Forklift Market Size, Share, Growth Report 2030

Forklift Market

Forklift Market - By Class (Class 1, Class 2, Class 3, and Class 4 & 5 & 5), By Tonnage Capacity (5 Ton, 5–10 Ton, 11–36 Ton, and More Than 36 Ton), By Application (Wholesale & Retail Distribution, Manufacturing, Freight & Logistics, and Others), By Fuel Type (Battery-Electric, Diesel, and Gasoline & LPG/CNG), and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026

Category: Automotive Report Format : PDF Pages: 110 Report Code: ZMR-3338 Published Date: Jul-2020 Status : Published

Global Forklift market, which accrued nearly 17.12 (USD Billion) in 2019, is set to record the CAGR of nearly 2.45% over the period from 2020 to 2026.

Forklift Market: Industry Perspective

The global Forklift market, which accrued nearly 17.12 (USD Billion) in 2019,   is set to record the CAGR of nearly 2.45% over the period from 2020 to 2026. The report offers an assessment and analysis of the Forklift market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).

Forklift Market: Details of the Report

Report Metric


Base Year


Historical Data

2017 and 2018

Forecast period


Market Representation

Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026

Segments Analyzed

By Class, By Tonnage Capacity, By Application, By Fuel Type,  and By Region

Regions Analyzed

North America, Asia Pacific, Latin America, Europe, the Middle East, and Africa

Forklift Market: Introduction

Forklift, which is also referred as lift truck or forklift truck, is a type of industrial truck that is utilized to lift & move substances over short distances. Furthermore, the equipment was produced in early twentieth century. Today, the usage & development of forklifts have expanded globally. The forklift has become key equipment of utility in production & warehousing activities.

Moreover, forklifts are heavy-duty electric lift trucks and are extensively utilized to lift as well as transport heavy products like container goods and crates over a minimal distance. They are massively utilized in dockyards, warehousing functionalities, and recycling functions for performing loading as well as unloading of products from vehicles. It also moved packaged goods across the storage area. Apparently, forklift is driven by electrical battery & internal combustion engines.

Forklift Market: Growth Dynamics

Massive acceptance of online shopping among the end-users and huge funding of major players in the retail sector for production of the equipment will steer the market expansion over the forthcoming years. Technological breakthroughs for enhancing the output in the manufacturing sector will push the growth of the business during the estimated timeline. Apart from this, a rise in the eCommerce activities and thriving logistics & warehousing sector will contribute sizably to the market size in the ensuing timespan.

Furthermore, the surge in construction activities along will infrastructural funding will prop up the growth of the market over the forecasting years. Strict emission laws will steer the need for electrical forklifts & battery-driven forklifts in the years ahead.  

Asia Pacific Market To Contribute Sizable Revenue During Forecast Period

The growth of the market in Asia Pacific during forecast timespan is due to surge in the forklift sales. Apart from this, requirement for secured working conditions in myriad industries along with growing necessity for proficient & automated material handling of products in the building & construction sector will propel the demand for forklift trucks in the Asia Pacific zone. This, in turn, will expedite the business scope in the region over the estimated timeframe.

Key players in the forklift industry include KION Group AG, Mitsubishi Nichiyu Forklift Co., Ltd., Hyundai Heavy Industries, Jungheinrich AG, Toyota Industries Corporation, Doosan Industrial Vehicle America Corp., Crown Equipment Corporation, Anhui HELI Co. Limited, Clark Material Handling Company, Hangcha Group Co., Ltd., Hyster-Yale Materials Handling, Inc., Komatsu Ltd., UniCarriers Americas, Lonking Holdings Limited, and Combilift.

The global forklift market is segmented as follows:

By class:

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

By tonnage capacity:

  • Less than 5 ton
  • 5–10 ton
  • 11–36 ton
  • More than 36 ton

By application:

  • Freight & logistics
  • Manufacturing
  • Wholesale & Retail distribution
  • Others

By fuel type:

  • Battery-Electric
  • Diesel
  • Gasoline & LPG/CNG

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 the Middle East & Africa

Table Of Content


FrequentlyAsked Questions

Massive acceptance of online shopping among the end-users and huge funding of major players in the retail sector for production of the equipment will drive the business landscape during forecast timespan.

The CAGR of the industry is expected to be over 2.45% during the forecast timeline.

Asia Pacific region will contribute lucratively towards the global market revenue over the estimated timeline.

The key market participants include Jungheinrich AG, Toyota Industries Corporation, Crown Equipment Corporation, KION Group AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Nichiyu Forklift Co., Ltd., Komatsu Ltd., UniCarriers Americas, Lonking Holdings Limited, Anhui HELI Co. Ltd Limited, Hangcha Group Co., Ltd., Clark Material Handling Company, Doosan Industrial Vehicle America Corp., Hyundai Heavy Industries, and Combilift..

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