Forklift Trucks Market Size Share Growth Forecast 2032
The global forklift trucks market size was valued at USD 79.22 billion in 2024 and is projected to reach USD 180.47 billion by 2032 at a CAGR of 11.1 percent. Explore key trends, drivers.
Forklift Trucks Market Overview
The global forklift trucks market size was valued at USD 79.22 billion in 2024 and is projected to grow from USD 86.57 billion in 2025 to USD 180.47 billion by 2032, exhibiting a CAGR of 11.1 percent during the forecast period. Forklift trucks are vital industrial vehicles used for lifting and transporting heavy materials across warehouses, distribution centers, construction sites, and manufacturing facilities.
Market Snapshot
2024 Market Size USD 79.22 Billion
2025 Estimate USD 86.57 Billion
2032 Forecast USD 180.47 Billion
CAGR 11.1 percent during the forecast period
What are Forklift Trucks?
Forklift trucks, also known as lift trucks, are equipped with fork-like blades that lift and move heavy loads efficiently. These machines are powered by internal combustion engines including gasoline, diesel, and propane gas, and can be used both indoors and outdoors on industrial premises. They come in various designs and load capacities to handle light to heavy-duty operations, making them essential for modern logistics and warehousing operations.
Key Market Drivers
Growing Demand in E-commerce and Logistics
The rapid expansion of the e-commerce industry is driving the demand for forklift trucks to handle large volumes of goods efficiently within warehouses and distribution centers.
Rising Industrialization and Urbanization
Accelerated industrialization and urbanization in emerging economies are boosting construction activities and manufacturing operations, which in turn fuels the demand for forklift trucks.
Technological Advancements
Advancements in electric forklifts and automation, such as the introduction of lithium-ion battery-powered trucks, are contributing to market growth by improving energy efficiency and operational safety.
Market Segmentation
By Type: Class I, Class II, Class III, Class IV, and Class V
By End-User Industry: Mining, Manufacturing, E-commerce, Retail and Wholesale, Logistics (Excluding E-commerce), Construction, Automotive, Food and Beverages, Natural Resources, and Others
Leading Forklift Truck Companies
Toyota Industries Corporation
Anhui Heli Co. Ltd
Cargotec Corporation
Clark Material Handling Company Inc
Crown Equipment Corporation
Hangcha Group Co.
Hyster-Yale Materials Handling Inc
Jungheinrich AG
KION Group
Mitsubishi Heavy Industries Ltd
Nissan Forklifts
Linde
Kalmar
Cesab
Cimbria
Hyundai
Doosan Corporation
BYD
Sany Group
Recent Industry Developments
March 2024 – UniCarriers Forklift partnered with C and C Lift Trucks Inc. to expand its market presence in North Jersey.
February 2024 – KION North America launched the Linde Series 1293 electric forklift with a lifting capacity of 4,000 to 5,000 lbs powered by lithium-ion batteries.
September 2023 – Mitsubishi Logisnext Americas and Jungheinrich AG formed Rocrich AGV Solutions, a joint venture offering advanced mobile and robotics solutions for material handling.
Read the full report at https://www.fortunebusinessinsights.com/industry-reports/forklift-trucks-market-101541