Forklift Market worth $159.97 billion by 2033 | MarketsandMarkets™
DELRAY BEACH, Fla., Oct. 23, 2026 /PRNewswire/ -- According to MarketsandMarkets™, the global forklift market is estimated to grow from USD 101.70 billion in 2026 to USD 159.97 billion by 2033, at a CAGR of 6.7%.
Browse 438 market data Tables and 75 Figures spread through 354 Pages and in-depth TOC on "Forklift Market"
Forklift Market Size & Forecast:
- Market Size Available for Years: 2022-2033
- 2026 Market Size: USD 101.70 Billion
- 2033 Projected Market Size: USD 159.97 Billion
- CAGR (2026–2033): 6.7%
Forklift Market Trends & Insights:
- Electric forklifts to hold largest share of the global forklift market by 2033
- E-commerce industry to record highest CAGR during forecast period.
- Europe is estimated to be the second-largest forklift market from 2026 to 2033
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The global forklift market is growing with the expansion of e-commerce, warehousing, logistics, and industrial operations. Rising labor costs, warehouse automation, and the need for higher operational efficiency are driving forklift adoption, while sustainability goals are accelerating demand for electric models. Asia Pacific is expected to remain the largest and fastest-growing market, supported by industrial growth, expanding logistics infrastructure, and cross-border commerce. However, battery price fluctuations and high initial automation investments remain key barriers, particularly for small and regional operators amid changing tariff and trade policies.
Electric forklifts to hold largest share of the global forklift market by 2033
Class 3 electric forklifts are expected to hold a dominant market position by 2033, contributing more than 52.2% of the market in 2026. The growth of this segment is mainly supported by applications across warehouses, manufacturing plants, retail distribution centers, and logistics operations. In Europe, North America, and developed Asian markets, lithium-ion adoption is increasing as operators prioritize multi-shift operation, opportunity charging, longer equipment availability, and reduced battery handling. At the same time, lead-acid batteries remain relevant in cost-sensitive applications due to their lower initial investment, established charging infrastructure, proven technology, ease of replacement, and suitability for operations where trucks can be charged during longer idle periods. Battery selection is also becoming increasingly regional, with LFP chemistry gaining stronger acceptance in China and other Asian markets due to its safety, durability, and cost characteristics, while NMC remains more prevalent in Europe and North America where higher energy density and compact battery packaging are important. OEMs such as Toyota, Jungheinrich, and Crown are responding by offering multiple battery options and expanding their lithium-ion portfolios across electric forklift classes. In addition, demand is increasingly shifting toward connected and automated forklift operations as Fleet telematics, battery monitoring, operator assistance, regenerative braking, remote diagnostics, and integration with warehouse management systems are increasing the productivity potential of these forklifts. Thus, electric forklift demand will increasingly be supported by lithium-ion adoption, higher equipment utilization, and connected operations, while lead-acid will continue serving established and cost-sensitive applications.
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E-commerce industry to record highest CAGR during forecast period.
E-commerce is expected to be the fastest-growing end-use industry for forklifts, supported by continued expansion of online retail and the need for faster inventory movement, high warehouse throughput, and shorter order fulfillment cycles. In the US, NRF mentioned that online and non-store sales reached USD 1.57 to 1.60 trillion in 2025, representing 7 to 9% growth over 2024, while EuroCommerce reported that European B2C e-commerce turnover increased 7% to EUR 842 billion in 2024. Asia Pacific remains a major center of online commerce, while Europe and North America continue to see strong demand from mature online retail and fulfillment networks. The growth is also broadening beyond general merchandise into grocery, fresh food, apparel, consumer electronics, parcel delivery, and quick commerce, increasing the need for different material-handling solutions across large distribution centers, urban fulfillment centers, cold storage, and last-mile facilities. B2B e-commerce is also expanding alongside B2C, driven by digital procurement, online wholesale platforms, and direct supplier-to-business transactions, increasing the need for forklifts across distribution centers, industrial warehouses, and fulfillment facilities. To improve throughput, space utilization, and fulfillment speed, the e-commerce industry is turning out to be a key demand driver for the forklift market in the coming years.
Europe is estimated to be the second-largest forklift market from 2026 to 2033
Europe is expected to remain the second-largest forklift market through 2033, supported by high warehouse utilization, rising automation, labor costs, limited warehouse space, and tighter emissions and workplace safety requirements. Germany, France, and the UK remain key demand centers due to their large manufacturing, retail, logistics, and e-commerce bases. The market is also shifting toward smaller electric trucks, particularly Class 1, Class 2, and Class 3, as operators seek compact equipment for high-density storage and indoor material movement. In addition, automation is becoming a major technology driver, with warehouses increasingly integrating autonomous mobile robots, automated storage and retrieval systems, warehouse control software, and connected forklifts to reduce repetitive manual movement and improve throughput. For instance, Jungheinrich is deploying four autonomous EAE 212a mobile robots at the Bilstein Group facility in Germany for automated pallet transport, while its 2025 project for Hiller Logistik uses four EKX 516a mobile robots for automated storage and retrieval in a 12.9-meter high-density warehouse. KION has also demonstrated AI-enabled autonomous industrial trucks and digital twin technology for route planning and coordinated warehouse operations. More such developments are likely to come in the European market, demonstrating strong forklift demand in the upcoming years across European countries.
