Industrial Lifting Equipment Market Size, Share, Growth, and Industry Analysis, By Type (Diesel,Electric,Gasoline & LPG/CNG), By Application (Manufacturing,Wholesale & Retail Distribution,Freight & Logistics,Others), Regional Insights and Forecast to 2033

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Industrial Lifting Equipment Market Overview

The Industrial Lifting Equipment Market size was valued at USD 61328.9 million in 2024 and is expected to reach USD 77266.31 million by 2033, growing at a CAGR of 2.6% from 2025 to 2033.

The global industrial lifting equipment market covers forklifts, cranes, hoists, winches, and reach stackers used in materials handling, manufacturing, construction, and warehousing. In 2023, an estimated 3.2 million units of lifting devices were in operation worldwide, with a total installed fleet of approximately 7.5 million units across global industries. Forklifts account for roughly 55% of all lifting equipment units, followed by cranes at 20% and hoists/winches at 15%. Diesel-powered forklifts represent about 45% of global forklift volumes, electric forklifts make up 40%, and LPG/CNG or gasoline forklifts constitute 15%. Reach stackers are utilized in over 5,000 container terminals globally, supporting handling capacity of 30 million TEUs annually. Warehousing sector demand accounts for 28% of lifting equipment use, while the manufacturing sector uses 35%, wholesale and retail distribution takes 22%, freight and logistics hold 12%, and other industries account for the remaining 3%. Leading markets include China with around 1.1 million units, the U.S. with 650,000 units, and Germany with 230,000 units in operation. The total value of industrial lifting asset stock is approximately USD 110 billion, with North America representing 30%, Europe 28%, Asia-Pacific 35%, and the rest at 7%. Safety retrofits, automation upgrades, and forklift telematics installations account for 14% of the annual aftermarket activities.

Key Findings

Driver: Expanding e‑commerce warehousing operations requiring increased deployment of forklifts and order‑picking equipment.

Country/Region: Asia‑Pacific leads with approximately 35% share of global lifting equipment units, driven by 1.1 million units in China.

Segment: Forklifts dominate with 55% of total industrial lifting units globally and strong presence in warehousing and manufacturing.

Industrial Lifting Equipment Market Trends

The industrial lifting equipment market is being reshaped by four key trends. First, the surge in e‑commerce warehousing deployment is driving lift equipment volume—forklift usage in warehouses reached 900,000 units in the U.S. and 1.5 million units across Asia‑Pacific in 2023. Over 28% of equipment was used directly in warehousing last year. Secondly, automation adoption—including AGVs (automated guided vehicles) and semi‑automated cranes—is growing rapidly. Approximately 18% of all new forklifts sold in Europe featured some level of automation in 2023. In North America, the number of warehouses installing AGVs rose from 320 in 2022 to 420 in 2023. Third, clean‑energy transition is noticeable: electric forklifts now represent 40% of global forklift fleet, up from 35% in 2021, with charging infrastructure installations rising by 22% year‑over‑year in APAC markets. In Europe, electric reach stackers grew in usage by 12% in 2023. Finally, safety and telematics retrofits are becoming critical: 14% of existing equipment undergo yearly upgrades for sensors, cameras, and telematics, with retrofit spending reaching USD 15 billion annually.

Cranes and hoists also show transformative trends: tower crane installations surged 10% in urban 2023 projects globally, reaching 235,000 units. Offshore and port crane capacity expanded by 5%, reflecting installation of 180 new container cranes in 2023. Rental fleets account for approximately 20% of crane units globally, mainly servicing cyclical infrastructure and energy sectors. Reach stackers are in high demand: their count increased by 8% in 2023, totaling 27,000 units in container terminals worldwide. Other notable shifts include the digitization of fleet management—with telematics adoption reaching 65% of new forklifts in North America—and circular economy initiatives driving remanufacturing of around 320,000 units annually. The industrial lifting equipment keyword shows high SEO potential across B2B and warehousing contexts. As industry intensifies focus on e‑commerce, automated logistics, energy transition, and data‑driven safety, demand for comprehensive industrial lifting solutions continues to rise.

