Forklift Trucks Market 2022 Global Trends, Market Share, Industry Size, Growth, Opportunities, and Market Forecast to 2031

Forklift Trucks Market 2022

The report on Forklift Trucks Market provided based on the recent developments and data that has been collated from the previous year’s looks to provide a thorough understanding. The market overview provided in the initial section looks to provide the reader with adequate information regarding the product and services. It focuses on the market definition along with the product applications and end-user industries. The report covers a period spanning from 2022 to 2030. Competitive analysis and prominent industry trends have been included in the in-depth study provided in the main section of the report.

The global forklift trucks market is predicted to surge ahead at a CAGR of 7.4% over the forecast period of 2021-2031, as per latest study estimates by Persistence Market Research.

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Healthy growth is demand for forklift trucks is attributed to fleet size augmentation at industrial facilities as well as warehouse establishments handling commercial cargo and goods. These trucks are used to lay and retrieve loads from storage racks, carry components to assembly lines, and arrange products for more efficient handling in distribution centers and warehouses.


With hefty investments on new industrial facilities and warehouse distribution centers in emerging countries, especially with the boom of the e-Commerce industry, forklift trucks are poised to become an integral part of intralogistics operations involving material handling activities.

Various product advancements such as development of hydrogen-powered fuel cell forklift trucks are also leading to a good picture for market growth. These variations help drastically reduce carbon emissions while also improving overall operational efficiency. Over the last few years, there has been rise in the usage of electric-driven forklifts, and manufacturers have made extraordinary efforts to outperform internal combustion engines.

Market players are focusing on product launches and mergers / acquisitions to increase their share and profits.

  • In 2020, Hyundai Material Handling kicked off the introduction of its new 9V diesel forklift truck.
  • In October 2019, Cargotec announced its plans to merge with Konecranes.

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Key Takeaways from Market Study

  • Forklift trucks with electric motors are expected to be the preferred type amongst end users because of their eco-friendly features and ability to match the handling capacities of conventional forklift trucks.
  • By class type, class 4&5 forklift trucks are projected to be the leader because of their superior weight handling capabilities.
  • By region, East Asia is projected to hold the highest share in the market. China is projected to account for nearly 90% of the East Asia market by 2031.
  • By product type, counterbalance forklift trucks are projected to hold a significant share of the market due to their ability to handle heavier loads than warehouse product types.
  • Governments across countries have taken steps to improve infrastructure. Forklift demand is increasing as a result of increased real estate investment.

Market Landscape Identified to Be Fairly Competitive

The worldwide forklift trucks market is identified to be highly competitive with the influx of tier-1, tier-2, and small-scale vendors operating on regional and global levels.


  • Sumitomo Heavy Industries, Ltd.
  • Toyota Material Handling
  • BYD
  • Manitou Group
  • Kalmar (Cargotec Finland Oy)
  • V. Mariotti Srl
  • Doosan Corporation (Industrial Vehicle)
  • Kion Group AG
  • Jungheinrich AG
  • Hyster-Yale Materials Handling, Inc.
  • Mitsubishi Nichiyu Forklift Co., Ltd.
  • Crown Equipment Corporation
  • Anhui HeLi Co., Ltd.
  • CLARK Material Handling Co., Ltd.
  • UniCarriers Forklift
  • Hangcha Group Co., Ltd
  • JAC Heavy-Duty Construction Machine Co., Ltd.
  • MiMA forklift
  • Caterpillar (Cat Lift Trucks)
  • Komatsu Ltd.
  • Hyundai Material Handling
  • Lonking Machinery Co., Ltd.
  • EP Equipment
  • Konecranes
  • Liuzhou liugong forklift co. LTD
  • Godrej & Boyce (Godrej Material Handling)
  • Shantui Construction Machinery Co., Ltd.


Over the projection period, planned investments in the establishment of new industrial facilities, including warehouse and storage areas, will call for healthy deployment of forklift trucks.

Additionally, with the burgeoning e-Commerce industry and its infrastructure development programs of storage and distribution centers, the need for forklift trucks for intralogistics processes will heighten. In terms of operation, conventional fuel-driven forklift trucks will be gradually replaced by battery-operated ones, facilitating zero emissions and enhanced efficiency of vehicle locomotion.

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Key Questions Answered in the Forklift Trucks Market Report

How is the Forklift Trucks market expected to grow over the projected period?

What direction is the Forklift Trucks market expected to take in terms of volume and value during the forecast period?

What is the impact of macroeconomic factors on the Forklift Trucks market in future?

What are the key market drivers in the Forklift Trucks market?

What are significant opportunities and improvement areas for Forklift Trucks manufacturers?

What are the key developments and trends taking over the Forklift Trucks market?

Which are the emerging countries that are expected to create significant growth opportunities in the Forklift Trucks market?

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