(MENAFN- GlobeNewsWire - Nasdaq) The Forklift Truck Market, valued at USD 62.3 billion in 2025, is set to expand at a CAGR of 8.8%, reaching USD 132.7 billion by 2034. Growth is driven by increasing automation and electrification, with demand surging for electric and hydrogen-powered forklifts and IoT integration. Key trends include the rise of AI-powered, autonomous forklifts, and enhanced battery technologies, which improve operational efficiency and sustainability across logistics, manufacturing, and retail. Emerging markets in Asia-Pacific and Latin America offer significant investment opportunities amid rapid industrialization.Dublin, July 02, 2025 (GLOBE NEWSWIRE) -- The "Forklift Truck Market 2025-2034" report has been added to ResearchAndMarkets.com's offering.
Forklift Truck Market is valued at USD 62.3 billion in 2025. Further the market is expected to grow by a CAGR of 8.8% to reach global sales of USD 132.7 billion in 2034
The Forklift Truck Market is witnessing steady growth, driven by increasing demand for efficient material handling solutions across industries such as logistics, manufacturing, construction, and retail. Forklift trucks play a vital role in warehouse operations, distribution centers, and industrial facilities, ensuring seamless movement of goods and improving operational efficiency. The growing emphasis on automation, supply chain optimization, and e-commerce expansion has further accelerated the adoption of advanced forklift technologies.
The shift towards electric and hydrogen-powered forklifts is gaining momentum, as companies seek sustainable and cost-effective alternatives to traditional internal combustion (IC) engine forklifts. Additionally, the integration of smart technologies such as IoT connectivity, telematics, and AI-driven fleet management systems is enhancing productivity, safety, and predictive maintenance. With continuous investments in warehouse automation and infrastructure development, the market is poised for long-term expansion.
In 2024, the Forklift Truck Market has seen significant developments, particularly in electrification and automation. The rising adoption of electric forklifts is being fueled by stricter emissions regulations and corporate sustainability goals, pushing manufacturers to expand their electric vehicle (EV) lineup with improved battery efficiency and faster charging capabilities. The demand for autonomous and semi-autonomous forklifts has also surged, especially in large-scale warehouses and fulfillment centers, where robotics and AI-driven navigation systems are enhancing efficiency.
Additionally, the growing popularity of lithium-ion battery-powered forklifts has led to a shift away from lead-acid batteries, as companies prioritize longer battery life and lower maintenance costs. The construction and manufacturing sectors have also contributed to market growth, with increased investments in infrastructure projects driving demand for heavy-duty forklifts. However, supply chain disruptions, rising raw material costs, and semiconductor shortages have posed challenges, impacting production timelines and equipment availability.
Looking ahead to 2025 and beyond, the Forklift Truck Market is expected to witness further advancements in automation, energy efficiency, and fleet management technologies. The development of hydrogen fuel cell forklifts is projected to gain traction, offering a zero-emission alternative with faster refueling times compared to battery-electric models.
AI-driven predictive maintenance and IoT-enabled real-time monitoring will continue to shape the market, allowing businesses to optimize fleet utilization and reduce operational downtime. Additionally, the adoption of collaborative robotics in material handling will enhance workplace safety and efficiency, as companies integrate automated guided vehicles (AGVs) with traditional forklifts.
The expansion of smart warehouses and last-mile logistics hubs will further drive the need for agile and connected forklift solutions. Emerging markets in Asia-Pacific and Latin America are set to become key growth areas, fueled by rapid industrialization, urbanization, and investments in logistics infrastructure. With continuous innovation and regulatory support for cleaner and smarter forklift technologies, the industry is poised for dynamic transformation in the years ahead.
Key Insights Forklift Truck Market
Electrification of Forklifts: The transition from diesel and LPG-powered forklifts to electric models is accelerating due to environmental regulations, cost efficiency, and advancements in lithium-ion battery technology. Rise of Autonomous and Semi-Autonomous Forklifts: The increasing demand for automation in warehouses is driving the adoption of AI-powered forklifts with self-navigation, obstacle detection, and real-time operational monitoring. Growth of Hydrogen Fuel Cell Forklifts: Hydrogen-powered forklifts are emerging as a sustainable alternative, offering rapid refueling, long operational hours, and zero emissions, particularly in high-intensity warehouse operations. Integration of IoT and Telematics: Forklift fleets are increasingly equipped with IoT sensors and telematics systems to enable real-time tracking, predictive maintenance, and data-driven decision-making. Expansion of Warehouse and E-Commerce Logistics: The rapid growth of e-commerce and the need for efficient order fulfillment have led to increased investments in forklift automation and warehouse optimization. Surging Demand for Warehouse Automation: The expansion of e-commerce and logistics hubs has fueled the need for advanced forklifts that enhance storage efficiency and streamline inventory movement. Stringent Emission Regulations: Governments worldwide are imposing stricter emission norms, accelerating the shift towards electric and hydrogen-powered forklifts in industrial and commercial settings. Rising Investments in Infrastructure Development: The construction and manufacturing sectors are witnessing increased forklift adoption due to large-scale infrastructure projects and industrial expansion. Technological Advancements in Battery Efficiency: Innovations in lithium-ion and hydrogen fuel cell technologies are improving forklift performance, reducing operational costs, and enhancing sustainability. High Initial Costs of Advanced Forklift Technologies: The adoption of electric and hydrogen fuel cell forklifts requires significant upfront investment, posing a challenge for small and mid-sized businesses looking to transition from traditional fuel-powered models.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 150 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value (USD) in 2025 | $62.3 Billion |
| Forecasted Market Value (USD) by 2034 | $132.7 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Companies Featured
Anhui HELI Co. Ltd. Crown Equipment Corporation Godrej & Boyce Mfg. Co. Ltd. Hangcha Group Co. Ltd. Hyster-Yale Materials Handling Inc. Jungheinrich AG Kion Group AG Komatsu Ltd. Mitsubishi Logisnext Co. Ltd. Toyota Industries Corporation Clark Material Handling Company Combilift Ltd Doosan Industrial Vehicle EP Equipment Hyundai Heavy Industries Co. Ltd Lift Technologies Inc Linde Material Handling Lonking Machinery Co. Ltd. The Raymond Corporation UniCarriers Americas Corporation. Manitou Group Tailift Group LiuGong Machinery Corporation Lonking Holdings Limited EP Equipment Co. Ltd. Hubtex Maschinenbau GmbH & Co. KG Hangzhou UN Forklift Co. Ltd. Paletrans Equipamentos Ltd
Forklift Truck Market Segmentation
By Product Type
By Technology
Internal Combustion Engine
By Class
Class II Class III Class IV Class V
By End-User
Logistics Automotive Food Industry Other End Users
By Geography
North America (USA, Canada, Mexico) Europe (Germany, UK, France, Spain, Italy, Rest of Europe) Asia-Pacific (China, India, Japan, Australia, Vietnam, Rest of APAC) The Middle East and Africa (Middle East, Africa) South and Central America (Brazil, Argentina, Rest of SCA)
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