Forklift Truck Market is expected to reach USD 76 billion by the end of the forecast period.

Forklift Truck Industry Perspective:

The global forklift truck market size was evaluated at $47 billion in 2023 and is slated to hit $76 billion by the end of 2032 with a CAGR of nearly 8% between 2024 and 2032.

Forklift trucks are powered industrial vehicles used to lift, move, stack, and transport materials with forks or attachments in warehouses, factories, and logistics facilities. These machines include electric counterbalance forklifts, internal combustion forklifts, reach trucks, pallet jacks, order pickers, narrow-aisle trucks, rough-terrain forklifts, heavy-duty container handlers, and other specialized material-handling equipment. Manufacturers use hydraulic lifting systems, electric or engine power, simple control panels, safety features, load-capacity design, and ergonomic layouts to build efficient, safe forklifts. Businesses rely on forklifts to move inventory, load and unload vehicles, organize warehouse storage, stack pallets, carry production materials, handle construction supplies, and support supply chain operations. Most forklift models provide different load capacities, lifting heights, aisle size requirements, power source choices, and attachment options. Safety regulations clearly set rules for operator training, regular maintenance, load limits, and workplace safety procedures.

Browse the full “Forklift Truck Market By Power Source (Internal Combustion Engine and Electric), By Class (Class 1, Class 3, Class 5, Class 2, and Class 4), By End-Use (Manufacturing, Retail, Warehousing & Logistics, and Construction), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2024 - 2032​" Report at https://www.zionmarketresearch.com/report/forklift-truck-market

The forklift truck industry is primarily driven by expanding e-commerce logistics, growing adoption of warehouse automation, rising manufacturing activity, and growth in the construction sector.

Market Growth Factors

Several factors are propelling the expansion of the forklift truck market.

• E-commerce warehouse growth: Fast growth in online retail increases demand for large distribution centers, requiring extensive forklift fleets to manage inventory flow, order picking, and rapid delivery.
• Electric forklift adoption: Stricter environmental rules, lower operating costs, reduced noise, and zero emissions are driving warehouses to shift from fuel-powered to electric forklifts.
• Manufacturing sector recovery: Rising industrial output, factory expansions, and supply chain reshoring boost demand for forklifts used in production support, material movement, and finished goods handling.

Restraints

• High initial investment costs: High purchase prices for new forklifts, especially electric units with batteries, limit affordability for small businesses and slow fleet replacement.
• Skilled operator shortage: Short supply of trained forklift operators, along with certification and safety requirements, reduces equipment usage and affects warehouse productivity.

Market Segmentation

The global forklift truck market is divided into power source, class, end-use, and region.                                             

In terms of power source, the forklift truck market across the globe is segmented into internal combustion engine and electric segments. Apparently, the electric segment, which accrued approximately 48% of the global market proceeds in 2023, is prognosis to account for the fastest CAGR in the next couple of years as a result of surging environmental issues and concerns regarding GHG emissions. Furthermore, favorable government schemes and innovations in battery systems, charging infrastructure, and improvement in motor efficiency will embellish the expansion of the segment in the ensuing years.

Based on the class, the global forklift truck industry is sectored into class 1, class 3, class 5, class 2, and class 4 segments. Furthermore, the class 3 segment, which led the global industry growth in 2023, is projected to contribute lucratively towards the global industry elevation over 2024-2032. This can be due to the versatile nature of these forklifts. Moreover, a surge in the use of the product in distribution centers, warehouses, and retail settings will steer the segmental surge. Cost-efficiency and the flourishing e-commerce sector have propelled the demand for proficient warehouse management and order fulfillment, thereby steering the growth of the segment in the years ahead.

In terms of end-use, the global forklift truck market is sectored into manufacturing, retail, warehousing & logistics, and construction segments. Moreover, the warehousing & logistics segment, which led the global industry in 2023, is likely to lead the segmental surge over the assessment period owing to the flourishing e-commerce sector along with rising labor charges. In addition to this, need for improving efficacy along with reducing costs of the supply chain.

North America leads the global forklift truck market because many companies operate large warehouse networks and modern logistics systems that require extensive fleets of material-handling equipment. The United States and Canada have large e-commerce sectors with rapidly expanding fulfillment centers. A strong manufacturing base across automotive, aerospace, food processing, and consumer goods industries creates steady demand for forklifts in production facilities. An active construction sector uses rough-terrain and high-capacity forklifts to handle heavy building materials. A well-established equipment rental market offers flexible forklift access for short-term projects and seasonal demand peaks. Strict workplace safety rules drive the use of modern forklifts with improved safety features. A growing focus on warehouse automation and efficiency is encouraging companies to upgrade their fleets to newer electric models. Higher investment capacity allows businesses to buy premium equipment with better performance and longer service life.

Key Market Players

Leading companies operating in the global forklift truck market include:

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

Recent Developments

• In October 2025, Toyota Material Handling North America announced a strategic investment in advanced charging technologies to support electric forklifts and battery systems, signaling a stronger focus on sustainable material handling solutions.

In August 2025, Toyota Material Handling expanded its electric forklift and stacker lineup to include advanced battery-powered heavy-duty models designed to boost warehouse productivity and reduce emissions.

The global forklift truck market is segmented as follows:

By Power Source

• Internal Combustion Engine
• Electric

By Class

• Class 1
• Class 3
•  Class 5
• Class 2
• Class 4

By End-Use

• Manufacturing
• Retail
• Warehousing & Logistics
• Construction

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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