Forklift Market to Exhibit $154.99 Billion Revenue Opportunity by 2030 - Grand View Research, Inc.

SAN FRANCISCO, May 13, 2025 /PRNewswire/ -- The global forklift market size is estimated to reach USD 154.99 billion by 2030, expanding at a CAGR of 13.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The e-commerce industry has experienced significant growth due to factors such as increased disposable income, widespread internet access, and enhanced shopping convenience. This surge in online shopping, coupled with unpredictable shipping and shopping patterns, as well as direct-to-customer shipments, has led to a substantial increase in retail sales. Hence, this growth in retail sales has brought about a noticeable transformation in warehouse operations. Warehouses are tasked with fulfilling substantial orders for individual items. This shift necessitates greater efficiency among warehouse workers and forklifts in the processes of locating, selecting, and transporting goods within the warehouse space.

Manufacturers such as Toyota Material Handling and Hyster-Yale Materials Handling, Inc. are focusing on investing heavily in R&D activities to manufacture technologically advanced autonomous forklifts. Hyster-Yale Materials Handling, Inc. integrates forklifts with systems such as Enterprise Resource Planning (ERP) and Warehouse Management System (WMS), offering employees a complete real-time view of the automated forklift. In addition, manufacturers aim to reduce the dependency of autonomous forklifts on guide wires, magnets, and lasers. Autonomous forklifts provide stable and consistent performance. These machines may reduce the cost of finding as well as onboarding a new workforce. They decrease product damage and reduce the ergonomic impact of physically demanding and monotonous work tasks for warehouse workers.

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Forklift suppliers are constantly upgrading the technologies used in forklifts to provide advanced features, such as operator assist, improved ergonomics, and onboard programming and diagnostics. For instance, in October 2022, Toyota Material Handling (TMH), a forklift manufacturer and warehousing solutions provider, launched an updated version of its 3-Wheel Electric Forklift featuring Toyota Assist's SEnS+ pedestrian detection technology to detect objects and pedestrians within the detection range. Other features included enhanced energy efficiency to allow for a 40% longer run time on a single charge, an auto power mode to detect slopes and automatically switch to a higher power mode to maintain speed, and a lithium-ion battery to minimize maintenance costs and reduce downtime for improved productivity. These enhancements were designed to enable operators to be more productive while incurring a lower cost of ownership over the forklift's lifespan.

Forklift Market Report Highlights:

• The class 3 segment accounted for the largest market share of 44.2% in 2024. Due to the growing demand from small and medium-sized warehouses for material loading and unloading, the market is anticipated to gain momentum.
• The below 5 segment is expected to register the fastest CAGR over the forecast period. The segment growth is owing to their versatility, compactness, and cost-effectiveness, among others making them a valuable asset for end-use industries seeking flexible and efficient material handling solutions.
• The lithium-ion segment is anticipated to register the highest CAGR over the forecast period. These batteries are broadly used in electric forklifts as they provide longer lifespan, higher energy density, and faster charging capabilities.
• Retail & e-commerce is expected to register the highest growth rate over the forecast period. As businesses strive to optimize their supply chain operations and enhance productivity, they invest in advanced warehousing facilities. As a result, the need for efficient forklifts has grown substantially.
• The Asia Pacific forklift industry accounted for 48.4% share of the overall market in 2024. Companies in the region are incorporating smart technologies such as IoT sensors, telematics, and AI-driven fleet management systems into forklifts. These innovations enable real-time monitoring, predictive maintenance, and optimized route planning, driving better decision-making and cost savings for end-use industries.
• In August 2024, Crown Equipment Corporation opened a sales and service facility in New Albany, Ohio. This new facility is expected to offer material handling and warehouse solutions to customers in the area. The facility will also provide regional businesses with the necessary equipment and services to boost productivity and uptime, ensuring their material handling operations and supply chains remain efficient and effective.

Read full market research report on Forklift Market with TOC - Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2), By Power Source, By Load Capacity (Below 5 Ton, 5-15 Ton, Above 16 Ton), By Battery Type, By End Use, By Region, And Segment Forecasts, 2025 - 2030

Forklift Market Segmentation

Grand View Research has segmented the global forklift market based on class, power source, load capacity, electric battery type, end use, and region:

Forklift Market - Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• Class 1
• Class 2
• Class 3
• Class 4/5

Forklift Market - Power Source Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030)

• ICE
• Electric

Forklift Market - Load Capacity Outlook (Revenue, USD Million, 2018 - 2030)

• Below 5 Ton
• 5-15 Ton
• Above 16 Ton

Forklift Market - Electric Battery Type Outlook (Revenue, USD Million, 2018 - 2030)

• Li-ion
• Lead Acid

Forklift Market - End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Industrial
• Logistics
• Chemical
• Food & Beverage
• Retail & E-Commerce
• Others

Forklift Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Argentina
• Middle East & Africa (MEA)
• UAE
• Kingdom of Saudi Arabia (KSA)
• South Africa

List of Key Players in the Forklift Market

• Anhui Heli Co., Ltd.
• Clark Material Handing 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)

Check out more related studies published by Grand View Research:

• Electric Forklift Market - The global electric forklift market size is anticipated to reach USD 112.87 billion by 2030, growing at a CAGR of 14.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Developments in the e-commerce industry are fueling the demand for lift trucks across the economies.
• Australia Forklift Rental Market - The Australia forklift rental market size is expected to reach USD 197.3 million by 2030, registering a CAGR of 5.8% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. Australia's e-commerce and warehouse sector has experienced significant growth in recent years.
• Material Handling Equipment Telematics Market - The global material handling equipment telematics market size is estimated to reach USD 15.12 billion by 2030, registering a CAGR of 14.8% from 2025 to 2030, according to a new report by Grand View Research, Inc. Technological advancements in the field of telematics and improved connectivity services have resulted in increased integration of telematics solutions in off-highway equipment.
• Australia Forklift Market - The Australia forklift market size is expected to reach USD 2.12 billion by 2030, growing at a CAGR of 13.5% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. In Australia, there has been a notable shift toward the adoption of electric forklifts. This transition has gained significant momentum, driven by a heightened focus on sustainability and the urgent need to reduce carbon emissions.

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