The global forklift market is estimated to grow from USD 85.19 billion in 2024 to USD 125.42 billion by 2030, with a CAGR of 6.7% over the forecast period.  Growth in the e-commerce and warehouse sectors, increased demand for warehouse automation, and rising labor costs are the key reasons behind the growing demand for forklifts worldwide. According to the International Trade Administration, Global B2C e-commerce revenue is projected to reach approximately USD 5.5 trillion by 2027, growing at a CAGR of 14.4%. With the growth in the e-commerce industry, the demand for material-handling equipment such as forklifts is expected to increase. Further, the increasing demand for sustainable material handling solutions and energy efficiency will boost the demand for battery-powered forklifts. Electric forklifts have lower operating & maintenance costs, reduced fuel expenses, and fewer repairs, making them a better option than conventional forklifts. Additionally, advancements in AI, IoT, and sensor technologies enhance forklift efficiency and safety, further increasing market adoption of automated forklifts. 

The Class 3 segment will dominate the forklift market during the forecast period.

Class 3 forklifts are battery-operated and are used more in indoor applications. They generally fall into three types: pallet jacks, pallet 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. According to Toyota Material Handling Equipment, Class 31 electric forklifts are pedestrian trucks with service weight below 250 kg, and Class 32 electric are electric warehouse pedestrian trucks. According to WITS, class 32 has the majority of shipments, around 46% in Europe, followed by Asia Pacific, with 32% of global class 32 forklifts in 2023. The higher share of Class 32 electric warehouse forklifts in Europe is mainly due to the increasing application of horizontal material movement in large warehouses. Further, rapidly growing B2B & B2C e-commerce and F&B industries are driving the growth of Class 32 forklifts. Major e-commerce companies like DHL, Amazon, Ebay Inc., and Allegro have higher volume and heavier material handling demand, and class 3 forklifts are best suited to handling higher volumes of materials. On the other hand, e-commerce and logistics companies from the Asia Pacific handle a higher volume of material, but the weight of the material is low.

Thus, in Europe and Asia Pacific, the rising expansion of e-commerce and logistic industries, along with the increasing focus on warehouse automation and the need for efficient material handling solutions, is expected to grow the adoption of class 3 electric forklifts, especially in indoor applications across e-commerce, F&B, and the logistics industry.

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

The growth in autonomous forklifts 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 3 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, storage capacity is improved by optimum space usage. Some key e-commerce giants, especially from developed regions, are expanding autonomous forklifts to reduce expenses. For instance, Amazon deployed autonomous forklifts within its warehouses and distribution centers to reduce dependence on labor and enhance operational efficiency. The company planned to extend the automation level by 65% in its stores and 55% in its fulfillment centers by 2026. Similarly, other companies like Alibaba, DHL, Apple Inc., and Walmart implement automated forklifts in their warehouses to increase overall efficiency and throughput.

Further, the operations become more pronounced with SLAM with vision guidance and SLAM with LIDAR sensor navigation. These technologies also provide real-time environment positioning and further increased adaptability, which lowers the risk of injuries or mistakes during material handling within a warehouse or distribution center. The companies operating in autonomous forklift sectors have focused on strategic partnerships to deploy autonomous forklifts. For instance, Toyota Industries Corporation (TICO) form an investment agreement with Gideon for its new vision-based automated vehicle solutions with AI and 3D vision. Similarly, Swisslog AG collaborated with Nowaste Logistics to develop a fully automated logistic center, including automated forklifts in Helsingborg, Sweden. Thus, further development in artificial intelligence, sensors, and machine learning that perform tasks with precision and consistency, as well as OEMs’ partnerships with different e-commerce and logistics companies for warehouse automation, would drive the implementation of autonomous forklifts in the future.

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 overall demand for class 3 forklifts is higher in Asia Pacific. The demand for Class 3 forklifts is higher in China than other forklift classes. The higher demand for Class 3 forklifts in China is mainly due to the growing focus on warehouse automation, rising industrialization, and the booming e-commerce sector. Further, these forklifts are ideal for warehouse operations like order picking and pallet handling, which are crucial for optimizing logistics and supply chains. China’s warehousing industry has been running well in recent years, and the adoption rate of warehousing forklifts has increased to 55% from 17% in 2013. Likewise, in India and Japan, the demand for class 3 forklifts is higher, mainly due to these countries’ growing warehousing, logistics, and e-commerce industries. Thus, growing industries such as warehousing, logistics, F&B, and e-commerce and class 3, forklifts are more suitable in these industries due to compatibility in narrow aisles and tight spaces; many OEMs have developed a wide range of models in the Class 3 category.

The report profiles key players such as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co Ltd (Japan). These companies adopted new product development and supply contract strategies to gain traction in the forklift market.

Key Players Strategies

• Crown Equipment has expanded its C-B Series with new 80V electric pneumatic tire forklifts, offering capacities of 5,000–7,000 lbs. Designed for indoor and outdoor use, the forklifts provide robust performance with efficient electric power, AC traction control, and a heavy-duty steer axle for maneuverability.
• Kion Group strongly focuses on strategic partnerships to increase its product range and technology development in forklifts. For instance, in January 2025, KION Group partnered with NVIDIA and Accenture to optimize supply chains using AI-powered robots and digital twin technology. The solution incorporates a digital twin powered by physical AI, simulating real-world principles to optimize intelligent warehouse performance. It integrates automated forklifts, smart cameras, and cutting-edge robotics to enhance operational efficiency and precision.
• Hyundai Material Handling has continuously focused on expanding its product footprint and geographical presence through merger and acquisition strategies. C&B Material Handling, LLC, a Hyundai Material Handling dealership partner, expanded its footprint by acquiring Jefferds Corporation and Homestead Material Handling Company. This acquisition bolstered Hyundai’s presence in Virginia and West Virginia, adding to C&B’s network of Hyundai forklift offerings across 10 locations in the US.
• Junghenrich AG is actively involved in the development of advanced material handling solutions. For instance, Magazino, a Munich-based robotics company acquired by Jungheinrich AG, partnered with MAN to automate production logistics at its Nuremberg site using SOTO robots. These robots will autonomously transport small load carriers between the warehouse and assembly line, enhancing efficiency and reducing manual labor.

Study Coverage

The study segments the forklift market and forecasts the market size based on Tonnage Capacity (below 5 tons, 5–10 tons, 11–36 tons, and above 36 tons), application (indoor, outdoor, and indoor and outdoor), Class (Class 1, Class 2, Class 3, and Class 4/5), Industry (3PL, food and beverage, automotive, paper and pulp, metals and heavy machinery, e-commerce, aviation, semiconductors and electronics, chemical, healthcare, and others), Propulsion (electric and ICE), Operation (manual and autonomous), Type (warehouse and counterbalance), Electric Forklift, by Battery Type (lithium-ion and lead-acid), Tire Type (cushion and pneumatic), Electric Forklift by Lifting Capacity (Below 2 tons, 2–5 tons and Above 5 tons) and Region (Asia Pacific, Europe, North America, and Rest of the World).

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