Authored By: Sarah
15 Jul 2024

 Forklift Trucks Market Size to grow by USD 23262.6 million between 2024-2028

According to a research report “ Forklift Trucks Market” by Class Type (Class III, Class V, Class I, Class II, Class IV) Type (Electric, Internal combustion engine) Geography (APAC, Europe, North America, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 23262.6 million, at a CAGR of almost 7.2% during the forecast period. The global forklift trucks market has experienced significant expansion in recent years, driven primarily by the surge in construction activity across developed and emerging markets. In Western Europe, the construction sector experienced a robust growth in 2020, with a focus on building renovation and public building renovations, aimed at achieving zero building emissions by 2025, as mandated by the Energy Efficiency Directive (EED). Simultaneously, emerging economies in Asia Pacific, including India, China, and Southeast Asian countries, have recorded impressive construction growth in 2022-2023. This trend is expected to continue, fueling the expansion of the forklift trucks market in these regions.

Browse market data tables, figures, and in-depth TOC on “Forklift Trucks Market” by Class Type (Class III, Class V, Class I, Class II, Class IV) Type (Electric, Internal combustion engine) Geography (APAC, Europe, North America, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample


By Class Type, the Class III segment is projected to dominate the market size in 2024

In the realm of material handling equipment, forklifts, or lift trucks, are classified based on size and fuel type. Classes 1, 2, and 3 forklifts, which are predominantly used for narrow aisles and racking applications, are typically powered by lead-acid batteries. These batteries not only serve as a counterbalance but also ensure zero emissions, making electric forklifts an ideal choice for indoor operations in industries like warehousing, food processing, and pharmaceuticals. In contrast, Class 4 and 5 forklifts, which are larger in size and used for heavy-duty applications, are primarily fueled by internal combustion engines. These engines can run on various fuels such as propane, natural gas, gasoline, and diesel. The advantage of electric forklifts lies in their zero-emission operation, which not only benefits the environment but also ensures a healthier work environment for employees.

By Type, Electric  segment is expected to hold the largest market size for the year 2024

In the global forklift trucks market, the Class III segment encompasses electric hand rider trucks and pallet jacks. These forklifts are characterized by their ability to lift materials just a few inches off the ground, making them ideal for quick unloading of deliveries from trailers and tractors. Class III forklifts are hand-controlled via a steering tiller and are available as counterbalanced or straddle-type walk-behind stackers, with a load capacity of approximately 5 tons. Suitable for short distances and small warehouses, these forklifts may be powered by advanced technologies such as lithium-ion batteries or fuel cell engines.

APAC is forecasted to hold the largest market size by region in 2024

The forklift trucks market represents a significant sector in the material handling industry. These versatile machines are essential for efficient intralogistics and supply chain management in various industries, including manufacturing, retail, and logistics. Forklift trucks enable the lifting, moving, and stacking of heavy loads, enhancing productivity and reducing manual labor. Market growth is driven by factors such as increasing automation in warehouses, rising e-commerce sales, and the need for faster turnaround times. Advanced technologies, including electric and autonomous forklifts, are also fueling market expansion.

The Forklift Trucks Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Anhui Heli Co. Ltd.
  • BYD Co. Ltd.
  • Cargotec Corp.
  • Caterpillar Inc.
  • CLARK Material Handling Co.
  • Crown Equipment Corp.
  • Dana Inc.
  • EP Equipment Co. Ltd.
  • Hoist Material Handling Inc.
  • Hyster Yale Materials Handling Inc.
  • Jungheinrich Group
  • Komatsu Ltd.
  • Konecranes
  • Manitou BF SA
  • Mitsubishi Heavy Industries Ltd.
  • Royal Terberg Group BV
  • Sany Group
  • Toyota Industries Corp.

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Research Analysis Overview

The forklift trucks market encompasses a wide range of industrial vehicles used for lifting, moving, and transporting goods in various industries, including cars, freight, dockyards, warehouses, and more. Forklifts come in different classes (III, II, I, and IV) based on the type of tires and lifting methods. Class III and IV forklifts, which run on solid tires, are commonly used in warehouses and distribution centers for handling crates, containers, and pallets. Class I and II forklifts, which run on pneumatic tires, are used in outdoor applications like construction sites, mining activity, airports, and power generation. The market for forklift trucks is driven by the logistics sector, particularly the e-commerce industry and commercial warehousing, which require efficient material handling solutions. Electric lift vehicles, such as reach trucks and electric pallet jacks, are gaining popularity due to their energy efficiency and low emissions. Rechargeable batteries and grid electricity are essential for the operation of electric forklifts. The material handling industry and logistics industries are major consumers of forklift trucks, with the lift truck market expected to grow significantly due to advanced technology and the increasing demand for automation and productivity. The internal combustion engine segment is also a significant part of the market, particularly in applications where heavy loads need to be moved over long distances.

Market Research Overview

The forklift truck market is witnessing significant growth with the increasing adoption of alternative energy forklifts, such as hydrogen-powered and electric lift vehicles, in various industries like construction, logistics, and warehousing. The construction sector is shifting towards pneumatic tyre forklifts, while the logistics sector is exploring compressed natural gas (CNG), LPG gas, and battery-operated forklifts to reduce their carbon footprint. Counterbalanced forklift trucks, which include IC engine forklifts, Class IV (electric lift trucks), Class III (reach trucks), Class II (pallet jack trucks), and Class I (rider trucks), are widely used in industrial activities. However, the use of fossil fuels in IC engines raises environmental concerns, leading to the development of electric forklifts powered by grid electricity and rechargeable batteries. Safety equipment, such as eyewash stations, flooring, and battery chargers, are essential for multi-shift operations. The material handling industry and logistics industries are investing in advanced technology, including automation, connected things, robotics, and artificial intelligence, to optimize warehouse space, inventory management, and distribution techniques. Governmental and private sector investments in the forklift market are driven by the need to meet emission standards and the growing demand for e-commerce and commercial warehousing. The IC engine forklift market, including diesel and AC trucks, continues to dominate the market, but the Class V segment (hydrogen-powered forklifts) and Class III segment (reach trucks) are expected to grow at a faster rate due to their environmental benefits. The forklift market caters to various industries, including cars, freight, dockyards, warehouses, and the natural resource and mining industry. The market also includes key players like Konecranes, IC engine forklifts, and electric vehicles, among others. The market is expected to continue growing due to the increasing demand for material handling equipment and the adoption of advanced technology in the industrial, manufacturing, precision instruments, steel, and machinery industries.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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