Press release
Forklift Truck Industry Sector Lucrative Growth | Warehousing & Manufacturing Investments - Global Companies are Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Mitsubishi Logisnext Co
Forklift Truck Industry
2024 Market Size: US$79.34 Billion
2033 Projected Market Size: US$142.08 Billion
CAGR (2025-2033): 7.7%
Asia-Pacific: Largest market in 2024
North America: Fastest-growing market
DataM Intelligence has published a new research report on "Forklift Truck Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.
With over one-third of the global population shopping online, e-commerce has grown into a $6.8 trillion industry, projected to hit $8 trillion by 2027. The surge in online shoppers around 2.77 billion has fueled demand for efficient warehousing and last-mile delivery, driving forklift sales. In the U.S., retail e-commerce sales reached $304.2 billion in Q2 2025, up 1.4% from Q1, while total retail sales rose 0.4% to $1,865.4 billion.
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Latest M&A
Toyota Industries Corporation was privatized in a $33 billion buyout involving Toyota Motor and Toyota Fudosan to deepen group alignment and support electrification and autonomous forklift development.
Borgman Capital acquired Harlo Corporation, expanding its portfolio in industrial and material handling equipment.
Alta Equipment Group acquired Yale Industrial Trucks, strengthening its North American presence in material handling.
JLG Industries acquired AUSA for all-terrain and compact forklift expansion, while Big Lift LLC acquired Epicker LLC to advance sustainable electric material handling solutions.
Jungheinrich divested its Russian unit to a local buyer, reflecting a shift in international market strategies
Key Players:
Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Crown Equipment Corporation, Mitsubishi Logisnext Co., Hyster-Yale Materials Handling, Anhui Forklift Group Co. (HELI), Hangcha Group Co., Doosan Bobcat, and Clark Material Handling
Growth Forecast Projected:
The Global Forklift Truck Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
Research Process:
Both primary and secondary data sources have been used in the global Forklift Truck Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.
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Key Segments:
BY Power-train Type: (Internal Combustion Engine (ICE), Electric, Hydrogen Fuel-cell Vehicle (HFCV))
BY Vehicle Class: (Class I (Electric Rider Trucks), Class II (Electric Narrow-Aisle), Class III (Electric Pallet), Class IV (ICE Cushion-Tire), Class V (ICE Pneumatic-Tire))
BY Load Capacity: (Less than 5 Tons, 5-15 Tons, Above 15 Tons)
BY End-user: (Manufacturing, Logistics & Warehousing, Construction & Infrastructure, Retail & Wholesale, Food & Beverage Cold-Chain, Others)
Regional Analysis for Market:
Asia-Pacific Leads Forklift Market (43.23%)
Asia-Pacific dominates the global forklift market, driven by rapid industrialization, strong manufacturing, and booming e-commerce. China leads globally in digital retail, with over 60% of its 1.4 billion population shopping online, fueling massive demand for advanced warehousing and logistics where forklifts are essential. India's upcoming semiconductor production by 2025 marks a key industrial milestone, further driving automation and material-handling needs. Manufacturers are also introducing region-specific innovations-such as Yale's ERP2.0-3.5MXLG electric forklift launched in February 2025-offering sustainable, efficient solutions that reinforce Asia-Pacific's leadership.
North America Holds 27.86% Share
North America remains a key market, driven by strong e-commerce growth, automation, and infrastructure expansion. In Canada, online shoppers are expected to reach 77.6% of the population by 2025, boosting warehouse and forklift demand. Major OEMs like Toyota Material Handling are launching advanced electric forklifts, including the 2025 Mid & Large Electric Pneumatic series, supporting the region's focus on efficiency, safety, and sustainability through electrification and automation.
Benefits of the Report:
Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.
Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.
Chapter 3: Offers an in-depth look at the competitive landscape among Forklift Truck producers, including revenue shares, strategic moves, and recent mergers and acquisitions.
Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.
Chapters 5 & 6: Analyze Forklift Truck revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.
Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.
Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.
Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.
Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.
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FAQ's
Q: How fast is the Forklift Truck Market growing?
A: The Market is on an impressive growth trajectory, expected to expand at a CAGR of 7.7% from 2025 to 2032
Latest News
Revolutionary new models include an 18-meter three-way forklift and lithium-ion forklifts with advanced battery management systems.
Mitsubishi Logisnext/Cat Lift Trucks launched the Q Series electric cushion forklift, emphasizing enhanced performance and eco-efficiency.
Companies are rolling out real-time telematics and IoT-enabled predictive maintenance platforms to cut downtime and boost productivity.
Autonomy and operator assist features, including proximity detection, overload prevention, object detection, and VR safety training, are increasingly mandatory due to regulatory and operational demands.
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DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
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