Forklift Trucks Market Size (2024 - 2029)

Forklift Trucks Market Analysis

The Forklift Trucks Market size is estimated at USD 57.79 billion in 2024, and is expected to reach USD 68.01 billion by 2029, growing at a CAGR of 3.46% during the forecast period (2024-2029).

The market is expected to grow during the forecast period over the medium term as forklift manufacturers increasingly adopt automation to enhance their production capacity. Powered industrial forklifts reduce manual labor by facilitating the ease and speed of transferring various parts and materials from warehouses to the production line.

The rapid expansion of the e-commerce and logistics industries in major countries such as Europe, the United States, and China is driving the need for a more modern distribution network. This is expected to increase the demand for forklifts worldwide.

The majority of e-commerce companies are implementing new strategies, such as investing heavily in autonomous and electric forklifts, to expedite product loading and picking processes and reduce delivery times. This, in turn, is likely to enhance the demand for forklifts in the coming years.

Strict emission regulations for diesel vehicles worldwide have prompted manufacturers to introduce more eco-friendly forklift models. Additionally, government initiatives supporting these efforts are expected to drive market demand in the coming years.

The material handling industry has been revolutionized by advancements in technology, particularly in electric forklifts. These forklifts, powered by rechargeable batteries or grid electricity, are environmentally friendly with zero harmful emissions, making them a sustainable option for businesses. Their efficiency and eco-friendly nature have led to significant growth in their adoption across various industrial sectors.

Forklift Trucks Industry Segmentation

A forklift is a powered industrial truck used to lift and move materials over short distances and goods from one place to another within industrial premises.

The forklift market is segmented by power-train type, vehicle class, vertical end-user, and geography. By power-train type, the market is segmented into electric and internal combustion engines (ICE). By vehicle class, the market is segmented into Class I, Class II, Class III, and Class IV. By end-user vertical, the market is segmented into industrial, construction, and manufacturing. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. For each segment, the market sizing and forecast have been done based on the value (USD).