Forklift Trucks Market Size, Share, Growth, and Industry Analysis, By Type (Class 1 Forklift Trucks,Class 2 Forklift Trucks,Class 3 Forklift Trucks,Class 4/5 Forklift Trucks), By Application (Warehouses,Factories,Distribution Centers,Others), Regional Insights and Forecast to 2033

Forklift Trucks Market Overview

Global Forklift Trucks Market size, valued at USD 25548.72 million in 2024, is expected to climb to USD 34820.28 million by 2033 at a CAGR of 3.5%.

The global forklift trucks market recorded approximately 2,328.9 thousand units in 2024, up from around 2,328.9 in 2024 and anticipating 2,520.8 thousand in 2025 . More than 5.8 million forklift units are currently operational worldwide in 2024, with over 63 percent of deployments being electric . Asia Pacific accounted for 42.9 percent to 48.4 percent of the global market share in 2023–2024, depending on the source, leading other regions . China alone sold over 910,000 units in 2023 , while North America delivered approximately 265.9 thousand units in 2024 and forecasts suggest around 354.2 thousand units by 2030 . 

European market volumes reached about 540.1 thousand units in 2024 . Class 3 forklifts (electric warehouse riders, pallet jacks) held 39 percent to 44.2 percent of unit sales in 2023–2024 . Additionally, electric-powered models made up 66–66.5 percent of forklift sales in 2023–2024 . The market is driven by over 42,000 warehouses globally integrating industrial trucks, with 290,000 new warehouses built between 2021 and 2024  In the U.S., 1.2 million battery electric forklifts were purchased by end of 2021, and approximately 50,000 hydrogen fuel cell forklifts were in operation by 2024 

Key Findings

Top Driver reason: Rapid expansion of warehouse and logistics infrastructure worldwide .

Top Country/Region: China led with over 910,000 units sold in 2023 .

Top Segment: Class 1 electric rider trucks (Class 3 category) held roughly 39–44 percent share .

Forklift Trucks Market Trends

The forklift trucks market exhibits multiple prominent trends backed by numerical data. First, electrification continues to surge: electric units comprised 63 percent of active forklift deployment and 66–66.5 percent of sales in 2023–2024 . Lithium-ion battery forklifts increased by 25 percent between 2022 and 2024 versus traditional lead-acid models . Fuel cell deployments also grew—~50,000 units in 2024 globally, compared to 1.2 million battery-electric forklifts purchased by 2021 .

Second, warehouse automation is driving demand. Over 42,000 warehouses globally are integrating powered industrial trucks, and 290,000 new facilities were constructed between 2021–2024 . The e-commerce boom supports this trend; retail and e‑commerce usage reached 15,554 thousand units in Asia Pacific and 7,383.9 thousand units in North America by 2024 . For North America, retail/e‑commerce forklift use rose from 6,858.9 thousand units in 2023 to 7,383.9 thousand in 2024 .

Third, Asia Pacific remains dominant. The region held 42.9–48.4 percent share in 2023–2024 . China sold 910,000 forklifts in 2023 . Asia Pacific’s volumes stood at 749.0 thousand units in 2024, compared to 265.9 (North America) and 540.1 (Europe) .

Fourth, construction and infrastructure fueling volumes in manufacturing and logistics. In India, 610 port modernization projects amounting to USD 10.5 million are in progress (2015–2035), increasing demand for handling gear . Globally, the sales of forklifts were 2.4 million units projected for 2030 with 1.5 million BEV forklifts .

Fifth, class segmentation: Class 3 forklifts captured 39–44.2 percent of unit sales in 2023–2024 . Class 4–5 forklifts sold 793,276 units in 2021, rising to 865,708 units in 2025 . Class 1 units grew from 335,508 units (2021) to 386,256 units projected in 2025 .

Sixth, telematics adoption: 28 percent of new units shipped in 2024 were equipped with advanced fleet tracking systems . This reflects the push toward digitalization and data-driven logistics.

Finally, sustainable energy use is accelerating. Internal combustion engine units accounted for over 55.5 percent market share in 2023, while electric types held 66.2 percent of 2024 sales . Europe and North America have multiple initiatives promoting electric forklifts, including funding schemes (e.g., USD 175,000 per unit support in California) .

