Forklift Trucks Market to Grow at a CAGR of 10% over 2025 to 2032; Rapid Growth of E-Commerce to Fuel Market Growth

The global forklift trucks market size was valued at 2,328.9 thousand units in 2024. The market is projected to grow from 2,520.8 thousand units in 2025 to 4,904.9 thousand units by 2032, exhibiting a CAGR of 10% during the forecast period.

Fortune Business Insights™ presents this information in its report titled “Forklift Trucks Market Size, Share & Industry Analysis, By Type (Class I, Class II, Class III, Class IV, and Class V), By End-User Industry (Mining, Manufacturing, Retail & Wholesale, Logistics, Construction, Automotive, Food & Beverages, Natural Resources, and Others (Chemicals)), and Regional Forecast, 2025 – 2032”.

In industrial settings such as warehouses and construction sites, forklift trucks are crucial in lifting and transporting heavy loads efficiently. Their front-mounted fork-like prongs enable the lifting, stacking, and movement of goods. The rapid growth of e-commerce, fueled by rising disposable income and impulsive shopping habits, is resulting in increased online sales and deliveries, driving up the demand for efficient material handling solutions such as compact-sized forklift trucks.

During the COVID-19 pandemic, manufacturing facilities and warehouses reduced operations, resulting in decreased demand for forklift trucks. As e-commerce flourished later on, distribution centers and warehouses witnessed a surge in activity, driving up the need for forklifts to manage goods.

Cargotec Corporation Widened its Reach to Boost its Product Portfolio

In June 2023, Cargotec Corporation expanded its presence by supplying 13 Kalmar forklifts to Italian logistics and equipment rental providers, with the Italian dealer offering a wide range of Kalmar's products for steel-handling applications.

Increasing Demand for Warehouse Development Optimization to Propel Market Growth

With narrower aisles in warehouses due to the surge in online orders, the need for forklifts with faster pick-up and unloading processes has intensified. This surge in demand reflects the necessity for agile and efficient machines to manage inventory effectively, thereby driving forklift trucks market growth.

However, manufacturers' suspension of specific forklift models reflects challenges in meeting evolving emission standards and may disrupt market stability.

Industry Participants Focus on Investment to Offer Robust and Sustainable Solutions

The market displays a moderate level of consolidation, primarily dominated by established players on a global scale. These leading companies heavily invest in portfolio expansion to deliver durable and eco-friendly solutions, ensuring their stronghold in the global market and venturing into new territories. Additionally, market participants are actively involved in developing lithium-ion battery products that meet industry standards and provide in-house power solutions to achieve complete self-reliance.

List of Key Players Mentioned in the Report:

• Toyota Industries Corporation (Japan)


• Anhui Heli Co. Ltd (China)


• Cargotec Corporation (U.S.)


• Clark Material Handling Company Inc (U.S.)


• Crown Equipment Corporation (U.S.)


• Hangcha Group Co. (China)


• Hyster Yale Materials Handling Inc (U.S.)


• Jungheinrich AG (Germany)


• KION Group (Germany)


• Mitsubishi Heavy Industries Ltd (Japan)

Key Industry Development:

• December 2021 – KION Group laid down the production of new manufacturing facility in China for the industrial forklift trucks. The company Invested worth USD 142 million to establish the R&D center and production facility.

Further Report Findings:

• Asia Pacific is leading as the burgeoning trend of e-commerce and online retail is fostering a heightened demand for streamlined warehousing and logistics solutions. Consequently, this drives the need for forklift trucks to facilitate the movement and handling of goods within warehouses and distribution centers.


• Steady economic growth, including industry expansion, the rise of online shopping, and infrastructure development projects, contributes to the substantial market size of the North American forklift industry.


• Based on type, the market is classified into Class I, Class II, Class III, Class IV, and Class V. The Class III (Electric Motor Hand Trucks or Hand/Rider Trucks) segment holds the apex position by capturing the key forklift trucks market share. With their capability to efficiently transport palletized loads over short distances and perform loading, unloading, and stacking tasks in diverse environments, Class III forklifts meet the evolving needs of retail and warehouse operations.

Table of Segmentation