Press release
Forklift Trucks Market to Reach US$ 111.5 Bn by 2032 as Key Players Toyota Industries, KION Group, Jungheinrich, Mitsubishi Logisnext, and Hyster-Yale Expand Global Material Handling Portfolios
Forklift Trucks Market
According to Persistence Market Research, the global forklift trucks market size is expected to be valued at US$66.6 Bn in 2025. The market is projected to reach US$111.5 Bn by 2032, expanding at a CAGR of 7.2% from 2025 to 2032. This growth is driven by the rapid expansion of e-commerce, supportive government initiatives aimed at strengthening industrial infrastructure, and rising sales volumes across developed and emerging economies. Among product categories, compact forklift trucks are gaining significant traction due to their ease of operation and suitability for urban warehouses. Geographically, Asia Pacific leads the forklift trucks market, supported by strong manufacturing activity, expanding logistics networks, and rising disposable incomes that fuel retail and industrial demand.
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Key players operating in the forklift trucks market include:
• Sumitomo Heavy Industries, Ltd.
• Toyota Material Handling
• BYD
• Manitou Group
• Kalmar (Cargotec Finland Oy)
• V. Mariotti S.r.l.
• Doosan Corporation (Industrial Vehicle)
• MiMA forklift
• AUSA
• Mitsubishi Nichiyu Forklift Co., Ltd.
• Crown Equipment Corporation
• Anhui HeLi Co., Ltd.
• CLARK Material Handling Co., Ltd.
• Kion Group AG
• Jungheinrich AG
Key Highlights from the Report
➤ The forklift trucks market is projected to grow from US$66.6 Bn in 2025 to US$111.5 Bn by 2032 at a CAGR of 7.2%
➤ Expansion of e-commerce fulfillment centers is a primary growth catalyst for forklift truck demand
➤ Compact forklift trucks are emerging as the leading segment due to convenience and space efficiency
➤ Supportive government initiatives are strengthening industrial and logistics infrastructure globally
➤ Asia Pacific dominates the forklift trucks market owing to high manufacturing output and logistics investments
➤ Shifting shopping behaviors and rising disposable incomes are accelerating warehouse automation needs
Market Segmentation
By Product Type
• Counterbalance Forklift Trucks
• Warehouse Forklift Trucks
By End-user
• Mining
• Manufacturing
• Retail & Wholesale
• Logistics
• Construction
• Automotive
• Food & Beverages
• Chemical
By Class
• Class 1 Forklift Trucks
• Class 2 Forklift Trucks
• Class 3 Forklift Trucks
• Class 4&5 Forklift Trucks
By Technology
• Electric Motor Forklift Trucks
• IC Engine Forklift Trucks
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
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Regional Insights
Asia Pacific remains the dominant region in the forklift trucks market, supported by rapid industrial expansion, large-scale manufacturing operations, and the development of logistics infrastructure. Countries across the region are witnessing strong demand for forklift trucks due to increasing warehouse construction and rising e-commerce penetration. Government initiatives aimed at modernizing supply chains further reinforce regional market growth.
North America and Europe also represent significant markets, driven by established industrial bases and the continuous upgrade of material handling equipment. In these regions, the focus on operational efficiency and safety compliance sustains demand for advanced forklift trucks. Meanwhile, emerging markets in other regions are gradually adopting forklift solutions as organized retail and logistics networks expand.
Market Drivers
One of the primary drivers of the forklift trucks market is the rapid expansion of e-commerce and omnichannel retail models. The surge in online shopping has created an urgent need for efficient warehousing and fast order fulfillment. Forklift trucks enable seamless material movement within warehouses, reducing processing times and enhancing productivity. As consumer expectations for faster deliveries continue to rise, companies are increasingly investing in reliable material handling equipment.
Another key driver is supportive government initiatives focused on industrial growth and infrastructure development. Policies encouraging manufacturing expansion, logistics modernization, and warehouse development are directly boosting forklift truck adoption. Additionally, rising sales volumes across industries and increasing disposable incomes are stimulating retail growth, which in turn drives demand for advanced forklift solutions. These combined factors create a strong foundation for sustained market growth.
Market Restraints
Despite strong growth prospects, the forklift trucks market faces certain restraints that could impact adoption rates. High initial investment costs associated with purchasing advanced forklift trucks can deter small and medium-sized enterprises. Budget constraints often lead these businesses to delay equipment upgrades, limiting market penetration in cost-sensitive segments.
Operational challenges also act as restraints, particularly in regions with limited skilled labor. Proper operation and maintenance of forklift trucks require trained personnel, and a lack of expertise can lead to inefficiencies and safety concerns. Additionally, fluctuating economic conditions may influence capital expenditure decisions, causing temporary slowdowns in forklift truck procurement across certain industries.
Market Opportunities
The forklift trucks market presents substantial opportunities driven by evolving warehouse designs and shifting consumer behavior. The growing preference for compact and efficient material handling solutions creates opportunities for manufacturers to innovate and cater to space-constrained facilities. As urban warehouses become more common, demand for maneuverable forklift trucks is expected to rise steadily.
Another significant opportunity lies in emerging economies where industrialization and organized retail are gaining momentum. Increasing disposable incomes and changing shopping habits are encouraging investments in modern logistics infrastructure. Companies that align their product offerings with these evolving needs can capitalize on untapped market potential. Continuous advancements in forklift truck technology further enhance opportunities for long-term growth.
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Recent Developments:
• March 2024 - A leading manufacturer expanded its forklift truck production capacity to meet rising warehouse demand
• September 2024 - A major industry player introduced a new range of compact forklift trucks for urban logistics applications
Frequently Asked Questions - Forklift Trucks Market
➤ What are the main factors influencing the Forklift Trucks Market 2025-2032?
➤ Which companies are the major sources in the Forklift Trucks Market?
➤ What are the market's opportunities, risks, and overall structure?
➤ Which top Forklift Trucks Market 2025-2032 companies compare in terms of sales and revenue?
➤ How are market types, applications, revenue, and value analyzed in the Forklift Trucks Market?
Future Opportunities and Growth Prospects
The forklift trucks market is poised for sustained expansion through 2032, supported by robust industrial activity and the ongoing evolution of global supply chains. Increasing reliance on organized warehousing and logistics services will continue to fuel demand for efficient material handling solutions. The projected growth from US$66.6 Bn in 2025 to US$111.5 Bn by 2032 highlights the market's strong potential.
Looking ahead, companies that focus on innovation, operational efficiency, and alignment with emerging retail and industrial trends will be well-positioned to capture growth opportunities. With a CAGR of 7.2% from 2025 to 2032, the forklift trucks market offers attractive prospects for stakeholders seeking long-term value creation.
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