GVR Report cover Forklift Market Size, Share & Trends Report

Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2, Class 3, Class 4/5), By Power Source, By Load Capacity, By Electric Battery Type, By End-use, By Region, And Segment Forecasts, 2023 - 2030

  • Report ID: GVR-4-68038-754-4
  • Number of Pages: 120
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2021
  • Industry: Technology

Report Overview

The global forklift market size was valued at USD 58.69 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 13.2% from 2023 to 2030. Burgeoning global e-commerce sector and changes in warehouse management over the past few years have increased the demand for forklifts to handle heavy loads and maneuver through tight spaces. These are the prominent factors contributing to market expansion. The demand for forklifts that can operate in challenging terrain and transport heavy construction supplies over long distances is also increasing, as a result of the expansion of building projects globally.

U.S. Forklift market size and growth rate, 2023 - 2030

The thriving e-commerce industry is leading to an increase in the number of warehouses and need to efficiently manage the supply chain in warehouses. Moreover, warehouse owners focus on increasing transparency, lowering operational costs, and enhancing productivity within warehouse and operational plants. These aspects are expected to increase demand for forklifts, such as stand-up riders and narrow-aisle forklifts that offer high operational accuracy and better navigation in narrow aisles, tiers, and mezzanines. Growing traction of electric forklifts among recycling center owners and chemical manufacturers is anticipated to encourage the forklift industry’s growth.

An electric forklift is operated on batteries and offers benefits such as low maintenance, lesser vibration, low noise, and low weight, providing employees convenience while performing fieldwork. Original Equipment Manufacturers (OEMs) such as Godrej & Boyce, Toyota Material Handling, and Guangxi LiuGong Machinery Co., Ltd. are concentrating on developing and designing products that suit the changing requirements of dockyards and warehouse operations.

However, large expenditure associated with forklift maintenance and fluctuating prices of raw materials may stand as a challenge for market growth. In addition, stringent emission regulations could hamper growth to a certain extent. The pandemic also adversely impacted warehouse activities and construction and manufacturing in 2020. The spiking rate of COVID-19 infections and a subsequent lockdown across the globe caused an unexpected downturn in manufacturing activities.

However, manufacturing and warehouse operations witnessed growth in the second quarter of 2021. The demand for forklifts increased during this period as manufacturers and warehouse owners sought ways to lower labor costs. Nevertheless, market uncertainty stemming from the COVID-19 pandemic and fluctuating raw material prices such as steel and aluminum, coupled with semiconductor shortage, are expected to slow down sales until the fourth quarter of 2022.

Market Dynamics

Growing emphasis on sustainability and environmental concerns is propelling need for eco-friendly alternatives, leading to a shift toward electric forklifts. To further enhance efficiency, self-driving or autonomous forklifts employ advanced sensors, cameras, and Artificial Intelligence (AI) algorithms, enabling them to navigate and operate autonomously without human intervention. These cutting-edge forklifts excel in repetitive or hazardous environments, ensuring precise and efficient operations. As technology continues to advance, autonomous forklifts are anticipated to play a crucial role in optimizing warehouse operations and improving overall supply chain efficiency. Furthermore, industry increasingly prioritizes operator comfort and ergonomics, incorporating sophisticated control systems, ergonomic designs, and enhanced visibility features. These remarkable technological advancements are set to revolutionize the forklift industry, fostering a more sustainable, connected, and efficient material-handling ecosystem.

Potential buyers are seeking tailored solutions that meet their specific operational needs. Forklift manufacturers offer modular designs, attachments, and accessories to increase flexibility and adaptability. The ability to customize forklifts to manage unique loads or navigate challenging environments has become a significant factor for buyers to consider. In addition, e-commerce and warehouse automation have influenced buyer preferences, leading to a rise in demand for narrow-aisle and high-capacity forklifts. These specialized forklifts help optimize storage space and streamline logistics operations.

Class Insights

Based on the forklift class, class 3 segment dominated the market and accounted for the largest revenue share of over 39% in 2022. The segment is anticipated to remain dominant during the forecast period as well. Class 3 forklifts include vehicles such as electric warehouse pedestrian trucks and pallet jacks. Due to the lower base and maintenance costs compared to other forklifts, their demand has increased in warehouses and distribution centers.

