Whether you're expanding or optimizing within the forklift truck industry, this report offers the clarity and context needed for confident decision-making.
How Much Is The Forklift Truck Market Worth?
The forklift truck market size has grown strongly in recent years. It will grow from $68.53 billion in 2024 to $74.69 billion in 2025 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to growth inThe manufacturing and construction industries, expansion of warehouse and logistics operations, adoption of forklift trucks for material handling, advances in forklift technology, including electric and fuel-efficient models, increased demand for e-commerce.
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What Are The Current Leading Growth Drivers For Forklift Truck Market?
The growing construction industry is expected to propel the growth of the forklift truck market going forward. Construction refers to the building of residential, commercial, industrial, institutional, and infrastructure types of construction. These forklift trucks are used in the construction industry for various tasks such as unloading pallets of blocks or bricks, steel joists, and construction equipment and materials, especially in hauling them from the delivery truck and carrying them to the construction site. For instance, in February 2024, according to Eurostat, a Luxembourg-based government agency, the average annual building production in the EU and the euro region increased by 0.1% and 0.2%, respectively, compared to 2022. Therefore, the growing construction industry is driving the growth of the forklift truck market.
Which Segment Accounted For The Largest Forklift Truck Market Share?
The forklift truckmarket covered in this report is segmented –
1) By Product Type: Counterbalance, Warehouse
2) By Technology: Electric Power, Internal Combustion Engine
3) By Class: Class I, Class II, Class III, Class IV, Class V
4) By End-User: Retail and Wholesale, Logistics, Automotive, Food Industry, Other End Users
Subsegments:
1) By Counterbalance Forklifts: Electric Counterbalance Forklifts, Internal Combustion Counterbalance Forklifts
2) By Warehouse Forklifts: Reach Trucks, Pallet Jacks, Order Pickers, Stackers
Forklift Truck Market Emerging Trends And Opportunities
New product innovations have emerged as the key trend gaining popularity in the forklift truck market. Major companies operating in the forklift truck sector are focused on developing new technological advancements to increase their market share. For instance, in 2023, Linde, a UK based company, specializing in industrial gases and engineering, launched the E35–E50 Series 1254 electric counterbalance forklift. This series is designed to deliver high performance while being environmentally friendly, featuring advanced lithium-ion battery technology that enhances energy efficiency and reduces charging times. The forklifts have lifting capacities ranging from 3.5 to 5.0 tonnes, making them suitable for various industrial applications.
Which Are The Top Companies To Hold The Market Share In Forklift Truck Market?
Major companies operating in the forklift truck market include Anhui HELI Co. Ltd., Crown Equipment Corporation, Godrej & Boyce Mfg. Co. Ltd., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Industries Corporation, Clark Material Handling Company, Combilift Ltd, Doosan Industrial Vehicle, EP Equipment, Hyundai Heavy Industries Co. Ltd, Lift Technologies Inc, Linde Material Handling, Lonking Machinery Co. Ltd., The Raymond Corporation, UniCarriers Americas Corporation., Manitou Group, Tailift Group, LiuGong Machinery Corporation, Lonking Holdings Limited, Hubtex Maschinenbau GmbH & Co. KG, Hangzhou UN Forklift Co. Ltd., Paletrans Equipamentos Ltda
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Which Region Is Projected To Account For The Largest Share Of The Forklift Truck Market?
Asia-Pacific was the largest region in the forklift truck market in 2024. The regions covered in the forklift truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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