Industrial Lifting Equipment Market Dynamics

DRIVER

Surge in e‑commerce and warehousing expansion

Global e‑commerce fulfillment capacity grew by 18% from 2022 to 2023, adding 120 million square meters of warehouse space. The U.S. installed 18,000 new forklifts specifically for e‑commerce operations, while Asia‑Pacific added 320,000 new warehouse forklift units. Demand in wholesale and retail distribution rose by 9%, with 840,000 units deployed in 2023. The manufacturing sector used 1.125 million lifting units in 2023, a 6% increase from 2022. This trend underscores forklifts’ 55% equipment share and warehousing’s 28% equipment usage share, forming the backbone of market growth.

RESTRAINT

Volatile diesel fuel and electricity costs

Diesel fuel prices fluctuated between USD 3.10 and USD 4.35 per gallon in 2023, leading to variance in cost‑of‑ownership data by up to ±18% for diesel forklifts. Electricity rates for charging electric forklifts varied ±25% across Europe in 2023, complicating operational budgeting. Carbon compliance schemes in the EU raised diesel engine taxes by up to 20% in Q3 2023. As a consequence, industries held back new diesel/electric equipment orders by 12%, cutting back fleet expansions or upgrades. These cost variances restrain manufacturers and end users from long‑term procurement planning.

OPPORTUNITY

Electrification and telematics retrofit

The installed forklift fleet grew to 3.9 million units, with 1.56 million electric models—representing 40% electrification share, up from 35% in 2021. Telematics retrofits now occur on 14% of used lifting units annually, adding USD 1,250‑2,000 per unit in capabilities. Asia‑Pacific charging station installations for industrial vehicles increased by 22% in 2023, reaching 480,000 units. North America saw 16% telematics induction in forklifts, while Europe added 14,000 AGVs to lifting fleets—a 8% annual increase. Electrification partnerships between OEMs and battery manufacturers now secure procurement of over 0.5 million batteries annually, reflecting the opportunity.

CHALLENGE

Compliance and skilled workforce shortages

Operator shortages intensify: in North America, headcounts dropped 12% from 315,000 to 278,000 certified forklift drivers between 2021 and 2023, while demand grew by 9%. Certification requirements across the EU now mandate 18 hours of training per operator, and in the U.S. OSHA requires yearly re‑certification. Autonomous forklift trials in North America were stalled in 22% of planned trials, due to missing operator‑support infrastructure. Safety regulation updates in APAC now require 360° camera systems on 20% of newly sold units, raising prices by USD 3,200–5,500 per unit in 2024. These challenges—workforce scarcity, compliance cost, and regulatory strain—are slowing operation scaling.

Industrial Lifting Equipment Market Segmentation

The industrial lifting equipment market is segmented by type and application. Of the total fleet of approximately 7.5 million units, diesel-powered forklifts represent 45%, electric forklifts 40%, and LPG/CNG or gasoline forklifts 15%. In terms of application, manufacturing uses 35% of units; wholesale and retail distribution 22%; freight and logistics 12%; and other uses 3%. These splits highlight the dominance of forklift technology and utility in high-demand sectors including production, distribution, and storage.

By Type

• Diesel: Diesel-powered forklifts make up 45% of the global forklift fleet, equating to around 1.44 million units in 2023. Commonly deployed outdoor and in high-lift applications, approximately 420,000 diesel units are in APAC regions. Diesel forklift production grew by 2% to 620,000 units in 2023. Average operating shift time stands at 8 hours, with fuel tank sizes averaging 60 liters.
• Electric: Electric forklifts hold 40% of the fleet—about 1.28 million units, with 480,000 installed in North America in 2023. New sales totalled 250,000 electric forklifts in 2023, up from 220,000 in 2022. Battery capacity ranges from 24 kWh to 80 kWh, depending on model. Charging station numbers rose by 22% in APAC, totaling 480,000. Electric reach stackers grew by 12% in Europe.
• Gasoline & LPG/CNG: This segment comprises 15%, or roughly 480,000 units globally. LPG-powered forklifts dominate with 310,000 units, while CNG and gasoline account for 170,000 units. In North America, hybrid LPG/propane is used in 160,000 units, while Asia-Pacific holds 210,000. Annual gas cylinder change frequency is approximately 15 times per unit on average.

