Industry Overview

The global forklift market was valued at USD 85,309.8 million in 2024 and is projected to climb to USD 91,025.6 million by 2025, reflecting a 6.7% annual growth rate. This expansion is largely fueled by the rapid rise of e-commerce, increasing automation in warehousing, and the ongoing transition from internal combustion engine (ICE) forklifts to electric and hybrid models. Moreover, greater investment in logistics infrastructure and the reshoring of manufacturing operations are accelerating fleet renewal across key industries. Meanwhile, declining lithium-ion battery costs and the integration of telematics for real-time fleet management are enhancing efficiency, lowering operational expenses, and boosting adoption across manufacturing, retail, and distribution sectors.

Industry Insights: Scale, Segments, and Emerging Trends

• Market Expansion: The global forklift industry is expected to achieve a value of USD 175,742.2 million by 2035, advancing at a CAGR of 6.8% from 2025 to 2035.
  
  

• Segmentation Overview: Electric forklifts currently dominate with roughly 58% market share, reflecting the global shift toward sustainable, low-emission machinery. The automated and narrow-aisle forklift categories are anticipated to register the fastest growth over the coming decade.
  
  

• Regional Dynamics: The Asia-Pacific region leads the market, accounting for around 42% of total revenue in 2024, supported by manufacturing expansion and the boom in e-commerce logistics. North America demonstrates strong demand driven by modernization efforts, while Europe stands out for its emphasis on sustainability and green logistics solutions.

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https://www.stalwartresearchinsights.com/product/forklift-industry-outlook-2020-2035