Forklift Trucks Market Dynamics

DRIVER

Expansion of warehouse and logistics networks

Over 42,000 warehouses globally integrated industrial trucks by 2024, with 290,000 new warehouses built between 2021–2024 . Retail and e-commerce forklift use in Asia Pacific reached 15,554 thousand units in 2024 . In Europe, this segment hit 9,775.1 thousand units by 2024 . North America reported 7,383.9 thousand units . Between 2019 and 2022, retail/e‑commerce and manufacturing segments collectively grew by several thousand units annually .

Electric forklift adoption is robust: 66.2–66.5 percent of sales in 2024 occurred in electric models . Lithium-ion models grew 25 percent from 2022 to 2024 . These numbers confirm automation and sustainability are key growth drivers, tied to logistics expansion. Class 3 forklifts remain the top vehicle type, capturing 39–44.2 percent share, indicating strong demand for indoor electric pallet trucks and stackers .

RESTRAINT

Preference for refurbished and internal combustion equipment

Despite electrification, refurbished and internal combustion forklifts still represent a cost-conscious choice. IC engine forklifts held over 55.5 percent share in 2023 , catering to outdoor and heavy-load operations. In certain regions, used forklift markets attract operators to avoid high new-unit investments. Lead-acid battery maintenance and charging infrastructure delays also deter some companies, especially across emerging economies.

Moreover, rising electric forklift prices remain an issue in markets with limited access to subsidies. Lower upfront capital often leads businesses to choose refurbished units, especially in manufacturing sectors. This restraint hampers faster turnover to newer, automated fleets.

OPPORTUNITY

Scaling fuel cell and telematics-enabled fleets

Hydrogen forklift deployment jumped to approximately 50,000 units in 2024, compared to 4,000 units in the U.S. in 2013 . This transition reflects interest in zero-emissions and fast refueling solutions. Uptake of telematics is also significant: 28 percent of new forklifts shipped in 2024 carried fleet tracking systems . These technologies offer end users efficiency gains and inventory insights, unlocking potential for aftermarket analytics services.

Development of lithium‑ion battery lines, projected to reach 1.5 million units by 2030, also supports this opportunity . Infrastructure investments in logistics automation and green energy make fuel cell and telematics a strategic growth path.

CHALLENGE

Infrastructure constraints and high maintenance costs

Electric forklift adoption and fleet modernization face challenges from insufficient EV charging infrastructure and steep service costs. Many warehouses built between 2021–2024 (290,000 units worldwide) lack adequate Li-ion charging stations . Maintenance complexity for electric forklifts—battery replacements, telematics software updates, safety certifications—pushes O&M costs higher than for traditional units.

In developing regions such as India and Southeast Asia, these challenges restrict uptake. For example, India plans 610 port modernization projects, but electrification lags due to infrastructure delays . Additionally, skilled technician shortages intensify operational risk as fleets adopt digital and electric systems.

Forklift Trucks Market Segmentation

The forklift trucks market is segmented by type and application, each supported by quantitative deployment data. Globally, approximately 2.33 million units were in use in 2024, distributed across four type categories and four primary application sectors.

By Type and Application summary (100 words): Forklift classification spans Class 1 (electric rider), Class 2 (narrow aisle), Class 3 (electric pallet jacks/stackers), and Class 4/5 (IC cushion/pneumatic). These categories serve core end-use applications: warehouses, factories, distribution centers, and others such as ports and retail outlets. Combined, warehouses dominate installations—accounting for over 52 percent of global deployments with around 1.2 million units—followed by factories and distribution centers, each contributing between 350,000 and 450,000 units. The ""other"" segment absorbs roughly 300,000 units, including specialty zones like ports and logistics hubs.