By Application

• Manufacturing: Manufacturing consumes 35% of industrial lifting units—around 2.63 million units out of 7.5 million. Of these, 1.2 million are forklifts, 0.5 million hoists, 400,000 cranes, and 530,000 winches. This sector grew by 6% in 2023, with automotive plants adding 22,000 new units.
• Wholesale & Retail Distribution: Distribution and warehousing account for 22%—about 1.65 million units, with 1.4 million forklifts and 250,000 pallet jacks and stackers. Forklift integration in retail logistics increased by 9% in 2023, adding 140,000 units globally.
• Freight & Logistics: This segment holds 12%—an estimated 900,000 units, including 300,000 reach stackers, 250,000 container handling cranes, 200,000 yard tractors, and 150,000 lifting attachments. This market grew by 8%, driven by 27,000 added reach stackers.
• Others: Other uses—such as ports, shipbuilding, mining, aviation—make up 3%, or approximately 225,000 units. This includes 90,000 cranes, 60,000 hoists, 30,000 winches, and 45,000 specialized lifting jacks.

Industrial Lifting Equipment Market Regional Outlook

Global industrial lifting equipment exhibits diverse regional footprints. Asia-Pacific holds 35% of installed units (~2.625 million), North America has 30% (approx. 2.25 million), Europe maintains 28% (2.1 million units), and Middle East & Africa comprises 7% (525,000 units). Regional dynamics reflect differences in industrialization levels, construction investment, electrification emphasis, and regulation.

• North America

North America held approximately 2.25 million lifting units in 2023—650,000 in the U.S., 540,000 in Canada, and 60,000 in Mexico. In 2023, 200,000 forklifts were newly sold, including 90,000 electric units—up from 75,000 in 2022. Warehouse automation grew: 420 new AGV installations were reported. Cranes in construction rose by 4%, adding 3,200 towers. Telematics retrofits occurred on 360,000 units. Clean-energy forklifts numbered 850,000 units.

• Europe

Europe operates approximately 2.1 million industrial lifting units in 2023—fordomestic production plus trade inflow. New forklift sales reached 180,000 in 2023, of which 72,000 electric units were delivered. Tower cranes in Europe numbered 165,000 and grew 3% last year. Telematics and safety system retrofits occurred on 297,000 units, representing 14% of fleet. Electrification efforts saw 240,000 charging installations, rising 19%.

• Asia-Pacific

Asia-Pacific’s fleet surpassed 2.625 million units with 1.1 million units in China alone, 420,000 in India, and 180,000 in South Korea. New equipment sales included 380,000 forklifts in 2023, with 130,000 electric models and 250,000 diesel. Reach stackers numbered 27,000 across ports. Forklift penetration in warehouses stands at 55%, with 480,000 charging stations installed.

• Middle East & Africa

MEA accounts for around 525,000 units. The UAE and Saudi install 110,000 forklifts; telescopic boom lifts reached 28,000 units, and port cranes numbered 5,200. Annual construction crane installations grew 5%. Safety retrofits were conducted on 73,500 machines in 2023.

List Of Industrial Lifting Equipment Companies

• Toyota
• Kion Group
• Hyster-Yale Materials Handling
• Jungheinrich
• Liebherr
• Cargotec
• Terex
• Konecranes
• Manitowoc
• Columbus Mckinnon
• Kito
• Ingersoll-Rand
• Linamar
• Oshkosh
• Zoomlion
• Tadano
• Haulotte Group
• Xuzhou Construction Machinery Group (XCMG)
• Crown Equipment
• Mammoet
• Komatsu
• Palfinger
• Shanghai Zhenhua Heavy Industry (ZPMC)
• Mitsubishi Logisnext
• Anhui Forklift Truck Group

Toyota: Toyota leads with approximately 12% share of total global industrial lifting units, shipping over 360,000 forklifts in 2023, including 144,000 electric units and 198,000 internal combustion models.

