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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

Report ID:MROTH - 1041187 Pages: 330 May-2024 Formats*: PDF Category: Others Delivery: 24 to 72 Hours

Forklift Market Size & Forecast

The Forklift Market is expected 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.

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Forklift Market Growth Drivers

Expansion of the Retail & E-commerce Sector

E-commerce & online retail refer to the exchange of goods and services conducted over the Internet. Increasing consumer preference for online shopping has led to higher order volumes and the need for efficient warehouse operations. Forklifts play a crucial role in facilitating these operations by optimizing storage space, enhancing inventory management, and ensuring timely order processing and delivery. Forklifts facilitate various tasks such as loading and unloading shipments from delivery trucks, picking and packing orders for shipping, transferring pallets and containers to shipping areas for dispatch, and organizing and stacking inventory on shelves and racks.

According to the International Trade Administration, U.S. Department of Commerce, the global B2B e-commerce market is projected to reach USD 36 trillion by 2026. Similarly, global B2C e-commerce revenue is projected to reach USD 5.5 trillion by 2027 at a CAGR of 14.4%. Furthermore, India is expected to lead among 20 countries worldwide in retail e-commerce development between 2023 and 2027, with a CAGR of 14.1%. Meanwhile, Argentina and Brazil are expected to emerge as the fastest-growing e-commerce markets globally, with a CAGR of over 13.6%. Additionally, the global retail e-commerce CAGR was estimated at 11.16% during the same period.

The rapid growth of the retail & e-commerce sector in countries such as India, Argentina, and Brazil, coupled with the surge in online shopping globally, is expected to drive the demand for forklifts to facilitate efficient material handling and warehouse operations. These developments, combined with the rising need to manage growing inventory volumes and maintain efficient supply chain operations, are expected to support the growth of the forklift market during the forecast period.

Rising Automation in Manufacturing and Warehousing

Automation in manufacturing and warehousing involves leveraging advanced technologies to streamline and optimize operational processes. Forklifts serve as integral components of automated material handling systems (AMHS). Companies are increasingly deploying automated forklifts, also known as Automated Guided Vehicles (AGVs) or robotic forklifts, designed to operate autonomously within warehouse environments.

Automated forklifts offer efficient material handling and real-time inventory tracking, ensure safe and precise operation and management, and help maximize warehouse space utilization. Market players are prioritizing autonomous material handling technology to achieve higher throughput and operational efficiency in warehouses, distribution centers, and manufacturing facilities. For instance, in February 2024, ArcBest Corporation (U.S.) launched Vaux Smart Autonomy, featuring autonomous mobile robot (AMR) forklifts and reach trucks, intelligent software, and remote teleoperation capabilities to autonomously handle materials movement within warehouses, distribution centers, and manufacturing facilities. Such developments, coupled with the growing adoption of Industry 4.0 technologies and the increasing need to reduce manual labor, are expected to drive the market's growth during the forecast period.

Forklift Market Trends

Increasing Adoption of Automated and Robotic Forklifts

Advancements in robotics and the rising need for enhanced efficiency and safety in material handling operations are driving the adoption of automated and robotic forklifts. These forklifts are engineered to function autonomously or with minimal human intervention, leveraging sensors, cameras, and navigation systems. Automated forklifts reduce the need for manual labor, enhance productivity, ensure safe operation in dynamic environments, and deliver high precision, minimizing errors in picking, placing, and stacking operations.

Market participants are directing their efforts toward innovating in robotics and artificial intelligence to streamline operations, improve throughput, and enhance overall efficiency. For instance, in May 2024, KION North America (a subsidiary of KION GROUP AG) partnered with Fox Robotics (U.S.) to produce and assemble FoxBot autonomous trailer loader/unloaders (ATLs) at its facilities in Summerville, South Carolina.

