustainable operations. The combination of quieter operation and reduced maintenance expenses together with zero tailpipe emissions makes electric forklifts especially suitable for indoor settings like warehouses and food processing facilities along with pharmaceutical plants. Recent developments in lithium-ion battery technology have improved energy efficiency and reduced charging time while enhancing overall performance which continues to enhance their market attractiveness. The forklift market is shifting to electric-powered models because companies across industries are emphasizing ESG objectives and operational cost efficiencies which leads to electric forklift demand exceeding traditional fuel models soon.

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Geographical Insights: North America's forklift market share grows steadily due to e-commerce expansion and increased warehouse automation along with the update requirements of outdated forklift fleets. Electric and autonomous forklifts see widespread use throughout the logistics, retail, and food & beverage sectors as the U.S. maintains its dominant position in the region. The Asia Pacific region dominates the global forklift market size while China, Japan, and India take the lead. The fast pace of industrialization together with the increasing construction activities and developing manufacturing hubs serves as primary growth drivers. Environmental regulations together with Europe's dedication to sustainable logistics shape the forklift market share in the region. The adoption of electric and automated forklift technologies is leading among countries including Germany, France, and the UK.

Forklift Market Segmentation and Geographical Insights:

• Based on class, the forklift market size is divided into class 1, class 2, class 3 and class 4/5. The class 3 segment held the largest share of the forklift market share in 2024.
• Based on power source, the forklift market share is divided into ICE and electric. The electric segment held the largest share of the forklift market in 2024.
• Based on load capacity, the forklift market report is divided into below 5-ton, 5-15 ton and above 16 ton. The 5–15-ton segment held the largest share of the forklift market in 2024.
• Based on electric battery type, the forklift market value is divided into li-ion and lead acid. The lead acid segment held the largest share of the forklift market in 2024.
• Based on end-use, the forklift market size is divided into industrial, logistics, chemical, food & beverage, retail & e-commerce and others. The industrial segment accounted for a larger share of the forklift market in 2024.
• The forklift market share is segmented into five major regions: North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.

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Key Players and Competitive Landscape:

The Forklift Market Report is characterized by the presence of several major players, including:

• Anhui Heli Co., Ltd.
• Clark Material Handing Company
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha Forklift
• Hyster-Yale Materials Handling, Inc.
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Material Handling, Inc.

These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.

Forklift Market Recent Developments and Innovations:

• In September 2024, Jungheinrich has entered into a strategic partnership with Panattoni Germany to jointly offer turnkey logistics real estate solutions by integrating Panattoni's expertise in industrial property development with Jungheinrich's advanced intralogistics technologies. This collaboration focuses on creating customized, sustainable, and efficient logistics facilities tailored to client needs, improving operational workflows and adaptability.
• In August 2024, Crown Equipment Corporation opened a sales and service facility in New Albany, Ohio. This new facility is expected to offer material handling and warehouse solutions to customers in the area.
• In April 2023, Jungheinrich AG introduced a mobile robot solution for intralogistics low-lift operations. The mobile robot EAE 212a was introduced at LogiMAT 2023 with easy integration, an enabled control system, and a tool chain.

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Forklift Market Report Scope

Key Questions Addressed:

1.      What is the key opportunity in the forklift market?

Ø  The increasing emphasis on sustainability as a purchasing criterion has led to a growth in demand for lithium-ion battery-powered eco-friendly forklifts.

2.      What is the expected market size for forklift market by 2030?

Ø  The expected market size for flooring is USD 154.99 Billion in 2030.

3.      Which are the major end uses where forklift is used?

Ø  Major end uses includes industrial, logistics, chemical, food & beverage, retail & e-commerce and others.

4.      Which power source segment for forklift market has the potential to register the highest market share?

Ø  Electric segment for forklift market is expected to register highest market share of 67% in 2024.

5.      Which region is estimated to witness a high demand for forklift over the forecast period?

Ø  Asia Pacific is estimated to witness a high demand for flooring growing at a CAGR of 15.2% over the forecast period

6.      Who are the key players in forklift market?

Ø  The key players in the market are Anhui Heli Co., Ltd., Clark Material Handing Company, Crown Equipment Corporation, Doosan Corporation, Hangcha Forklift, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd. and Toyota Material Handling, Inc.

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Conclusion:

Evolving industry needs and technological progress combined with environmental sustainability efforts are transforming the forklift market. Major end-use sectors including e-commerce, automotive, food processing, and pharmaceuticals now depend on forklifts to sustain efficient material handling operations. Warehouse management evolves with autonomous and robotic forklifts which cut labor expenses and human error while the market shifts toward electric forklifts due to their quiet operation and low-emission benefits. The adoption of lithium-ion and hydrogen fuel cell forklifts is accelerating in industries that have clean energy requirements. The forklift market is undergoing a transformation from traditional equipment offerings into a technology-centric ecosystem focused on efficiency metrics and sustainability measures to guide purchase decisions and business planning.

The report from The Research Insights, therefore, provides several stakeholders—including component suppliers, forklift manufacturers, distributors, technology providers and end users —with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

With projected growth to US$ 154.99 billion by 2030, the Forklift Market represents a significant opportunity for component suppliers, forklift manufacturers, distributors, technology providers, end-users, investors, industry stakeholders, and others. By staying abreast of market trends, embracing innovation, and focusing on quality and performance, companies can position themselves for success in this dynamic and evolving market landscape.

Check out more related studies published by The Research Insights:

• Electric Forklift Market - The global electric forklift market size is expected to reach USD 112.87 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 14.4% from 2024 to 2030. Electric forklifts are revolutionizing the material handling landscape by harnessing battery-powered electric motors, thereby minimizing environmental impact and significantly lowering operational expenses in comparison to their traditional fossil fuel-based counterparts.
• Warehouse Conveying Equipment Market - The global warehouse conveying equipment market size is expected to reach USD 20.00 billion by 2030, according to a new report by The Research Insights. It is projected to register a CAGR of 4.5% during the forecast period, driven by rapid expansion of the e-commerce industry, which has created an overwhelming demand for efficient logistics and distribution systems.
• Warehouse Racking Market - The global warehouse racking market size is anticipated to reach USD 12.41 billion by 2030 and is projected to grow at a CAGR of 4.2% from 2024 to 2030, according to a new report by The Research Insights. The surge in e-commerce and the subsequent demand for capacity expansion in warehouses are key drivers behind this market's upward trajectory.
• Retail Logistics Market - The global retail logistics market size is anticipated to reach USD 626.59 billion by 2030, according to a new report by The Research Insights, expanding at a CAGR of 12.5% from 2023 to 2030. This upward trajectory is driven by increasing global trade, particularly in developing economies, and the expansion of transportation infrastructure worldwide.

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