The global forklift market size is estimated at USD 72.59 billion in 2024 and is anticipated to reach USD 154.99 billion by 2030, registering a compound annual growth rate (CAGR) of 13.7% between 2025 and 2030. The world is experiencing a notable surge in construction activities, characterized by the expansion of road infrastructure, enhancement of airports and seaports, and the modernization of rail systems.

For example, in the 2023-2024 fiscal budget of Victoria state government in Australia, approximately AUD 9.3 billion (USD 6.18 billion) is allocated toward infrastructure and energy projects, creating significant opportunities for the construction sector in the region.

Increasing focus on sustainability and growing environmental concerns have accelerated the shift from gas- and diesel-powered forklifts toward electric alternatives. Governments worldwide are implementing initiatives aimed at achieving net-zero emissions. In May 2023, the Federal Economic Development Agency for Southern Ontario invested USD 3.6 million in Stromcore Energy Inc., a forklift battery manufacturer, to enhance its manufacturing capabilities and introduce new energy-efficient products. These include the Electric Cart, a zero-emission electric forklift developed in partnership with Amazon.com, Inc., and Turbo Bank, an advanced AI-powered charger designed for greater efficiency. This investment underscores Ontario’s commitment to supporting green technologies and sustainable manufacturing.

Efficient logistics operations are critical for the development and upgrade of airports and seaports. Forklifts play a key role in facilitating the smooth loading and unloading of cargo on aircraft and ships, enabling timely supply chain flows essential for ongoing infrastructure projects. For instance, in June 2023, New South Wales ports unveiled a 40-year master plan aimed at sustainable growth, anticipating a tripling of container traffic at Port Botany alongside increased volumes of motor vehicles and machinery through Port Kembla.

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Furthermore, demand for construction materials is expected to grow substantially over the next four decades to support housing and infrastructure needs. The transition to renewable energy sources will also drive cargo trade activities, including shipments of offshore and onshore wind farm components. Forklifts are well-suited for operating within the busy environments of airports and seaports, efficiently managing the organization and distribution of goods in these vital transport hubs.

However, the supply chain for forklifts faces challenges due to reliance on raw materials like steel, lead, copper, and rubber, which are sourced globally. Price volatility in commodity markets and fluctuations in exchange rates can disrupt supply chains and pose challenges for original equipment manufacturers (OEMs).

Key Market Trends & Insights:

• In 2024, the Asia Pacific region accounted for 48.4% of the global forklift market share. This region hosts prominent manufacturers like Doosan Corporation and Hangcha Forklift, driving innovation and enhancing industry competitiveness.
• The U.S. market held a dominant position in 2024, with growth fueled by automation, sustainability efforts, and expansion in industrial and retail sectors.
• By class, the Class 3 segment led in 2024 with a 44.2% market share. This segment comprises electric motorized hand trucks that are hand-controlled, with operators steering using a tiller at the front.
• The electric forklift segment captured the largest market share in 2024, reflecting the growing preference for eco-friendly alternatives amid rising environmental concerns and diminishing fossil fuel reserves. Electric forklifts support sustainable operations and promote healthier, emission-free work environments.
• The 5-15 ton load capacity segment dominated in 2024, as forklifts within this range efficiently handle diverse materials like pallets, steel, and bricks, making them ideal for mechanized loading and short-distance transport.

Market Size & Forecast:

• 2024 Market Size: USD 72.59 Billion
• 2030 Projected Market Size: USD 154.99 Billion
• CAGR (2025-2030): 13.7%
• Asia Pacific: Largest market in 2024

Key Forklift Company Insights:

Notable companies in the forklift market include Toyota Motor Corporation (Toyota Material Handling), KION Group AG, Jungheinrich AG, Crown Equipment Corporation, and Mitsubishi Logisnext Co., Ltd.

• Mitsubishi Logisnext Co., Ltd designs, develops, and sells engine and electric forklifts, local area networks, electric vehicles, automated warehouses, monorails, transportation robots, and other logistics equipment. The company maintains a strong presence in North America, Europe, Asia & Oceania, and China, with Asia identified as a key growth market.
• Jungheinrich AG specializes in intralogistics solutions, offering material handling equipment, digital solutions, automated systems, and related services such as rentals and aftermarket support. The company provides customized solutions to enhance intralogistics operations and has developed automated workflows involving warehouse equipment, mobile robots, and software.

Key Forklift Companies:

Leading market players include:

• Anhui Heli Co., Ltd.
• Clark Material Handling Company (Clark Equipment Company)
• Crown Equipment Corporation
• Doosan Corporation
• Hangcha Forklift
• Hyster-Yale Materials Handling, Inc. (Hyster-Yale Group, Inc.)
• Jungheinrich AG
• KION Group AG
• Komatsu Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Motor Corporation (Toyota Material Handling)

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Conclusion

The global forklift market is set to experience robust growth through 2030, driven by increased construction activity, infrastructure modernization, and rising emphasis on sustainable operations. The shift toward electric forklifts, fueled by environmental regulations and government incentives, is reshaping the industry. Asia Pacific’s leading market position and rapid development, alongside ongoing technological advancements and automation trends in regions like North America, highlight the sector’s dynamic future. Despite challenges posed by raw material supply fluctuations, the expanding need for efficient logistics and material handling solutions in ports, airports, and construction sites will continue to fuel market growth. Leading companies are innovating with electric and automated solutions, positioning themselves to meet the evolving demands of the global forklift market.