Forklift Truck Market is estimated to be valued at USD 55.18 Bn in 2025 and is expected to reach USD 115.29 Bn by 2032, growing at a compound annual growth rate (CAGR) of 11.1% from 2025 to 2032.
Report Coverage
Report Details
Base Year:
2024
Market Size in 2025:
USD 55.18 Bn
Historical Data for:
2020 To 2024
Forecast Period:
2025 To 2032
Forecast Period 2025 to 2032 CAGR:
11.10%
2032 Value Projection:
USD 115.29 Bn
Forklift trucks are mainly used for material handling, lifting & stacking of discrete loads throughout facilities such as retail warehouses. These vehicles can be used with a variety of attachments such as clamps, grippers, and platforms to move and handle different types of materials and loads. Expansion of the logistics industry and economic growth in emerging economies have led to increasing logistics volume, which, in turn is boosting growth of the forklift trucks market.
Market Dynamics
Growing e-commerce & warehousing industries is driving growth of the global forklift truck market. According to coherent market insights almost 90% of the warehousing space is controlled by the unorganized players. It has huge growth potential and is slated to become regularized over the next few years.
However, high cost of battery operated and fuel-cell forklifts, coupled with growing environmental concerns regarding the use of IC-engine type forklift trucks are expected to hinder growth of the global forklift truck market over the forecast period.
Key features of the study
This report provides in-depth analysis of the global forklift truck market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period 2025-2032, considering 2024 as the base year.
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
It profiles key players in the global forklift truck market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies.
Key companies covered as a part of this study include Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling.
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
The global forklift truck market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global Forklift Truck market.
Market Segmentation
Global Forklift Truck Market, By Product Type
Warehouse
Pedestrian
Rider
Counterbalance
Global Forklift Truck Market, By Class
Class I Electric Motor Rider Trucks
Class II Electric Motor Narrow Aisle Trucks
Class III Electric Motor Pedestrian Trucks
Class IV Internal Combustion Engine Trucks (Solid/Cushion Tires)
Class V Internal Combustion Engine Trucks (Pneumatic Tires)
Class VI Electric and Internal Combustion Engine Tractors
Class VII Rough Terrain Forklift Trucks
Global Forklift Truck Market, By Fuel Type
Diesel
Gasoline & LPG/CNG
Electric/Hybrid
Global Forklift Truck Market, By Engine Type
IC Engine Power
Electric Power
Global Forklift Truck Market, By Lifting Capacity
<5 Ton
5 Ton - 10 Ton
11 Ton - 36 Ton
> 36 Ton
Global Forklift Truck Market, By End-use Industry
Retail & Wholesale
Transportation & Logistics
Automotive & Electrical Engineering
Food Industry
Other Industries (Chemical, Timber, and Paper and Print Industry)
Global Forklift Truck Market, By Region
North America
U.S.
Canada
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
GCC Countries
Israel
Rest of Middle East
Africa
South Africa
North Africa
Central Africa
Key Companies Insights
Toyota Industries Corporation Group
Kion Group AG
Jungheinrich AG
Hyster-Yale Materials Handling, Inc.
Crown Equipment Corporation
Mitsubishi Nichiyu Forklift Co., Ltd.
UniCarriers Americas Corporation
Anhui Heli Company Limited
Komatsu Ltd.
Clark Material Handling Company
Doosan Industrial Vehicle
Hangcha Group Co. Ltd.
JBT Corporation
Combilift Ltd.
Godrej & Boyce Mfg. Co. Ltd.
Linde Material Handling
Table of Contents
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
Market Snapshot, By Product Type
Market Snapshot, By Class
Market Snapshot, By Fuel Type
Market Snapshot, By Engine Type
Market Snapshot, By Lifting Capacity
Market Snapshot, By End-use Industry
Coherent Opportunity Map (COM)
3. Market Dynamics, Regulations, and Trends Analysis