Dublin, Feb. 20, 2025 (GLOBE NEWSWIRE) — The “Forklift Market by Class (1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-Ion, Lead Acid), Tonnage Capacity, Operation, Application, Tire, Product Type, End Use Industry, Electric Forklift, Lifting Capacity & Region – Global Forecast to 2030” report has been added to ResearchAndMarkets.com’s offering.
The forklift market is projected to grow from USD 85.2 billion in 2024 to USD 125.4 billion in 2030, at a CAGR of 6.7%
The Asia Pacific market is expected to grow and dominate the global forklift market over the forecast period. The emergence of artificial intelligence with real-time location monitoring and automated pick & packaging capabilities in forklifts have revolutionized warehouse automation at the highest level, thereby encouraging global warehousing industry giants to increase the deployment of autonomous forklifts for optimized operations.
Prominent companies include Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), and Crown Equipment Corporation (US), Mitsubishi Logisnext Co. Ltd. (Japan) are the leading manufacturers of forklifts in the global market.
Electric forklifts are projected to remain dominant in the global market during the forecast period.
Electric forklifts hold the largest market share at a global level. Since forklifts, which belong to Class 1 to Class 3, are electrically driven, this segment accounts for more than 70% as of 2024. Demand for electric forklifts is increasing to lower emissions and align with emission regulations for industrial vehicles. Electric forklifts also lessen ownership costs and emerge with better ROI than ICE forklifts. The adoption rate of lithium- ion batteries in the market is at present higher than that of lead-acid batteries due to issues relating to disposal and health hazards created by lead-acid batteries.
Advanced battery technologies, brings the prices down, hence making it more attractive for manufacturers to switch to cleaner and more efficient forklift trucks. According to BloombergNEF, the average cost of battery packs fell from USD 161 per kWh in 2022 down to USD 139 per kWh in 2023, a drop of 14% in just one year. Most OEMs offer Lithium iron phosphate chemistry due to its better safety profile, cycle life, and thermal stability. Also, the lower cost of LFP makes it economically more viable; hence, LFP finds wide application as battery chemistry.
Many global OEMs provide forklifts in different classes with lead-acid and lithium-ion battery options. Thus, with advancements in battery technologies coupled with a reduction in raw material prices and stringent emission laws, demand for lithium-ion forklifts is expected to have heightened demand in the coming years. Thus, longer life span, lower operating costs and quieter operations of electric forklifts over ICE. Forklifts and growing stringency in non-road mobile machinery (NRMM) emission regulation, the demand for electric forklifts is expected to grow over the forecast period.
Forklift demand in the E-commerce industry is analyzed to grow at the highest CAGR under the review period
The demand for forklifts in the e-commerce industry is expected to grow fastest during the forecast period. This growth results from changing customer demand and an increasing trend toward online shopping, leading to faster delivery times. These developments in the e-commerce market have made a change in the need for strong warehouse solutions and faster intralogistics, thus increasing forklift usage.
Forklifts can improve productivity and work area efficiency compared to manual material handling operations. Additionally, indoor applications of forklifts are growing owing to quick access, better space utilization, efficient pallet load handling, and increasing goods consumption. Indoor forklifts are the most efficient, compact material handling equipment in warehouses with a racking height of 10 meters or lower. The increased internet penetration, the rise of mobile commerce, and the changing online shopping spectrum have demonstrated rapid expansion of the online retail and e-commerce industry, resulting in an escalating demand for forklifts at a global level.
Europe is estimated to be the second largest forklift market during the forecast period.
By 2030, it is projected that Europe will prove to be the second-biggest consumer of forklifts around the world. This can be attributed to a number of factors, such as stringent workplace safety guidelines, highly expensive rates of labor, and increased costs of real estate and lease arrangements that would necessitate the availability of proper material handling systems and increase the demand for lifters. The rising demand for fast and efficient order fulfillment is leading to an expansion of the distribution network by major companies in the logistics and warehousing industries, including DHL Group, DB Schenker, Kuehne + Nagel, and Maersk will drive the forklift market.
Moreover, other contributing factors include increased distribution centers across the United Kingdom, plummeting cost of warehouse automating systems in Germany, and growth trends within the French logistics sector. Europe is leading the warehouse automation and material handling market due to high labor costs, limited space, and strict safety standards. As a result, more autonomous forklifts are installed with Al, machine learning, and better navigation systems. Further, the surging pharma and chemicals industries are likely to continue boosting the forklift market in the European region.
The report provides insights on the following pointers:
- Analysis of key drivers (Rising GHG emissions, government incentives and policies, overall targets to reduce fleet-level emissions and increasing demand for emission-free vehicles), restraints (safety concerns in EV batteries and high development cost), opportunities (transition towards hydrogen fuel cell electric mobility), and challenges (high cost of developing charging infrastructure) are influencing the growth of the forklift market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the forklift market.
- Market Development: Comprehensive information about lucrative markets – the report analyses the forklift market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the forklift market.
- Deep dive segments on electric forklift market and their trends. OEM analysis for electric forklifts.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), and Crown Equipment Corporation (US), Mitsubishi Logisnext Co. Ltd. (Japan) among others in the forklift market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 380 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $85.2 Billion |
| Forecasted Market Value (USD) by 2030 | $125.4 Billion |
| Compound Annual Growth Rate | 6.7% |
| Regions Covered | Global |
Companies Featured
- Toyota Industries Corporation
- Kion Group AG
- Jungheinrich AG
- Mitsubishi Logisnext Co. Ltd.
- Crown Equipment Corporation
- Hyster-Yale Materials Handling
- Clark
- Hyundai Construction Equipment
- Komatsu Ltd.
- Cat Lift Trucks
- Kalmar
- Anhui Heli Co. Ltd.
- Byd Company Ltd.
- Bobcat Company
- Godrej Material Handling (Godrej & Boyce Manufacturing Co. Ltd.)
- Ep Equipment
- Lonking
- Hangcha Forklift
- Konecranes
- Combilift
- Vallee
- Flexi Narrow Aisle
- Manitou
- Hoist Material Handling
- Agilox Services GmbH
- E80 Group S.P.A.
- Scott Automation
- Bastian Solutions
- Seegrid Corporation
- Vecna Robotics
- Agve Ab
For more information about this report visit https://www.researchandmarkets.com/r/74ly0r
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