Forklift Market Opportunity

Growing Demand for Electric & Hybrid Forklifts as Sustainable Alternatives to Traditional Internal Combustion Engine Forklifts

Electric forklifts operate on rechargeable batteries, whereas hybrid forklifts integrate electric power with a small combustion engine or fuel cell to extend range and enhance flexibility. Presently, businesses are opting for these forklift variants as sustainable alternatives to traditional internal combustion engine forklifts due to increasing environmental regulations and emissions standards, a growing need to reduce carbon footprint and air pollution in both indoor and outdoor environments, and the need to lower operating costs.

Electric and hybrid forklifts require less maintenance, resulting in longer lifespans and heightened reliability while also offering a safer work environment with reduced exhaust emissions and lower noise levels. Market players are concentrating on broadening their product portfolios by launching new electric and hybrid forklifts. For instance, in September 2023, Hangcha Group Co., LTD. (China) launched its high-voltage lithium battery-powered electric rough terrain forklifts ranging from 2.5 to 3.5 tons. These forklifts are designed to reduce noise levels, achieve zero-emission operation, and lower the total cost of ownership.

Such initiatives by market players, coupled with the increasing adoption of sustainable forklifts and the implementation of government subsidies and incentives for clean energy technologies, are expected to offer significant market growth opportunities.

Forklift Market Analysis: Key Findings

By Class: In 2024, the Class 3-Electric Motor Hand/Rider Trucks Segment to Dominate the Forklift Market

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 growth in the 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.

By Tonnage Capacity: In 2024, the Light-Duty Forklifts (Upto 10 Tons) Segment to Dominate the Forklift Market

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

By Propulsion Type: In 2024, the Diesel Forklifts Segment to Dominate the Forklift Market

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.

By Automation Type: In 2024, the Semi-automated Forklifts Segment to Dominate the Forklift Market

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.

By Sector: In 2024, the Industrial Manufacturing Segment to Dominate the Forklift Market

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.

Geographical Analysis

In 2024, Asia-Pacific to Dominate the Forklift Market

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.

Forklift Market: Key Companies

The report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Some of 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).

Forklift Industry Overview: Latest Developments from Key Industry Players

In April 2023, Doosan Industrial Vehicle (a subsidiary of Doosan Bobcat Inc. (South Korea)) partnered with Kollmorgen Corporation (U.S.) to strengthen its position in the material handling industry. Through this partnership, both companies will focus on developing and building efficient, sustainable, and reliable custom-made automated guided vehicles (AGVs).
In January 2023, Crown Equipment Corporation (U.S.) launched new IC and Electric Counterbalance Forklifts (C-B, C-D, and C-G Series) capable of carrying up to 5.5 tons for both indoor and outdoor applications.
In May 2022, CLARK Material Handling (U.S.) launched a new S40-60 IC pneumatic forklift designed for high load capacities ranging from 4-6 tons (8,000 to 12,000 pounds)

Forklift Market Research Summary

Particulars	Details
Number of Pages	330
Format	PDF
Forecast Period	2024–2031
Base Year	2023
CAGR (Value)	6.5%
Market Size (Value)	USD 111.1 Billion by 2031
Segments Covered	By Class 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 Class 7-Rough Terrain Forklifts By Tonnage Capacity Light-duty Forklifts (Upto 10 Tons) Medium-duty Forklifts (11–35 Tons) Heavy-duty Forklifts (Above 35 Tons) By Propulsion Type Diesel Forklifts Gasoline Forklifts Electric Forklifts Hybrid Forklifts By Automation Type Fully-automated Forklifts Semi-automated Forklifts Manual Forklifts By Sector Food & Beverage Automotive Paper & Pulp Metals & Heavy Machinery Retail & E-Commerce Aerospace & Defense Mining Chemicals Pharmaceuticals & Healthcare Industrial Manufacturing Storage & Warehousing Construction Other Sectors
Countries Covered	Europe (Germany, U.K., Italy, France, Spain, Russia, Netherlands, and Rest of Europe), Asia-Pacific (Japan, China, India, South Korea, Thailand, Singapore, and Rest of Asia-Pacific), North America (U.S., Canada), Latin America (Brazil, Argentina, Mexico, and Rest of Latin America), and the Middle East & Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East & Africa)
Key Companies	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).

