Forklift Truck Market grows on Automation, Cold Storage and Logistics, reaching $142.08B by 2033 | DataM Intelligence

Global forklift market climbs from $79.34 Billion in 2024 to $142.08 Billion by 2033, fueled by electric trucks and e-commerce expansion.

AUSTIN, TX, UNITED STATES, September 20, 2025 /EINPresswire.com/ -- According to DataM Intelligence, the forklift truck market reached US$74.48 Billion in 2023, rose to US$79.34 Billion in 2024, and is expected to reach US$142.08 Billion by 2033, growing at a CAGR of 7.7% during the forecast period (2025–2033). Growth is being driven by the surge in automated warehouses, the demand for fuel-efficient and electric forklifts, and stricter workplace safety standards. Among the product categories, electric forklift trucks dominate due to their eco-friendly operation and lower lifecycle costs. Regionally, Asia-Pacific leads the market, supported by rapid industrialization, robust e-commerce growth, and large-scale manufacturing activity in countries like China, India, and Japan.

The global forklift truck market has become a cornerstone of efficient material handling, enabling seamless operations in industries such as manufacturing, warehousing, retail, logistics, and construction. These versatile vehicles are indispensable for improving productivity, streamlining supply chains, and ensuring workplace safety. The ongoing digital transformation of logistics and the rise of e-commerce fulfillment centers have made forklift trucks critical assets in global trade and distribution networks.

𝗚𝗲𝘁 𝗮 𝗦𝗮𝗺𝗽𝗹𝗲 𝗣𝗗𝗙 𝗕𝗿𝗼𝗰𝗵𝘂𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 (𝗨𝘀𝗲 𝗖𝗼𝗿𝗽𝗼𝗿𝗮𝘁𝗲 𝗘𝗺𝗮𝗶𝗹 𝗜𝗗 𝗳𝗼𝗿 𝗮 𝗤𝘂𝗶𝗰𝗸 𝗥𝗲𝘀𝗽𝗼𝗻𝘀𝗲): https://www.datamintelligence.com/download-sample/forklift-truck-market

Key Highlights from the Report:

➤ The forklift truck market is projected to reach US$142.08 Billion by 2033, growing at a 7.7% CAGR.
➤ Electric forklift trucks lead due to emission regulations, operational cost savings, and eco-friendly demand.
➤ Warehousing and logistics account for the largest end-user share, fueled by booming global e-commerce.
➤ Asia-Pacific remains the largest regional market, driven by manufacturing and infrastructure expansion.
➤ Automation, IoT, and telematics integration are redefining forklift efficiency and safety.
➤ Fleet modernization and regulatory compliance are pushing replacement of older forklifts worldwide.

Recent Developments:

United States:

1. In May 2024, Toyota Material Handling broke ground on a $100 million expansion in Columbus, Indiana, dedicated to producing electric forklifts. The facility will be completed by June 2026 and aims to boost capacity amid growing demand for low-emission lifting equipment.

2. In July 2025, the US forklift market was valued at USD 8.12 billion with projections to reach USD 12.55 billion by 2030, driven largely by electrification, stricter emissions rules, and demand for automated warehouse systems.

3. In December 2024, Toyota Material Handling entered a strategic partnership with Lithium Energy Solutions to enhance its forklift fleet with next-generation lithium-ion battery technology, reflecting industry trend toward sustainable power sources.

Japan:

1. In July 2024, Kao Corporation’s Toyohashi Plant successfully implemented Japan’s first truck-loading operation using automated forklifts, in collaboration with Toyota Industries. By October 2024, this fully automated process covering product reception to loading will be introduced in ongoing operations.

2. On September 4, 2025, Hangcha officially launched its operation in Shiba, Japan, unveiling a 2,500 m² warehouse & logistics center with showroom, AGV demo area, training, and after-sales service. Their focus: new energy forklifts and smart logistics solutions.

3. In late 2024, Toko KOSEN acquired a 9.91% stake in Hangcha Japan for JPY 33 million (≈ USD 225,000), strengthening the joint effort to scale sales, rentals, and local services in Japan’s material handling market.

