Forklift Market worth $125.4 billion by 2030, Globally, at a CAGR of 6.7%, says MarketsandMarkets™
MarketsandMarkets Research Pvt. Ltd.
7 min read
MarketsandMarkets Research Pvt. Ltd.
Delray Beach, FL, Jan. 28, 2025 (GLOBE NEWSWIRE) -- Forklift Market is estimated to grow from USD 85.2 billion in 2024 to USD 125.4 billion by 2030, with a CAGR of 6.7% over the forecast period, as per the recent study by MarketsandMarkets™. The global forklift market observes growth due to growth in e-commerce and warehouse sectors, an increase in demand for warehouse automation, and rising labour costs. Moreover, the rising demand for sustainable material handling equipment would drive the demand for electric forklifts. Asia Pacific is expected to be the largest market during the forecast period. This is due to the growth in the industrial sector in this region and rising demand for more efficient material-handling equipment.
The e-commerce industry is witnessing strong growth due to the increasing number of online shoppers, driven by the widespread adoption of the internet and smartphones. Factors such as convenience, a wide range of options, and favourable return policies are encouraging consumers to shop online, leading to growth in both business-to-consumer (B2C) and business-to-business (B2B) e-commerce. The rise in online sales of pharmaceuticals, household goods, and food items particularly highlights the increase in B2C sales. According to the International Trade Administration, global B2C e-commerce revenue is expected to reach USD 5.5 trillion by 2027, with consumer electronics, fashion, and furniture as the leading revenue segments. China, the US, Germany, Japan, and the UK are the major economies dominating the global e-commerce market. According to the US Census Bureau, adjusted US retail e-commerce sales reached USD 285.2 billion in the fourth quarter of 2023, marking a 0.8% increase from the previous quarter.
Evolution of rental and refurbished forklifts
Forklift manufacturers are frequently introducing a wide range of models with many technical advancements. This attracts both first-time customers in need of a material handling solution for their applications and existing customers looking to upgrade to a modern and advanced material handling solution. While some customers add newer models to their material handling fleet, most prefer to replace their old forklifts with the latest models. As a result, there is a growing demand for used forklifts among various customers, including SMEs and new entrepreneurs who cannot afford new forklifts. Renting or leasing forklifts allows companies to access the equipment they need without making significant capital investments or facing large upfront costs, which is especially beneficial for businesses with seasonal fluctuations or temporary increases in demand. The growth of the e-commerce and warehousing industries, infrastructural development, and construction activities is also boosting the demand for forklifts. Renting forklifts can be more cost-effective than purchasing, especially for short-term needs. It also reduces the risk of loss incurred by the obsolescence inherent in the purchase of material handling equipment. Due to these factors, companies find rental services to be more economical than equipment purchases. In the US, key rental forklift companies include BigRentz, Sunbelt Rentals, United Rentals, Herc Rentals, and Ahern Rentals. BigRentz, an online equipment rental, offers forklifts and various construction equipment with a streamlined system and over 8,000 rental yards, providing comprehensive rental solutions for forklifts with reliable equipment and excellent customer support.The adoption of used forklifts also helps cut down on the waste and energy used to make new forklifts. Toyota, KION, Jungheinrich AG, and Hyster-Yale offer certified refurbished trucks with warranties and after-sales services. Jungheinrich's "Jungstars" range has a warranty for 12 months and comes with several service choices, while KION's refurbishment initiatives support sustainability objectives across various processing plants within Europe.
Asia Pacific is estimated to be the largest forklift market from 2024-2030.
The Asia Pacific region is anticipated to represent >55% of the global forklift market value by 2024. The rapid growth can be attributed to the booming e-commerce industry and increasing exports in fast-moving consumer goods (FMCG), automotive, food & beverage, and pharmaceuticals sectors. The use of intralogistics systems among local e-commerce operations is being powered by growing opportunities and product assortment across countries such as China, South Korea, and India, with increased consumer demand. Additionally, delivery speed and operational efficiency improvements call for a rapid adoption of forklifts. In recent years, E-commerce, warehousing, and logistics have undergone significant transformations in Asia Pacific. For instance, according to statistical survey, live commerce is gaining momentum in China and India, where seven out of ten individuals participate in live shopping activities. China is at the top of the global business, especially in the e-commerce market. According to China Breifing Magazine, in 2023, China’s cross-border e-commerce reached USD 331 billion, significantly increasing imports and exports. Due to this increase in online purchases, demand for forklifts is projected to increase as these are vital for effectively managing warehouses and distribution networks. Japan, India, and South Korea also need efficient forklifts, which have robust manufacturing industries. Autonomous forklifts would enhance precision while reducing errors, as evident from Japan’s and South Korea’s move towards technological advancements to improve their export markets.
In June 2024, Toyota Industries Corporation announced that it would launch its innovation center in Linköping, Sweden. The opening of this center is scheduled for the end of September 2024. This center will serve as an R&D center and a hub for workshops and pitch events.
In September 2023, Jungheinrich AG and Mitsubishi Logisnext launched their joint venture, Rocrich AGV Solutions, which specializes in mobile automation solutions. Based in Houston, TX, US, with operational support from Marengo, IL, Rocrich offers a comprehensive range of AGVs and robotics for warehouses and production facilities across North America.
In September 2023, Crown launched the ESR 1200 Series reach trucks, succeeding the award-winning ESR 1000 Series. These trucks feature a highly stable mast design, allowing operators to handle heavy loads quickly and safely. They have a capacity of 1,200 kg at 12 meters. The mast technology boosts productivity by providing up to 36% higher stability, reducing swaying and vibration, and offering better visibility with an angled cross-beam design.
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