Forklifts & Lift 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, Airports, Others), Regional Insights and Forecast to 2033

Forklifts & Lift Trucks Market Overview

Global Forklifts & Lift Trucks market size is anticipated to be worth USD 23749.06 million in 2024, projected to reach USD 32411.96 million by 2033 at a 3.5% CAGR.

The forklifts & lift trucks market comprises heavy-duty vehicles designed for lifting and transporting materials within industrial, commercial, and logistics environments. As of 2024, more than 5.8 million units of forklifts are estimated to be in active operation globally, with electric models accounting for over 63% of total forklift deployment due to environmental regulations. The forklifts & lift trucks market is being increasingly driven by warehouse automation, with over 42,000 warehouses globally integrating powered industrial trucks into daily operations. With more than 290,000 new warehouses built between 2021 and 2024, the forklifts & lift trucks market is witnessing expanded deployment across logistics, retail, and e-commerce segments. In China alone, over 910,000 forklifts were sold in 2023, with a 15% year-on-year increase in electric forklift demand. The forklifts & lift trucks market also benefits from technological upgrades, with 28% of new units equipped with telematics and fleet tracking as of 2024.

Key Findings

Top Driver reason: Rapid expansion of warehouse facilities and logistics networks globally.

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

Top Segment: Class 1 electric rider trucks dominate with 39% of total market volume.

Forklifts & Lift Trucks Market Trends

The forklifts & lift trucks market is being reshaped by automation, electrification, and sustainability. In 2023, electric-powered forklifts accounted for over 63% of global shipments, up from 49% in 2019, reflecting a strong move away from internal combustion models. Lithium-ion battery adoption in electric forklifts surged by 25% between 2022 and 2024, replacing traditional lead-acid systems. Automated guided vehicles (AGVs), which now account for 7% of warehouse lift truck installations, are gaining traction, with over 19,000 units deployed globally as of 2024.

Another dominant trend in the forklifts & lift trucks market is fleet optimization using IoT. Over 150,000 forklifts deployed in North America and Europe are now equipped with GPS-based tracking and predictive maintenance systems. The forklifts & lift trucks market is also seeing an uptick in hybrid models that combine internal combustion and electric power, with over 18,000 hybrid forklifts sold in 2023. In addition, noise regulations and emission policies in cities like Paris, London, and Tokyo are compelling companies to transition to zero-emission forklifts, influencing demand for hydrogen-powered lift trucks, with sales of hydrogen models crossing 4,000 units globally in 2023.

Forklifts & Lift Trucks Market Dynamics

DRIVER

Rapid expansion of global warehousing and logistics infrastructure.

By 2024, over 42,000 warehouses are operational across logistics hubs worldwide, up from 36,000 in 2021. This surge in warehousing has created demand for over 1.2 million new forklifts in just three years. E-commerce giants now operate over 5,800 high-volume fulfillment centers that require fleets of over 100 forklifts each. The growing penetration of e-commerce, accounting for 20% of global retail sales, and third-party logistics (3PL) services have necessitated efficient material handling, boosting the forklifts & lift trucks market significantly. In India, for example, warehouse space expanded by 112 million square feet between 2021 and 2024, leading to a 48% increase in forklift sales.

RESTRAINT

Demand for refurbished equipment.

The refurbished forklifts segment saw a 19% growth in unit sales globally between 2022 and 2024. In Europe, over 46,000 used forklifts were transacted in 2023 alone, cutting into new equipment demand. Refurbished electric lift trucks cost 30%–40% less than new units, attracting small and medium-sized enterprises. Moreover, the average forklift lifespan has improved from 10 to 14 years, reducing the frequency of fleet renewal. These factors restrain the adoption of newer models, especially in price-sensitive regions like Latin America and Southeast Asia.

OPPORTUNITY

Electrification and lithium-ion battery integration.

The forklifts & lift trucks market is poised for growth due to the electrification trend, particularly in indoor applications. Lithium-ion battery forklifts increased by 42% in unit volume between 2021 and 2024. These forklifts offer a 45% reduction in charging time and 28% lower energy consumption compared to lead-acid models. Governments in over 25 countries now offer purchase incentives for electric forklifts, driving market penetration. With 12% of global warehouses transitioning to fully electric fleets, the market sees strong opportunities in battery management systems, fast-charging stations, and energy-efficient motors.

CHALLENGE

Rising costs and expenditures.

The cost of raw materials used in forklift production—including steel, aluminum, and lithium—has increased by 18% from 2022 to 2024. Additionally, global freight costs rose by 34% during the same period, driving up prices. This has raised the average price of a standard electric forklift to over $28,000 by 2024, up from $23,000 in 2021. Labor shortages, particularly of trained operators, also remain a critical concern, with over 75,000 forklift operator vacancies in the U.S. alone as of 2023. These challenges strain profitability and hamper timely project fulfillment in key regions.

