Forklift Market Share | Key Statistics & Future Forecast 2025

Q: What is the current market size of the global forklift market in 2024?

The forklift market is valued at approximately USD 58.9 billion in 2024.

Q: What is the projected CAGR for the forklift market between 2024 and 2031?

The forklift market is expected to grow at a CAGR of 6.7% during this period.

Q: What is the estimated market value of forklifts by 2031?

By 2031, the forklift market is projected to reach around USD 92.6 billion.

Q: What are the key drivers fuelling the growth of the forklift market?

E-commerce expansion, warehouse automation, electric vehicle adoption, and infrastructure development are primary growth drivers.

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Code: MTA4539

Publication Date: Jun 2025

What is the share of the Forklift Market?

According to 6Wresearch internal database and industry insights, the Global Forklift market was demonstrated approximately USD 58.9 billion in 2024, and is projected to reach USD 92.6 billion by 2031, expanding at a CAGR of 6.7% during the forecast period.

Forklift platforms account for over 57.2% estimated market share as this has scalability, automation, and remote access capabilities.

The global forklift market, valued at approximately USD 58.9 billion in 2024, is witnessing steady expansion due to rising demand for material handling equipment in logistics, e-commerce, and manufacturing sectors. Automation, warehouse optimization, and increased construction activities are driving market penetration across developed and emerging economies.

Key Growth Factors of the Forklift Market

Expansion of e-commerce and logistics hubs
Growing demand for electric and hybrid forklifts
Increasing warehouse automation
Rise in construction and infrastructure development
Technological advancements in material handling equipment

Forklift Market Trends

The forklift market is experiencing a shift towards electrification and sustainable operations. There is growing integration of IoT-enabled fleet management, automation, and safety enhancement systems in forklift design. Compact models are gaining popularity due to space constraints in modern warehouses, while leasing and rental services are also rising.

Emerging Developments in the Forklift Market

Manufacturers are investing in lithium-ion battery technologies to improve efficiency and lower maintenance costs. Autonomous forklift solutions are being tested and gradually integrated into smart warehousing operations. Partnerships between OEMs and logistics providers are facilitating the adoption of next-gen forklifts with enhanced ergonomics and navigation systems.