Forklift Market: Current Analysis and Forecast (2021-2027)


Emphasis on Product (Internal Combustion Engine (ICE), Electric); Class (Class 1, Class 2, Class 3, Class 4/5); Application (Construction, Industrial, Logistics, Others); Region/Country









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Report Description
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Research Methodology

Report Description

Forklift Market 3
Forklift Market 3

The forklift Market is expected to grow at a CAGR of around 3% over the forecast period (2021-2027). The expanding construction industry globally will spur the demand for robust forklifts that can be employed in harsh outdoor environments. Several government organizations are focusing on boosting the existing infrastructure for overall economic development. For instance, the South African Government aims to spend USD 56 billion (R900 billion) by 2027 on the country’s transportation infrastructure. Such large-scale construction projects will propel the demand for forklifts that ensure fast transfer of heavy materials.

The e-commerce market has witnessed growth as people preferred online shopping to reduce over-crowding in retail stores and to ensure social distancing. This will boost the demand for forklifts from the e-commerce sector, as online retailers employ high-quality forklifts in distribution facilities to streamline material handling operations. As long as e-commerce is booming and the number of packages shipped is growing, the logistics industry will continue to grow. On an estimate, the global logistics industry is worth over USD 9 trillion.

In recent times, significant growth has been observed owing to the demand for modern material handling equipment. The forklifts are used for lifting the material and used for monitoring and tracking the performance of the operator and monitoring the mechanical and power systems. As a result, with the adoption of advanced technology, there are substantial market opportunities, owing to the manufacturers’ efforts in manufacturing of these trucks that are technologically driven.

Global Investments on the Construction and Maintenance of Infrastructure as share of GDP in 2018, (%), By Country

Forklift Market 2
Forklift Market 2

Some of the major players operating in the market include Komatsu Limited, Mitsubishi Nichiyu Forklift Corporation, Jungheinrich Group, Hyundai Heavy Industries, Toyota Industries Corporation, KION Group AG, Hyster-Yale Material Handling Inc., Crown Equipment Corporation, Anhui Forklift Truck Group Co., Ltd., Doosan Corporation, etc. Several M&A’s along with partnerships have been undertaken by these players to boost their presence in different regions.

Insights Presented in the Report

“Amongst Power Source, ICE segment dominated the market in 2020”

Based on Power Source, the market is segmented into ICE and Electric. The ICE segment leads the Forklift Market. However, electric forklifts are predicted to grow at the highest CAGR due to various benefits, including zero emissions, minimal noise, superior visibility, and the ability to execute practically every operation that an ICE forklift can do.

“Amongst Class, Class 4/5 segment dominated the market in 2020.”

Based on Class, the Forklift market is segmented into Class 1, Class 2, Class 3, and Class 4/5. The Class 4/5 segment contributed the maximum market to the Forklift market. However, class 3 is expected to witness the highest CAGR over the forecast period. The demand for Class 3 forklift has increased as this class include electric forklifts, which are more environmentally friendly and efficient than internal combustion engine (ICE) forklifts, are becoming more popular in material handling departments and warehouses, driving up demand for these vehicles.

“Amongst Application, Construction segment dominated the market in 2020.”

Based on Application, the Forklift market is segmented into Construction, Industrial, Logistics, and Others. Construction segment contributed the maximum market to the Forklift market. However, during the forecast period, the logistics segment of the worldwide forklift market is expected to develop at the fastest rate. Forklifts are used by logistic sector to move merchandise efficiently, the increased stockpiling of commodities in warehouses, and its distribution to different destinations, further expected to drive the market growth.

“North America represents as the largest market.”

For a better understanding of the market adoption of Forklift trucks, the market is analyzed for the countries such as North America (US, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), & Rest of World. Asia-Pacific dominated the market in 2020. Asia-Pacific forklift market is mainly driven by escalating construction sector, establishment & expansion of warehouses, surging e-commerce industry of multinational organizations that are indulged in manufacturing and production of forklifts trucks in Asia-Pacific. Asia-Pacific forklift truck market has its primary applications in construction sector, e-commerce sector, manufacturing utilities that include warehouses and escalating trade from the ports.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional & country-level analysis of the industry

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1.1.Market Definitions
1.3.Stake Holders
1.4.Currency used in Report


2.1.Research Process of the Forklift Market
2.2.Research Methodology of the Forklift Market
2.3.Forecasting Method
2.4.Respondent Profile
2.5.Main Objective of the Forklift Market Study






7.1.Internal Combustion Engine (ICE)


8.1.Class 1
8.2.Class 2
8.3.Class 3
8.4.Class 4/5




 10.1.1.United States
 10.1.3.Rest of North America
 10.2.3.United Kingdom
 10.2.6.Rest of Europe
 10.3.5.Rest of Asia Pacific
11.1.Market Drivers
11.2.Market Challenges
11.3.Impact Analysis








15.1.Demand Side Analysis
15.2.Supply Side Analysis


17.1.1.Company Shares, By Revenue


18.1.Komatsu Limited
18.2.Mitsubishi Nichiyu Forklift Corporation 
18.3.Jungheinrich Group
18.4.Hyundai Heavy Industries 
18.5.Toyota Industries Corporation
18.6.KION Group AG
18.7.Hyster-Yale Material Handling Inc.
18.8.Crown Equipment Corporation
18.9.Anhui Forklift Truck Group Co., Ltd.
18.10.Doosan Corporation




Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the Forklift Market were the three major steps undertaken to create and analyze the adoption of Forklift trucks across various regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were conducted, with industry experts across the value chain of the industry. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below.

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of Forklift trucks through company internal sources such as annual report & financial statements, investor presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Forklift, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report are by power source, class, and application. Further regional & country-level analyses were conducted to evaluate the overall adoption of the Forklift Market in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size. Further, we conducted factor analysis using dependent and independent variables such as increasing demand for modern material handling equipment, growth of e-commerce industry, manufacturer’s efforts and investments in R&D activities, etc. Historical trends and their year-on-year impact on the market size and share was analyzed. Demand and supply side scenario was also thoroughly studied.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Market, and market shares of the segments and company. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$)
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Forklift Market in terms of products & services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Forklift Market 1
Forklift Market 1

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of Forklift Market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of power source, class, and application for the major country/region globally.

The main objective of the Forklift Market Study

The current & future market trends of Forklift were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a regional & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of Forklift in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include of Power Source, Class, and Application
  • Analyze the current and forecast market size of the Forklift for the major regions & countries
  • Major regions studied in the report include North America (United States, Canada, Rest of North America), Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe), Asia Pacific (China, Japan, India, Australia, Rest of Asia- Pacific), and Rest of World
  • Company profiles of the Forklift Market players and the growth strategies adopted by them to sustain in the fast-growing market
  • Deep dive regional & country level analysis of the industry