Product Code: GVR-4-68038-754-4
Forklift Market Summary
The global forklift market size was estimated at USD 81.44 billion in 2025 and is projected to reach USD 212.63 billion by 2033, growing at a CAGR of 12.7% from 2026 to 2033. The rapid shift toward electric forklifts, growth of automation and autonomous forklifts, and growing demand from e-commerce and warehouse sectors are major drivers behind the growth of the global forklift market.
The global forklift market is accelerating its transition from diesel and LPG-powered machines to electric models. Stricter emissions regulations drive this shift, the rising cost of fossil fuels, and the increasing focus on workplace sustainability. Modern lithium-ion forklifts also offer lower maintenance requirements, reduced downtime, and longer operating cycles compared to traditional lead-acid or IC-engine units. As warehouses push for cleaner and quieter operations, electric forklifts are becoming the preferred choice across industries. This trend is expected to dominate future fleet replacements worldwide.
Automation is reshaping material-handling operations, and autonomous forklifts are becoming a major growth area in the market. These vehicles use sensors, LiDAR, cameras, and advanced navigation technologies to operate with minimal human intervention. Labor shortages in warehousing, combined with the rising need for accuracy, safety, and round-the-clock operations, are accelerating their adoption. Autonomous forklifts also help companies reduce operational errors and improve throughput during peak workloads. Over the next decade, semi-autonomous and fully autonomous forklift models are expected to become a standard feature in large distribution and manufacturing facilities.
The ongoing global boom in e-commerce is one of the strongest forces driving forklift demand. Growth in online retail has led to rapid expansion of warehouses, fulfillment centers, and last-mile logistics hubs, each requiring large fleets of forklifts, pallet trucks, and narrow-aisle material-handling equipment. Increased throughput, faster delivery expectations, and higher inventory turnover are putting pressure on warehouses to scale up handling capacity. Logistics networks are expanding worldwide, making forklifts essential assets for supporting high-volume, multi-shift operations.
One of the key restraints in the forklift market is the high initial investment required for modern equipment, particularly electric, lithium-ion, and autonomous models. Many small and mid-sized warehouses struggle to justify the upfront cost of upgrading fleets, especially when operational margins are tight. In addition, the lack of charging infrastructure and limited technical expertise in emerging markets further slows adoption of advanced forklifts. Supply-chain disruptions, fluctuating raw material prices, and long delivery lead times also impact manufacturers' ability to meet demand efficiently. Together, these challenges act as significant barriers to faster market growth, particularly in cost-sensitive regions.
Global Forklift Market Report Segmentation
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global forklift market report based on class, power source, load capacity, electric battery type, end use, and region:
- Class Outlook (Volume, Units; Revenue, USD Million, 2021 - 2033)
- Class 1
- Class 2
- Class 3
- Class 4/5
- Power Source Outlook (Volume, Units; Revenue, USD Million, 2021 - 2033)
- ICE
- Electric
- Load Capacity Outlook (Revenue, USD Million, 2021 - 2033)
- Below 5 Ton
- 5-15 Ton
- Above 16 Ton
- Electric Battery Type Outlook (Revenue, USD Million, 2021 - 2033)
- Li-ion
- Lead Acid
- End Use Outlook (Revenue, USD Million, 2021 - 2033)
- Industrial
- Logistics
- Chemical
- Food & Beverage
- Retail & E-Commerce
- Others
- Regional Outlook (Revenue, USD Million, 2021 - 2033)
- North America
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Middle East & Africa (MEA)
- UAE
- Kingdom of Saudi Arabia (KSA)
- South Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Forklift Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Forklift Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental landscape
- 3.3.2.6. Legal landscape
Chapter 4. Forklift Market: Class Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Forklift Market: Class Movement Analysis, 2025 & 2033 (USD Million)
- 4.3. Class 1
- 4.3.1. Class 1 Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million, Volume Units)
- 4.4. Class 2
- 4.4.1. Class 2 Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million, Volume Units)
- 4.5. Class 3
- 4.5.1. Class 3 Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million, Volume Units)
- 4.6. Class 4/5
- 4.6.1. Class 4/5 Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million, Volume Units)
Chapter 5. Forklift Market: Power Source Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Forklift Market: Power Source Movement Analysis, 2025 & 2033 (USD Million)
- 5.3. ICE
- 5.3.1. ICE Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million, Volume Units)
- 5.4. Electric
- 5.4.1. Electric Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million, Volume Units)
Chapter 6. Forklift Market: Load Capacity Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Forklift Market: Load Capacity Movement Analysis, 2025 & 2033 (USD Million)
- 6.3. Below 5 Ton
- 6.3.1. Below 5 ton Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 6.4. 5-15 Ton
- 6.4.1. 5-15 Ton Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 6.5. 16 Ton
- 6.5.1. 16 Ton Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 7. Forklift Market: Electric Battery Type Estimates & Trend Analysis
- 7.1. Segment Dashboard
- 7.2. Forklift Market: Electric Battery Type Movement Analysis, 2025 & 2033 (USD Million)
- 7.3. Li-ion
- 7.3.1. Li-ion Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 7.4. Lead Acid
- 7.4.1. Lead Acid Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 8. Forklift Market: End Use Estimates & Trend Analysis
- 8.1. Segment Dashboard
- 8.2. Forklift Market: End Use Movement Analysis, 2025 & 2033 (USD Million)
- 8.3. Industrial
- 8.3.1. Industrial Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 8.4. Logistics
- 8.4.1. Logistics Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 8.5. Chemical
- 8.5.1. Chemical Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 8.6. Food & Beverage
- 8.6.1. Food & Beverage Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 8.7. Retail & E-commerce
- 8.7.1. Retail & E-commerce Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
- 8.8. Others
- 8.8.1. Others Market Revenue Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 9. Forklift Market: Regional Estimates & Trend Analysis
- 9.1. Forklift Market Share, By Region, 2025 & 2033, USD Million
- 9.2. North America
- 9.2.1. North America Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.2.2. U.S.