Forklifts & Lift Trucks Market Segmentation

The forklifts & lift trucks market is segmented by type and application. Based on type, the market includes Class 1 (Electric Rider), Class 2 (Narrow Aisle), Class 3 (Electric Pallet), and Class 4/5 (Internal Combustion). Applications include warehouses, factories, distribution centers, airports, and others. In 2024, Class 1 trucks held 39% of the global unit share, while warehouse applications accounted for 52% of installations.

By Type

• Class 1 Forklift Trucks: Electric rider forklifts dominate the forklifts & lift trucks market with 39% of unit shipments in 2024. These models are ideal for indoor operations, particularly in cold storage and e-commerce warehouses. Lithium-ion battery usage in Class 1 forklifts increased by 37% in 2023. Over 450,000 Class 1 units were sold worldwide in 2023 alone.
• Class 2 Forklift Trucks: Narrow aisle trucks, used in high-density storage environments, accounted for 14% of market volume in 2023. The adoption of Class 2 forklifts is driven by space optimization, with 28% of warehouses globally converting to high-bay racking systems in 2024. Over 160,000 units of Class 2 forklifts were deployed in 2023.
• Class 3 Forklift Trucks: Class 3 trucks, comprising electric pallet jacks and stackers, represent 24% of global units. Their popularity in supermarkets, retail backrooms, and short-distance logistics has driven annual sales past 280,000 units in 2024. These forklifts are also favored for their compact size and lower maintenance.
• Class 4/5 Forklift Trucks: Internal combustion engine forklifts, once market leaders, now hold 23% of share due to emission regulations. Diesel-powered Class 5 forklifts still dominate outdoor applications and container yards, with over 265,000 units sold in 2023. The market saw a 9% drop in demand for IC models due to rising fuel costs.

By Application

• Warehouses: Warehouses are the largest application sector, using over 3.4 million forklifts globally as of 2024. This segment accounted for 52% of the total market, driven by e-commerce growth and storage automation.
• Factories: Over 1.2 million forklifts were deployed in manufacturing facilities globally in 2024. These include both indoor electric trucks and rugged outdoor combustion forklifts.
• Distribution Centers: Distribution hubs account for 17% of forklift applications globally, with over 850,000 units in use. High-load capacity and efficiency are key requirements in this segment.
• Airports: Approximately 120,000 forklifts were active in airport ground handling and logistics in 2024. Battery-powered forklifts with compact frames are increasingly preferred in terminals.
• Others: This includes ports, malls, and construction yards, comprising about 6% of the market. Heavy-duty forklifts used in these sectors typically support 10,000 lbs. capacity and beyond.

Forklifts & Lift Trucks Market Regional Outlook

The global forklifts & lift trucks market exhibits diverse growth patterns across different geographies.

• North America

In North America, over 760,000 forklifts are currently operational, with 61% of those being electric. The U.S. accounts for more than 600,000 units in use, while Canada operates about 90,000 units. Warehouse construction in the U.S. rose by 29% from 2021 to 2024, leading to an annual demand of over 110,000 new forklifts in 2023 alone.

• Europe

Europe has more than 1.1 million forklifts in active service, with Germany contributing over 280,000 units and France about 170,000 units. Electric models make up 74% of total forklift sales in the region, largely due to strict emission regulations. The EU's Clean Mobility Package drove a 22% surge in electric forklift purchases between 2022 and 2024.

• Asia-Pacific

Asia-Pacific leads the global forklifts & lift trucks market with more than 2.2 million units in operation. China alone sold over 910,000 forklifts in 2023, accounting for 41% of global sales. India saw a 23% increase in forklift sales in 2024, with over 95,000 units deployed. Japan has over 140,000 forklifts in use, heavily concentrated in the manufacturing sector.

• Middle East & Africa

The Middle East & Africa region has over 180,000 forklifts in use, with UAE and Saudi Arabia leading the demand. Warehouse automation in Dubai Free Zone increased forklift deployment by 31% between 2022 and 2024. South Africa, with over 35,000 active forklifts, shows growing interest in electric models due to rising diesel prices.

List of Top Forklifts & Lift 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: leads the forklifts & lift trucks market with over 310,000 units sold globally in 2023, representing 12.8% of global volume.

Kion Group: follows closely with more than 240,000 units sold in 2023, supported by its Linde and STILL brands.

Investment Analysis and Opportunities

The forklifts & lift trucks market is attracting significant investments across automation, electrification, and manufacturing capacity expansion. In 2023, capital expenditure by the top five manufacturers exceeded $2.4 billion globally, a 17% increase over 2021. Toyota Industries Corporation alone invested over $650 million in expanding its U.S. and Asia-Pacific production units. Meanwhile, Kion Group initiated new manufacturing lines in Poland and India, targeting a combined annual output of 120,000 units by 2025.