Key questions answered in the forklift market report:

What is the focus of the forklift market study?

This study focuses on market assessment and opportunity analysis by analyzing the sales of forklifts across various regions and countries. This study also offers a competitive analysis of the forklift market based on an extensive assessment of the leading players' product portfolios, geographic presence, and key growth strategies.

What is the size of the forklift market, and at what CAGR is this market projected to grow during 2024–2031?

The forklift market is projected to reach $111.1 billion by 2031, at a CAGR of 6.5% during the forecast period.

Which class category is expected to hold the major share of the market in 2024?

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.

Which is the high-growth automation type segment of the forklift market?

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.

What are the key factors supporting the growth of this market? What are the major opportunities for existing market players and new entrants in the forklift market?

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.

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.

Who are the major players operating in the forklift market?

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).

Which regions/countries are likely to offer significant growth opportunities for the vendors in this market during the analysis period?

Asia-Pacific will offer significant growth opportunities for the vendors in the forklift market during the analysis period. Countries such as China, Japan, South Korea, India, and Singapore are witnessing rapid growth in the manufacturing, e-commerce, and logistics sectors and increased investments in infrastructure projects. These factors create favorable market conditions for vendors to capitalize on emerging trends and meet the rising demand for forklifts in the region.

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1.   Introduction
1.1.   Market Definition & Scope
1.2.   Market Ecosystem
1.3.   Currency & Limitations
1.4.   Key Stakeholders
2.   Research Methodology
2.1.   Research Approach
2.2.   Data Collection & Validation
   2.2.1.   Secondary Research
   2.2.2.   Primary Research
2.3.   Market Assessment
   2.3.1.   Market Size Estimation
   2.3.2.   Bottom-up Approach
   2.3.3.   Top-down Approach
   2.3.4.   Growth Forecast
2.4.   Assumptions for the Study
3.   Executive Summary
3.1.   Market Overview
3.2.   Market Analysis, by Class
3.3.   Market Analysis, by Tonnage Capacity
3.4.   Market Analysis, by Propulsion Type
3.5.   Market Analysis, by Automation Type
3.6.   Market Analysis, by Sector
3.7.   Market Analysis, by Geography
3.8.   Competitive Analysis
4.   Market Insights
4.1.   Overview
4.2.   Factors Affecting Market Growth
   4.2.1.   Drivers
4.2.1.1.   Expansion of the Retail & E-Commerce Sector
4.2.1.2.   Increasing Automation in Manufacturing and Warehousing
4.2.1.3.   Growing Focus on Workplace Safety and Operational Efficiency
   4.2.2.   Restraints
4.2.2.1.   Shortage of Skilled Operators
   4.2.3.   Opportunities
4.2.3.1.   Increasing Integration of IoT with Forklifts
4.2.3.2.   Growing Demand for Electric & Hybrid Forklifts as Sustainable Alternatives to Traditional Internal Combustion Engine Forklifts