- 9.2.2.1. U.S. Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.2.3. Canada
- 9.2.3.1. Canada Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.3. Europe
- 9.3.1. Europe Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.3.2. UK
- 9.3.2.1. UK Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.3.3. Germany
- 9.3.3.1. Germany Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.3.4. France
- 9.3.4.1. France Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.3.5. Italy
- 9.3.5.1. Italy Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.3.6. Spain
- 9.3.6.1. Spain Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.4. Asia Pacific
- 9.4.1. Asia Pacific Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.4.2. China
- 9.4.2.1. China Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.4.3. Japan
- 9.4.3.1. Japan Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.4.4. India
- 9.4.4.1. India Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.4.5. South Korea
- 9.4.5.1. South Korea Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.4.6. Australia
- 9.4.6.1. Australia Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.5. Latin America
- 9.5.1. Latin America Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.5.2. Brazil
- 9.5.2.1. Brazil Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.5.3. Mexico
- 9.5.3.1. Mexico Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.5.4. Argentina
- 9.5.4.1. Argentina Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.6. Middle East and Africa
- 9.6.1. Middle East and Africa Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.6.2. UAE
- 9.6.2.1. UAE Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.6.3. KSA
- 9.6.3.1. KSA Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
- 9.6.4. South Africa
- 9.6.4.1. South Africa Forklift Market Estimates and Forecasts, 2021 - 2033 (USD Million)
Chapter 10. Competitive Landscape
- 10.1. Company Categorization
- 10.2. Company Market Positioning
- 10.3. Company Heat Map Analysis
- 10.4. Company Profiles/Listing
- 10.4.1. Anhui Heli Co., Ltd.
- 10.4.1.1. Participant's Overview
- 10.4.1.2. Financial Performance
- 10.4.1.3. Product Benchmarking
- 10.4.1.4. Strategic Initiatives
- 10.4.2. Clark Material Handing Company, (Clark Equipment Company)
- 10.4.2.1. Participant's Overview
- 10.4.2.2. Financial Performance
- 10.4.2.3. Product Benchmarking
- 10.4.2.4. Strategic Initiatives
- 10.4.3. Crown Equipment Corporation
- 10.4.3.1. Participant's Overview
- 10.4.3.2. Financial Performance
- 10.4.3.3. Product Benchmarking
- 10.4.3.4. Strategic Initiatives
- 10.4.4. Doosan Corporation
- 10.4.4.1. Participant's Overview
- 10.4.4.2. Financial Performance
- 10.4.4.3. Product Benchmarking
- 10.4.4.4. Strategic Initiatives
- 10.4.5. Hangcha Forklift
- 10.4.5.1. Participant's Overview
- 10.4.5.2. Financial Performance
- 10.4.5.3. Product Benchmarking
- 10.4.5.4. Strategic Initiatives
- 10.4.6. Hyster-Yale Materials Handling, Inc.(Hyster-Yale Group, Inc.)
- 10.4.6.1. Participant's Overview
- 10.4.6.2. Financial Performance
- 10.4.6.3. Product Benchmarking
- 10.4.6.4. Strategic Initiatives
- 10.4.7. Jungheinrich AG
- 10.4.7.1. Participant's Overview
- 10.4.7.2. Financial Performance
- 10.4.7.3. Product Benchmarking
- 10.4.7.4. Strategic Initiatives
- 10.4.8. KION Group AG
- 10.4.8.1. Participant's Overview
- 10.4.8.2. Financial Performance
- 10.4.8.3. Product Benchmarking
- 10.4.8.4. Strategic Initiatives
- 10.4.9. Komatsu Ltd.
- 10.4.9.1. Participant's Overview
- 10.4.9.2. Financial Performance
- 10.4.9.3. Product Benchmarking
- 10.4.9.4. Strategic Initiatives
- 10.4.10. Mitsubishi Logisnext Co., Ltd.
- 10.4.10.1. Participant's Overview
- 10.4.10.2. Financial Performance
- 10.4.10.3. Product Benchmarking
- 10.4.10.4. Strategic Initiatives
- 10.4.11. Toyota Motor Corporation (Toyota Material Handling)
- 10.4.11.1. Participant's Overview
- 10.4.11.2. Financial Performance
- 10.4.11.3. Product Benchmarking
- 10.4.11.4. Strategic Initiatives