| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Market Size (2025) | USD 8.12 Billion |
| Market Size (2030) | USD 11.85 Billion |
| CAGR (2025 - 2030) | 7.85 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
US Forklift Market Analysis
The US Forklift Market size is estimated at USD 8.12 billion in 2025, and is expected to reach USD 11.85 billion by 2030, at a CAGR of 7.85% during the forecast period (2025-2030).
- As e-commerce and online retail flourish, the demand for efficient operations in warehouses and distribution centers surges. Forklifts play a pivotal role in these facilities, propelling the demand for additional units. Furthermore, with companies pushing for swifter and more efficient supply chains, the appetite for forklifts in warehouses, distribution centers, and retail settings continues to grow.
- The construction sector remains a dominant force driving forklift demand. From building construction to roadwork and infrastructure projects, forklifts are indispensable for material handling. Notably, U.S. construction spending has surged over 41% from April 2020 to July 2024, significantly fueling this market's growth.
- United States companies are actively launching cutting-edge products to meet this burgeoning demand. For example, in September 2024, Noblelift North America unveiled its latest dual-fuel cushion tire forklift series in the U.S. market. The FL4C50-65 series boasts lifting capacities of 5,000 lb. (2,268 kg), 6,000 lb. (2,722 kg), and 6,500 lb. (2,948 kg).
- Yet, the forklift industry faces a challenge: a shortage of skilled workers adept at operating and maintaining modern forklifts. This is particularly pressing given the rising demand for electric and automated models. With many operators aging and fewer younger workers entering the field, this gap poses a potential hurdle to market growth.
US Forklift Market Trends
Lithium-Ion Segment is Estimated to Have the Largest Market Share
- In the U.S., the adoption of lithium-ion batteries in forklifts has surged, driven by the numerous advantages these batteries hold over traditional lead-acid counterparts. Notably, lithium-ion batteries boast a lifespan that's 2-3 times longer than that of lead-acid batteries. This extended longevity translates to significant savings on replacement costs for businesses, fueling the market's growth.
- With a growing emphasis on environmental responsibility, businesses are increasingly drawn to lithium-ion batteries, which present a reduced environmental footprint compared to lead-acid variants. Beyond their eco-friendliness, lithium-ion batteries offer easier recycling and contain fewer harmful chemicals. Industries with high forklift usage, such as warehousing, logistics, and e-commerce, are rapidly accelerating their shift to lithium-ion forklifts. As technology advances, costs decline, and businesses recognize the myriad benefits, the demand for these forklifts is poised to rise.
- In states such as California, regulatory pressures to curb emissions are intensifying. Lithium-ion-powered forklifts provide a solution for companies striving to adhere to these stringent environmental standards. Moreover, businesses making the switch to cleaner technologies can benefit from various tax incentives and rebates.
- As infrastructure projects burgeon across residential, commercial, and industrial sectors, the demand for efficient material handling equipment, especially forklifts, has surged. Forklifts are indispensable for tasks like unloading, stacking, and transporting essential construction materials, from steel and bricks to timber. Data from the Bureau of Economic Analysis (BEA) highlights a USD six billion uptick in the gross output of U.S. manufacturing construction machinery in 2023. While the construction equipment segment's output value dipped to USD 27.7 billion during the pandemic's onset, it witnessed a robust recovery in subsequent years.
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Logistics Segment Expected to Hold High Market Share
- In recent years, the logistics industry in the United States has witnessed a surge in forklift demand, spurred by multiple factors. The COVID-19 pandemic has accelerated the rise of e-commerce, leading to an uptick in the volume of goods that warehouses and distribution centers must store, sort, and transport. With the continued expansion of e-commerce platforms, logistics companies are turning to forklifts to streamline order fulfillment, manage inventory, and expedite goods processing.
- Modernizing and automating warehouses are now integrating forklifts with cutting-edge technologies, such as Autonomous Guided Vehicles (AGVs) and sophisticated fleet management software. This integration boosts operational efficiency, curtails labor costs, and maximizes space utilization. Today's warehouses demand forklifts that can tackle intricate tasks like palletizing, cross-docking, and swift inventory turnover, spurring the need for specialized forklift models.