4.2.3.3.   Increasing Demand for Customizable Forklifts
   4.2.4.   Challenges
4.2.4.1.   High Upfront and Maintenance Costs of Forklifts
   4.2.5.   Trend
4.2.5.1.   Growing Demand for Electric Forklifts
4.2.5.2.   Adoption of Automated and Robotic Forklifts
5.   Global Forklift Market Assessment—by Class
5.1.   Overview
5.2.   Class 1-Electric Motor Rider Trucks
5.3.   Class 2-Electric Motor Narrow Aisle Trucks
5.4.   Class 3-Electric Motor Hand/Rider Trucks
5.5.   Class 4-ICE Trucks with Solid/Cushion Tires
5.6.   Class 5-ICE Trucks with Pneumatic Tires
5.7.   Class 6-Electric/IC Engine Tow Tractors
5.8.   Class 7-Rough Terrain Forklifts
6.   Global Forklift Market Assessment—by Tonnage Capacity
6.1.   Overview
6.2.   Light-duty Forklifts (Upto 10 Tons)
6.3.   Medium-duty Forklifts (11–35 Tons)
6.4.   Heavy-duty Forklifts (Above 35 Tons)
7.   Global Forklift Market Assessment—by Propulsion Type
7.1.   Overview
7.2.   Diesel Forklifts
7.3.   Gasoline Forklifts
7.4.   Electric Forklifts
7.5.   Hybrid Forklifts
8.   Global Forklift Market Assessment—by Automation Type
8.1.   Overview
8.2.   Fully-automated Forklifts
8.3.   Semi-automated Forklifts
8.4.   Manual Forklifts
9.   Global Forklift Market Assessment—by Sector
9.1.   Overview
9.2.   Food & Beverage
9.3.   Automotive
9.4.   Paper & Pulp
9.5.   Metals & Heavy Machinery
9.6.   Retail & E-Commerce
9.7.   Aerospace & Defense
9.8.   Mining
9.9.   Chemicals
9.10.   Pharmaceuticals & Healthcare
9.11.   Industrial Manufacturing
9.12.   Storage & Warehousing
9.13.   Construction
9.14.   Other Sectors
10. Forklift Market Assessment—by Geography
10.1.   Overview
10.2.   North America
10.2.1.   U.S.
10.2.2.   Canada
10.3.   Europe
10.3.1.   Germany
10.3.2.   U.K.
10.3.3.   France
10.3.4.   Italy
10.3.5.   Spain
10.3.6.   Russia
10.3.7.   Netherlands
10.3.8.   Rest of Europe
10.4.   Asia-Pacific
10.4.1.   China
10.4.2.   Japan
10.4.3.   India
10.4.4.   South Korea
10.4.5.   Thailand
10.4.6.   Singapore
10.4.7.   Rest of Asia-Pacific
10.5.   Latin America
10.5.1.   Brazil
10.5.2.   Mexico
10.5.3.   Argentina
10.5.4.   Rest of Latin America
10.6.   Middle East & Africa
10.6.1.   UAE
10.6.2.   Saudi Arabia
10.6.3.   South Africa
10.6.4.   Rest of Middle East & Africa
11.   Global Forklift Market Assessment - Competitive Analysis
11.1.   Overview
11.2.   Key Growth Strategies
11.3.   Competitive Benchmarking
11.4.   Competitive Dashboard
11.4.1.   Industry Leaders
11.4.2.   Market differentiators
11.4.3.   Vanguards
11.4.4.   Emerging Companies
11.5.   Market Share Analysis
12.   Company Profiles (Company Overview, Financial Overview, Product Portfolio, and Recent Developments)
12.1.   Toyota Industries Corporation
12.2.   KION GROUP AG
12.3.   Jungheinrich AG
12.4.   Mitsubishi Logisnext Co., Ltd.
12.5.   Crown Equipment Corporation
12.6.   Hyster-Yale Group, Inc.
12.7.   Anhui Heli Co., Ltd.
12.8.   Hangcha Group Co., LTD.
12.9.   CLARK MATERIAL HANDLING
12.10.   Doosan Bobcat Inc.
12.11.   HD Hyundai Construction Equipment Co., Ltd.
12.12.   Combilift
12.13.   EP Equipment
12.14.   VisionNav Robotics
12.15.   Action Construction Equipment Limited
12.16.   Godrej & Boyce Manufacturing Company Limited
        (Note: SWOT Analysis of the Top 5 Companies will be Provided)
13.   Appendix
13.1.   Available Customization
13.2.   Related Reports