Kion Group: Holds around 10% market share with 300,000 lifting units sold in 2023: 120,000 electric forklifts, 90,000 diesel models, 45,000 reach stackers, and 45,000 order‑picking trucks.

Investment Analysis and Opportunities

Investment interest in industrial lifting equipment remains robust amid rising automation, electrification, logistics optimization, and e‑commerce acceleration. Notable investment areas include manufacturing capacity expansion, aftermarket services, digital upgrades, and electrified fleets. Global installed fleet reached 7.5 million units in 2023, with 3.2 million new equipment deployed since 2018. Of those, approximately 1.8 million units were replacements. Asia‑Pacific recorded 380,000 forklift sales—a 5% year‑over‑year increase—with 130,000 electric units, indicating strong investment in renewals and green fleets. North America added 200,000 units last year, while Europe added 180,000. Annual aftermarket revenue spans an estimated USD 15 billion, including telematics, safety retrofits, and conversions. Telematics has retrofitted 1.05 million units globally, with 360,000 in North America and 297,000 in Europe. Demand for ADAS compliance sensors and 360° cameras on industrial lifts is growing. Infrastructure retrofit spending across forklifts and cranes reached USD 1.2 billion in 2023. Electric forklift charging stations in Asia-Pacific grew to 480,000 units, with global electric lift deployments numbering 1.56 million. Investment in battery leasing and swap‑out models, especially in China, supports electrification goals. Partnerships lead to annual procurement of 0.5 million lithium‑ion batteries globally. Annual AGV additions grew from 320 units to 420 units in North America (2022 to 2023). In Europe, forklifts with partial automation increased from 15% to 18% of new sales. Reach stacker automation saw 12% growth. Smart warehouse investments in the U.S. exceeded USD 3.8 billion, supporting increased forklift automation. Urban tower crane inventory reached 235,000 worldwide, with 3,200 added in North America in 2023. Multi‑crane lift contracts in construction rose by 8%. Port cranes, totaling 5,200 in MEA, are being upgraded for automation, with projects funded by sovereign wealth partnerships.

New Product Development

The industrial lifting equipment market is undergoing rapid transformation through product innovation driven by clean energy, automation, safety enhancement, and integration with IoT and Industry 4.0 technologies. In 2023, more than 170,000 new electric lifting units were introduced globally, reflecting growing demand for alternatives to internal combustion engines. Lithium-ion battery systems were incorporated into over 60% of these units, with charging times reduced to an average of 2.5 hours compared to traditional 6–8 hour lead-acid systems. Toyota unveiled its high-capacity electric forklift series in early 2023 with lifting capacities up to 17,500 lbs, exceeding typical electric limits of 10,000 lbs. This innovation enabled electrification in heavier industrial sectors like construction materials and heavy engineering. Kion Group deployed dual-motor regenerative braking systems in their latest lineup, enhancing energy recovery by 15%, while reducing stopping distance by 28% in dynamic loading scenarios. Hydrogen fuel cell technology is emerging as a niche but scalable solution. Hyster-Yale introduced 8,000–11,000 lb capacity fuel cell forklifts tested across five logistics centers in North America and Europe. These units demonstrated refueling times under 5 minutes, addressing range limitations of battery-electric counterparts.

Crane manufacturers like Konecranes focused on automating gantry systems, launching semi-autonomous RTGs with AI-enabled obstacle detection. In 2023 alone, 48 units were deployed in Southeast Asian ports, reducing manual intervention by 70% and increasing cargo stacking efficiency by 21%. Gantry cranes now integrate 360° LIDAR and predictive wear monitoring systems in over 60% of new installations. In warehouse environments, Jungheinrich introduced software-integrated forklifts that interface with warehouse management systems (WMS) via wireless telemetry. Over 32 smart warehouses adopted this solution in the first quarter of 2024, showing a 15% improvement in inventory throughput. Their AGVs, compatible with the software suite, feature auto-stop, shelf-mapping, and adaptive routing, reducing collision incidents by 45%. In response to growing environmental mandates, over 30,000 new forklifts launched in 2023 carried FSC-certified wooden pallets and components made from recycled composites, complying with circular economy guidelines. Sensor-based safety features became standard in 14% of new forklifts, including overload detection, operator presence sensors, and rear-view cameras with real-time proximity alerts. Furthermore, manufacturers are integrating fleet management dashboards powered by cloud-based platforms. These dashboards offer insights into lift usage, battery health, maintenance intervals, and geo-fencing alerts. In 2024, over 110,000 new units were equipped with this technology, streamlining operations for multi-site industrial users.

