Latest Update: Impact of current COVID-19 situation has been considered in this report while making the analysis.
Global Forklift Market by Type (Internal Combustion Forklift, Electric Forklift, Fuel Cells Forklift, Others), By Application (Factories, Warehouses, Stations, Ports, Airports, Distribution centers, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030-report

Global Forklift Market by Type (Internal Combustion Forklift, Electric Forklift, Fuel Cells Forklift, Others), By Application (Factories, Warehouses, Stations, Ports, Airports, Distribution centers, Others) And By Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast From 2022 To 2030

Report ID: 155181 3300 Machinery & Equipment 377 241 Pages 4.5 (36)

Market Overview:

The global forklift market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for forklifts from various end-use industries, such as factories, warehouses, stations, ports, airports and distribution centers. Additionally, the growing adoption of fuel cells forklifts is also contributing to the growth of this market. However, volatility in prices of raw materials used in manufacturing forklifts may restrain the growth of this market during the forecast period. On basis on type , internal combustion engine (ICE) Forklift held major share in 2017 and it will continue its dominance throughout forecast period .Electric Forklift are anticipated witness highest CAGR over next 10 years owing stringent emission norms by government authorities across globe . On basis on application , Factories segment accounted for largest share followed by Warehouses segment in 2017 .

Global Forklift Industry Outlook

Product Definition:

A forklift is a vehicle used to move goods by lifting them with prongs at the front and depositing them at another location. Forklifts are an important part of many industrial and commercial settings, as they allow for the easy transport of heavy items.

Internal Combustion Forklift:

An internal combustion forklift is a powered industrial truck that uses an internal combustion engine and a mechanical drive system to move materials. They are used for loading and unloading material in warehouses, factories, construction sites or transportation hubs.

The global IC forklift market size was valued at USD 4.5 billion in 2016.

Electric Forklift:

An electric forklift is a powered industrial equipment used to lift and transport materials in bulk. It consists of a platform, an arm, and usually two or four wheels at the bottom. The material being lifted is placed on the platform which is then moved by the forklift’s drive system towards the destination by using one or more sets of wheels as needed.

Application Insights:

The distribution centers segment accounted for the largest market share in 2017 and is projected to expand at a CAGR of XX% over the forecast period. The rising demand for efficient and rapid moving forklifts to facilitate smooth flow of goods in distribution centers is expected to drive the growth. Furthermore, increasing adoption of electric powered forklifts with features such as automatic gear shift that increases productivity is likely to propel industry growth over the coming years.

Factories are one of the prominent application areas where internal combustion or diesel powered forklift trucks are used on a large scale due to their ability to handle heavy loads with ease and efficiency. Increasing industrialization across various developing countries including China, India, Brazil, South Africa has resulted in growing need for industrial machinery which can be operated efficiently by using automated systems thereby driving demand from factories segmentally speaking (warehouses & stations).

Regional Analysis:

The Asia Pacific dominated the market in 2017 and is expected to continue its dominance over the forecast period. The region accounts for a major share of global manufacturing companies, which are increasingly adopting automation technologies. Furthermore, increasing industrialization and rapid urbanization in developing countries such as India and China have created a huge demand for various types of forklifts. Moreover, rising awareness regarding workplace safety coupled with stringent government regulations on vehicle emissions are expected to drive the regional market growth over the forecast period.

Europe accounted for more than 20% of total revenue share in 2017 owing to growing adoption across several industries including food & beverage, automotive/transportation/logistics, pharmaceuticals & healthcare among others In developed economies such as Germany and U.K.

Growth Factors:

  • Increasing demand for forklifts in the e-commerce sector due to the growth of online retailing.
  • Rising demand from small and medium enterprises (SMEs) due to the growing economy and rising industrial output.
  • Increasing adoption of forklifts in warehouses and distribution centers due to the growth of omni-channel retailing.
  • Growing demand for electric forklifts as they are environment-friendly and help reduce carbon emissions.