- The advent of electric forklifts, powered by lithium-ion batteries, has intensified this demand. These modern forklifts not only promise cost savings and a smaller environmental footprint but also boast enhanced operational efficiency over their traditional internal combustion counterparts. Technological advancements in forklifts, including improved ergonomics, real-time tracking, GPS integration, and fleet management tools, have made them increasingly appealing to logistics firms aiming to boost performance and minimize downtime.
- With a rise in U.S. exports, there's an escalating demand for swifter, more efficient, and dependable supply chains. This encompasses both overland transport and ocean freight, as many products are shipped over long distances to global markets. Data from the United States Census Bureau reveals that in 2022, U.S. exports were valued at approximately USD 2,085.6 Billion, with projections reaching USD 2,258.3 Billion in 2023.
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US Forklift Industry Overview
The US Forklift Market is moderately consolidated, with players such as Heli America Inc., Crown Equipment Corporation, Hangcha Forklift America and Kion Group vying for higher market share. These players focus on providing innovative solutions for various end-user industries to provide enhanced user experience. They are vying for stronger market presence and higher market share by implementing strategies such as innovation, research and development, expansion, and mergers and acquisitions in the market.
US Forklift Market Leaders
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Heli America Inc.
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Crown Equipment Corporation
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Hangcha Forklift America
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Kion Group
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Komatsu Ltd.
- *Disclaimer: Major Players sorted in no particular order
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US Forklift Market News
- September 2024: EP North America, a leading equipment provider, unveiled two new outdoor forklifts, capable of handling applications weighing up to 10,000 lbs. Building on their unmatched expertise in lithium-powered solutions, EP North America is broadening its portfolio to address a diverse array of material handling needs.
- January 2024: Hangcha Forklift America unveiled its XE Series electric lithium-ion pneumatic forklift, boasting a capacity range from 4,000 lb. (1.8 T) to 7,600 lb. (3.4 T). These new models feature maintenance-free battery packs, offer three battery options, and provide up to 11 hours of runtime. Additionally, they come equipped with easily accessible charge ports and heating elements in the battery pack, ensuring peak performance even in cold weather conditions.
US Forklift Industry Segmentation
Forklifts play a crucial role in warehouses, factories, and distribution centers, adeptly moving and lifting heavy goods and materials. By streamlining these tasks, forklifts not only save time but also reduce labor efforts, boosting overall operational efficiency. The research also examines underlying growth influencers and significant industry vendors, all of which help to support market estimates and growth rates throughout the anticipated period. The market estimates and projections are based on the base year factors and arrive at using top-down and bottom-up approaches.
The US Forklift market is segmented by class (Class 1, Class 2, Class 3 and Class 4/5), by power source (ICE and Electric), by load capacity (Below 5 Tons, 5-15 Tons and Above 15 Tons), by electric battery type (Lithium-Ion and Lead-Acid), and by end-use (Industrial. Logistics, Chemical, Food & Beverage, Retail & E-Commerce and Other End-Uses). The market size and forecasts are provided in terms of value (USD) for all the above segments.
| By Class | Class 1 |
| Class 2 | |
| Class 3 | |
| Class 4/5 | |
| By Power Source | ICE |
| Electric | |
| By Load Capacity | Below 5 Tons |
| 5-15 Tons | |
| Above 15 Tons | |
| By Electric Battery Type | Lithium-Ion |
| Lead-Acid | |
| By End-Use | Industrial |
| Logistics | |
| Chemical | |
| Food & Beverage | |
| Retail & E-Commerce | |
| Other End-Uses |
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US Forklift Market Research FAQs
How big is the US Forklift Market?
The US Forklift Market size is expected to reach USD 8.12 billion in 2025 and grow at a CAGR of 7.85% to reach USD 11.85 billion by 2030.
What is the current US Forklift Market size?
In 2025, the US Forklift Market size is expected to reach USD 8.12 billion.
Who are the key players in US Forklift Market?
Heli America Inc., Crown Equipment Corporation, Hangcha Forklift America, Kion Group and Komatsu Ltd. are the major companies operating in the US Forklift Market.
What years does this US Forklift Market cover, and what was the market size in 2024?
In 2024, the US Forklift Market size was estimated at USD 7.48 billion. The report covers the US Forklift Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the US Forklift Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
US Forklift Industry Report
Statistics for the 2025 US Forklift market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. US Forklift analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
