Forklift Market Report scope & Overview:

The Forklift Market Size was valued at USD 58.5 billion in 2022 and is expected to reach USD 150.09 billion by 2030 and grow at a CAGR of 12.5% over the forecast period 2023-2030.

A forklift is a motorized vehicle that is used to lift and place discrete goods within a facility. Forklifts have forks that can be used to load pallet-based units precisely, and they can be equipped with a variety of platforms such as grippers, platforms, and clamps. With the increased focus on fuel efficiency and emission standards, the majority of forklift manufacturers are working on battery-operated forklifts to provide more efficiency while emitting fewer pollutants. Forklifts are utilized in a variety of industries, including wholesale and retail distribution, manufacturing, freight and logistics, and more.

Forklift Market Revenue Analysis

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In manufacturing and warehousing, forklifts have become the most important piece of equipment. Electrically controlled actuators or hydraulic values control the hydraulics on forklifts. Electric forklifts are becoming more popular as they do not emit carbon monoxide, which may be lethal to people if ingested. Transporting, dragging, and lifting piled boxes, crates, and other things are done by forklifts. They are widely used in warehouses, factories, and dockyards across a wide range of industries, including automotive, aerospace, transportation, retail, manufacturing, and construction, due to their advantages.



  • Increasing E-Commerce and Warehouse Segment Trends

  • Technological Advances Designed to Boost Productivity

  • Growth in the no. of warehouses & the requirement to handle the supply chain more efficiently


  • The use of third-party logistics (3PL) services is on the rise

  • Battery and Fuel Cell Forklifts are Expensive

  • Emissions standards that are too strict could stifle market growth


  • Demand for battery-powered forklifts is on the rise

  • Emerging Markets are propelling the economy forward


  • Regulations on safety and emissions are very strict

  • Global Market Volatility

  • The market's growth is projected to be hampered by high maintenance costs & unpredictable prices


COVID-19 is one of the most lethal viruses to have appeared in the post-modern world. It's so hazardous that it sparked a worldwide pandemic that forever altered how people live, work, and shop. COVID-19 was a game-changer for governments from the start. To try to control the spread of the virus, they implemented quarantines and lockdowns. They discovered that the lockdowns and quarantines caused them to shut down, at least temporarily, their businesses or drastically reduce production. The forklift manufacturers in the world were no exception. Many businesses were forced to close or function on a part-time basis. This created a logistical nightmare and had a negative impact on the company’s business.

Market, By Class:

The global market is divided into class 1, class 2, class 3, class 4 & 5 based on the class segment.  In 2021, the class 3 category dominated the forklift market, accounting for more than 39.0 percent of total sales. Electric warehouse pedestrian trucks and pallet jacks are examples of Class 3 forklifts. Over the projected period, the class 1 segment is expected to grow significantly.

Market, By Power Source:

According to the power source segment, the global market is divided into internal combustion engines, and electric. In 2021, the electric segment had the highest revenue share, around 66.2 percent. Forklifts driven by electricity are a greener option than those fueled by gasoline or diesel. Furthermore, compared to vehicles powered by conventional combustion engines, electric vehicles have fewer maintenance costs.

Market, By Capacity:

Based on the capacity segment, the global market has been divided into < 5-ton, 5-ton - 10 ton, 11 ton - 36 ton, and >36 ton. The market for vehicles with a capacity of fewer than 5 tonnes is expected to increase at the fastest rate, according to the report. Forklifts with a capacity of fewer than 5 tonnes use a variety of fuels, but the majority are battery-powered. Electric forklifts are quickly gaining popularity since they are environmentally benign and generally quiet when in use.


By Class:

  • Class 1

  • Class 2

  • Class 3

  • Class 4 & 5

By Power Source:

  • Internal Combustion Engine

  • Electric

By Capacity:

  • <5 ton

  • 5 ton - 10 ton

  • 11 ton - 36 ton

  • >36 ton

Forklift Market Segmentation Analysis

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In 2021, Asia Pacific dominated the forklift market, accounting for about 45.0 percent of total revenue. During the forecast period, the market is expected to rise steadily. The rise can be ascribed to manufacturers' increasing interest in industrial automation. Furthermore, forklifts aid in the streamlining of supply chain distribution activities as well as the operational efficiency and workflow of manufacturing processes. Several regional players are emphasizing the launch of new items in order to attract new clients and expand their customer base. The new device features a hydrostatic drive system that allows the forklift to shuttle constantly, resulting in increased uptime and lower maintenance costs.

