Lift Trucks Market Size - By Product [Forklifts (Counterbalance, Warehouse, Rough Terrain), Reach Trucks, Order Pickers, Pallet Jacks (Powered, Manual)], By Propulsion Type (ICE, Electric), By End Use (Chemical, Food & Beverage, Industrial, Logistics, Retail & E-Commerce), & Forecast 2024 - 2032

Lift Trucks Market Size

Lift Trucks Market was valued at USD 84.4 billion in 2023 and is estimated to register a CAGR of over 7% between 2024 and 2032, owing to the growing automation in warehouses and logistics centers. As warehouse operations get busier, the need for lift trucks increases. Warehouses are becoming larger and more sophisticated as the number of items stored increases. Reach trucks may be used in traditional warehouses with lower ceilings for high shelf access; but bigger, contemporary facilities may require specialized forklifts with enhanced lifting capacity or telescopic arms for high storage spaces. This diversity of warehouse operations drives the demand for a broader range of lift trucks.
 

The rising construction industry is fueling the adoption of lift trucks. As construction projects increase in size and complexity, additional materials, such as bricks, steel, timber, and concrete, must be moved to the job site. Telehandlers and rough terrain forklifts can travel uneven terrain and carry high goods in unpaved areas. Boom lifts and scissor lifts offer platforms for workers to access elevated places during construction or maintenance. Compact forklifts are well-suited to the constrained locations seen on construction sites.
 

Furthermore, construction projects have strict timelines and budgets. Lift trucks assist by speeding up material transportation, decreasing manual labor reliance, limiting worker fatigue and potential hazards connected with physical lifting, and ensuring items are delivered to the correct location at the right time, thereby keeping projects on track.
 

The high upfront costs of lift trucks are a major challenge to the market, potentially slowing down its growth. Lift trucks provide long-term benefits, such as increased efficiency, and production, but the initial investment might be prohibitively expensive for smaller businesses. This is especially true for electric variants, which are sometimes more expensive than standard Internal Combustion Engine (ICE) trucks, despite having reduced long-term operational expenses. Small & Medium-sized Businesses (SMBs) or new businesses may lack the necessary funds to acquire a new lift truck. This may limit their capacity to automate or improve their material handling activities, thereby impeding their expansion.
 

For businesses with variable workloads, the significant initial investment might be risky. If they are unclear about their future material handling requirements, they may hesitate to purchase a new lift truck.
 

Lift Trucks Market Trends

Lift trucks are witnessing significant technological advancements. Electric and alternative fuel-powered lift trucks have several benefits over classic ICE types. They produce fewer emissions, operate more quietly (making them appropriate for interior applications), and require less maintenance. Advancements in battery technology, such as Lithium-ion batteries with quicker charging periods and longer lifespans, are making electric lift trucks more appealing. Along with this, automation is revolutionizing the lift truck sector.
 

Automated Guided Vehicles (AGVs) and Automated Lift Trucks (ALTs) can follow specified courses and handle material moving duties without the need for a human driver. Warehouses and distribution facilities can benefit considerably from increased efficiency and production. Lift trucks are becoming more advanced in terms of safety, with autonomous braking systems, overload prevention, and operator presence sensors. These advancements can reduce accidents and create a safer working environment for operators and warehouse personnel.
 

Lift Trucks Market Analysis

Based on products, the forklifts segment is projected to exceed USD 140 billion by 2032. The material handling business relies heavily on forklifts to lift, move, and stack palletized products, making them indispensable in warehouses, distribution centers, manufacturing facilities, and logistical operations. Forklifts are available in a variety of designs (electric, ICE, rough terrain) to meet specific requirements.
 

Furthermore, a variety of accessories, such as pallet rotators, boom attachments, and side shifters, increase their versatility for particular jobs. Forklifts accommodate a wide range of weight needs. Lightweight electric versions are suited for lower weights while heavy-duty ICE forklifts are capable of hauling enormous cargo containers. Forklifts are often less expensive to acquire than other lift truck categories such as telehandlers or aerial work platforms. This affordability makes them accessible to a wider range of businesses.
 

Based on classes, the class III segment held approximately 41% share of the lift trucks market in 2023. Class III trucks, often known as electric motorized hand trucks or pallet jacks, are the most adaptable form of lift trucks. They can be utilized for a variety of purposes in warehouses, distribution centers, retail stores, and light industrial facilities. Class III vehicles are substantially more cost-effective to buy, operate, and maintain than bigger lift trucks. Their electric motors require less maintenance than ICE, and their small size results in lower energy use. These vehicles are generally simple to operate, requiring less training than bigger forklifts.
 