Class 1 segment is expected to witness significant growth over the forecast period. High demand for electric rider trucks across end-use areas such as retail stores, factories, food service industry, and chemical factories is expected to support the segment growth. Moreover, the fact that electric rider trucks can fit in narrow spaces and offer high operational speeds is driving their demand.

Power Source Insights

With regards to the power source, electric segment held the largest revenue share of over 66% in 2022. Electricity is an eco-friendly alternative to gasoline and diesel-powered forklifts. Moreover, electric vehicles incur lower maintenance costs than those with international combustion engines. Several countries globally, including the U.K., India, and France, are in the process of shutting down the sales of combustion engine vehicles. The benefits of electric vehicles and favorable government initiatives are anticipated to drive demand for electric vehicles over the forecast period.

Due to stringent environmental regulations in developed countries, the internal combustion engine segment is anticipated to record moderate growth during the forecast period. Governments of developed and developing countries are imposing various regulations to lower an impact of carbon emissions on the environment, encouraging OEMs and factory owners to transition to electric or gas-powered vehicles.

Rapid technological advancements in fuel-cell-powered vehicles, resulting in improvements such as high power, more reliability, and reduced greenhouse gas emissions, are expected to drive their demand. Vendors in this space, such as Toyota Industries Corporation, Hexagon Purus, and Ballard Power Systems, are implementing such technologies to stay abreast of the competition.

Load Capacity Insights

In terms of the load capacity, 5-15 ton segment accounted for the largest market share of over 60% in 2022. These forklifts are used for handling a wide range of materials, including steel, pallets, and bricks. The segment’s growth is attributed to the development of industrial sectors, including warehousing & logistics and manufacturing. These forklifts can be used indoors or outdoors and are fueled by natural gas, liquid propane, or gasoline.

Below 5-ton segment is expected to register the highest CAGR over the forecast period. These compact forklifts are highly versatile, allowing businesses to handle various load sizes efficiently. For instance, these forklifts are ideal for navigating confined spaces and narrow aisles, enabling efficient operations in warehouses, factories, and distribution centers. Adaptability of these forklifts to different tasks, including stacking, horizontal transport, and order picking, makes them a preferred choice for end-use industries. In addition, below-5-load capacity forklift offers quick acceleration, precise maneuverability, and responsive controls, allowing operators to complete tasks swiftly and safely, which is further anticipated to drive the demand for the segment.

Electric Battery Type Insights

In terms of the electric battery type, lead-acid segment held the largest revenue share of around 64% in 2022. Lead-acid batteries provide benefits such as high power and cost-effectiveness, which is a major reason for their high demand from manufacturers. They are widely used in electric forklifts because they provide a high-power surge, positioning them as a reliable energy source. Electric forklifts demand high current output to perform heavy lifting and maneuvering tasks. Lead-acid batteries can deliver the necessary power output, making them well-suited for these applications without experiencing significant voltage drops or power fluctuations.

Due to growing environmental concerns, businesses are seeking eco-friendly solutions to reduce their carbon footprint. Lithium-ion batteries offer a cleaner and greener alternative to traditional lead-acid batteries, as they are free from toxic materials such as lead and sulfuric acid. By adopting lithium-ion technology in their electric forklifts, companies demonstrate their commitment to sustainability and align with increasingly stringent environmental regulations, which bodes well for segment growth.

End-use Insights

Industrial end-use segment held the largest revenue share of over 23% in 2022. Electric forklifts are extensively used for material handling and warehousing tasks within industrial facilities. In manufacturing plants, electric forklifts play a crucial role in moving raw materials, intermediate products, and finished goods within production lines. Their ability to handle heavy loads and navigate tight spaces ensures smooth material flow, reducing production bottlenecks and enhancing operational efficiency.

