Forklift Truck Market Set for Strong Growth to US$142.08 Billion by 2033, Anchored by Asia Pacific's 42.9% Dominance | Key Players - Toyota Industries Corporation, KION Group AG, Jungheinrich AG

The Global Forklift Truck Market reached US$79.34 Billion in 2024 and is expected to reach US$142.08 Billion by 2033, growing at a CAGR of 7.7% during the forecast period 2025-2033.

Market growth is propelled by the rapid expansion of e-commerce and logistics sectors, with global online shopping reaching $6.8 trillion and driving demand for efficient warehousing solutions. Advancements in electric and autonomous forklifts, alongside industrial manufacturing growth and urbanization in emerging markets like India and China, further boost adoption. Government initiatives for sustainable logistics and rising online retail sales, such as US$304.2 billion in Q2 2025, accelerate this momentum.

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Key Industry Developments

United States:
✅ February 2026: Clark launched new electric forklift highlights under the motto 'The First Name in Forklifts', featuring advanced models showcased at industry events with improved performance, safety, and operator comfort for warehouse applications.

✅ September 2025: The Raymond Corporation introduced the lithium-ion-powered Raymond RBS26-F Stacker, a fork-over stacker designed for handling skids, crates, and containers up to 2,600 pounds with enhanced maneuverability, quick charging, and productivity features like creep mode and secure load handling.

✅ August 2025: The Raymond Corporation debuted three new lithium-ion-powered heavy-duty walkie stackers-the 6310 Straddle, 6410 Reach, and 6510 Counterbalanced-offering iWAREHOUSE telematics integration, power-assist steering, and superior efficiency in tight spaces for demanding warehouse tasks.

Asia Pacific / Japan:
✅ January 2026: Kalmar signed an agreement with OSTP Finland for five Medium Forklift Trucks, highlighting advancements in heavy-duty electric models optimized for challenging lifting operations across Asia-Pacific logistics.

✅ December 2025: Godrej & Boyce launched India's first lithium-ion forklift truck with an indigenously developed Battery Management System, providing faster charging, extended runtime, and sustainability for material handling in automotive, FMCG, and pharma sectors.

Key Mergers and Acquisitions:
✅ Borgman Capital acquired Harlo Corporation, a Michigan-based manufacturer of rough terrain forklifts, in June 2025 to support growth, new markets, and product development while honoring its 88-year legacy.

✅ Bennie Equipment acquired Eastern Forklift Trucks (EFL), a leading UK forklift solutions provider, in late 2025 (announced October), expanding coverage across the East of England as their third M&A deal of the year.

✅ Toyota integrated Raymond into Toyota Material Handling North America earlier in 2025 amid its $33B privatization of Toyota Industries, reshaping forklift supply chains and dealer networks.

✅ Bennie Equipment acquired Milton Keynes Forklifts in March 2025, building on their February acquisition of Len Griffiths Forklift Services to fuel rapid UK expansion.

✅ Hyster-Yale acquired Bolzoni to secure forklift attachment supply chains and strengthen market positioning in the competitive US forklift sector.

Key Players:
Toyota Industries Corporation | KION Group AG | Jungheinrich AG | Crown Equipment Corporation | Mitsubishi Logisnext Co., Ltd. | Hyster-Yale Materials Handling, Inc. | Anhui Forklift Group Co., Ltd. (HELI) | Hangcha Group Co., Ltd. | Doosan Bobcat Inc. | Clark Material Handling Company

Strategic Leadership Report: Top 5 Players in Forklift Truck Market 2026
-Toyota Industries Corporation: Launched the Rinova Autonomous forklift, utilizing AI to automatically recognize truck bed positions and pallet orientations for optimal unmanned loading and unloading operations, enhancing warehouse efficiency.​

-KION Group AG: Developed an AI-assisted energy management platform for electric forklift fleets in partnership with ifesca GmbH, enabling precise energy forecasting to avoid charging peaks, reduce costs, and boost sustainability in intralogistics.​

-Jungheinrich AG: Introduced the AntOn by Jungheinrich brand starting with CBH 2.5 and 3.0 electric forklift trucks, offering load capacities up to 3,000 kg, speeds to 17 km/h, and lifting heights to 4,800 mm for versatile indoor and outdoor use.​

-Crown Equipment Corporation: Released the FC 5200 Series counterbalanced forklifts with Intrinsic Stability System using integrated sensors for enhanced safety and control, supporting loads from 4,000 to 6,500 pounds in demanding manufacturing and dock environments.​

-Mitsubishi Logisnext Co.: Unveiled the FBC20Q-FBC40Q Series electric forklifts with capacities from 4,000 to 8,000 lbs, 100-degree turning radius, lift heights up to 312 inches, and passive sway control for superior maneuverability in tight warehouse spaces.

