Forklift Trucks Market Size & Share Analysis - Growth Trends and Forecast (2025 - 2031)

Global Forklift Trucks Market Trends and Insights

APAC's Emission Mandates Propel Electric Forklift Adoption

China mandates zero-emission non-road machines in major cities starting in the near future as part of its Air Pollution Action Plan ^{[1]“2024–2025 Air Pollution Prevention and Control Action Plan,” Ministry of Ecology and Environment, mee.gov.cn} . India's PM E-DRIVE scheme provides significant funding for charging infrastructure and offers a substantial capital grant for electric forklifts. Japan's working-hour ceiling is driving warehouses to adopt faster-charging lithium-ion fleets. Meanwhile, South Korea's Green New Deal 2.0 aims to achieve a considerable electric share for commercial vehicles within the next decade. Given these converging initiatives, the electric share of the forklift truck market in the Asia Pacific region is projected to grow significantly in the coming years, outpacing Western counterparts.

North America's Automated and E-commerce Warehouses Expand

E-commerce giants are ramping up the deployment of "lights-out" fulfillment centers, seamlessly integrating autonomous mobile robots with advanced warehouse management systems. Amazon's sprawling new facility in Calgary has integrated several FoxBot robotic units, optimizing aisle widths and significantly boosting pallet density ^{[2]“Calgary Robotics Fulfillment Center Fact Sheet,” Amazon, amazon.com} . Meanwhile, Walmart's introduction of in-store drones and cleaning robots has not only streamlined operations but also liberated capital for narrow-aisle lift trucks, which now work in harmony with automated racking systems. In a significant move, Prologis has allocated substantial funding for Prologis Labs in 2024, setting the stage to test VisionNav and Multiway's autonomous forklifts at multiple sites across the United States and Europe ^{[3]“Prologis Labs Innovation Fund Announcement,” Prologis, prologis.com} . These initiatives are poised to drive strong growth for Class I and Class II electric units over the next few years, even as the broader forklift truck market sees a slowdown. Furthermore, the integration of IoT software and battery analytics platforms is swiftly becoming a standard requirement.

European Cold-Chain Facilities Embrace Lithium-ion Forklifts

Temperature-controlled logistics actors grapple with rising energy costs and stringent EU battery regulations. In 2024, provider STEF rolled out several lithium-ion trucks, achieving a significant reduction in warehouse energy consumption and avoiding ATEX ventilation requirements. Under Regulation (EU) 2023/1542, companies must disclose their carbon footprint and achieve a substantial lithium recovery by the designated timeline, a move that benefits OEMs with established take-back initiatives. In late 2024, Mitsubishi Logisnext introduced a model rated for extremely low temperatures, maintaining a high capacity – a vital feature for frozen-food businesses. NewCold's expansive facility in the Netherlands utilizes numerous lithium-ion units, capitalizing on off-peak charging to bring down costs per pallet compared to lead-acid alternatives. This strategy has shortened payback periods to a few years for high-throughput cold storage, solidifying a significant position in the forklift truck market.

Aging Forklift Fleet Replacement Cycle in Japan and South Korea

Japan, with a significant number of installed units averaging over a decade in age, is witnessing a push for replacements. This acceleration comes on the heels of April 2024's overtime caps and Toyota's diesel line resuming after emissions-testing hitches. The Development Bank of Japan projects a notable increase in CAPEX for FY 2025, while logistics firms anticipate an even larger rise in spending. Meanwhile, South Korea's domestic electric vehicle investment blueprint is catalyzing a lift-truck renewal at battery and vehicle plants, forecasting a substantial addition of new units in the coming years. The trend leans towards telemetry-ready lithium-ion trucks, seamlessly integrating into Industry 4.0 maintenance protocols.

Electric Forklift’s High Upfront Cost Hinders Adoption

Electric trucks, powered by lithium-ion technology, are significantly more expensive than their diesel counterparts. This places electric trucks in a higher price range compared to diesel models. Notably, batteries constitute a substantial portion of the total build cost. Over recent years, lithium-carbonate prices have shown considerable volatility, fluctuating widely. Many small enterprises face challenges in securing collateral, which limits their access to green financing. While the European Investment Bank's Clean Transport Facility offers highly competitive interest rates, adoption remains low among smaller firms with limited employee numbers. In India, subsidies are available for electric trucks, but they cover only a small fraction of the total fleet, highlighting the limited reach of such incentives. Additionally, until battery pack costs decrease significantly, the adoption of electric forklift trucks will remain constrained, particularly among cost-conscious buyers.

Europe and Nordics Face Shortage of Skilled Forklift Operators

Across Germany, France, and the Nordics, the European Commission has identified a critical skills gap in material handling, leaving a significant number of positions unfilled. In Norway, obtaining a required certification now involves a lengthy wait due to a shortage of instructors. Over recent years, Germany has experienced a notable decline in logistics apprenticeship enrollments. As wages increase—German operators now earn considerably more than before—companies are increasingly leaning towards automation. Jungheinrich reported a substantial rise in inquiries for autonomous solutions in the latter part of 2024. Despite the growing Forklift trucks market, ongoing labor shortages may hinder throughput advancements.