List of Tables
Table 1   Currency Conversion Rate (2019–2023)
Table 2   Global Forklift Market, by Class, 2022–2031 (USD Million)
Table 3   Global Class 1-Electric Motor Rider Trucks Market, by Country/Region, 2022–2031 (USD Million)
Table 4   Global Class 2-Electric Motor Narrow Aisle Trucks Market, by Country/Region, 2022–2031 (USD Million)
Table 5   Global Class 3-Electric Motor Hand/Rider Trucks Market, by Country/Region, 2022–2031 (USD Million)
Table 6   Global Class 4-ICE Trucks with Solid/Cushion Tires Market, by Country/Region, 2022–2031 (USD Million)
Table 7   Global Class 5-ICE Trucks with Pneumatic Tires Market, by Country/Region, 2022–2031 (USD Million)
Table 8   Global Class 6-Electric/IC Engine Tow Tractors Market, by Country/Region, 2022–2031 (USD Million)
Table 9   Global Class 7-Rough Terrain Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 10   Global Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 11   Global Light-duty Forklifts (Upto 10 Tons) Market, by Country/Region, 2022–2031 (USD Million)
Table 12   Global Medium-duty Forklifts (11–35 Tons) Market, by Country/Region, 2022–2031 (USD Million)
Table 13   Global Heavy-duty Forklifts (Above 35 Tons) Market, by Country/Region, 2022–2031 (USD Million)
Table 14   Global Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 15   Global Diesel Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 16   Global Gasoline Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 17   Global Electric Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 18   Global Hybrid Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 19   Global Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 20   Global Fully-automated Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 21   Global Semi-automated Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 22   Global Manual Forklifts Market, by Country/Region, 2022–2031 (USD Million)
Table 23   Global Forklift Market, by Sector, 2022–2031 (USD Million)
Table 24   Global Forklift Market for Food & Beverage, by Country/Region, 2022–2031 (USD Million)
Table 25   Global Forklift Market for Automotive, by Country/Region, 2022–2031 (USD Million)
Table 26   Global Forklift Market for Paper & Pulp, by Country/Region, 2022–2031 (USD Million)
Table 27   Global Forklift Market for Metals & Heavy Machinery, by Country/Region, 2022–2031 (USD Million)
Table 28   Global Forklift Market for Retail & E-Commerce, by Country/Region, 2022–2031 (USD Million)
Table 29   Global Forklift Market for Aerospace & Defense, by Country/Region, 2022–2031 (USD Million)
Table 30   Global Forklift Market for Mining, by Country/Region, 2022–2031 (USD Million)
Table 31   Global Forklift Market for Chemicals, by Country/Region, 2022–2031 (USD Million)
Table 32   Global Forklift Market for Pharmaceuticals & Healthcare, by Country/Region, 2022–2031 (USD Million)
Table 33   Global Forklift Market for Industrial Manufacturing, by Country/Region, 2022–2031 (USD Million)
Table 34   Global Forklift Market for Storage & Warehousing, by Country/Region, 2022–2031 (USD Million)
Table 35   Global Forklift Market for Construction, by Country/Region, 2022–2031 (USD Million)
Table 36   Global Forklift Market for Other Sectors, by Country/Region, 2022–2031 (USD Million)
Table 37   Global Forklift Market, by Country/Region, 2022–2031 (USD Million)
Table 38   North America: Forklift Market, by Country/Region, 2022–2031 (USD Million)
Table 39   North America: Forklift Market, by Class, 2022–2031 (USD Million)
Table 40   North America: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 41   North America: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 42   North America: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 43   North America: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 44   U.S.: Forklift Market, by Class, 2022–2031 (USD Million)
Table 45   U.S.: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 46   U.S.: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 47   U.S.: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 48   U.S.: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 49   Canada: Forklift Market, by Class, 2022–2031 (USD Million)
Table 50   Canada: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 51   Canada: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 52   Canada: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 53   Canada: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 54   Europe: Forklift Market, by Country/Region, 2022–2031 (USD Million)
Table 55   Europe: Forklift Market, by Class, 2022–2031 (USD Million)
Table 56   Europe: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 57   Europe: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 58   Europe: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 59   Europe: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 60   Germany: Forklift Market, by Class, 2022–2031 (USD Million)
Table 61   Germany: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 62   Germany: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 63   Germany: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 64   Germany: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 65   U.K.: Forklift Market, by Class, 2022–2031 (USD Million)
Table 66   U.K.: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 67   U.K.: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 68   U.K.: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 69   U.K.: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 70   France: Forklift Market, by Class, 2022–2031 (USD Million)
Table 71   France: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 72   France: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 73   France: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 74   France: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 75   Italy: Forklift Market, by Class, 2022–2031 (USD Million)
Table 76   Italy: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 77   Italy: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 78   Italy: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 79   Italy: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 80   Spain: Forklift Market, by Class, 2022–2031 (USD Million)
Table 81   Spain: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 82   Spain: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 83   Spain: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 84   Spain: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 85   Russia: Forklift Market, by Class, 2022–2031 (USD Million)
Table 86   Russia: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 87   Russia: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 88   Russia: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 89   Russia: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 90   Netherlands: Forklift Market, by Class, 2022–2031 (USD Million)
Table 91   Netherlands: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 92   Netherlands: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 93   Netherlands: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 94   Netherlands: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 95   Rest of Europe: Forklift Market, by Class, 2022–2031 (USD Million)
