Forklift Market Size, Share, Growth, Trends, and Global Industry Analysis: By Class (Class ?, Class ?, Class ?, and Class ?/?), By Power Source (ICE and Electric), By Load Capacity (Below 5 Ton, 5-15 Ton, and Above 16 Ton), By Operational Type (Manual and Autonomous), By Electric Battery Type (Li-ion and Lead Acid), By End User (Mining, Manufacturing, Retail & Wholesale, Logistics, Construction, Automotive, Food & Beverages, Natural Resources, and Others), and Region

Forklift market size was valued at US$ 61,736.8 million in 2023, and is poised to grow at a CAGR of 2.8% during the forecast period (2024-2030). The major drivers of the market growth are e-commerce, warehousing, and logistics. These companies need material handling solutions that promote cross-functional efficiency to optimize their capacity. In addition, the rise of automation in the manufacturing and distribution sector raises forklift adoption. Challenges include the high upfront costs and service-related expenses for smaller businesses.

Opportunities appear in this market due to growing demands for electric forklifts as sustainability trends and environmental regulations get promoted. The latest key trends include the implementation of smart IoT technologies in the fleets and increased interest in electric, even autonomous forklifts available on the market to lower emissions and make operations more efficient.

Key Players

The forklift market size is inclusive of several companies such as Toyota Industries Corporation (Japan), Anhui Heli Co. Ltd (China), Cargotec Corporation (U.S.), Clark Material Handling Company Inc (U.S.), Crown Equipment Corporation (U.S.), Hangcha Group Co. (China), Hyster Yale Materials Handling Inc (U.S.), Jungheinrich AG (Germany), KION Group (Germany), and Mitsubishi Heavy Industries Ltd (Japan).

Facts & Figures

• On May 26, 2023, the Federal Economic Development Agency for Southern Ontario (FedDev Ontario) revealed a $4.8 million investment in Stromcore Energy Inc. This investment is part of the government's broader objective to foster a net-zero economy and support innovative green solutions in various industries.
• The Census Bureau of the Department of Commerce estimated total U.S. e-commerce sales for 2023 to be approximately US$ 1.12 trillion, indicating about 7.6 percent year-over-year growth.

Key Developments

• In May 2023- The Raymond Corporation a subsidiary of Toyota Industries Corporation, and this company launched electric forklifts for outdoor applications. The two new models with capacities of 4,000 and 11,000 pounds sit-down counterbalanced trucks offer better performance with green safe-handling solutions.
• In January 2022, Toyota Material Handling launched 22 electric products under the company's portfolio of material handling end. Products and solutions the family include reach trucks, order pickers, and electric forklifts. This ranges from 3,000 to 17,500 pounds.

Forklift Market Segmentation

By Class: The major category of the market is Class III forklifts, which include electric motor hand trucks, consisting of pallet jacks and walkie stackers. They are used widely in many end-user segments because they are space-saving and versatile, fitting very small spaces easily, and making them ideal for indoor usage in warehouses, retail outlets, and even distribution warehouses. Their popularity is mostly due to the increase in e-commerce and increasing warehousing activities since they provide the most efficient systems for good loading, and unloading, as well as transporting them over relatively short distances. Class III forklifts are also often electric-powered, following the thrust of the industry for sustainability and lesser emissions. Cost is thus relatively low, and manoeuvrable with the likes making it popular in versatile material-handling operations. 

By Power Source: Electric-powered forklifts are still the top market on forklifts, most driven by the following factors related to worldwide sustainability and emissions strings being so stringent. The following are the advantages of an electric forklift over its IC engine counterpart: lower operating and maintaining costs, quieter operation, and no emissions at all, making it more ideal than its counterpart, especially in warehouses and distribution centers, where the environment is so sensitive. For example, the advancement of battery technology, for instance, lithium-ion batteries enhances the efficiency and lifespan of electric forklifts that have the minimum downtime in charging. To be honest, electric forklifts have become a tool of choice in e-commerce, retailing, and manufacturing sectors as companies are becoming more environmentally conscious and energy-efficient.

By Load Capacity: In the market for forklifts, it is the 1 to 5 tons load capacity forklift that shares most of the market share since it can be used for a multitude of applications. The load capacity range would be more in tune with the requirements of the warehousing, manufacturing, retail, and distribution industries, which see materials regularly in need of a move-around that could weigh a moderate amount. Due to the design of these forklifts, not being either too large or cumbersome, they are easy to handle pallets, goods, and equipment. This load capacity is available to balance between strength and flexibility, catering to the requirements of most businesses that experience frequent material handling. Their cost-effectiveness along with compatibility in various industries leads to their market dominance.

By Operational Type: The main operational type market is dominated by manual forklifts since these are cheaper and easier to operate in most small warehouses and retail operations. In situations involving light to moderate material handling on stacking pallets or short-distance goods transportation, they are preferred. They do not burn any fuel and need next to no maintenance compared to all other forklifts, so they would prove to be an extremely sensible solution for entrepreneurs in their quest to minimize their operational expenses. Furthermore, pallet jacks have designs that prove to be very convenient and do not even need special training to be operated. Electric and automated forklifts are highly used lately since business houses require everything less in every manner compared to manual forklifts.

By Electric Battery Type: In the market, lithium-ion batteries are quickly replacing the standard power source due to various reasons; they outscore traditional lead-acid batteries in many areas. Lithium-ion batteries charge faster, have higher energy efficiency, and have longer lifespans, ideal for businesses looking to maximize productivity. Maintenance has been reduced as they don't need watering; as long as there's a chance, one can charge them, avoiding downtime. Lithium-ion batteries have greater energy density, which means a longer operational time using just one charge. Some environmental advantages of using these can be given by lesser emissions and absolute low energy consumption. Thus, the battery of this type spearheaded the drive for the industry to become friendly with the environment, and the companies naturally follow for this is an efficiency factor plus greenness in operations.

By End User: A leading role as an end-user in the market is played by manufacturing. Significant factors include the assurance of liquid flow of raw materials and components inward from warehouses and distribution centers and finished goods out from manufacturing floors, across large production facilities inside and outside of the manufacturing building. Forklifts prove indispensable in increasing productivity, decreasing the input of manual labor, and streamlining operations. They are, therefore, very fundamental in high-volume environments of manufacturing. Their wide usage within this particular industry is owed to the continually increasing demand for accuracy, speed, and handling diverse load capacities. In addition, with a rise in automation and the desire for improved production capabilities, manufacturing industries have increasingly employed electric and advanced forklifts that meet diverse operational needs to contribute towards domination of the sector in the market.