Global Forklift Market Size/Share Envisaged to Reach USD 201.81 Billion By 2032, With a CAGR of 13.3%: Polaris Market Research


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May 09, 2023

Global Forklift Market Size/Share Envisaged to Reach USD 201.81 Billion By 2032, With a CAGR of 13.3%: Polaris Market Research

Polaris Market Research conducted a comprehensive research study spanning over

Polaris Market Research conducted a comprehensive research study spanning over [+115] pages, revealing that the global forklift market size/share is expected to reach USD 58.02 Billion in 2022. The study further indicates that the market will grow at a compound annual growth rate (CAGR) of 13.3% and is projected to touch USD 201.81 Billion By 2032. Electric segment held the largest market share in 2022, on account of rapidly growing popularity of various innovated electric vehicles due to its eco-friendliness and lower operational & maintenance costs. Some of the major players are Anhui Heli., Crown Equipment Corp., Doosan Corporation, Hyster-Yale Materials Handling, Jungheinrich, KION Group, Komatsu, Mitsubishi Logisnext and others.

New York, NY, May 31, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled "Forklift Market Share, Size, Trends, Industry Analysis Report, By Class (Class 1, Class 2, Class 3, Class 4/5); By Power Source; By Region; Segment Forecast, 2023 - 2032" in its research database.

"As per the latest research analysis, the global forklift market size/share will be valued at roughly USD 58.02 Billion in 2022, and its revenue is projected to reach about USD 201.81 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 13.3% between 2023 and 2032."

Forklift Market: Report Overview

A forklift is an essential industrial vehicle that utilizes two extended forked front accessories to elevate materials. Frequently, the substance is on a wooden platform assortment. The rapidly rising demand for forklift market can be attributed to the fact that it is extensively used to advance substances covering position and spaces. On construction positions, bricks, and wood, as well as tile and other construction substances, are frequently distributed on pallets.

The proliferating e-commerce sector and alterations in warehouse management lately have escalated the demand for forklifts to manage massive consignments and move through compact spaces. These are important constituents chipping into the market's expansion. The demand for forklifts that can function in stimulating topography and transfer bulky construction stockpiles covering long distances is also escalating due to the augmentation of building estimates globally.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)

Our Sample Report Covers:

2032 Updated Report Introduction, Overview, and In-depth industry analysis.

115+ Pages Research Report (Inclusion of Updated Research).

Provide Chapter-wise guidance on Requests.

2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends

Includes Updated List of tables & figures.

Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.

Some of the Key Companies Covered Are:

Anhui Heli.

Crown Equipment Corp.

Doosan Corporation

Hyster-Yale Materials Handling


KION Group


Mitsubishi Logisnext

Toyota Material Handling

Lonking Forklift

Hyundai Vehicle


Boyce Group

Mitsubishi Nichiyu Forklift

Manitou Group

To Know an Additional List of Key Players, Request Here to Download a Free Report PDF Brochure:

Key Growth Driving Factors

Warehousing and logistics industries: Speedy growth of the e-commerce industry is driving the demand for forklift trucks in warehousing and logistics industries. Forklift market size is expanding due to prominent e-tailers globally setting up their warehouses and administration hubs to serve the escalation of demand for online commodities.

Battery propelled trucks: Lately, electric or battery-propelled trucks have surfaced as the most chosen material handling instruments. Electric forklift trucks are noiseless in their functionality, thereby lessening decibel levels in clattering manufacturing ambiance. This uplifts employee health and safety, thereby causing escalated fecundity.

Automatic pick up and drop Growing demand for mechanized and meager warehouses covering the globe to escalate functional productivity and speed as meager warehouses decrease the intake of resources without lessening the comprehensive productivity together with its other beneficial attribute such as automatic travel and pick up and drop materials are prominent factors pushing the growth of the market.

Prevalence of modular solutions: Forklift market sales are soaring as the escalated pervasiveness of modular solutions to maximize customer productivity and capacity to pack each customer's varied needs productively is also anticipated to fuel the market growth in the coming years.

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Top Report Findings

Electric or battery-propelled trucks have surfaced as the most chosen material handling instruments pushing the market demand.

The market is essentially segregated into class, power source, and region.

The leading region of the market in Asia Pacific

Top Trends Influencing the Market

Lessening operative prices: Warehouses possessors globally are notably concentrating on lessening operative prices, improvising plant's efficacy, and escalating clarity by merging contemporarily advanced forklifts by makers with progressive attributes and dimensions, thus fuelling the forklift market growth.

