Forklift Truck Market - Trends Forecast Till 2028

Forklift Truck Market is Segmented by Power-train Type (Internal Combustion Engine and Electric Motor), Vehicle Class (Class I, Class II, Class III, and Class IV), End-user Vertical (Industrial, Construction, and Manufacturing), and region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

Published Date: December, 2021

Base Year Estimate: 2020

Report ID: D-AU-FTM-1012


Number of Pages: 387

Domain: Automotive

Forklift Truck Market – Trends Forecast Till 2028

The forklift trucks market was valued at USD 43 billion in 2020, and it is expected to reach a CAGR of over 4.9% during the forecast period 2021-2028.

Forklift trucks are equipment for material processing. They’re the most prevalent industrial lift trucks on the market. They are the workhorses of material handling due of their versatility, which includes (i) indoor/outdoor operation on a range of surfaces, (ii) load capabilities, and (iii) attachments. A forklift truck is a type of motorized industrial truck. It aims to move and transport, push, pull and pull a material load and then stack it or store it in a warehouse rack, like other industrial trucks do. Forklift trucks are available in a variety of sizes and capacities. They can run on batteries or internal combustion engines that run on diesel or gaseous fuel.

The expansion of the construction sector, combined with rapid industrialization is the major factor that has supported long-term expansion for Forklift Truck Market.

The COVID-19 outbreak has had a negative influence on the forklift truck business. As a result of the closure of factories and warehouses, material handling and inventory management were no longer necessary. Major companies suspended operations in numerous locations due to lockdowns and social distancing practices. This has a direct influence on material handling forklift demand, as well as a huge proportion of the market’s business.

Forklift Truck Market Research Report

Asia-Pacific dominates the forklift truck market because of the huge need for forklift trucks from advancing nations. The increase in industrialization is one of the factors that are expected to aid the growth of the forklift trucks market.

Forklift Truck Market is segmented into power train type, vehicle class, end user vertical and region.

On the basis of Power-Train Type

  • Internal combustion engine
  • Electric motor

On the basis of Vehicle Class

  • Class I
  • Class II
  • Class III
  • Class IV

On the basis of End-User Vertical

  • Industrial
  • Construction
  • Manufacturing

On the basis of Region

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

Insights are provided for each region and major countries within the regions

Forklift Truck Market Primary Respondent


Key Players

  • Toyota Industries Corporation
  • Crown Equipment Corporation
  • Kion Group AG
  • Hyster-Yale Materials Handling Inc.
  • Hyundai Heavy Industries
  • Jungheinrich AG
  • Anhui Forklift Truck
  • Doosan Industrial Vehicle
  • Godrej & Boyce Manufacturing
  • Hangcha Group.

Recent Developments

  • In July 2021, Hangcha has launched its new XH series 2.0t-3.5t electric forklift truck with high voltage lithium-ion batteries. these trucks are integrated with high voltage lithium batteries, which can be fully charged within one hour and perform up to 12 hours. Furthermore, with a rapid charging facility, these can be charged during regular work breaks, which will run for the entire day with no extra battery exchange.
  • In July 2021, KION Group AG has set up a new industrial truck plant in the Polish town of Kołbaskowo, near Szczecin. The site will produce counterbalance trucks for all brand companies within the KION Industrial Trucks & Services segment.

Reasons to Acquire

  • Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
  • Gain authentic and granular data access for Forklift Truck Market so as to understand the trends and the factors involved behind changing market situations
  • Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
  • In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope


Report Feature


Growth Rate

CAGR of 4.9% during the forecasting period, 2021-2028

Historical Data


Forecast Years


Base Year


Units Considered

Revenue in USD billion and CAGR from 2021 to 2028

Report Segmentation

power train type, vehicle class, end user vertical and region.

Report Attribute

Market Revenue Sizing (Global, Regional and Country Level) Company Share Analysis, Market Dynamics, Company Profiling

Regional Level Scope

North America, Europe, Asia-Pacific, South America, and Middle East and Africa

Country Level Scope

U.S., Japan, Germany, U.K., China, India, Brazil, UAE, South Africa (50+ Countries Across the Globe)

Companies Profiled

Toyota Industries Corporation, Crown Equipment Corporation, Kion Group AG, Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries, Jungheinrich AG, Anhui Forklift Truck, Doosan Industrial Vehicle, Godrej & Boyce Manufacturing and Hangcha Group.

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