Scope Of The Report

Report Attributes

Report Details

Report Title

Forklift Market Research Report

By Type

Internal Combustion Forklift, Electric Forklift, Fuel Cells Forklift, Others

By Application

Factories, Warehouses, Stations, Ports, Airports, Distribution centers, Others

By Companies

Heli, Hangcha, Toyota, Kion, Lonking, Jungheinrich, Mitsubishi Logisnext, Hyster-Yale, Tailift, Liugong, Crown

Regions Covered

North America, Europe, APAC, Latin America, MEA

Base Year


Historical Year

2019 to 2020 (Data from 2010 can be provided as per availability)

Forecast Year


Number of Pages


Number of Tables & Figures


Customization Available

Yes, the report can be customized as per your need.

Global Forklift Market Report Segments:

The global Forklift market is segmented on the basis of:


Internal Combustion Forklift, Electric Forklift, Fuel Cells Forklift, Others

The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.


Factories, Warehouses, Stations, Ports, Airports, Distribution centers, Others

The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.

Some of the companies that are profiled in this report are:

  1. Heli
  2. Hangcha
  3. Toyota
  4. Kion
  5. Lonking
  6. Jungheinrich
  7. Mitsubishi Logisnext
  8. Hyster-Yale
  9. Tailift
  10. Liugong
  11. Crown

Global Forklift Market Overview

Highlights of The Forklift Market Report:

  1. The market structure and projections for the coming years.
  2. Drivers, restraints, opportunities, and current trends of market.
  3. Historical data and forecast.
  4. Estimations for the forecast period 2030.
  5. Developments and trends in the market.
  6. By Type:

    1. Internal Combustion Forklift
    2. Electric Forklift
    3. Fuel Cells Forklift
    4. Others
  1. By Application:

    1. Factories
    2. Warehouses
    3. Stations
    4. Ports
    5. Airports
    6. Distribution centers
    7. Others
  1. Market scenario by region, sub-region, and country.
  2. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
  3. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
  4. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Forklift Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.

Regional Analysis

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.

The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.

How you may use our products:

  • Correctly Positioning New Products
  • Market Entry Strategies
  • Business Expansion Strategies
  • Consumer Insights
  • Understanding Competition Scenario
  • Product & Brand Management
  • Channel & Customer Management
  • Identifying Appropriate Advertising Appeals

Global Forklift Market Statistics

8 Reasons to Buy This Report

  1. Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
  2. Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
  3. Implemented Robust Methodology to Prepare the Report
  4. Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
  5. Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
  6. Provides Information About the Top-winning Strategies Implemented by Industry Players.
  7. In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
  8. Customization of the Report Available

Frequently Asked Questions?

A forklift is a powered industrial truck that moves goods by lifting and lowering them using forks or claws.

Some of the key players operating in the forklift market are Heli, Hangcha, Toyota, Kion, Lonking, Jungheinrich, Mitsubishi Logisnext, Hyster-Yale, Tailift, Liugong, Crown.

The forklift market is expected to register a CAGR of 5.5%.

1. Executive Summary

2. Assumptions and Acronyms Used

3. Research Methodology

4. Forklift Market Overview
   4.1. Introduction
      4.1.1. Market Taxonomy
      4.1.2. Market Definition
   4.2. Macro-Economic Factors
      4.2.1. Industry Outlook
   4.3. Forklift Market Dynamics
      4.3.1. Market Drivers
      4.3.2. Market Restraints
      4.3.3. Opportunity
      4.3.4. Market Trends
   4.4. Forklift Market - Supply Chain
   4.5. Global Forklift Market Forecast
      4.5.1. Forklift Market Size (US$ Mn) and Y-o-Y Growth
      4.5.2. Forklift Market Size (000’ Units) and Y-o-Y Growth
      4.5.3. Forklift Market Absolute $ Opportunity