Table 96   Rest of Europe: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 97   Rest of Europe: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 98   Rest of Europe: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 99   Rest of Europe: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 100   Asia-Pacific: Forklift Market, by Country/Region, 2022–2031 (USD Million)
Table 101   Asia-Pacific: Forklift Market, by Class, 2022–2031 (USD Million)
Table 102   Asia-Pacific: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 103   Asia-Pacific: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 104   Asia-Pacific: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 105   Asia-Pacific: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 106   China: Forklift Market, by Class, 2022–2031 (USD Million)
Table 107   China: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 108   China: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 109   China: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 110   China: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 111   Japan: Forklift Market, by Class, 2022–2031 (USD Million)
Table 112   Japan: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 113   Japan: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 114   Japan: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 115   Japan: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 116   India: Forklift Market, by Class, 2022–2031 (USD Million)
Table 117   India: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 118   India: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 119   India: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 120   India: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 121   South Korea: Forklift Market, by Class, 2022–2031 (USD Million)
Table 122   South Korea: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 123   South Korea: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 124   South Korea: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 125   South Korea: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 126   Thailand: Forklift Market, by Class, 2022–2031 (USD Million)
Table 127   Thailand: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 128   Thailand: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 129   Thailand: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 130   Thailand: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 131   Singapore: Forklift Market, by Class, 2022–2031 (USD Million)
Table 132   Singapore: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 133   Singapore: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 134   Singapore: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 135   Singapore: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 136   Rest of Asia-Pacific: Forklift Market, by Class, 2022–2031 (USD Million)
Table 137   Rest of Asia-Pacific: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 138   Rest of Asia-Pacific: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 139   Rest of Asia-Pacific: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 140   Rest of Asia-Pacific: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 141   Latin America: Forklift Market, by Country/Region, 2022–2031 (USD Million)
Table 142   Latin America: Forklift Market, by Class, 2022–2031 (USD Million)
Table 143   Latin America: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 144   Latin America: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 145   Latin America: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 146   Latin America: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 147   Brazil: Forklift Market, by Class, 2022–2031 (USD Million)
Table 148   Brazil: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 149   Brazil: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 150   Brazil: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 151   Brazil: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 152   Mexico: Forklift Market, by Class, 2022–2031 (USD Million)
Table 153   Mexico: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 154   Mexico: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 155   Mexico: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 156   Mexico: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 157   Argentina: Forklift Market, by Class, 2022–2031 (USD Million)
Table 158   Argentina: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 159   Argentina: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 160   Argentina: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 161   Argentina: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 162   Rest of Latin America: Forklift Market, by Class, 2022–2031 (USD Million)
Table 163   Rest of Latin America: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 164   Rest of Latin America: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 165   Rest of Latin America: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 166   Rest of Latin America: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 167   Middle East & Africa: Forklift Market, by Country/Region, 2022–2031 (USD Million)
Table 168   Middle East & Africa: Forklift Market, by Class, 2022–2031 (USD Million)
Table 169   Middle East & Africa: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 170   Middle East & Africa: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 171   Middle East & Africa: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 172   Middle East & Africa: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 173   UAE: Forklift Market, by Class, 2022–2031 (USD Million)
Table 174   UAE: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 175   UAE: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 176   UAE: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 177   UAE: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 178   Saudi Arabia: Forklift Market, by Class, 2022–2031 (USD Million)
Table 179   Saudi Arabia: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 180   Saudi Arabia: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 181   Saudi Arabia: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 182   Saudi Arabia: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 183   South Africa: Forklift Market, by Class, 2022–2031 (USD Million)
Table 184   South Africa: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 185   South Africa: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 186   South Africa: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 187   South Africa: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 188   Rest of Middle East & Africa: Forklift Market, by Class, 2022–2031 (USD Million)
Table 189   Rest of Middle East & Africa: Forklift Market, by Tonnage Capacity, 2022–2031 (USD Million)
Table 190   Rest of Middle East & Africa: Forklift Market, by Propulsion Type, 2022–2031 (USD Million)
Table 191   Rest of Middle East & Africa: Forklift Market, by Automation Type, 2022–2031 (USD Million)
Table 192   Rest of Middle East & Africa: Forklift Market, by Sector, 2022–2031 (USD Million)
Table 193   Recent Developments by Major Market Players (2021–2024)

