Redding, California - May 9, 2024

Forklift Market to be Worth $111.1 Billion by 2031

Forklift Market Size, Share, Forecast, & Trends Analysis by Class (1, 2, 3, 4, 5, 6, 7), Tonnage (Light, Medium, Heavy), Propulsion Type (Diesel, Gasoline, Electric), Automation (Full, Semi), Sector (E-Commerce, Automotive, Industrial) — Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Forklift Market Size, Share, Forecast, & Trends Analysis by Class (1, 2, 3, 4, 5, 6, 7), Tonnage (Light, Medium, Heavy), Propulsion Type (Diesel, Gasoline, Electric), Automation (Full, Semi), Sector (E-Commerce, Automotive, Industrial) — Global Forecast to 2031.’

According to this latest publication from Meticulous Research^®, the forklift market is projected to reach $111.1 billion by 2031, at a CAGR of 6.5% from 2024 to 2031. The growth of this market is driven by factors such as the expansion of the retail & e-commerce sector, the increasing automation in manufacturing and warehousing, and the growing focus on workplace safety and operational efficiency. However, the shortage of skilled operators may restrain market growth.

Furthermore, the increasing integration of IoT with forklifts, the growing demand for electric & hybrid forklifts as sustainable alternatives to traditional internal combustion engine forklifts, and the increasing demand for customizable forklifts are expected to create market growth opportunities. However, the high upfront and maintenance costs of forklifts pose a significant challenge to the market’s growth.

Additionally, the growing demand for electric forklifts and the adoption of automated and robotic forklifts are prominent trends in the forklift market.

The forklift market is segmented by class, tonnage capacity, propulsion type, automation type, and sector. The study also analyzes the market at the regional and country levels.

Based on class, the forklift market is broadly segmented into class 1-electric motor rider trucks, class 2-electric motor narrow aisle trucks, class 3-electric motor hand/rider trucks, class 4-ICE trucks with solid/cushion tires, class 5-ICE trucks with pneumatic tires, class 6-electric/IC engine tow tractors, and class 7-rough terrain forklifts. In 2024, the class 3-electric motor hand/rider trucks segment is expected to account for the largest share of over 40.0% of the forklift market. This segment's large market share can be attributed to the rising demand for efficient warehouse operations, encompassing tasks such as order picking, pallet handling, and goods transportation. Additionally, the rising emphasis on workplace safety and the expanding e-commerce and logistics sectors contribute to the significant market share of this segment.

However, the class 1-electric motor rider trucks segment is projected to register the highest growth rate during the forecast period of 2024–2031. The growth of this segment can be attributed to the increasing preference for sustainable and eco-friendly forklifts, aiming at reducing emissions, providing quieter operation, and lowering maintenance costs. Furthermore, supportive government policies and incentives promoting electric vehicle adoption contribute to this segment’s growth.

Based on tonnage capacity, the forklift market is broadly segmented into light-duty forklifts (upto 10 tons), medium-duty forklifts (11–35 tons), and heavy-duty forklifts (above 35 tons). In 2024, the light-duty forklifts (upto 10 tons) segment is expected to account for the largest share of over 42.0% of the forklift market. This segment’s large market share can be attributed to the rising demand for light-duty forklifts for warehouse and fulfillment center operations, facilitating efficient order picking and inventory management. Furthermore, their compact size makes them ideal for indoor applications, driving their adoption across small-scale manufacturing facilities and workshops.

However, the medium-duty forklifts (11–35 tons) segment is projected to register the highest growth rate during the forecast period of 2024–2031. The growth of this segment can be attributed to the growth of the industrial sector and the rising demand for medium-duty forklifts to streamline the movement of goods, equipment, and materials within manufacturing, warehousing, and distribution centers

Based on propulsion type, the forklift market is broadly segmented into diesel forklifts, gasoline forklifts, electric forklifts, and hybrid forklifts. In 2024, the diesel forklifts segment is expected to account for the largest share of the forklift market. This segment's large market share can be attributed to the increasing adoption of diesel forklifts for heavy-duty applications such as outdoor material handling, construction projects, and industrial operations. Diesel forklifts are favored for their lower upfront costs compared to electric forklifts, making them a convenient and accessible choice for businesses operating in remote or off-grid locations. Additionally, these forklifts can operate efficiently across diverse weather conditions and terrains, further contributing to their increased adoption.