Growing technology progressions: With the speedily growing technological progressions, there has been a notable prospect for electric-powered forklift trucks due to the growing implementation in several sectors and acclaim as these kinds of forklift trucks are absolute for both outdoor and indoor spaces that can simply load or unload bulky weights from the docks and also from floor level.

Simplified movements: A speedy upswing in demand for stacker cranes that are broadly utilized for pallet depository and recovery in the rack systems, as it provides several functional benefits, including simplified movement in tapered aisles.

Segmental Analysis

Class 3 segment held the major forklift market share in 2022

Based on class, the class 3 category dominated the market in 2022 and is projected to continue to lead the market during the anticipated period. Due to its lower base and low maintenance costs in comparison to others, it has gained more recognition and appeal among warehouses and different distribution centers. Class 3 forklift category comprises walk-rider truck, walk-behind stackers, and walk-behind truck, which enables the effective movement of loads and the lifting of loads to a height of around 15 feet. This is another factor supporting segment growth.

Electric segment accounted for the highest revenue share in 2022

By power source forklift market segmentation, electric category witnessed the largest revenue share in 2022 owing to the rise in demand for electric vehicles across developed and developing nations. This is because EVs require lower maintenance than combustion-engine-based vehicles. In addition, an increase in the use of electric vehicles as a more environmentally friendly alternative to forklifts powered by petrol and diesel is likely to accelerate the segment's growth. Moreover, various beneficial government initiatives and the rising development of new products by the forklift market key players through R&D investment are projected to augment the market growth in the coming years.

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Forklift Market: Report Scope & Segments

Report Attribute


Revenue Forecast in 2032

USD 201.81 Billion

Market size value in 2023

USD 65.65 Billion

Expected CAGR Growth

13.3% from 2023 – 2032

Base Year


Forecast Year

2023 – 2032

Top Market Players

Anhui Heli Co. Ltd., Crown Equipment Corporation, Doosan Corporation, Hyster-Yale Materials Handling Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co. Ltd., Toyota Material Handling, Lonking Forklift Co. Ltd., Hyundai Vehicle America Corp., Cargotec, Boyce Group, Mitsubishi Nichiyu Forklift Co. Ltd., and Manitou Group.

Segments Covered

By Class, By Power Source, By Region

Customization Options

Customized purchase options are available to meet any research needs. Explore customized purchase options

Geographic Overview

Asia Pacific: Forklift market in Asia Pacific accounted for the largest market share in 2022, which can be attributed to a surge in demand for modern material handling equipment across various sectors such as mining, food & beverage, and construction coupled with growing trend plant automation by major manufactures. Also, APAC is known as one of the greatest industrial production and manufacturing centers, with China emerging as the leading hub. As a result, there is a significant need for forklifts in the region.

North America: The region is predicted to register the fastest growth during the foreseen period owing to a strong presence of major market participants and significant investment in adopting the most cutting-edge and innovative forklifts, particularly in nations like the US and Canada.

Browse the Detail Report "Forklift Market Share, Size, Trends, Industry Analysis Report, By Class (Class 1, Class 2, Class 3, Class 4/5); By Power Source; By Region; Segment Forecast, 2023 - 2032" with in-depth TOC:

For Additional Information OR Media Enquiry, Please Mail At: [email protected]

Recent Developments

In May 2022, Clark introduced the S40-60 IC pneumatic forklift, which has a capacity of approximately 12,000 pounds and incorporates all the features of the S-Series family. It includes a parking brake, operator visibility, and an optimized center of gravity for improved stability.

In June 2022, Mitsubishi Logisnext revealed its newest lineup of UniCarriers forklifts, the 80-Volt E-pneumatics trucks, available in capacities ranging from 5,000-7,000 to 9,000-12,000 pounds. These forklifts will be accessible at all company dealers in South and North America, as well as the Caribbean. The trucks are equipped with durable batteries that enhance performance by minimizing the frequency of charging.

Important Questions Answered by Report

What is the current size of the market?

What are the names of key players working in the market?

What are trending strategies utilized by market enterprises to expand their businesses?

What are the key regions of the market?

What are the key driving factors in the forklift market?

Which product type of the market is in high demand?

What is the projected size of the market at the end of the forecast period?

Polaris Market Research has segmented the Forklift market report based on class, power source, and region:

By Class Outlook

Class 1

Class 2

Class 3

Class 4/5

By Power Source Outlook

Internal Combustion Engine


By Region Outlook

North America (U.S., Canada)

Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)

Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)

Latin America (Brazil, Mexico, Argentina)

Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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About Polaris Market Research:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.


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