Due to increased urbanization and rising demand from chemical and food businesses, Europe is likely to account for a large revenue share in the global market. Furthermore, increased construction activity in nations such as the United Kingdom, Germany, and France are fueling forklift demand.


  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America


Toyota Industries Corporation (Japan), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany), KION Group AG (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.S), Hyundai Heavy Industries (South Korea), Komatsu Limited (Japan), Anhui Heli Co. Ltd.; CLARK, Doosan Corporation; Hangcha; Anhui Heli Co. Ltd.; CLARK, Doosan Corporation; Hangcha; are some of the affluent competitors with significant market share in the Forklift Market.

Toyota Industries Corporation (Japan)-Company Financial Analysis

Forklift Market Report Scope:
Report Attributes Details
Market Size in 2022 US$ 58.5 Billion
Market Size by 2030 US$ 150.09 Billion
CAGR CAGR of 12.5% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Class (Class 1, Class 2, Class 3, Class 4 & 5)
• by Power Source (Internal Combustion Engine, Electric)
• by Capacity (<5>36 ton),
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Toyota Industries Corporation (Japan), Hyster-Yale Material handling Inc. (U.S.), Jungheinrich group (Germany), KION Group AG (Germany), Mitsubishi Nichiyu Forklift Corporation (Japan), Crown Equipment Corporation (U.S), Hyundai Heavy Industries (South Korea), Komatsu Limited (Japan), Anhui Heli Co., Ltd.; CLARK, Doosan Corporation; Hangcha
Key Drivers •Increasing E-Commerce and Warehouse Segment Trends

•Technological Advances Designed to Boost Productivity.
RESTRAINTS •The use of third-party logistics (3PL) services is on the rise.

•Battery and Fuel Cell Forklifts are Expensive.

Frequently Asked Questions

The Forklift Market Size was valued at USD 422.25 billion in 2022

The growth rate of the Forklift Market is a CAGR of 3.8% over the forecast period 2023-2030.

The forecast period for the Forklift Market is 2023-2030.

Asia Pacific region is dominating the Forklift Market.

  • Automobile sales are rapidly expanding, and demand for international brands is increasing.
  • Increasing technological advancements, as well as increased internet adoption and digitalization.

Table of Contents:

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions


2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis


6. Porter’s 5 forces model


7.  PEST Analysis


8. Global Forklift Market Segmentation, by Class

8.1 Class 1

8.2 Class 2

8.3 Class 3

8.4 Class 4 & 5

9. Global Forklift Market Segmentation, by Power Source

9.1 Pedal-assisted

9.2 Throttle-assisted

10. Global Forklift Market Segmentation, by Capacity

10.1 <5 ton

10.2 5 ton - 10 ton

10.3 11 ton - 36 ton

10.4 >36 ton

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

12. Company Profiles

12.1 Crown Equipment Corporation (U.S),

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Toyota Industries Corporation (Japan)

12.3 Hyster-Yale Material handling Inc. (U.S.)

12.4 Jungheinrich group (Germany)

12.5 KION Group AG (Germany)

12.6 Mitsubishi Nichiyu Forklift Corporation (Japan)

12.7 Crown Equipment Corporation (U.S)

12.8 Hyundai Heavy Industries (South Korea)

12.9 Komatsu Limited (Japan)

12.10 Anhui Heli Co., Ltd.

12.11 CLARK

12.12 Doosan Corporation

12.13 Hangcha

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.


The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data.  This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.

We at SNS Insider have divided Primary Research into 2 parts.

Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.

This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.

Primary Research

Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.

Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.

Step 3: Data Bank Validation

Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.

Data Bank Validation

Step 4: QA/QC Process

After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.

Step 5: Final QC/QA Process:

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