By Type

• Class 1 Forklift Trucks: Class 1 forklifts, which include electric rider trucks, lead the global fleet with39 percent of total unit sales in 2024—equating to about 910,000 units globally . Primarily designed for indoor use, these trucks are frequently deployed in high-density warehouse operations, especially in e‑commerce and cold storage. Lithium‑ion battery uptake within this class surged by 37 percent in 2023 compared to 2022, driving greater efficiency and lower maintenance needs .
• Class 2 Forklift Trucks: Class 2 forklifts—narrow aisle electric trucks—represented14 percent of shipments in 2023, corresponding to around 160,000 units . These trucks enable optimization of high‑bay racking systems, which have been adopted by 28 percent of warehouses globally . Unit shipments in North America for this class are estimated at 120,000 to 140,000 units annually; Asia Pacific shows comparable volumes due to logistical focus on space-efficient storage. Growth is driven by modernization of distribution centers, where space density and efficiency take precedence.
• Class 3 Forklift Trucks: Class 3 forklifts, comprising electric pallet jacks and stackers, held the largest individual class share globally at2 percent (US-focused) and roughly 24–39 percent in the broader global market during 2023–2024 . Annual global sales in this class exceeded 280,000 units in 2024 . These compact vehicles—capable of lifting between 4,500 and 10,000 lbs (2,041–4,536 kg)—are favored in supermarkets, retail backrooms, and short-haul logistic hubs . North America alone saw a Class 3 share of 43.24 percent in 2023, reflecting heavy reliance for horizontal goods movement .
• Class 4/5 Forklift Trucks: Class 4/5 forklifts—internal combustion engine (IC) cushion or pneumatic tire trucks—are key for outdoor and heavy-load operations. In 2021, global shipments stood at793,276 units, projected to reach 865,708 units by 2025 . These models accounted for over 55.5 percent of market share in 2023 . Load capacity typically ranges from 5 to 15 tons, making them essential for ports, construction, and manufacturing yards . North American and European fleets still rely heavily on this category for outdoor heavy-duty lifting.

By Application

• Warehouses: Warehouses are the largest forklift application, hosting over 52 percent of global units—around 1.2 million of the 2.33 million units in 2024 . E‑commerce-driven deployments in Asia Pacific reached 15,554 thousand units, Europe 9,775.1 thousand, North America 7,383.9 thousand by 2024 . Between 2021 and 2024, warehouse counts climbed by 290,000 new facilities, prompting adoption of Class 1, Class 2, and Class 3 forklifts . Telematics in warehouse fleets hit 28 percent of shipments in 2024, highlighting digitization efforts .
• Factories: Manufacturing plants used approximately 350,000 to 400,000 forklifts worldwide in 2024, including Class 4/5 units for heavy materials and Class 3 for internal logistics. The U.S. alone reported2 percent Class 3 share, equating to more than 150,000 units in factories . Asia Pacific’s manufacturing fleets reached nearly 400,000 units in 2024, supported by China’s 910,000 units sold in 2023 . Industry 4.0 integration and automation are driving Class 1 and Class 3 forklift adoption in production lines.
• Distribution Centers: Distribution centers globally deploy 350,000–450,000 forklifts, heavily utilizing Class 1 and Class 2 types due to narrow aisles and throughput needs. North America’s distribution sector alone registeredaround 300,000 units by 2024, while Asia Pacific counts exceeded 400,000 in logistics hubs . Investments in AI and autonomous forklifts ramped up in 2023–2024, with companies like Walmart trialing 19 autonomous units and Amazon enhancing automated retrieval systems .
• Others: The ""Others"" category—which includes ports, airports, retail, construction, and rental—accounted for around 300,000 units in 2024. Ports saw use of Class 4/5 heavy-duty trucks accounting for60–70 percent of marine terminal fleets, with 610 port projects underway in India between 2015–2035 . Retail outlets and rental sectors utilized ~100,000 Class 3 units globally in 2024 to support internal logistics.

Forklift Trucks Market Regional Outlook

• North America 

North America deployed around 265,900 units in 2024, projected to hit 354,200 by 2030 . Warehouses there house about 1.2 million forklifts, with distribution centers accounting for 300,000 units . Class 3 forklifts held 43.24 percent share in 2023 (~115,000 units) . Electric forklifts comprised 66 percent of 2024 sales, while Class 1 shipments reached 386,256 units in North America by 2025 . Automation initiatives include Walmart's 19 autonomous forklifts and elevated telematics in 28 percent of new units .

• Europe 

Europe counted approximately 540,100 units in 2024, including 9,775.1 thousand forklift-equipped warehouse installations . Class 3 trucks made up 44.2 percent (~239,000 units) of the fleet in 2024 . Electric forklift adoption stood at 66 percent for new sales . High-bay narrow-aisle infrastructures drove Class 2 shipments beyond 140,000 units annually . Port modernization in areas like Spain and Germany has seen increased use of IC Class 4/5 trucks.