Company Insights
Key players in the global forklift truck market include:

• Toyota Material Handling
• KION Group AG
• Mitsubishi Logisnext Co., Ltd.
• Jungheinrich AG
• Hyster-Yale Materials Handling, Inc.
• Crown Equipment Corporation
• Komatsu Ltd.
• Doosan Industrial Vehicle
• Hangcha Group Co., Ltd.
• Clark Material Handling

Market Segmentation
The forklift truck market is segmented by product type, power source, load capacity, and end-user industry.

By product type, counterbalance forklifts dominate as they are widely used across indoor and outdoor environments for versatile lifting operations. However, warehouse forklifts, including reach trucks and pallet jacks, are gaining traction due to their efficiency in high-rack storage and narrow-aisle navigation.

By power source, electric forklifts are expanding rapidly, surpassing traditional internal combustion (IC) trucks. They are favored for their low emissions, reduced noise, and suitability for sensitive indoor applications such as food, beverage, and pharmaceutical industries.

By end-user industry, warehousing and logistics represent the largest segment, bolstered by the exponential rise of e-commerce and global supply chain expansion. The manufacturing sector also remains vital, as forklifts are crucial for moving raw materials and finished products, while the construction sector continues to use heavy-duty forklifts for handling bulk loads.

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Regional Insights
The forklift truck market shows distinct regional trends:

Asia-Pacific leads with the largest revenue share, driven by manufacturing powerhouses like China, Japan, and India. Government investments in infrastructure, automation, and logistics hubs further support growth.

North America remains a strong market, with the U.S. emphasizing fleet modernization, automation, and adoption of electric forklifts. Occupational safety regulations also fuel replacement demand.

Europe is advancing toward sustainability, with widespread adoption of electric forklifts due to emission reduction policies and innovations in autonomous warehouse operations.

Latin America and the Middle East & Africa are emerging growth frontiers, benefiting from infrastructure development, retail expansion, and increased mechanization of material handling.

Market Dynamics

Market Drivers
A major driver of the forklift truck market is the booming e-commerce industry, which has fueled unprecedented demand for warehousing and logistics infrastructure. Additionally, technological innovations such as autonomous forklifts, telematics, and IoT-enabled fleet management systems are enhancing efficiency and safety. Government incentives supporting electric vehicles and sustainability initiatives are also accelerating the adoption of electric forklifts.

Market Restraints
Challenges facing the market include the high initial investment cost of electric and automated forklifts, which can deter small and medium enterprises. The limited battery charging infrastructure in some regions and the lower load capacity of electric forklifts compared to IC-powered trucks present operational hurdles. Additionally, a shortage of skilled operators capable of handling advanced models may slow adoption in certain industries.

Market Opportunities
Opportunities are emerging in the development of autonomous and AI-powered forklifts, which can operate in smart warehouses with minimal human intervention. The rise of cold storage facilities, driven by pharmaceutical and food logistics, is creating specialized forklift demand. Expanding Industry 4.0 initiatives and government support for electrification will further open opportunities for innovation and long-term growth.

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Reasons to Buy the Report:

✔ Access comprehensive market size data from 2023 through 2033 with growth projections.
✔ Understand the impact of e-commerce and warehousing on forklift truck demand.
✔ Identify emerging opportunities in autonomous and electric forklift innovations.
✔ Benchmark the strategies of leading forklift truck manufacturers.
✔ Leverage regional insights to target high-potential growth markets.

Frequently Asked Questions (FAQs)

◆ How big is the forklift truck market in 2024 and what is its 2033 forecast?
◆ What are the key growth drivers of the global forklift truck market?
◆ Who are the top companies operating in the forklift truck industry?
◆ What is the projected CAGR for the forklift truck market between 2025 and 2033?
◆ Which region is expected to dominate the forklift truck market during the forecast period?

Conclusion

The forklift truck market is on a strong growth trajectory, expanding from US$74.48 Billion in 2023 to a projected US$142.08 Billion by 2033. Driven by the rapid expansion of e-commerce, the push for sustainable solutions, and advancements in automation, forklift trucks remain essential for modern logistics and industrial operations. While cost barriers and infrastructure gaps pose challenges, innovations in electric and autonomous forklifts present significant opportunities for future growth. With Asia-Pacific leading global adoption and developed regions embracing electrification, the forklift truck industry is poised for sustained expansion over the next decade.

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