The global forklift market is valued at USD 72.59 billion in 2024 and is expected to expand at a compound annual growth rate (CAGR) of 13.7% from 2025 to 2030. This growth is largely driven by a surge in global construction activities, including the development of roadways, modernization of rail networks, and enhancements to airport and seaport infrastructure. For instance, the 2023–2024 annual budget of the Victoria state government in Australia allocated approximately AUD 9.3 billion (USD 6.18 billion) toward infrastructure and energy development, presenting major opportunities for the local construction sector.

Environmental concerns and a growing focus on sustainability are accelerating the transition from traditional gas- and diesel-powered forklifts to electric alternatives. Governments around the world are introducing measures to support the transition to a net-zero economy. A notable example is the Federal Economic Development Agency for Southern Ontario’s May 2023 announcement of a USD 3.6 million investment in Stromcore Energy Inc.—a manufacturer of forklift batteries. This funding aims to support the launch of advanced manufacturing equipment and innovative products to promote green technology. Among the products planned are the Electric Cart, a zero-emission forklift developed in partnership with Amazon.com, Inc., and Turbo Bank, an AI-powered high-efficiency charger. This initiative reflects Ontario’s commitment to supporting sustainable manufacturing solutions.

Forklifts play a critical role in the logistics of infrastructure development, particularly at major transport hubs such as airports and seaports. Their ability to efficiently handle cargo loading and unloading ensures the smooth flow of goods and materials. In June 2023, NSW Ports in New South Wales unveiled a forty-year master plan geared toward sustainable expansion. The plan anticipates that population growth will triple the volume of container trade through Port Botany and significantly increase vehicle and machinery imports via Port Kembla.

Looking ahead, demand for construction materials is expected to surge over the next four decades to meet rising housing and infrastructure needs. At the same time, the global shift toward renewable energy will drive logistics demand for wind farm components and other cargo. Forklifts, with their ability to navigate busy port and airport environments, are essential for organizing and distributing goods in these logistics hubs.

Despite these opportunities, the industry faces challenges related to the supply chain. Forklift manufacturing relies on raw materials such as steel, lead, copper, and rubber—many of which are sourced globally. Price volatility in commodity markets and currency exchange fluctuations can disrupt supply chains and pose significant risks to original equipment manufacturers (OEMs).

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Regional Insights
In 2024, the Asia Pacific region accounted for 48.4% of the global forklift market share. This dominance is fueled by the presence of key manufacturers, including Doosan Corporation and Hangcha Forklift, who are leading the way in innovation and product development. As new electric forklift models with improved features enter the market, businesses are upgrading their fleets to stay competitive. Continued collaboration between governments, manufacturers, and industry players is expected to further accelerate adoption and technological progress across the region.

Leading Companies in the Forklift Market:
The following companies represent major stakeholders in the global forklift industry, shaping trends and driving market growth:

Anhui Heli Co., Ltd.

Clark Material Handling Company (Clark Equipment Company)

Crown Equipment Corporation

Doosan Corporation

Hangcha Forklift

Hyster-Yale Materials Handling, Inc. (Hyster-Yale Group, Inc.)

Jungheinrich AG

KION Group AG

Komatsu Ltd.

Mitsubishi Logisnext Co., Ltd.

Toyota Motor Corporation (Toyota Material Handling)

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