The global forklift market was valued at USD 72.59 billion in 2024 and is projected to reach USD 154.99 billion by 2030, expanding at a CAGR of 13.7% from 2025 to 2030. The market growth is primarily driven by the surge in construction activities worldwide, including the expansion of road networks, airport and seaport modernization, and the development of advanced rail systems.
A growing global emphasis on sustainability and environmental responsibility is accelerating the transition from traditional gas- or diesel-powered forklifts to eco-friendly electric forklifts. Governments across various countries are actively promoting clean energy initiatives to achieve net-zero emission goals. For instance, 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 support the adoption of green technologies. Stromcore Energy planned to introduce two innovative products — Electric Cart, a zero-emission electric forklift designed in collaboration with Amazon.com, Inc., and Turbo Bank, an AI-powered high-efficiency charger. This investment demonstrates how government support is helping accelerate the development and deployment of energy-efficient materials-handling solutions.
Key Market Trends & Insights
- Asia Pacific accounted for 48.4% of the global forklift market in 2024.
- China held a substantial share of the regional market in 2024.
- By class, the Class 3 segment led the market with a 44.2% share in 2024.
- By power source, the electric forklift segment dominated the industry in 2024.
- By load capacity, the 5–15 ton segment held the largest share in 2024.
- By electric battery type, lead-acid batteries accounted for the highest revenue share in 2024.
- By end-use, the industrial sector was the dominant segment in 2024.
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Market Size & Forecast
- 2024 Market Size: USD 72.59 Billion
- 2030 Projected Market Size: USD 154.99 Billion
- CAGR (2025–2030): 13.7%
- Largest Market (2024): Asia Pacific
Competitive Landscape
The forklift market is highly competitive, with key players focusing on technological innovation, automation, and expansion to strengthen their market presence and meet rising demand across industrial and logistics sectors.
- Mitsubishi Logisnext Co., Ltd. develops and sells a wide range of logistics solutions, including engine- and electric-powered forklifts, automated warehouses, transportation robots, and electric vehicles. With a strong global footprint across North America, Europe, Asia & Oceania, and China, the company considers Asia its most promising growth market.
- Jungheinrich AG, a leading provider of intralogistics solutions, offers a comprehensive portfolio of material-handling equipment, automated systems, digital solutions, and aftermarket services. The company emphasizes end-to-end automation, integrating mobile robots and intelligent warehouse management software to optimize intralogistics workflows.
Prominent Companies 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 poised for strong and sustained growth, fueled by rapid industrialization, the rise of e-commerce, and increasing investment in sustainable material-handling technologies. The transition toward electric forklifts, combined with advancements in automation and smart energy systems, is reshaping the industry landscape. Supported by government initiatives and ongoing innovation, the market is expected to remain a critical enabler of global supply chain efficiency and green logistics transformation.
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