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Market Drivers and Key Trends:
-E-commerce Surge: Rapid growth in online retail demands efficient warehouse automation and material handling, boosting forklift adoption for high-volume order fulfillment.

-Electrification Shift: Stringent emission regulations worldwide accelerate transition to electric and lithium-ion battery forklifts, offering zero-emission operations and lower long-term costs.

-Automation Advances: Integration of AI, IoT, and autonomous guided vehicles (AGVs) enhances fleet management, safety, and productivity in logistics and manufacturing.

-Infrastructure Expansion: Global investments in construction, ports, and industrial facilities drive demand for heavy-duty forklift classes tailored to diverse lifting needs.​

-Rental Model Rise: Flexible leasing options mitigate high upfront costs and supply chain risks, appealing to SMEs amid fluctuating raw material prices.

Regional Insights:
-Asia Pacific: 42.9% (Largest share, driven by rapid industrialization, e-commerce growth, and manufacturing hubs in China, India, and Japan).​

-North America: 25% (Strong demand from advanced warehousing, logistics expansion, and e-commerce in the US).

-Europe: 20% (Supported by green initiatives, automation in manufacturing, and strict emission regulations).

-Latin America: 6% (Fueled by infrastructure projects and growing automotive sector in Brazil and Mexico).​

-Middle East & Africa: 6.1% (Boosted by oil & gas logistics, Vision 2030 projects in Saudi Arabia, and mining activities).​

Market Opportunities & Challenges: Forklift Truck Market 2026
-Opportunities: A "Warehouse Automation Surge" accelerates demand for AGV-integrated models; lithium-ion battery advancements and AI-driven fleet management enable scalable upgrades for e-commerce fulfillment centers. Warehouse expansions in Asia-Pacific logistics hubs, coupled with OSHA-mandated safety retrofits, create entry points for electrified, narrow-aisle specialists targeting ESG-compliant operators.

-Challenges: Persistent semiconductor shortages disrupt IC-powered control systems, inflating lead times amid 2025 supply chain bottlenecks. Rising raw material costs for steel frames and stringent Tier 4 emissions rules force OEMs to balance compliance with profitability in ICE-to-EV transitions.

-Strategic Verdict: Electric counterbalanced and order picker segments with telematics lead 2026 expansion, prioritizing retrofittable autonomy for high-volume distribution.

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Market Segmentation Analysis:
-By Power-train Type: ICE Leads with Proven Durability
Internal Combustion Engine (ICE) holds 56.5% share in 2025, preferred for high power, heavy-duty outdoor use in construction and ports despite emissions.
Electric captures around 40%, surging due to zero emissions, lower costs, and battery tech for indoor warehouses.
Hydrogen Fuel-cell Vehicle (HFCV) takes under 5%, emerging for long-range zero-emission but limited by infrastructure.​

-By Vehicle Class: Class V Dominates Heavy Applications
Class V (ICE Pneumatic-Tire) commands 50.2% share, ideal for rugged outdoor sites like lumberyards and construction with high durability.
Class III (Electric Pallet) follows at 42%, versatile for tight warehouse aisles and logistics efficiency.
Classes I, II, and IV split the rest at roughly 3%, 3%, and 2%, suited for rider, narrow-aisle, and cushion tire needs.

-By Load Capacity: 5-15 Tons Prevails in Versatility
5-15 Tons leads with over 50% share, balancing power for manufacturing, ports, and construction heavy loads.
Less than 5 Tons holds 40%, common for light warehouse pallet handling.​
Above 15 Tons is under 10%, niche for ultra-heavy industrial tasks.​

-By End-user: Manufacturing Drives Core Demand
Manufacturing tops at 30% share, reliant on forklifts for assembly line material flow.
Logistics & Warehousing follows at 25%, boosted by e-commerce inventory needs.​
Construction & Infrastructure, Retail & Wholesale, Food & Beverage Cold-Chain, and Others divide 45%, with construction key for sites and retail for distribution.

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