Forklift Market Size & Share, Trends Report, 2022-2029

Forklift Market Size & Share, Trends Report, 2022-2029

Forklift Trucks Market was valued at USD 53.1 billion in 2021 and is estimated to hit USD 87.9 billion in 2029, growing at a CAGR of 6.5% during the forecast pe

Forklift Trucks Market

Forklift Trucks Market was valued at USD 53.1 billion in 2021 and is estimated to hit USD 87.9 billion in 2029, growing at a CAGR of 6.5% during the forecast period.

The factors driving the growth of Forklift Trucks Market includes rapid growth in the construction industry, growing popularity of electric forklift trucks, rise in the production of hydrogen fuel cell forklifts and increase in the number of warehouses and distribution centers around the world. According to the report published by Statista, the market size of Global Construction Industry was calculated around USD 6.4 trillion in 2020 and is expected to reach USD 14.4 trillion by the end of 2030, which will accelerate the Forklift Trucks Market share in the approaching years. Moreover, expansion of the e-commerce industry, Government regulations promoting the use of forklift trucks, rise in the launch of innovative products and growing adoption of advanced technologies by manufacturers, are some of the additional factors supplementing the Forklift Trucks Market size. In addition, the increasing investments by leading players on research and development, growing concerns related to safety of forklift trucks, rapid urbanization, and rising population growth rates, are further contributing towards the market growth.

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However, growth of the Forklift Trucks Market is hindered attributed to high cost of battery-operated trucks.

The prominent players operating in the market are Jungheinrich AG, MITSUBISHI HEAVY INDUSTRIES, LTD., Crown Equipment Corporation, Clearpath Robotics, Inc., TOYOTA INDUSTRIES CORPORATION, KION GROUP AG, Hyster-Yale Materials Handling, CLARK, Anhui Heli Co., Ltd., Komatsu Ltd. and JBT among others.

Based on Class, the Class 3 segment is predicted to grow at a significant CAGR during the forecast period

Increasing use of class 3 forklift in the warehouses owing to its high unloading capabilities, is the major factor pushing the growth of the segment.

Based on Power Source, the Electric segment is projected to capture the largest market share over the forecast period

Strict regulations imposed by governing bodies to reduce carbon emissions, is propelling the segment’s growth.

Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period

Increasing Foreign Direct Investments (FDI) inflows in the manufacturing sector, growing popularity of electric forklifts, expansion on the construction industry, rising disposable incomes, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.

Key Developments

In 2019, JBT in partnership with Hyster-Yale Materials Handling, officially launched a new dual-mode AGV to the market in cooperation with. This partnership will help JBT to demonstrate its automated guided vehicle and its commitment to deliver automation to customers in the international markets.

In 2017, TOYOTA INDUSTRIES CORPORATION announced the acquisition of Vanderlande Corporation’s, this acquisition helped the company in generating revenue from the trucks and increased its presence in the Internal markets.

Market Segmentation

Segmentation by Class

Class 1

Class 2

Class 3

Class 4/5

Segmentation by Power Source

Internal Combustion Engine


Segmentation by Region

Asia Pacific




Rest of APAC

North America

United States of America



United Kingdom




Rest of Europe



South Africa

Saudi Arabia


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