IMARC Group, a leading market research company, has recently released a report titled “Forklift Trucks Market Size, Share, Trends and Forecast by Product Type, Technology, Class, Application, and Region, 2025-2033”. The study provides a detailed analysis of the industry, including the global forklift trucks market share ,trends, size, and industry trends forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

The global forklift trucks market size reached USD 68.1 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 97.8 Billion by 2033, exhibiting a growth rate CAGR of 4.1% during 2025-2033.

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Forklift Trucks Market Trends in 2025

The forklift truck market is set to change as it embraces new technologies and consumer needs. By 2025, smart forklifts with advanced features will become more popular. These forklifts will use IoT connectivity for real-time data collection and analysis. This will help boost operational efficiency. Predictive maintenance will allow forklifts to check their own performance. They will alert operators about potential issues before they escalate.

Integration with warehouse management systems will enable smooth communication between forklifts and other equipment. This will optimize workflows and cut downtime. The use of augmented reality (AR) and virtual reality (VR) for training will also increase. These technologies will offer immersive experiences to improve safety and efficiency.

As companies aim to boost productivity and lower costs, smart forklifts will stand out in the market. This shift towards intelligent material handling will transform the forklift truck industry. It will also change how businesses manage logistics and supply chains.

Market Dynamics of Forklift Trucks Market Trends & Demand

Increasing Automation in Warehousing and Logistics

The forklift truck market is changing fast due to more automation in warehousing and logistics. Companies want better efficiency and productivity, so they are using automated systems for material handling. By 2025, demand for automated guided vehicles (AGVs) and autonomous forklifts is expected to rise. Businesses aim to cut labour costs and reduce human error.

Advancements in robotics, artificial intelligence, and Internet of Things (IoT) technologies make it possible for forklifts to work independently or with minimal human input. Automated systems can also improve inventory management and streamline operations, leading to real-time tracking of goods.

As a result, traditional forklift manufacturers are investing more in research and development. They aim to add automation features to their products. This growing focus on automation will boost efficiency and change the competitive landscape. Companies that embrace these changes will be better equipped to meet their customers' evolving needs.

Rising Demand for Electric Forklifts

The move toward sustainability is greatly impacting the forklift truck market. More companies want electric forklifts as they become aware of their carbon footprints and face stricter regulations. By 2025, electric forklifts are expected to have a larger market share than internal combustion forklifts. This shift is due to their lower emissions, quieter operation, and reduced operating costs.

Advancements in battery technology, like lithium-ion batteries, are also boosting electric forklift performance and efficiency. This trend is especially strong in urban areas with strict emissions rules. Companies see long-term savings with electric forklifts since they need less maintenance and have lower energy costs than traditional models.

As sustainability becomes a key focus, the demand for electric forklifts is set to grow, fueling expansion in the forklift truck market.

Growth of E-commerce and Last-Mile Delivery

The rapid growth of e-commerce and the demand for better last-mile delivery are changing the forklift trucks market. As online shopping rises, logistics centers must boost their operations to meet faster delivery expectations. By 2025, demand for forklifts that handle different products and sizes will grow. Warehouses need forklifts that can fit in tight spaces and manage inventory in dense storage areas.

Also, the shift to omnichannel retailing increases the need for advanced material handling solutions that work across distribution channels. Companies are likely to invest in forklifts with smart technologies. These technologies help with real-time inventory tracking and data analytics to improve operations. As e-commerce continues to expand, the forklift market must adapt to support logistics changes. This will lead to a greater need for innovative and flexible material handling solutions.

Forklift Trucks Market Report Segmentation:

By Product Type:

·         Counterbalanced Forklift Trucks

·         Warehouse Forklift Trucks

Counterbalanced forklift trucks hold most of the market share due to their versatility in handling various loads and their widespread use across industries, offering stability and efficiency in material handling operations.

By Technology:

·         Electricity Powered

·         Internal Combustion Engine Powered

Internal combustion engine powered accounted for the largest market share owing to their ability to handle heavy-duty tasks efficiently, especially in outdoor and rough terrain environments where electric alternatives may be less practical or available.

By Class:

·         Class I

·         Class II

·         Class III

·         Class IV

·         Class V

Class V represented the largest segment because these trucks are commonly used in warehousing and distribution applications, offering versatility and maneuverability in indoor settings where space is limited, and operational agility is essential.

By Application:

Non-Industrial

·         Warehouses and Distribution Centers

·         Construction Sites

·         Dockyards

·         Snow Plows

Industrial

·         Manufacturing

·         Recycling Operations

Non-industrial accounted for most of the market share due to the increasing adoption of forklift trucks in commercial environments such as retail, wholesale distribution, and logistics, where efficient handling of goods is critical to business operations.

Regional Insights: 

  North America

·         Asia Pacific

·         Europe

·         Latin America

·         Middle East and Africa

Asia Pacific's dominance in the market is attributed to rapid industrialization, urbanization, and the expansion of e-commerce activities.

Competitive Landscape with Key Players:

The competitive landscape of the forklift trucks market size has been studied in the report with the detailed profiles of the key players operating in the market.

Some of These Key Players Include:

  Clark Material Handling Company

·         Crown Equipment Corporation

·         Godrej & Boyce

·         Hyster-Yale Materials Handling Inc.

·         Hyundai Heavy Industries Co. Ltd.

·         Jungheinrich

·         KION Group

·         Mitsubishi Forklift Trucks

·         Toyota Industries Corporation

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Key Highlights of the Report:

·         Market Performance (2019-2024)

·         Market Outlook (2025-2033)

·         Market Trends

·         Market Drivers and Success Factors

·         Impact of COVID-19

·         Value Chain Analysis

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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