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 (Internal Combustion Engine, Electric), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: GVR-4-68038-754-4
  • Number of Pages: 158
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The global forklift market size was valued at USD 53.5 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 12.8 % from 2022 to 2030. The growth can be attributed to the flourishing e-commerce sector worldwide, coupled with the transformations seen in warehouse operations in recent years, leading to the increased demand for forklifts to carry heavy loads and work in tight and narrow spaces. Thriving construction activities across the globe are also resulting in the increased demand for forklifts capable of working on rough terrains and transporting heavy building materials over long distances.

North America forklift market size, by class, 2020 - 2030 (USD Million)

The thriving e-commerce industry is leading to an increase in the number of warehouses and the need to efficiently manage the supply chain in warehouses. Moreover, warehouse owners focus on increasing transparency, lowering operational costs, and enhancing productivity within the 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 operation accuracy and better navigation in narrow aisles, tiers, and mezzanines. The increasing popularity of electric forklifts among chemical manufacturers and recycling center owners is expected to support market growth.

An electric forklift is operated on batteries and offers benefits such as low maintenance, lesser vibration, low noise, and low weight, improving the convenience of employees during fieldwork. Original Equipment Manufacturers (OEMs) such as Toyota Material Handling, Godrej & Boyce, and Guangxi LiuGong Machinery Co., Ltd. are focusing on developing products that cater to the changing needs of the warehouse and dockyard owners. For instance, in March 2020, Guangxi LiuGong Machinery Co., Ltd, a China-based construction machinery manufacturer, announced the launch of dock-specific forklift trucks. The newly launched forklift trucks are designed for use in low spaces such as cabins, culverts, and basements, and can move freely.

However, the high costs associated with maintenance and fluctuating raw material prices are expected to pose a challenge for market growth. In addition, stringent emission regulations could hamper market growth during the forecast period to a certain extent. The COVID-19 pandemic also negatively impacted construction, manufacturing, and warehouse activities in 2020. The rapid spread of COVID-19 infections and the subsequent lockdowns 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 spiked during this period as manufacturers and warehouse owners sought ways of lowering 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 lead to a slowdown in sales till the fourth quarter of 2022.

Class Insights

The class 3 segment dominated the market for forklifts and accounted for the largest revenue share exceeding 39.0% in 2021. The segment is expected to retain its dominance over 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 forklifts, their demand has increased in warehouses and distribution centers.  

The class 1 segment is expected to witness noticeable growth over the forecast period. The high demand for electric rider trucks across end-use areas such as retail stores, factories, the foodservice 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

The electric segment held the largest revenue share of around 66.2% in 2021. Electricity is an eco-friendly alternative to gasoline and diesel-powered forklifts. Moreover, electric vehicles incur lower maintenance costs compared to vehicles based on 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 the demand for electric vehicles over the forecast period.

Global forklift market share, by power source, 2021 (%)

The internal combustion segment is anticipated to record moderate growth over the forecast period, owing to stringent environmental regulations in developed countries. The governments of developed and developing countries are imposing various regulations to lower the impact of carbon emissions on the environment, encouraging OEMs and factory owners to transition to electric or gas-powered vehicles. The 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 technology to stay abreast of the competition.

Regional Insights

Asia Pacific dominated the forklift market and accounted for the largest revenue share of over 45.0% in 2021. The 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. For instance, in August 2021, Komatsu Ltd., a construction equipment manufacturer, announced the launch of FH100-160-1 forklifts.

The newly launched product utilizes a hydrostatic drive system, which allows the forklift to shuttle continuously, providing more uptime and reduced maintenance costs. In Europe, the market is expected to account for a significant revenue share in the global market due to rapid urbanization and rising 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

Key companies are actively engaging in activities such as mergers and acquisitions to stay ahead of competitors. For instance, In January 2020, Toyota Material Handling completed the merger of its two forklift divisions, namely Toyota Material Handling USA (TMHU) and Toyota Industrial Equipment Manufacturing (TIEM), to form a solitary unit named Toyota Material Handling, Inc. (TMH). The integration of both the units would allow Toyota Material Handling to streamline, simplify, and strengthen the overall customer experience.

Players are emphasizing the development of new products that are efficient and more productive to attract new customers. For instance, in October 2021, Mitsubishi Logisnext Americas Inc. launched a new electric pneumatic UniCarrier Forklift. The 3 wheeled and 4 wheeled trucks would be available in North, Central, and South America. This launch is expected to help the company further strengthen its position across the Americas. Some of the prominent players in the 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 2022

USD 58.7 billion

Revenue forecast in 2030

USD 154.3 billion

Growth Rate

CAGR of 12.8% from 2022 to 2030

Volume Demand in 2022

1,713,658 units

Volume Demand in 2030

3,257,718 units

Growth Rate

CAGR of 8.4% from 2022 to 2030

Base year for estimation


Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Volume in Units, Revenue in USD Million, and CAGR from 2022 to 2030

Report coverage

Volume forecast, revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Class, power source, region

Regional scope

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

Country scope

U.S.; Canada; U.K.; Germany; France; Rest of Europe; China; India; Japan; Rest of APAC; Mexico; Brazil; Rest of Latin America

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 to up to 8 analysts’ working days) with purchase. Addition or alteration to country, regional, and segment scope.

Pricing and purchase options

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Segments Covered in the Report

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global forklift market report based on class, power source, 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

    • Electric

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

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Rest of Europe

    • Asia Pacific

      • China

      • India

      • Japan

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East & Africa

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