Forklift Market worth $125.4 billion by 2030, Globally, at a CAGR Of 6.7%, Says MarketsandMarkets™

Delray Beach, FL,, Aug. 20, 2025 (GLOBE NEWSWIRE) -- Forklift Market is projected to grow from USD 85.19 billion in 2024 to USD 125.42 billion by 2030 at a compound annual growth rate (CAGR) of 6.7%, as per the recent study by MarketsandMarkets™.  The global forklift market observes growth due to growth in e-commerce and warehouse sectors, an increase in demand for warehouse automation, and rising labor costs. Moreover, the rising demand for sustainable material handling equipment would drive the demand for electric forklifts. Asia Pacific is expected to be the largest market during the forecast period. This is due to the growth in the industrial sector in this region and rising demand for more efficient material-handling equipment.

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The class 3 segment is projected to dominate the forklift market during the forecast period

Class 3 forklifts are projected to be the highest market share holder at the global level. Class 3 forklifts are battery- operated and are used more in indoor applications. They generally fall into three types: pallet jacks, stackers, and tow tractors, and are available in both walk-behind and rider functionalities. FEM, the European Materials Handling Federation, further classified this category into two- Class 31 and Class 32, meaning Electric Stacker Trucks and Electric Low-lift Trucks, respectively. These forklifts find further application in unloading parcels and dropping them into temporary storage areas with an added boom in the B2B & B2C e-commerce and F&B industries. Even with heavy loads within a confined space, these forklifts have better maneuverability, which helps in efficient and convenient space management. Also, these forklifts are used together in great numbers with automated storage and retrieval systems and can be easily fitted into the processes of modern, high-efficiency logistics. Thus, industrialization of the e-commerce and food & beverage industries, coupled with industrial automation, is lending solid support to the deployment of advanced material handling solutions, thereby driving the demand for class 3 forklifts in the coming years.

The autonomous forklift market is estimated to be the fastest-growing market during the forecast period.

Autonomous forklifts are projected to be the fastest-growing market by 2030. This growth is attributed to the rise in the e-commerce, pharmaceuticals, retail, warehousing, and distribution industries, which have major indoor applications with a lifting capacity requirement of less than 5 tons. The adoption is mainly attributed to advantages such as reducing dependence on labor availability, increased efficiency, and a high return on investments. In addition, the storage capacity can be improved by optimum usage of space; further, with SLAM with vision guidance and SLAM with LIDAR sensor navigation, the operation will become more pronounced & compatible with fast operations. These technologies also provide real-time environment positioning and further increased adaptability, which lowers the risk of injuries or mistakes during the process of material handling within a warehouse or distribution center. Amazon has deployed numerous autonomous forklifts within its warehouses and distribution centers in an effort to decrease dependence on labor for its warehouse operations and to further enhance the efficiency of its operations. It had further planned automation adoption in all its stores and fulfillment centers with the intention of reaching 65% of its stores and 55% of its fulfillment volume automated by 2026. With further development in artificial intelligence, sensors, and machine learning that perform tasks with precision and consistency, autonomous forklift implementations will gain major momentum in times to come.

Asia Pacific is estimated to be the largest forklift market from 2024-2030.

The Asia Pacific region is anticipated to represent >55% of the global forklift market value by 2024. The rapid growth can be attributed to the booming e-commerce industry and increasing exports in fast-moving consumer goods (FMCG), automotive, food & beverage, and pharmaceuticals sectors. The use of intralogistics systems among local e-commerce operations is being powered by growing opportunities and product assortment across countries such as China, South Korea, and India, with increased consumer demand. Additionally, delivery speed and operational efficiency improvements call for a rapid adoption of forklifts. In recent years, E-commerce, warehousing, and logistics have undergone significant transformations in Asia Pacific. For instance, according to statistical survey, live commerce is gaining momentum in China and India, where seven out of ten individuals participate in live shopping activities. China is at the top of the global business, especially in the e-commerce market. According to China Breifing Magazine, in 2023, China’s cross-border e-commerce reached USD 331 billion, significantly increasing imports and exports. Due to this increase in online purchases, demand for forklifts is projected to increase as these are vital for effectively managing warehouses and distribution networks. Japan, India, and South Korea also need efficient forklifts, which have robust manufacturing industries. Autonomous forklifts would enhance precision while reducing errors, as evident from Japan’s and South Korea’s move towards technological advancements to improve their export markets.

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What are the main drivers of growth in the Forklift Market?

• Rising Demand for Electric and Hybrid Forklifts
  Growing emphasis on reducing emissions and improving operational efficiency is driving adoption of electric and hybrid forklifts in warehouses and logistics centers globally.
• Expansion of E-commerce and Warehouse Automation
  Rapid growth in e-commerce and supply chain modernization is increasing the need for material handling equipment such as forklifts to support faster product movement and automated processes.
• Stringent Safety and Emission Regulations
  Government mandates focused on workplace safety and environmental emission standards are pushing companies to upgrade older fleets with more compliant, modern forklift models.
• Technological Advancements in Forklift Design and Automation
  Innovations including autonomous forklifts, advanced telematics for fleet management, and ergonomic designs enhance productivity and attract investment.
• Growing Investments in Industrial and Infrastructure Development
  Expansion of manufacturing plants, logistics hubs, and construction sites in emerging and developed markets fuels forklift demand.
• Increasing Adoption of Automated Guided Vehicles (AGVs) and Collaborative Robots
  Integration of intelligent forklifts and AGVs into warehouses is shaping the material handling landscape, creating new market segments within the forklift market.
• Collaborations Between OEMs and Technology Providers
  Partnerships focused on electrification, automation technology, and IoT-enabled fleet monitoring accelerate the market’s digital transformation.

• Rising Urbanization and Industrialization in Emerging Economies
  Developing regions in Asia-Pacific, Latin America, and Africa witness increased forklift adoption driven by industrial growth and modernization efforts.

Which regions and countries are leading in Forklift Market adoption?

North America

• United States: Leading demand fueled by large logistics networks, modern warehouses, and government incentives promoting electric vehicles in material handling.
• Canada: Growing warehouse automation projects and green initiatives bolster forklift sales.

Europe

• Germany, France, UK, Italy: Mature industrial base and stringent environmental regulations drive adoption of electric and automated forklifts.
• Nordic countries: Early adoption of smart forklifts supported by sustainability policies.

Asia-Pacific

• China, Japan, South Korea, India: Strong growth due to booming manufacturing, e-commerce, and infrastructure development. China leads in electric forklift production and use.
• Southeast Asia: Growing logistics hubs and industrial parks are increasing forklift demand.

Middle East & Africa

• UAE, Saudi Arabia, South Africa: Investments in logistics and industrial sectors, along with infrastructure projects, encourage forklift market expansion.

Latin America

• Brazil, Mexico: Increasing warehouse modernization and industrialization underpin rising forklift adoption, with notable government support for infrastructure development.

Who are the top players in the Forklift Market?

• Toyota Industries Corporation (Japan)
• Kion Group AG (Germany)
• Jungheinrich AG (Germany)
• Crown Equipment Corporation (US)
• Mitsubishi Logisnext Co Ltd (Japan)

Key Findings of the Study:

1. Growth in e-commerce and warehousing industries.
2. Evolution of rental and refurbished forklifts
3. Asia Pacific region holds the largest share of the Forklift Market.

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Related Reports:

1. Industrial Vehicles Market
2. Autonomous Forklift Market
3. Electric Truck Market

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