5. Global Forklift Market Analysis and Forecast by Type
   5.1. Market Trends
   5.2. Introduction
      5.2.1. Basis Point Share (BPS) Analysis by Type
      5.2.2. Y-o-Y Growth Projections by Type
   5.3. Forklift Market Size and Volume Forecast by Type
      5.3.1. Internal Combustion Forklift
      5.3.2. Electric Forklift
      5.3.3. Fuel Cells Forklift
      5.3.4. Others
   5.4. Absolute $ Opportunity Assessment by Type
   5.5. Market Attractiveness/Growth Potential Analysis by Type

6. Global Forklift Market Analysis and Forecast by Application
   6.1. Market Trends
   6.2. Introduction
      6.2.1. Basis Point Share (BPS) Analysis by Application
      6.2.2. Y-o-Y Growth Projections by Application
   6.3. Forklift Market Size and Volume Forecast by Application
      6.3.1. Factories
      6.3.2. Warehouses
      6.3.3. Stations
      6.3.4. Ports
      6.3.5. Airports
      6.3.6. Distribution centers
      6.3.7. Others
   6.4. Absolute $ Opportunity Assessment by Application
   6.5. Market Attractiveness/Growth Potential Analysis by Application

7. Global Forklift Market Analysis and Forecast by Sales Channel
   7.1. Market Trends
   7.2. Introduction
      7.2.1. Basis Point Share (BPS) Analysis by Sales Channel 
      7.2.2. Y-o-Y Growth Projections by Sales Channel
   7.3. Forklift Market Size and Volume Forecast by Sales Channel 
      7.3.1. Manufacturer/Distributor/Service Provider
      7.3.2. Aftermarket
   7.4. Absolute $ Opportunity Assessment by Sales Channel
   7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel

8. Global Forklift Market Analysis and Forecast by Region
   8.1. Market Trends
   8.2. Introduction
      8.2.1. Basis Point Share (BPS) Analysis by Region
      8.2.2. Y-o-Y Growth Projections by Region
   8.3. Forklift Market Size and Volume Forecast by Region
      8.3.1. North America
      8.3.2. Latin America
      8.3.3. Europe
      8.3.4. Asia Pacific
      8.3.5. Middle East and Africa (MEA)
   8.4. Absolute $ Opportunity Assessment by Region
   8.5. Market Attractiveness/Growth Potential Analysis by Region
   8.6. Global Forklift Demand Share Forecast, 2019-2026

9. North America Forklift Market Analysis and Forecast
   9.1. Introduction
      9.1.1. Basis Point Share (BPS) Analysis by Country
      9.1.2. Y-o-Y Growth Projections by Country
   9.2. North America Forklift Market Size and Volume Forecast by Country
      9.2.1. U.S.
      9.2.2. Canada
   9.3. Absolute $ Opportunity Assessment by Country
   9.4. North America Forklift Market Size and Volume Forecast by Application
      9.4.1. Factories
      9.4.2. Warehouses
      9.4.3. Stations
      9.4.4. Ports
      9.4.5. Airports
      9.4.6. Distribution centers
      9.4.7. Others
   9.5. Basis Point Share (BPS) Analysis by Application
   9.6. Y-o-Y Growth Projections by Application
   9.7. North America Forklift Market Size and Volume Forecast by Type
      9.7.1. Internal Combustion Forklift
      9.7.2. Electric Forklift
      9.7.3. Fuel Cells Forklift
      9.7.4. Others
   9.8. Basis Point Share (BPS) Analysis by Type
   9.9. Y-o-Y Growth Projections by Type
   9.10. Market Attractiveness/Growth Potential Analysis
      9.10.1. By Country
      9.10.2. By Product Type
      9.10.3. By Application
      9.10.4. By Sales Channel
   9.11. North America Forklift Demand Share Forecast, 2019-2026