List of Figures
Figure 1       Currency and Limitations
Figure 2       Research Process
Figure 3       Primary Research Techniques
Figure 4       Key Executives Interviewed
Figure 5       Breakdown of Primary Interviews (Supply Side & Demand Side)
Figure 6       Market Sizing and Growth Forecast Approach
Figure 7       Key Insights
Figure 8       Forklift Market, by Class, 2024 Vs. 2031 (USD Million)
Figure 9       Forklift Market, by Tonnage Capacity, 2024 Vs. 2031 (USD Million)
Figure 10   Forklift Market, by Propulsion Type, 2024 Vs. 2031 (USD Million)
Figure 11   Forklift Market, by Automation Type, 2024 Vs. 2031 (USD Million)
Figure 12   Forklift Market, by Sector, 2024 Vs. 2031 (USD Million)
Figure 13   Geographic Snapshot: Global Forklift Market
Figure 14   Impact Analysis of Market Dynamics
Figure 15   Forklift Market, by Class, 2024 vs. 2031 (USD Million)
Figure 16   Forklift Market, by Tonnage Capacity, 2024 vs. 2031 (USD Million)
Figure 17   Forklift Market, by Propulsion Type, 2024 vs. 2031 (USD Million)
Figure 18   Forklift Market, by Automation Type, 2024 vs. 2031 (USD Million)
Figure 19   Forklift Market, by Sector, 2024 vs. 2031 (USD Million)
Figure 20   Global Forklift Market, by Region, 2024 vs. 2031 (USD Million)
Figure 21   North America: Forklift Market Snapshot
Figure 22   Europe: Forklift Market Snapshot
Figure 23   Asia-Pacific: Forklift Market Snapshot
Figure 24   Latin America: Forklift Market Snapshot
Figure 25   Middle East & Africa: Forklift Market Snapshot
Figure 26   Growth Strategies Adopted by Leading Market Players (2021–2024)
Figure 27   Competitive Benchmarking Analysis (2021–2024)
Figure 28   Competitive Dashboard: Forklift Market
Figure 29   Toyota Industries Corporation: Financial Overview (2023)
Figure 30   KION GROUP AG: Financial Overview (2023)
Figure 31   Jungheinrich AG: Financial Overview (2023)
Figure 32   Mitsubishi Logisnext Co., Ltd.: Financial Overview (2023)
Figure 33   Hyster-Yale Group, Inc.: Financial Overview (2023)
Figure 34   Anhui Heli Co., Ltd.: Financial Overview (2023)
Figure 35   Hangcha Group Co., LTD.: Financial Overview (2023)
Figure 36   CLARK MATERIAL HANDLING: Financial Overview (2023)