Forklift Market

The global forklift market is projected to grow at a CAGR of 6.7% during the forecast period, from an estimated market size of USD 85.2billion in 2024 to USD 125.4 billion by 2030.

The global forklift market is a consolidated market with the presence of some major market players, such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Jungheinrich AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Crown Equipment Corporation (US). These players hold ~50–60% of the market share and have a well-established global presence, supply chain, and strong product portfolio. The market is expected to grow due to growth in e-commerce industry, rising demand for efficient material handling equipment and stringent emission norms for industrial vehicles.

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Toyota Industries Corporation is a global leader in material handling solutions, operating through its Toyota Material Handling Group division. The company’s operations are divided into three segments: Automobile, Textile Machinery, and Materials Handling Equipment. In the Materials Handling segment, Toyota offers many products, including forklifts, pallet jacks, automated guided vehicles, and automation solutions under the Toyota, Raymond, and Aichi brands. ,, and other places, and other locationsThe company has a significant global footprint with operations in North America, Europe, Asia, Japan, and other places. Japan accounts for roughly 29% of the company's overall sales. Nine nations—the US, Brazil, China, Japan, Sweden, France, and Italy—are home to the company's production sites. As an innovation leader, Toyota invests heavily in research and development activities, focusing on advanced warehouse management systems and material handling solutions. The company also practices vertical integration by producing key components in-house and offering comprehensive after-sales services. Toyota has made strategic acquisitions to enhance its market position, such as Vanderlande in the Netherlands and Bastian in the US. Through its extensive distribution network and a strong emphasis on local markets, Toyota continues to grow its market share, especially in the Asia Pacific and Europe.

KION Group AG is one of the top service providers for supply chain and logistics solutions, known by its Linde Material Handling, Still, Baoli, and OM brands. These companies offer a vast range of forklifts with gasoline, diesel, and electric drives and automated guided vehicles of various load capacities. Linde has international presence in more than 100 countries along with a very strong customer support network. It is one of the key brands under KION and offers forklifts, fleet management software, automation systems, and warehousing equipment. Dematic, a pioneer in intelligent solutions and warehouse automation, is also owned by KION Group. The company’s industrial trucks and services segment is a major revenue source, with nearly 1.8 million units of forklifts and warehouse equipment in use globally as of December 2023. KION continues to expand its product portfolio, launching the Linde Series 1293 electric forklifts in February 2024, designed for outdoor applications, and introducing fuel cell systems for industrial trucks in November 2023. These innovations strengthen KION's market position by offering sustainable, high-performance solutions that meet diverse customer needs.

Jungheinrich AG,  engages in the manufacture of automation systems and material handling equipment with over 60 years of experience, hence forming a key player in intralogistics. The firm's business segments include used equipment and short-term rentals, after-sales services, and new truck sales. It has 42 countries with large international presence and 11 production sites, essentially located in Germany and China. Jungheinrich is leading in electric material-handling equipment; moreover, more than 90% of its trucks are Li-ion battery-powered, underpinning its commitment to sustainability. Not only has the comprehensive sales network but also an ample product portfolio been very well positioned for the future with electrified and conventional powertrains. Further, Jungheinrich presented Full Flex Rental to adapt more to the market changes with a flexible forklift subscription model for small and medium-sized businesses in Germany, Spain, and Ireland. The group is continuously investing in new technologies to develop energy-efficient products and is engaging in R&D activities to invent innovative and energy-efficient products. The company is designing and working on the expansion of the energy storage systems segment based on lithium-ion technology. The company also tends to optimize automated systems and automate material handling equipment. Such evidence has shown that the company has begun to invest in new technologies development for the purpose of developing energy-efficient products, mainly of lithium-ion energy storage systems. For that reason, it accentsuate the automation of material handling equipment for efficiency and productivity in its product offer.

Mitsubishi Logisnext Co., Ltd. is a leading warehouse management and material handling solutions provider. Six subsidiaries contribute to the business: TCM, Rocla, Cat Lift Trucks, Nichiyu Electric Forklift Trucks, Mitsubishi Forklift Trucks, and Unicarriers. These companies specialize in AGVs as well as IC and electric forklifts. Mitsubishi Logisnext has a wide global dealer network, focusing on the North American region and production facilities in Spain, the Netherlands, Finland, the US, Japan, and China. The company is well-known for the quality and reliability of its products. It has an extensive portfolio of both traditional and electric forklift models and AGVs. The company is looking towards strategic partnerships and acquisitions to further grow in technology and product development to respond to increasing demands related to electric lift trucks and warehouse solutions. The recent Unicarriers SCX N2 series electric forklift launch by its subsidiary, Mitsubishi Logisnext Americas, helps the company remain competitive globally.

Crown Equipment Corporation is one of the largest handling material-handling businesses in the world. The company designs, manufactures, distributes, and supports a line of forklifts and different technologies in automation and fleets. Crown can manufacture up to 85% of its forklift components, thereby ensuring quality and reliability. In operation across 84 countries with over 500 retail locations, Crown serves various industries worldwide. Its product line includes electric and combustion forklifts, VNA trucks, reach trucks, order pickers, pallet trucks, stackers, and many more. Crown also has rental and remanufactured apparatuses and fleet management tools like the Infolink system. It is well known that Crown holds a strong position in the markets, more so in electric forklifts, and is committed to the customer through its service packages, such as the Crown Integrity Service System. For instance, in January 2023, Crown launched IC and electric counterbalance forklifts capable of carrying up to 5.5 tons also, in September 2023, Crown launched the ESR 1200 Series reach trucks, succeeding the award-winning ESR 1000 Series. Vertically integrated, Crown offers comprehensive product offerings, ensuring varied industry needs are met and achieving operational efficiency with cost savings for customers.

Related Reports:

Forklift Market By Class (1, 2, 3, 4/5), Propulsion (Electric, ICE), Battery Type (Li-ion, Lead Acid), Tonnage Capacity, Operation, Application, Tire, Product Type, End Use Industry, Electric Forklift, Lifting Capacity & Region - Global Forecast to 2030

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