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, 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 58,685.6 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 13.2% from 2023 to 2030. The burgeoning global e-commerce sector and changes in warehouse management over the past few years have increased demand for forklifts to handle heavy loads and maneuver through tight spaces. These are the prominent factors contributing to the market’s 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 around the world.

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

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 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, the large amount of expenditure associated with 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 the following 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 and accounted for the highest revenue share exceeding 39.70% 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 forklifts, their demand has increased in warehouses and distribution centers. 

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

The electric segment held the largest revenue share of around 66.45% in 2022. 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, 2022 (%)

The internal combustion segment is anticipated to record moderate growth during 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 47% in 2022. 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.

Forklift Market Trends by Region

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 July 2022, Toyota Material Handling (TMH) announced the acquisition of PennWest Toyota Lift, a forklift dealership based in Pennsylvania with locations in Mount Pleasant, Pittsburgh, and Erie. The Hoist Liftruck series of container handlers, marina trucks, and FLTs are owned by TMH in the US. TMH also sells a variety of medium and heavy forklifts. For the US market, some of these devices have the Toyota brand. Some prominent players 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 64.89 billlion

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

Quantitative units

Volume in units, Revenue in USD million, and CAGR from 2023 to 2030

Report coverage

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

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


Global Forklift Market Segmentation

The report forecasts volume and revenue growth at global, regional, and country levels and analyzes 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 based on class, power source, and region:

Global Forklift Market Segmentation

  • 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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