10. Latin America Forklift Market Analysis and Forecast
   10.1. Introduction
      10.1.1. Basis Point Share (BPS) Analysis by Country
      10.1.2. Y-o-Y Growth Projections by Country
      10.1.3. Latin America Average Pricing Analysis
   10.2. Latin America Forklift Market Size and Volume Forecast by Country
      10.2.1. Brazil
      10.2.2. Mexico
      10.2.3. Rest of Latin America
   10.3. Absolute $ Opportunity Assessment by Country
   10.4. Latin America Forklift Market Size and Volume Forecast by Application
      10.4.1. Factories
      10.4.2. Warehouses
      10.4.3. Stations
      10.4.4. Ports
      10.4.5. Airports
      10.4.6. Distribution centers
      10.4.7. Others
   10.5. Basis Point Share (BPS) Analysis by Application
   10.6. Y-o-Y Growth Projections by Application
   10.7. Latin America Forklift Market Size and Volume Forecast by Type
      10.7.1. Internal Combustion Forklift
      10.7.2. Electric Forklift
      10.7.3. Fuel Cells Forklift
      10.7.4. Others
   10.8. Basis Point Share (BPS) Analysis by Type
   10.9. Y-o-Y Growth Projections by Type
   10.10. Market Attractiveness/Growth Potential Analysis
      10.10.1. By Country
      10.10.2. By Product Type
      10.10.3. By Application
      10.10.4. By Sales Channel
   10.11. Latin America Forklift Demand Share Forecast, 2019-2026

11. Europe Forklift Market Analysis and Forecast
   11.1. Introduction
      11.1.1. Basis Point Share (BPS) Analysis by Country
      11.1.2. Y-o-Y Growth Projections by Country
      11.1.3. Europe Average Pricing Analysis
   11.2. Europe Forklift Market Size and Volume Forecast by Country
      11.2.1. Germany
      11.2.2. France
      11.2.3. Italy
      11.2.4. U.K.
      11.2.5. Spain
      11.2.6. Russia
      11.2.7. Rest of Europe
   11.3. Absolute $ Opportunity Assessment by Country
   11.4. Europe Forklift Market Size and Volume Forecast by Application
      11.4.1. Factories
      11.4.2. Warehouses
      11.4.3. Stations
      11.4.4. Ports
      11.4.5. Airports
      11.4.6. Distribution centers
      11.4.7. Others
   11.5. Basis Point Share (BPS) Analysis by Application
   11.6. Y-o-Y Growth Projections by Application
   11.7. Europe Forklift Market Size and Volume Forecast by Type
      11.7.1. Internal Combustion Forklift
      11.7.2. Electric Forklift
      11.7.3. Fuel Cells Forklift
      11.7.4. Others
   11.8. Basis Point Share (BPS) Analysis by Type
   11.9. Y-o-Y Growth Projections by Type
   11.10. Market Attractiveness/Growth Potential Analysis
      11.10.1. By Country
      11.10.2. By Product Type
      11.10.3. By Application
      11.10.4. By Sales Channel
   11.11. Europe Forklift Demand Share, 2019-2026

12. Asia Pacific Forklift Market Analysis and Forecast
   12.1. Introduction
      12.1.1. Basis Point Share (BPS) Analysis by Country
      12.1.2. Y-o-Y Growth Projections by Country
      12.1.3. Asia Pacific Average Pricing Analysis
   12.2. Asia Pacific Forklift Market Size and Volume Forecast by Country
      12.2.1. China
      12.2.2. Japan
      12.2.3. South Korea
      12.2.4. India
      12.2.5. Australia
      12.2.6. Rest of Asia Pacific (APAC)
   12.3. Absolute $ Opportunity Assessment by Country
   12.4. Asia Pacific Forklift Market Size and Volume Forecast by Application
      12.4.1. Factories
      12.4.2. Warehouses
      12.4.3. Stations
      12.4.4. Ports
      12.4.5. Airports
      12.4.6. Distribution centers
      12.4.7. Others
   12.5. Basis Point Share (BPS) Analysis by Application
   12.6. Y-o-Y Growth Projections by Application
   12.7. Asia Pacific Forklift Market Size and Volume Forecast by Type
      12.7.1. Internal Combustion Forklift
      12.7.2. Electric Forklift
      12.7.3. Fuel Cells Forklift
      12.7.4. Others
   12.8. Basis Point Share (BPS) Analysis by Type
   12.9. Y-o-Y Growth Projections by Type
   12.10. Market Attractiveness/Growth Potential Analysis
      12.10.1. By Country
      12.10.2. By Product Type
      12.10.3. By Application
      12.10.4. By Sales Channel
   12.11. Asia Pacific Forklift Demand Share, 2019-2026