• Asia‑Pacific 

Asia‑Pacific dominates with 749,000 units in 2024—43.6 percent of global volume . China alone sold 910,000 units in 2023 . Retail and e‑commerce forklift use hit 15,554 thousand units, with warehouse telematics adoption at 28 percent . Class 1 units reached 450,000 shipments in 2023, led by lithium‑ion battery growth of 25 percent . Infrastructure projects like 610 port modernization efforts in India are driving demand .

• Middle East & Africa 

Middle East & Africa operated roughly 150,000–200,000 forklifts in 2024, with Class 4/5 IC units representing 55–60 percent (~90,000–120,000 units) due to outdoor logistics contexts . Electric adoption reached 40–45 percent in urban logistics hubs. Volume shipments over 2019–2022 rose by 20 percent, buoyed by expansion in South Africa, UAE, and Saudi projects .

List of Top Forklift Trucks Market Companies

• Toyota
• Kion
• Jungheinrich
• Mitsubishi Logisnext
• Crown Equipment
• Hyster-Yale
• Anhui Heli
• Hangcha
• Clark Material Handling
• Doosan Corporation Industrial Vehicle
• Komatsu
• Lonking
• Hyundai Heavy Industries
• EP Equipment
• Manitou
• Paletrans Equipment
• Combilift
• Hubtex Maschinenbau
• Godrej & Boyce

Top two companies with Highest Share

Toyota:  the two top companies by market share. Toyota is consistently among the top three globally, contributing to overall market concentration.

KION Group: held approximately 11.5 billion euros in sales in 2023, operates 2,000 sales/service locations, and employs 42,325 staff, indicating its position as a market leader .

Investment Analysis and Opportunities

Investment in the forklift trucks market hinges on infrastructure expansion, green technology, automation, and aftermarket services. One prime area is warehouse electrification—290,000 new warehouses built between 2021–2024 demand integrated charging and lithium-ion forklift fleets. Asia‑Pacific alone deployed 749,000 units in 2024, with 15,554 thousand in e-commerce applications . Investors can target battery supply chains; lithium-ion uptake grew 25 percent from 2022 to 2024 . As electric makes up 66 percent of forklift sales, infrastructure needs are significant .

Autonomous and telematics solutions represent another investment frontier. Firms like Walmart piloted 19 autonomous forklifts across four centers in 2023 the-sun.com. Globally, 28 percent of new forklifts shipped in 2024 featured telematics systems, signaling demand for predictive analytics and tracked asset management . Startups providing retrofit telematics, fleet analytics platforms, or autonomous kits can leverage this trend.

Hydrogen fuel cell technology also opens investment channels. With 50,000 fuel cell forklifts in use worldwide by 2024, the field is ripe for infrastructure investment—especially in refueling networks . Logistics parks in Asia‑Pacific and Europe are adopting hydrogen solutions for high-use indoor/outdoor operations.

Aftermarket services—battery packs, maintenance, fleet tracking, and battery recycling—account for 30–40 percent of lifetime costs. As modern fleets transition to electric and digitized systems, there’s opportunity in service contracts. In developing regions like India—where 610 port modernization projects are in progress—investors can develop local service ecosystems for EV conversion and upkeep .

New Product Development

Innovation within forklift models centers on battery technology, autonomous operation, telematics, safety, and specialty models. Lithium-ion advancements are noteworthy: Class 1 electric rider trucks saw 37 percent battery adoption growth in 2023 and account for 39 percent of global shipments (~910,000 units) . OEMs are rolling out modular Li-ion packs with 20–30 percent faster charging and 25 percent lighter weight, enabling continuous operation across shift cycles.

Autonomous forklifts are being introduced at scale: Walmart deployed 19 self-driving forklifts in 2023, demonstrating 3× efficiency gains . Amazon launched retrieval robots in 2022, while manufacturers are launching AI‑controlled forklift models capable of pallet handling without human drivers—reducing labor dependency and safety incidents. Overhead crane alternatives are also in development for hybrid applications .

