The Forklift Truck Market, estimated at USD 82,375.4 Mn in 2025, is expected to exhibit a CAGR of 11.4% and reach USD 115.29 Bn by 2032.
The market growth is fueled by the increasing demand for intelligent, connected, and sustainable transportation solutions, along with shifting mobility trends and wider adoption across passenger and commercial segments. Innovations in vehicle connectivity, automation, and electrification, supported by strategic investments, are enhancing safety, efficiency, and user experience. Furthermore, favorable government policies, rapid infrastructure upgrades, and the push toward greener mobility are accelerating market expansion and unlocking new growth avenues for industry participants.
Counterbalance segment held dominant position in the global Forklift Truck market in 2022, accounting for 65% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Forklift Truck Market Trends:
Governments of various countries have taken initiatives related to infrastructure developments. Increased investments in the real estate sector boost the demand for forklift trucks. Furthermore, the rise in investments by governments and developing infrastructure all over the world are expected to drive the demand for forklift trucks during the forecast period. For instance, in August 2021, the Indian government did an initiative by investing US$ 1.35 trillion from 2021 to 2025 for developing the infrastructure all over the country for boosting the economy. Similarly, in June 2022, Beijing, China, had funded for infrastructure projects for approximately US$ 120 billion.
Growing adoption of strategic dealership in order to expand their presence is another trend in the global Forklift Truck market. For instance, in May 2022, Mitsubishi Logisnext Americas Inc., a manufacturing company, had expanded its dealership network across the United States. The company has appointed Wiese USA to represent its three brands, Cat lift trucks, Mitsubishi forklift trucks, and Jungheinrich warehouse products, across Alabama and Northwestern Florida.
Global Forklift Truck Market: Competitive Landscape
Toyota Industries Corporation Group, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Co., Ltd., UniCarriers Americas Corporation, Anhui Heli Company Limited, Komatsu Ltd., Clark Material Handling Company, Doosan Industrial Vehicle, Hangcha Group Co. Ltd., JBT Corporation, Combilift Ltd., Godrej & Boyce Mfg. Co. Ltd, Linde Material Handling.
Global Forklift Truck Market: Recent Developments
In June 2022, Mitsubishi Logisnext Americas Inc., a manufacturing company, had launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000-7,000 and 9,000-12,000 lb capacities.
In May 2021, Hangcha Forklift, a manufacturer of forklifts, had launched the XH series 2.0t-3.8t electric forklift truck with high voltage lithium-ion batteries and a travel speed of up to 21 kmph.
In February 2022, Manito.com, a construction equipment supplier, had invested US$ 80 Million for an expansion of manufacturing facilities across North America. The company expanded its manufacturing operation in Yankton and Madison, South Dakota.
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