Forklift Trucks Market Information by Technology (Electric Powered, and Internal Combustion Engine Powered), by Capacity (Below 5 tons and above 5 tons), By Application (Manufacturing, Logistic, Retail & Wholesale and others) and by Region - Forecast to 2030

Segment overview

By technology

The global forklift trucks market can be divided into the following sub-segments based on technology:

• Electric powered


• Powered by the internal combustion engine

By capacity

The global forklift trucks market can be grouped into the following sub-segments based on capacity:

• Can transport less than 5 tons


• Can transport more than 5 tons

By application

The global forklift trucks market can be grouped into the following sub-segments based on application:

• Manufacturing


• Logistics


• Retail and wholesale


• Others

By region

The global forklift trucks market can be grouped into the following regions:

• North America


• The European Union


• Asia-Pacific


• The Rest of the World

Regional analysis

The Asia-Pacific region currently holds the highest global forklift trucks market size. The European Union comes in second place in terms of global market size. The Asia-Pacific region leads both in terms of market size and growth because many nations in this region are rapidly industrializing. India and China are seeing mass, heavy, and smart manufacturing takes off. This requires the usage of forklift trucks to do well and properly.

The Asia-Pacific region is expected to have one of the highest regional forklift trucks market growth rate during the time period that this report covers.

Many regions in North America (America and Canada) have companies that are using forklift trucks much more often. One of the main reasons why companies in the Asia-Pacific, The European Union, and the North American regions are relying more heavily on forklift trucks in their standard operations is because e-commerce is quickly becoming more popular. More people buying goods online and remotely create more of a demand for goods to be transported short distances before finally being dropshipped.

The forklift truck manufacturing companies are making forklift trucks that are compliant with the increasingly stringent regulations and controls regarding emissions in these regions. That said, most of the current demand for forklift trucks comes from North America. There are many reasons for this. One is the fact that manufacturing is entrenched in both America and Canada. Heavy and smart manufacturing requires the usage of forklift trucks often.

Also, most of the manufacturers of forklift trucks are located in The United States of America. This gives the North American region another huge and sustainable competitive advantage. These companies are trying to keep their competitive advantages by investing heavily in the research, development, and technologies that will allow them to develop modern forklift trucks that are specialized, technologically advanced, and much safer.

Competitive landscape

The global forklift trucks market is extremely competitive. One reason is that the market is very lucrative and has a high CAGR. The other reason is because the market is fairly lucrative for the time being and will be even more so in the future.

In any case, companies are investing heavily in research and development. They can develop the better and more technologically advanced brands that they can market. These companies can sell these brands at a higher price point, especially if they market them (the brands) in new and innovative ways.

Companies are also resorting to strategic partnerships. They find that they can increase their resource pools and knowledge base by partnering with other successful companies and firms in the global forklift trucks industry. The resulting companies are able to invest much more in research and development than was previously possible. They can then develop better forklift trucks that can outsell those that the competition makes.

Companies find that effective marketing strategies and campaigns allow them to sell these newer and better trucks at a higher price point than the competition is able to. In the end, companies that enter into strategic partnerships with other companies end up creating a sustainable competitive advantage that allows them to become profitable and remain that way for several years.

Incidentally, companies accomplish the same things when they merge with and acquire other successful companies.

Komatsu is a major Japanese player. It has become a major industry player by investing heavily in research and development. The company was able to develop and market better products and brands which it could sell at higher prices. Thus, it was able to create a sustainable competitive advantage which allowed it to become a respected industry figure!

Recent developments

• Hangcha recently launched a forklift truck that is powered by high voltage ion lithium batteries.


• KION Group will manufacture more forklift trucks in Poland


• Jungenheinrich just launched a new and improved pallet truck


• Godrej just launched the New forklift truck which is safer and runs more efficiently between battery charges

Report overview

Forklift Trucks Market is projected to be worth USD 1,00,000 billion by 2030, registering a CAGR of 7.8% during the forecast period (2022 - 2030), The forklifts truck market value should be USD 86.2 billion in 2026.

The North American region may have the largest market share because of a heavy concentration of industrial giants and forklift trucks manufacturers but the Asia-Pacific region has the highest CAGR. this is followed by the European Union.