However, the electric forklifts segment is projected to register the highest growth rate of over 9.5% during the forecast period of 2024–2031. The growth of this segment can be attributed to the rising adoption of sustainable and eco-friendly forklifts aimed at reducing carbon footprint, supportive government policies and incentives promoting electric vehicle adoption, advancements in battery technology, and the lower operating costs of electric forklifts compared to their diesel or gasoline-powered counterparts.

Based on automation type, the forklift market is broadly segmented into fully-automated forklifts, semi-automated forklifts, and manual forklifts. In 2024, the semi-automated segment is expected to account for the largest share of over 47.0% of the forklift market. This segment's large market share can be attributed to the increasing adoption of semi-automated forklifts. These forklifts facilitate seamless integration with advanced warehouse management systems (WMS) and enhance productivity, safety, accuracy, and operational efficiency in material handling tasks.

However, the fully-automated forklifts segment is projected to register the highest growth rate during the forecast period of 2024–2031. The growth of this segment can be attributed to the rise in warehouse automation and the increasing need to support the rapid fulfillment of online orders and improve supply chain efficiency through 24/7 productivity. Furthermore, the rising focus on smart manufacturing and Industry 4.0 initiatives and the need to reduce dependency on manual labor and mitigate labor-related risks contribute to the increased adoption of fully-automated forklifts.

Based on sector, the forklift market is broadly segmented into food & beverage, automotive, paper & pulp, metals & heavy machinery, retail & e-commerce, aerospace & defense, mining, chemicals, pharmaceuticals & healthcare, industrial manufacturing, storage & warehousing, construction, and other sectors. In 2024, the industrial manufacturing segment is expected to account for the largest share of over 26.0% of the forklift market. This segment’s large market share can be attributed to the increasing demand for efficient and flexible material handling solutions within the industrial sector and the growing demand for advanced forklifts to meet diverse manufacturing needs, improve productivity, and enhance supply chain responsiveness.

However, the retail & e-commerce segment is projected to register the highest growth rate during the forecast period of 2024–2031. The growth of this segment can be attributed to the rapid growth in the e-commerce & online retail sectors, resulting in the increased demand for advanced forklifts to enable efficient warehouse operations, inventory management, and order processing.

Based on geography, the forklift market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of over 48.0% of the forklift market, followed by Europe, North America, Latin America, and the Middle East & Africa. Moreover, the market in Asia-Pacific is projected to register the highest growth of over 8.0% during the forecast period. Asia-Pacific's significant market share can be attributed to several key factors, including the increasing demand for efficient and reliable forklifts to support material handling and warehouse operations across various industries, the growing trend towards Industry 4.0 and smart manufacturing, the increasing adoption of advanced forklifts including automated guided vehicles (AGVs), robotic picking systems, and AI-powered forklifts to support growing e-commerce volumes.

Furthermore, the rising demand for heavy-duty forklifts to handle construction materials and equipment, coupled with an increasing focus on workplace safety and regulatory compliance, especially in countries like Japan, South Korea, and Australia, further contributes to the growth of this regional market.

Key Players:

The key players operating in the forklift market are Toyota Industries Corporation (Japan), KION GROUP AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Crown Equipment Corporation (U.S.), Hyster-Yale Group, Inc. ( U.S.), Anhui Heli Co., Ltd. (China), Hangcha Group Co., LTD. (China), CLARK MATERIAL HANDLING (U.S.), Doosan Bobcat Inc. (South Korea), HD Hyundai Construction Equipment Co., Ltd. (South Korea), Combilift (Ireland), EP Equipment (China), VisionNav Robotics (U.S.), Action Construction Equipment Limited (India), and Godrej & Boyce Manufacturing Company Limited (India).

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Key questions answered in the report-

• Which are the high-growth market segments based on class, tonnage capacity, propulsion type, automation type, sector, and geography?
• What was the historical market size of the forklift market?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, opportunities, and challenges in the forklift market?
• Who are the major market players, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the forklift market?
• What are the different strategies adopted by the major players in the forklift market?
• What are the key geographic trends, and which are the high-growth countries?
• Who are the local emerging players in the forklift market, and how do they compete with other players?

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