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Top Companies in Forklift Market:
The Top Companies in Forklift Market are Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Crown Equipment Corporation (US), and Komatsu Ltd. (Japan)
Forklift Market - Investment and Funding Scenario
Investment and Funding Context
Investment and funding activity in the forklift market is focused on electric forklift manufacturing capacity, automation technologies, logistics solutions, and strategic acquisitions, rather than broad capacity expansion alone. Toyota Industries is directing significant growth investment toward its logistics solutions business. In 2026, the company acquired an 80% stake in IHI Logistics & Machinery to strengthen warehouse automation capabilities and after-sales services. Toyota Material Handling North America also opened a new electric forklift manufacturing facility in Indiana in August 2026, representing a USD 100-million investment to expand production capacity. KION acquired Australian material-handling and warehouse technology provider Active Forklifts in 2025, strengthening its regional sales and service capabilities. Overall, capital allocation is concentrated on electrification, automation, manufacturing localization, warehouse technology, and strategic expansion, with companies directing funding toward technologies and capabilities expected to shape the next generation of forklift and material-handling operations.
Revenue Shift Context
The revenue pool in the forklift market is shifting from one-time equipment sales toward higher lifecycle value per forklift, with manufacturers expanding monetization across services, rental, used equipment, fleet management, and automation solutions. Traditional revenue remains tied to new forklift sales, but recurring revenue from maintenance, spare parts, leasing, rental, refurbishment, and financing is becoming more important as customers seek to optimize equipment utilization and ownership costs. Connected forklift platforms are also creating additional revenue opportunities through telematics, fleet monitoring, predictive maintenance, operator management, and usage analytics. Over time, automation, warehouse software, fleet orchestration, and integrated material handling solutions are expected to add further value beyond the physical forklift, shifting the revenue pool toward equipment plus recurring services, digital capabilities, and automated material-handling solutions.
Mergers and Acquisitions
Mergers and acquisitions in the forklift market focus on expanding service networks, gaining automation capabilities, strengthening regional presence, and adding complementary material handling technologies. Companies are using M&A to access warehouse automation, fleet management software, engineering capabilities, and established distribution channels faster than through internal development. The focus is also shifting toward businesses that can connect forklifts with broader warehouse processes, enabling manufacturers to offer integrated material-handling solutions rather than standalone equipment. In the future, M&A activity is expected to remain centered on automation, digital technologies, regional service capabilities, and adjacent material handling solutions, strengthening manufacturers' ability to capture value across the forklift lifecycle.
FORKLIFT MARKET: MERGERS AND ACQUISITIONS, OCTOBER 2025–MAY 2026
Month & Year | Deal Type | Company 1 | Company 2 | Description |
August 2026 | Acquisition | Jungheinrich AG (Germany) | All Lift Forklifts (Australia) | Jungheinrich signed an agreement to acquire Australian forklift rental and dealership company All Lift Forklifts. The deal strengthened Jungheinrich's presence in Australia and expanded its sales, rental, and service activities in the local forklift market. |
May 2026 | Acquisition | Toyota Industries Corporation (Japan) | IHI Logistics & Machinery Corporation (Japan) | Toyota Industries agreed to acquire 80% of IHI Logistics & Machinery, which provides automated storage and retrieval systems, conveyors and logistics automation equipment. The acquisition expands Toyota's warehouse automation products and services. |
February 2026 | Acquisition | Komatsu Ltd. (Japan) | SRC of Lexington, Inc. (USA) | Komatsu Ltd. North America agreed to acquire assets of SRC of Lexington in the US. The acquisition strengthened Komatsu's North American remanufacturing capabilities and expanded support for customers through restored components and parts. |
Company Revenue Share Details
The top 5 players are estimated to account for about 70–75% share of the forklift market. Forklift revenue is concentrated among manufacturers with strong positions across counterbalance trucks, warehouse equipment, and specialized lift trucks, supported by both new equipment sales and recurring aftermarket revenue. Toyota Industries and KION have particularly broad revenue pools because their businesses combine forklift manufacturing with parts, maintenance, rental, used equipment, and related material-handling services. Jungheinrich also generates revenue across new trucks and customer service, while Crown and Mitsubishi Logisnext add scale through extensive forklift product portfolios and regional distribution networks. This structure gives leading manufacturers a larger share of the revenue pool through equipment sales combined with recurring lifecycle revenue, while smaller players tend to compete within specific product categories or geographic markets.
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