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Global Forklift Market Report 2021-2026

DUBLIN, February 3, 2022 /PRNewswire/ — The “Forklifts – Global Market Trajectory & Analytics” report has been added to from offer.

Global forklift market to reach US$50.5 billion by 2026

Amid COVID-19 crisis, Global Forklifts Market Estimated at US$37.9 billion in 2020, is expected to reach a revised size of US$50.5 billion by 2026, growing at a CAGR of 5% over the analysis period.

Increase in productivity, decrease in downtime, operator comfort and reduction in accidents and injuries are the other key factors fueling the growth of the forklift market. Booming e-commerce and retail businesses, booming automotive component manufacturing, growing consumer goods industry and booming construction industry are further increasing the demand for forklifts.

Advances in technology are paving the way for greater adoption of forklifts. The advent of smart forklifts, robotic forklifts, ultra-capacitor forklifts, fast-charging battery forklifts, fuel cell forklifts, and fuel-efficient and environmentally friendly hydrogen forklifts are influencing the forklift market growth opportunities considerably.

The forklift market is receiving a major growth impetus through the growing acceptance of electric vehicles owing to the continuous technological advancements coupled with the rising cost of traditional fuels.

Internal Combustion Engine (ICE), one of the segments analyzed in the report, is expected to grow at a CAGR of 4.6% to reach US$35.5 billion at the end of the analysis period.

After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the electric segment is readjusted to a revised CAGR of 5.6% for the next 7-year period. Internal combustion engine (ICE) forklifts dominate the market, as heavy-duty forklifts that find use in outdoor activities are typically diesel-driven.

However, due to strict regulatory emission standards for regulating CO2 emissions and relatively high maintenance costs, diesel forklifts are giving way to electric forklifts powered by electricity. Increased adoption of electric forklifts due to its advantages over internal combustion engine (IC) powered forklifts and increased investment targeted on advancements in battery technology are poised to grow. fueling the growth of electric forklifts in the near future.

Retail and wholesale (end use) segment to be reached $18.5 billion by 2026

The rapid growth of e-commerce and retail and the reduction of trade barriers between different regions of the world are dramatically increasing the number of warehouses, which require forklifts to properly organize products.

Rising demand from warehouses is propelling the growth of forklift market. In the global Retail & Wholesale (End-Use) segment, United States, Canada, Japan, China and Europe will drive the CAGR of 3.82% estimated for this segment. These regional markets representing a combined market size of US$11.1 billion in the year 2020 will reach a projected size of US$14.7 billion at the end of the analysis period.

China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$2.4 billion by 2026, while Latin America will grow at a CAGR of 4.7% over the analysis period.

The US market is estimated at $10.8 billion in 2021, when China is expected to reach $8.9 billion by 2026

The forklift market in the United States is estimated at US$10.8 billion in 2021. The country currently accounts for a 27.5% share of the global market. Chinaworld’s second largest economy, is expected to reach an estimated market size of US$8.9 billion in 2026 with a CAGR of 6.2% over the analysis period.

Other notable geographic markets include Japan and Canada, each predicting growth of 3.6% and 4% respectively over the analysis period. In Europe, Germany is expected to grow around 4.9% CAGR over the analysis period. The United States and Europe represent the largest regional markets for forklifts.

The encouraging scenario on the wholesale and retail distribution front, coupled with expected robust demand for forklift replacement, is expected to skyrocket the demand for forklifts. Adoption of advanced technologies and Industry 4.0 initiative by governments will create growth opportunities for the forklift market.

Additionally, the booming e-commerce market and growing demand for battery-powered forklifts are expected to drive the growth in the European market.

Main topics covered:




  • Proliferation of e-commerce solutions amid COVID-19

  • Ripple effect of the pandemic on the forklift market

  • Global forklift market struggles with supply-side shocks

  • Opposite side the explosion in the material handling industry and the high demand for forklifts

  • Material Handling Equipment (MHE): An Introduction

  • Forklift: integral part of MHE

  • Types of forklifts

  • Counterbalanced forklift

  • Storage Forklifts

  • Forklift by fuel types

  • Internal combustion engine (ICE)

  • Electric

  • Forklift by tonnage capacity

  • Classification by classes of forklifts

  • Key strategies to ensure safe use of forklifts in work environments

  • Born out of necessity, forklifts are getting ahead of the e-commerce boom

  • Important factors to boost the global forklift market

  • Forklift Arena continues to vibrate with the latest technology trends

  • Developed Markets: Traditional Revenue Contributors

  • Future growth of the developing country market

  • Internal combustion engine forklifts give way to electric forklifts

  • Retail and wholesale end-use segment to maintain dominance

  • Competitive scenario

  • Recent market activity

  • Select Innovations

  • Global market shares of competitors

2. FOCUS ON CERTAIN PLAYERS (Total 81 featured)

  • Anhui Heli Co.,Ltd.

  • CLARK handling company (CMHC)

  • Combilift SA

  • Crown Equipment Company

  • Material handling Godrej


  • Hyster-Yale Materials Handling, Inc.

  • Jungheinrich AG

  • KION Group AG

  • Komatsu Ltd.

  • Lonking Holdings Limited

  • Mitsubishi Logisnext Co., Ltd.

  • Toyota Industries Corporation


  • Growing Popularity of Fuel Cell Forklifts to Drive Global Forklift Market

  • A myriad of advantages to expand the application of battery powered forklifts

  • Automated forklifts are gaining in importance

  • Electric forklifts gain traction

  • Focus on green warehousing drives demand for electric forklifts

  • Electric Forklifts Experience Impressive Transformation With Sophisticated Technology

  • COVID-19 issues drive forklift users to switch to electric versions

  • Forklift Tire Market: Characterized by Growing Demand for Solid and Non-Marking Tires

  • The forklift is part of the connected enterprise ecosystem

  • Forklifts emerge as an important material handling system for the logistics and shipping industry

  • Third party logistics (3PL): expansion into industrial manufacturing, retail and wholesale sectors

  • The expansion of the retail sector generates significant opportunities

  • The Transition of Material Handling Operations in the Automotive Industry Bodes Well for the Forklift Market

  • How is the automotive industry continuing to be impacted by the pandemic and what is the new normal?

  • With global e-commerce sales soaring, the growth of e-commerce warehouses is driving the need for forklifts

  • Online shopping trend and need to improve warehouse efficiency drive forklift investment

  • Major technological advances for forklifts used in cold stores

  • Safety Strategies for Operators to Minimize the Risk of Forklift Accidents in Warehouses

  • Anticipated growth in the construction sector to present a favorable outlook for forklifts

  • Advancements in technology are accelerating the expansion of the market

  • Technological developments also aim to increase productivity

  • Main challenges

  • Manufacturers face challenges in producing rough terrain forklifts

  • Introduction of a human-less robotic warehouse: a threat to the market

  • Rising concerns over forklift safety issues are restraining market growth

  • Regulatory framework in the forklift sector




For more information about this report visit

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Research and Markets
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