Investments in lithium-ion battery manufacturing also support forklift electrification. More than 18 specialized battery production plants were either launched or upgraded between 2022 and 2024. These facilities added 1.1 gigawatt-hours of annual capacity dedicated to material handling vehicle batteries. Furthermore, leasing and fleet financing programs are gaining momentum. Over 31% of new forklift units in North America were financed under long-term lease agreements in 2024, up from 23% in 2021, reducing the upfront investment burden for SMEs.

Startups focusing on AI-driven telematics raised over $180 million in venture capital in 2023 alone. Companies are integrating predictive analytics to reduce maintenance costs by 22% and extend asset life by 16%. Additionally, investments in hydrogen fuel cell R&D surged by 29% in 2024, with pilot deployments reaching over 1,800 forklifts globally, especially in green logistics projects in Japan and Germany.

New Product Development

Innovation in the forklifts & lift trucks market is accelerating, with manufacturers launching upgraded models that cater to high performance, energy efficiency, and intelligent automation. In 2023, more than 120 new forklift models were introduced across global markets, with 56% of these being electric-powered. Toyota unveiled its new 3-wheel lithium-ion electric forklift capable of operating continuously for 8.5 hours on a single 2-hour charge, improving productivity by 22% in warehouse operations.

Jungheinrich launched an integrated safety forklift with 360-degree pedestrian detection sensors, reducing collision incidents by 48% in pilot programs conducted across 5 European warehouses. Similarly, Hyster-Yale released a heavy-duty lift truck capable of handling 36,000 lbs, designed for seaport logistics. The model features a dual-axle stabilizer system and reports a 17% increase in maneuverability in constrained spaces.

Hydrogen fuel cell forklifts are gaining momentum as zero-emission alternatives. Plug Power collaborated with manufacturers to release over 800 hydrogen-powered forklifts across North America in 2023. These forklifts can refuel in less than 3 minutes and deliver similar torque as diesel-powered counterparts. Moreover, battery-swapping technology is being adopted at scale; over 12,000 forklifts globally now support modular battery replacement systems that cut downtime by 67%.

Five Recent Developments

• Toyota Material Handling: launched a new electric forklift series in Q3 2023 with enhanced ergonomic controls and extended lithium-ion battery life of 12 hours, increasing daily warehouse operational time by 26%.
• Kion: Group completed its new $180 million factory in Jinan, China, in 2024, capable of producing 70,000 units annually, boosting the company's total output capacity in Asia by 35%.
• Jungheinrich AG: introduced an autonomous mobile lift truck in 2024 featuring SLAM navigation and fleet cloud integration, which reduced labor costs by 19% in pilot sites across Germany and the Netherlands.
• Crown Equipment: deployed its InfoLink telematics system on over 15,000 forklifts globally by mid-2023, resulting in a 21% increase in operator efficiency and 14% decrease in fuel usage.
• Hyster-Yale: signed a strategic supply agreement in 2023 with Nuvera Fuel Cells to equip over 3,000 of its heavy-duty trucks with hydrogen power systems, targeting emissions-free logistics for ports and construction sites.

Report Coverage of Forklifts & Lift Trucks Market

The forklifts & lift trucks market report offers comprehensive coverage of industrial lift vehicles utilized in warehousing, manufacturing, logistics, construction, and retail environments. It includes electric rider forklifts, narrow aisle trucks, pallet jacks, internal combustion forklifts, and hybrid models. In 2024, more than 5.8 million forklift units were active globally, with Asia-Pacific holding over 2.2 million, Europe accounting for 1.1 million, and North America hosting 760,000.

The scope includes classification by vehicle class, power type (electric, diesel, hydrogen), and lift capacity, ranging from under 3,000 lbs to over 36,000 lbs. The report captures market dynamics through 400+ data points including fleet size, sales volume, application usage ratios, warehouse penetration levels, battery consumption rates, and unit replacement cycles. For instance, in Class 3 trucks, the average replacement cycle is 6.5 years, while for Class 5 trucks, it is closer to 10 years.

Coverage includes analysis of forklift demand by industry verticals such as retail (18%), manufacturing (22%), third-party logistics (25%), construction (12%), and airport operations (4%). The forklifts & lift trucks market also includes geographic evaluation across 20 countries and four key regions, documenting variations in regulatory environment, electrification rate, and maintenance infrastructure availability.

In addition, the report covers the competitive landscape by profiling 19 major manufacturers and detailing strategic developments such as plant expansions, mergers, product rollouts, and digital platform launches. The report includes over 120 figures and tables, detailing yearly unit sales, production splits, investment flows, operator statistics, downtime hours per unit, and telematics adoption rates.

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