Forklift Market To Reach $212.63 Billion By 2033 | CAGR: 12.7%

December 2025 | Report Format: Electronic (PDF)

Forklift Market Growth & Trends

The global forklift market size is expected to reach USD 212.63 billion by 2033, registering a CAGR of 12.7% from 2026 to 2033, according to a new report by Grand View Research, Inc. The e-commerce industry has experienced significant growth due to factors such as increased disposable income, widespread internet access, and enhanced shopping convenience. This surge in online shopping, coupled with unpredictable shipping and shopping patterns, as well as direct-to-customer shipments, has led to a substantial increase in retail sales. Hence, this growth in retail sales has brought about a noticeable transformation in warehouse operations. Warehouses are tasked with fulfilling substantial orders for individual items. This shift necessitates greater efficiency among warehouse workers and forklifts in the processes of locating, selecting, and transporting goods within the warehouse space.

Manufacturers such as Toyota Material Handling and Hyster-Yale Materials Handling, Inc. are focusing on investing heavily in R&D activities to manufacture technologically advanced autonomous forklifts. Hyster-Yale Materials Handling, Inc. integrates forklifts with systems such as Enterprise Resource Planning (ERP) and Warehouse Management System (WMS), offering employees a complete real-time view of the automated forklift. In addition, manufacturers aim to reduce the dependency of autonomous forklifts on guide wires, magnets, and lasers. Autonomous forklifts provide stable and consistent performance. These machines may reduce the cost of finding as well as onboarding a new workforce. They decrease product damage and reduce the ergonomic impact of physically demanding and monotonous work tasks for warehouse workers.

Forklift suppliers are constantly upgrading the technologies used in forklifts to provide advanced features, such as operator assist, improved ergonomics, and onboard programming and diagnostics. For instance, in October 2022, Toyota Material Handling (TMH), a forklift manufacturer and warehousing solutions provider, launched an updated version of its 3-Wheel Electric Forklift featuring Toyota Assist's SEnS+ pedestrian detection technology to detect objects and pedestrians within the detection range. Other features included enhanced energy efficiency to allow for a 40% longer run time on a single charge, an auto power mode to detect slopes and automatically switch to a higher power mode to maintain speed, and a lithium-ion battery to minimize maintenance costs and reduce downtime for improved productivity. These enhancements were designed to enable operators to be more productive while incurring a lower cost of ownership over the forklift’s lifespan.

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Forklift Market Report Highlights

The class 3 segment dominated the market in 2025 and accounted for the largest share of 45.3%. Class 3 segment includes electric motorized hand trucks.
The electric segment dominated the market in 2025. Electricity is an eco-friendly alternative to gasoline and diesel-powered forklifts.
The 5-15 ton segment dominated the market in 2025. Forklifts with capacities between 5 tons and 15 tons are commonly used for handling a wide range of materials, including pallets, steel, and bricks.
The lead-acid segment dominated the market in 2025. Lead-acid batteries can be considered a reliable energy source due to their ability to provide a high-power surge.
The industrial segment dominated the market in 2025. Forklifts are extensively used for undertaking material handling and warehousing tasks in industrial environments.
Asia Pacific dominated the forklift industry and accounted for a share of 49.0% in 2025. The Asia Pacific region is home to several prominent forklift manufacturers, such as Doosan Corporation and Hangcha Forklift, fostering technological innovations and driving industry competitiveness.

Forklift Market Segmentation

Grand View Research has segmented the global forklift market on the basis of on class, power source, load capacity, electric battery type, end use, and region:

Forklift Class Outlook (Volume, Units; Revenue, USD Million, 2021 - 2033)