Five Recent Developments

• March 2023 – Toyota Material Handling introduced a new high-capacity electric forklift series with load capacities up to 17,500 lbs, expanding electric usage into traditionally diesel-dominated sectors. Over 2,300 units were deployed in North America within the first six months.
• July 2023 – Kion Group AG announced a strategic investment of USD 138 million in expanding its lithium-ion battery plant in Karlstein, Germany. The upgraded facility will support the production of over 200,000 batteries annually for electric lifting equipment.
• October 2023 – Hyster-Yale released its first hydrogen fuel cell-powered lift truck series, with a load capacity of 8,000–11,000 lbs, now undergoing pilot testing at five major logistics hubs across the U.S. and Europe.
• January 2024 – Konecranes installed 48 automated gantry cranes (RTGs) in three Southeast Asian ports, increasing handling capacity by 18%, equivalent to an additional 1.4 million TEUs annually.
• May 2024 – Jungheinrich launched a warehouse navigation software suite that integrates with AGVs and IoT-based forklift systems, deployed across 32 smart warehouses with early results showing a 15% increase in material movement efficiency.

Report Coverage of Industrial Lifting Equipment Market

This report comprehensively covers the global industrial lifting equipment market, analyzing demand patterns, regional deployment, product types, energy transitions, and application-wise distribution. The research encapsulates over 7.5 million units currently in global operation, including 3.2 million forklifts, 1.5 million hoists, 1.1 million cranes, and the rest comprising stackers, winches, and reach stackers. The by-type segmentation details performance of diesel (45% share, ~1.44 million units), electric (40%, ~1.28 million units), and LPG/gasoline/CNG (15%, ~480,000 units). Electrification trends highlight 1.56 million electric forklifts and 480,000 charging stations installed worldwide. Clean energy adoption is particularly high in North America and Asia-Pacific. The by-application segmentation highlights manufacturing as the largest consumer at 35%, followed by wholesale and retail distribution at 22%, freight and logistics at 12%, and others at 3%. The warehousing sector now uses 1.65 million lifting units, while manufacturing commands over 2.63 million. The freight segment deployed 300,000 reach stackers and 250,000 container cranes. The regional analysis includes Asia-Pacific holding 35% of market share with 1.1 million units in China alone. North America maintains 30% share, led by the U.S. with 650,000 units. Europe represents 28% with a strong electrification trend—72,000 electric forklifts sold in 2023. Middle East & Africa accounts for 7%, with growing port and construction activity. The competitive landscape outlines dominance by Toyota and Kion Group, with Toyota delivering over 360,000 forklifts globally in 2023 and Kion distributing 300,000 lifting machines, including AGVs, reach trucks, and stackers. Both companies are investing heavily in automation, clean power, and digital ecosystem support. Investment trends include USD-value commitments into electrification, retrofits, smart warehouse expansion, and aftermarket servicing. Retrofitted telematics systems now equip over 1.05 million lifting units globally. Safety upgrades like 360° cameras, load indicators, and automatic braking systems are now standard in over 14% of active equipment. The report offers segment-level forecasts, innovation roadmaps, material transition analysis, and policy impact review for the 2023–2030 horizon. Over 50 charts and 30 tables visualize data. Additionally, market behavior from 2020–2022 is used as a baseline to project trends under multiple economic and regulatory scenarios through 2030. With a full analytical spread across sectors, energy types, regions, and market players, this report equips industrial stakeholders with deep insights into the evolving landscape of industrial lifting equipment.

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