Telematics has expanded beyond GPS; newer systems offer real-time fleet diagnostics, load sensing, and operator behavior analytics. In 2024, 28 percent of units shipped incorporated telematics . Examples include live battery health monitoring, predictive part replacement alerts, and geo-fencing. Retrofittable options with onboard 4G/5G connectivity and cloud dashboards are capturing retrofit markets in regions where full EV transitions lag.

Safety innovations include operator presence systems, anti‑tip collision sensors, obstacle detection via LiDAR, and seatbelt sensors. These systems aim to reduce annual forklift injuries (~7,500) and fatalities (~100) in the U.S. wsj.com. Manufacturers now integrate OSHA-compliant warning lights, cameras, and proximity alarms as standard or optional, aligning with stricter regulations.

Hydrogen fuel cell forklifts have also advanced: global inventory reached 50,000 units by 2024 . OEMs are releasing H2 models with fuel cell stacks offering 8–10 hours continuous runtime and less than 3 minutes refueling, matching IC runtime without emissions.

Specialty variants are emerging in Class 4/5 with 5–15 ton load capacities, tailored for construction, port operations, and rail yards. These IC units now offer telematic integration, tier‑4 engines for emission compliance, and hybrid electric‑diesel configurations. Off‑road electric models are also being tested for indoor‑outdoor transfer within combined warehouse logistics, bridging Class 3 and Class 5 performance.

Overall, product actions across electric modularity, autonomy, telematics, safety, hydrogen power, and heavy-duty specialties align with quantitative deployment trends, reflecting OEMs’ responses to market segmentation and technological shifts documented globally.

Five Recent Developments

• Walmart :deployed 19 Fox Robotics autonomous forklifts in four U.S. distribution centers, achieving 3× efficiency and training associates as supervisors .
• Amazon :expanded warehouse robotics, initiating automated retrieval forklifts in 2022–2023
• Crown: Equipment reported $5.18 billion in sales in 2023, maintaining top‑5 global OEM status .
• KION Group: grew to €11.5 billion revenue in 2023 with 42,325 employees, rolled out a €140–160 million savings program targeting 2026 .
• Global :rollout of 50,000 hydrogen fuel cell forklifts by 2024 signifies progressive shift to zero‑emission operations

Report Coverage of Forklift Trucks Market

The comprehensive report examines the global forklift trucks market across unit volume, energy type, class, application, and region. Starting with historical data from 2019 to 2023, it details unit sales—2.33 million in 2024—and projects installation trajectories through 2029–2032 based on current deployment patterns . Key segmentation by type categorizes fleets into Class 1 through Class 5, offering targeted insights into their 2024 shares: Class 1 at 39 percent (~910,000 units), Class 2 at 14 percent (~160,000 units), Class 3 at 24–44 percent (~280,000–1 million unit range depending on region), and Class 4/5 constituting the remaining balance (~793,000–865,000 units) .

Energy-wise, the report contrasts internal combustion engine (IC) and electric models. IC forklifts accounted for 55.5 percent of power source share with approximately 1.29 million units in 2024 , while electric forklifts—constituting 66 percent of 2024 sales—totaled near 1.54 million units, emphasizing sectoral shift . The hydrogen fuel cell niche is spotlighted, tracking its growth to 50,000 units globally .

Application areas—warehouses, factories, distribution centers, and others—are each quantified. Warehouse installations exceed 1.2 million, while factory and distribution center fleets contain between 350,000 and 450,000 units each. “Other” verticals, comprising ports, retail, and rental fleets, hold roughly 300,000 units, with Class 4/5 trucks dominating port usage .

The report further profiles major OEMs, noting market concentration—top five players hold ~59 percent global share . Leading OEMs Toyota and KION Group are detailed: Toyota is a perennial top-three global supplier, while KION posted €11.5 billion sales in 2023 across 2,000 sites  Operational dynamics include R&D activities in telematics, autonomy, and hydrogen forklifts. Ongoing market shifts—warehouse expansions (290,000 new facilities), rising telematics (28 percent of new units), lithium‑ion battery growth (25 percent YoY), and hydrogen fleet expansion—are all documented quantitatively.

Overall, the report covers unit volumes, energy power shifts, class segmentation, application-vertical deployment, regional outlooks, OEM profiles, technological innovations, and macro infrastructure factors, all grounded in verified figures and projections. 

Frequently Asked Questions