Global Forklift market share and size, 2022

Retail & e-commerce sector has experienced a significant transformation in recent years, driven by changing consumer preferences and rise of online shopping. In this dynamic landscape, electric forklifts have become integral to the industry, offering tailored applications to support efficient material handling and logistics operations. Electric forklifts play a vital role in streamlining warehouse operations, ensuring seamless movement of goods from receiving to storage and order fulfillment. Their compact design and precise control enable agile maneuvering in tight spaces, optimizing space utilization and expediting inventory management. 

Regional Insights

Asia Pacific dominated the forklift market and accounted for the largest revenue share of around 47% in 2022. The regional market is expected to grow steadily during the forecast period. The growth can be attributed to the rising inclination of manufacturers toward plant automation. Additionally, forklifts help streamline supply chain distribution activities while also enhancing the operational efficiency and workflow of production processes. Several regional players are focusing on the introduction of new products to attract new customers and improve their customer base.

Forklift Market Trends, by Region, 2023 - 2030

In Europe, the market is expected to account for a significant revenue share in the coming years due to rapid urbanization and rising product demand from chemical and food manufacturers. Additionally, rising construction activities in countries such as the U.K., Germany, and France are driving the demand for forklifts for use across operations such as unloading pallets, steel joists, and construction materials.

Key Companies & Market Share Insights

Major companies are actively engaging in activities such as mergers and acquisitions, partnerships, new product development, and collaborations to stay ahead of competitors. For instance, in May 2023, AB Volvo Penta, an industrial engine manufacturer, announced a partnership with FTMH Fantuzzi Team Material Handling Spa, a heavy equipment manufacturer, to electrify forklift models. The partnership is expected to result in the development of e-forklifts weighing up to 52 tons. Some of the prominent players operating in the global forklift market include:

  • Anhui Heli Co., Ltd.


  • Crown Equipment Corporation

  • Doosan Corporation

  • Hangcha

  • Hyster-Yale Materials Handling, Inc.

  • Jungheinrich AG

  • KION Group AG

  • Komatsu Ltd.

  • Mitsubishi Logisnext Co., Ltd.

  • Toyota Material Handling

Forklift Market Report Scope

Report Attribute


Market size value in 2023

USD 64.90 billion

Revenue forecast in 2030

USD 154.33 billion

Growth rate

CAGR of 13.2% from 2023 to 2030

Base year for estimation


Historical data

2018 - 2021

Forecast period

2023 - 2030

Report updated

September 2023

Quantitative units

Revenue in USD billion and CAGR from 2023 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Class, power source, load capacity, electric battery type, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; UAE; Saudi Arabia; South Africa

Key companies profiled

Anhui Heli Co., Ltd.; CLARK; Crown Equipment Corporation; Doosan Corporation; Hangcha; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; KION Group AG; Komatsu Ltd.; Mitsubishi Logisnext Co., Ltd.; Toyota Material Handling

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Global Forklift Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global forklift market report on the basis of class, power source, load capacity, electric battery type, end-use, and region.

  •  Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

    • Class 1

    • Class 2

    • Class 3

    • Class 4/5

  • Power Source Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

    • Internal Combustion Engine (ICE)

    • Electric

  • Load Capacity Outlook (Revenue, USD Million, 2018 - 2030)

    • Below 5 Ton

    • 5-15 Ton

    • Above 16 Ton

  • Electric Battery Type Outlook (Revenue, USD Million, 2018 - 2030)

    • Li-ion

    • Lead Acid

  • End-use Outlook (Revenue, USD Million, 2018 - 2030)

    • Industrial

    • Logistics

    • Chemical

    • Food & Beverage

    • Retail & E-Commerce

    • Others

  • Regional Outlook (Revenue, USD Million, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • China

      • India

      • Japan

      • Australia

      • South Korea

    • Latin America

      • Brazil

      • Mexico

      • Argentina

    • Middle East & Africa (MEA)

      • UAE

      • Saudi Arabia

      • South Africa

Frequently Asked Questions About This Report

gvr icn


gvr icn

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

gvr icn


We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities. Contact us now

ESOMAR Certified Member Great Place to Work Certified

ESOMAR & Great Work to Place Certified

ISO 9001:2015 & 27001:2022 Certified

ISO 9001:2015 & 27001:2022 Certified

We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure. For more details, please read our privacy policy.