Asia Pacific region dominated the global lift trucks market with a share of over 39% in 2023. The region is experiencing an increase in industrial activities, especially in China and India. This rise in numerous sectors, such as automotive, FMCG, and construction, increases the need for lift trucks for effective material handling. Furthermore, the e-commerce boom is fueling the demand for larger and more efficient warehouses across APAC. This results in increased demand for lift trucks to manage inventory movement and order fulfillment in these facilities.
 

Warehouses and logistics facilities around the U.S are witnessing increased automation. This involves the use of ALTs and AGVs, which may work independently, increasing efficiency and production. The U.S. government has imposed tighter emission standards to address air pollution, generating demand for electric and alternative fuel-powered lift trucks. Additionally, the country is home to numerous significant lift truck manufacturers and distributors. These firms are critical to the lift truck industry's innovation and technical growth.
 

European countries including France, Germany, the UK, and the Netherlands are witnessing significant growth in the lift trucks market. The rise in online shopping is fueling the growth of warehouses and logistics facilities throughout Europe. This, in turn, raises the demand for lift trucks to transport items within these facilities. European warehouses are increasingly using automation technology to boost efficiency and output. This includes automated lift trucks, which can function without human involvement, accelerating market expansion. Moreover, countries in the Middle East & Africa (MEA) region, such as the UAE and Saudi Arabia, are experiencing a significant construction boom, fueled by infrastructure development projects and urbanization, which is a major driver for lift trucks. These trucks are essential for efficiently handling and transporting building materials at construction sites.
 

Lift Trucks Market Share

Toyota Industries Corporation and KION Group hold a significant market share of over 26% in the lift trucks industry. Toyota Industries Corporation takes a customer-focused approach to developing products and delivering services, addressing the distinct requirements and obstacles faced by forklift operators, fleet managers, and warehouse supervisors. The company’s solutions emphasize safety, productivity, and overall cost-effectiveness.
 

The KION Group sustains its position as a technology leader in the forklift market through investments in research & development, partnerships with technology firms, and the incorporation of cutting-edge features, such as automation, connectivity, and digitalization, into its forklift offerings.
 

Lift Trucks Market Companies

Major players operating in the lift trucks industry are:

• Anhui Forklift Truck Group Co., Ltd.
• Crown Equipment Corporation
• Doosan Industrial Vehicle
• Hangcha Group Co., Ltd.
• Hyster-Yale Materials Handling, Inc.
• Jungheinrich AG
• KION Group
• Komatsu Utility Co., Ltd.
• Mitsubishi Logisnext Co., Ltd.
• Toyota Industries Corporation
   

Lift Trucks Market News

• In February 2024, ePicker, a material handling equipment provider based in Fort Worth, U.S., was acquired by Big Lift LLC, headquartered in Illinois. The acquisition is part of Big Lift's strategy to become the market leader in lithium-powered material handling solutions and the industry leader in lithium forklifts in North America. The addition of the ePicker team and distributors benefitted both channels by increasing the resource base, strengthening aftermarket support capabilities, and ensuring the launch of high-quality, innovative products.
   
• In August 2023, Cummins partnered with Taylor Machine Works to integrate hydrogen engines into Taylor's lift trucks. This collaboration involved the use of Cummins 6.7-liter and 15-liter hydrogen engines in Taylor's product line to develop low and zero-carbon solutions across its entire range of heavy industrial lift equipment.
   

This lift trucks market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Million) and volume (units) from 2021 to 2032, for the following segments:

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Market, By Product

• Forklifts 
  • Counterbalance
  • Warehouse
  • Rough terrain 
• Reach trucks
• Order pickers
• Pallet jacks 
  • Powered
  • Manual

Market, By Propulsion Type

• ICE
• Electric

Market, By Class

• Class I
  • Forklifts
  • Reach trucks
  • Order pickers
  • Pallet jacks
• Class II
  • Forklifts
  • Reach trucks
  • Order pickers
  • Pallet jacks
• Class III
  • Forklifts
  • Reach trucks
  • Order pickers
  • Pallet jacks
• Class IV
  • Forklifts
  • Reach trucks
  • Order pickers
  • Pallet jacks
• Others
  • Forklifts
  • Reach trucks
  • Order pickers
  • Pallet jacks

Market, By End Use

• Chemical
• Food & beverage
• Industrial
• Logistics
• Retail & E-commerce 
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia
  • Rest of MEA