Segment Analysis

By Power-train Type: Lithium-ion Batteries Redefine Electric Economics

Electric units accounted for 67.73% of 2025 shipments as operators chase a minimal lifetime cost. Within the electric segment, lithium-ion packs experienced substantial growth, becoming the dominant choice compared to their position a few years ago. While hydrogen fuel-cell forklifts currently hold a minimal share, they are expected to grow steadily with a robust CAGR of 4.19% till 2030, supported by deployments in key industrial operations. Internal combustion continues to maintain a considerable share, primarily catering to outdoor and emerging-market applications. The U.S. Department of Energy (DOE) aims to achieve a competitive hydrogen price within the next few years, which could significantly reduce operating-cost differences. Heavy users in cold storage increasingly prefer hydrogen due to its quick refueling capability, which supports uninterrupted multi-shift operations. The forklift truck market is adapting to declining battery costs, with OEMs gradually phasing out lead-acid batteries in premium models.

At present, hydrogen represents a very small portion of the forklift truck market. However, with the expansion of renewable energy capacities and the implementation of zero-emission mandates by port authorities, hydrogen is gaining recognition as a viable long-term alternative. Meanwhile, lithium-ion technology is expected to remain the preferred investment choice in the foreseeable future, driven by its established charging infrastructure, integration with telematics, and improved safety certifications that reduce insurance risks.

Note: Segment shares of all individual segments available upon report purchase

By Vehicle Class: Narrow-Aisle Configurations Drive Class I Growth

Class I electric rider trucks are growing at a 4.25% CAGR as e-commerce firms condense aisle widths to 8 feet for greater cube efficiency. Amazon’s Calgary site illustrates the shift, using autonomous riders for narrower corridors. Class III pallet trucks still led 2025 volume at 43.47% but logged slower growth in saturated retail channels. Class II narrow-aisle machines benefit from pharmaceuticals and electronics verticals where high-value SKUs support premium equipment. Class IV and V combustion models held about a combined share, indispensable on uneven terrains and heavy-construction zones. In 2024, Linde’s KAnIS project combined Class V electrics with 5G controls at Maersk Rotterdam, showcasing high-capacity automation.

Demand for agile Class I units signals a lasting reorder of warehouse design. As more sites integrate mezzanines and automated storage, navigation accuracy and battery productivity will shape OEM differentiation. The Forklift trucks market size for Class I equipment is projected to widen its gap over Class III by the decade’s end.

By Load Capacity: Heavy-Duty Segment Gains from Port Decarbonization

Above-15-ton forklifts exhibit the strongest 4.28% CAGR due to California port rules mandating zero-emission cargo gear by 2030. Kalmar shipped a 30-ton battery electric model with a 600 kWh pack to Rotterdam in March 2024. The 5–15-ton bracket, at 41.23% of 2025 volume, remains a versatile workhorse for mid-sized plants. Units under 5 tons track slightly below the market average as manual pallet jacks retain share in small retail. OSHA indoor air-quality limits on diesel exhaust spur steel mills to adopt electric lifts above 20 tons, as evidenced in Konecranes’ 40-ton electric reveal in November 2024.

Electrification of port and intermodal yards raises duty-cycle expectations, pushing the Forklift trucks market toward larger battery packs, rapid-charge infrastructure, and hydrogen hybrid concepts that solve range anxiety in heavy loads.

Note: Segment shares of all individual segments available upon report purchase

By End-user Industry: Cold-Chain Automation Accelerates Lithium-ion Uptake

Food and beverage cold chain posts a 4.22% CAGR as lithium-ion chemistry retains 90% performance at -30 °C and removes battery-room ventilation cost. Logistics and warehousing still dominate at 37.88% of 2025 units, driven by 3PL network expansion and automation retrofits. Manufacturing absorbs some of the annual shipments, with combustion units holding up in outdoor staging areas. Construction sites in North America and the GCC take minimal volumes, favoring rugged pneumatic-tire diesels. Retail chains convert to Class III electrics that mesh with in-store automation strategies.

The Forklift trucks market share for cold-chain applications should edge upward as EU Alternative Fuels Infrastructure rules make facility-wide charging obligatory for sites over 50,000 m². High-throughput freezer warehouses show paybacks under three years, tipping buyer sentiment toward lithium-ion.

Geography Analysis

Asia Pacific held a 47.63% slice of the Forklift trucks market in 2025, anchored by China’s vast production scale. Domestic makers Hangcha, Heli, and EP exported a massive number of units to Southeast Asia and Africa, challenging traditional suppliers. 

China’s city-level zero-emission deadline of 2026 is likely to drive electric penetration past four-fifths by 2028. India’s warehousing build-out, tied to the Production-Linked Incentive program, could lift annual demand by a vast number of units by 2027. The Middle East and Africa, with a 4.27% CAGR, are driving megaprojects such as King Salman Airport and Jebel Ali’s cold-store build. 

Europe controls most of the revenue, with the strict EU Battery Regulation accelerating the uptake of lithium. North America, with a minimal volume, benefits from reshoring, as well as gigafactory pipelines that secure steady, heavy-duty orders. South America lags premium electrics due to currency volatility but finds localized demand in Brazil’s grain corridors.