13. Middle East & Africa Forklift Market Analysis and Forecast
   13.1. Introduction
      13.1.1. Basis Point Share (BPS) Analysis by Country
      13.1.2. Y-o-Y Growth Projections by Country
      13.1.3. Asia Pacific Average Pricing Analysis
   13.2. Middle East & Africa Forklift Market Size and Volume Forecast by Country
      13.2.1. Saudi Arabia
      13.2.2. South Africa
      13.2.3. UAE
      13.2.4. Rest of Middle East & Africa (MEA)
   13.3. Absolute $ Opportunity Assessment by Country
   13.4. Middle East & Africa Forklift Market Size and Volume Forecast by Application
      13.4.1. Factories
      13.4.2. Warehouses
      13.4.3. Stations
      13.4.4. Ports
      13.4.5. Airports
      13.4.6. Distribution centers
      13.4.7. Others
   13.5. Basis Point Share (BPS) Analysis by Application
   13.6. Y-o-Y Growth Projections by Application
   13.7. Middle East & Africa Forklift Market Size and Volume Forecast by Type
      13.7.1. Internal Combustion Forklift
      13.7.2. Electric Forklift
      13.7.3. Fuel Cells Forklift
      13.7.4. Others
   13.8. Basis Point Share (BPS) Analysis by Type
   13.9. Y-o-Y Growth Projections by Type
   13.10. Market Attractiveness/Growth Potential Analysis
      13.10.1. By Country
      13.10.2. By Product Type
      13.10.3. By Application
      13.10.4. By Sales Channel
   13.11. Middle East & Africa Forklift Demand Share, 2019-2026

14. Competition Landscape
   14.1. Global Forklift Market: Market Share Analysis
   14.2. Forklift Distributors and Customers
   14.3. Forklift Market: Competitive Dashboard
   14.4. Company Profiles (Details – Overview, Financials, Developments, Strategy) 
      14.4.1. Heli Overview Financials Developments Strategic Outlook
      14.4.2. Hangcha Overview Financials Developments Strategic Outlook
      14.4.3. Toyota Overview Financials Developments Strategic Outlook
      14.4.4. Kion Overview Financials Developments Strategic Outlook
      14.4.5. Lonking Overview Financials Developments Strategic Outlook
      14.4.6. Jungheinrich Overview Financials Developments Strategic Outlook
      14.4.7. Mitsubishi Logisnext Overview Financials Developments Strategic Outlook
      14.4.8. Hyster-Yale Overview Financials Developments Strategic Outlook
      14.4.9. Tailift Overview Financials Developments Strategic Outlook
      14.4.10. Liugong Overview Financials Developments Strategic Outlook
      14.4.11. Crown Overview Financials Developments Strategic Outlook
      14.4.12. COMPANY 12 Overview Financials Developments Strategic Outlook
      14.4.13. COMPANY 13 Overview Financials Developments Strategic Outlook
      14.4.14. COMPANY 14 Overview Financials Developments Strategic Outlook
      14.4.15. COMPANY 15 Overview Financials Developments Strategic Outlook
      14.4.16. COMPANY 16 Overview Financials Developments Strategic Outlook
      14.4.17. COMPANY 17 Overview Financials Developments Strategic Outlook
      14.4.18. COMPANY 18 Overview Financials Developments Strategic Outlook
      14.4.19. COMPANY 19 Overview Financials Developments Strategic Outlook
      14.4.20. COMPANY 20 Overview Financials Developments Strategic Outlook

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