Rising e-commerce volumes, expanding warehouse footprints, and reshoring of manufacturing are fueling demand, particularly for Class I electric riders and Class III pallet movers that offer lower total cost of ownership, quiet operation, and zero-tailpipe compliance. Technological advancements are reshaping the market: lithium-ion batteries now power a growing share of electric forklifts.
Chicago, Jan. 29, 2026 (GLOBE NEWSWIRE) — The global forklift trucks market was valued at 53.07 million in 2024 and is expected to reach US$ 102.87 million by 2033, growing at a CAGR of 7.49% from 2025 to 2033.
Spurred by relentless growth in e-commerce, omnichannel retailing, and reshoring of manufacturing, the global demand for forklift trucks continues to accelerate in 2024. Warehousing footprints are expanding at roughly 14 % annually, and every extra 10,000 m² of automated storage space requires on average, six lift trucks, according to MHI. This pull is most visible in 3PL facilities, food & beverage cold chains, and semiconductor clean-rooms, where uptime and maneuverability outweigh capital cost.
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Port container managing, construction-material yards, and automotive assembly plants add further depth, keeping overall unit shipments on track to surpass 2.3 million in 2024, up 7 % year on year. Within the forklift trucks market, Class I electric rider trucks and Class III pallet movers are outpacing internal-combustion models as end-users chase lower TCO, zero-tailpipe regulations, and quieter operations.
Next-Gen Forklifts Scale Fast: SLAM, LiDAR, and 5G Enable Autonomous Operations Amid Labor Shortages
Lithium-ion has become the technology of record: its share of new electric forklift sales climbed from 19 % in 2020 to 27 % in 2023 and is forecast by BCC Research to clear 40 % by 2026, thanks to rapid opportunity-charging, 30 % lower energy losses, and battery-as-a-service financing. Hydrogen fuel-cell variants, already running at Amazon and Carrefour DCs, are registering double-digit pilot growth, particularly in fleets exceeding 200 units, where two-minute refueling offsets higher capex.
Meanwhile, sensor-laden autonomous forklifts utilizing SLAM, LiDAR, and 5G are scaling at an 18% growth rate, turning labor scarcity into a catalyst. Telematics, predictive-maintenance algorithms and over-the-air software updates are becoming default specifications, with 60 % of 2024 procurement tenders stipulating IoT connectivity and data export to WMS/ERP platforms.
Forklift Shipments to E-Commerce Warehouses Grow 11% Amid Record Fulfillment Space Expansion in North America
Global e-commerce parcel volumes surpassed 190 billion in 2023 and are estimated by Pitney Bowes to top 220 billion in 2024, forcing retailers and 3PLs to add high-throughput distribution capacity at a record clip. In North America alone, 6.8 million m² of new fulfilment space came online in H1 2024, with another 9 million m² permitted, according to CBRE. Each extra 10,000 m² of racked storage requires, on average, six to eight lift trucks capable of 24/7 cycling.
Consequently, unit shipments in the forklift trucks market to dedicated e-commerce facilities are rising at 11% growth rate, three times the rate of general manufacturing. Stakeholders report cycle-time targets tightening from 90 minutes to 45 minutes per dock-to-shelf movement; class I electric riders equipped with dual-drivemotor AC systems and 2.5-ton lift capacity have become the fleet mainstay, delivering 15 % faster travel speeds compared with legacy IC counterparts.
For manufacturers and distributors, the e-commerce boom recalibrates product-mix priorities toward maneuverable, energy-dense models. Narrow-aisle reach trucks (≤1.6 m turning radius) captured 34 % of 2024 purchase orders from online retailers, while class III electric pallet movers with lithium-ion packs now command a 29 % share of parcel sortation lines. Amazon’s 2024 tender alone sought 25,000 smart forklifts embedded with real-time location systems feeding its in-house warehouse execution software, a data-rich precedent smaller operators quickly emulate.
Distributors in the forklift trucks market benefiting from this wave are expanding value-added services, battery leasing, telematics integration, and operator training to lock in aftermarket annuities that already comprise 34 % of gross margins. Stakeholders are unable to align inventory with the e-commerce skew risk obsolescence; demand forecasts compiled by Interact Analysis show a 58 % probability that warehouse automation budgets will prioritize forklift procurement ahead of AS/RS installations through 2026, highlighting the segment’s strategic urgency.
Lithium-Ion Class 3 Forklifts Deliver Eight-Hour Runtime, Cutting Battery and Maintenance Costs
Class 3 electric pallet trucks and walkie stackers currently command the highest shipment volume within the forklift trucks market by capturing over 36.70% market share because they sit at the heart of every fast-moving pallet flow. Their compact chassis, typically under two meters in length, allows operators to manoeuvre via truck trailers, congested staging lanes, and sub-three-meter aisles that wider classes cannot enter. Average acquisition price is almost one-half that of a seated rider truck, yet contemporary lithium-ion variants still provide eight hours of continuous runtime and accept one-hour opportunity charges, eliminating spare battery racks.
Maintenance is minimal: sealed brushless AC drive motors see service intervals exceeding two thousand operating hours, reducing labor and parts outlay. These economics matter in 2024 when fulfillment centers battle rising wage bills and interest rates. Equally critical, logistics insurers favor class 3 equipment because the walk-behind operating position lowers collision severity, keeping workers’ compensation premiums below heavy-truck benchmarks for many operators.
Major purchasers of class 3 forklifts in the forklift trucks market span grocery distribution, parcel sortation, beverage bottling, and low-bay manufacturing, where pallets travel far more horizontal meters than vertical. Walmart’s North American DC network, for instance, deployed 12,400 new walkie stackers during 2024 retrofits, primarily to feed automated storage shuttles that require ground-level pallet staging.
Asia Pacific Emerges as Global Forklift Hub, Driving 45% of Worldwide Shipments in 2024
Asia Pacific sits at the functional core of the global forklift trucks market because it unites gigantic in-region consumption with an end-to-end component ecosystem that compresses cost and lead time. China delivered roughly 1.15 million units in 2024, equal to about 45% of worldwide shipments; the Yangtze River Delta alone houses more than six hundred certified parts vendors clustered within a 250-kilometre radius of Hefei and Ningbo assembly plants.
Such proximity lets Hangcha, BYD, and Anhui Heli move from steel coil to drivable truck in under twenty-one days, supporting quick-turn export orders for Southeast Asian 3PLs whose parcel volumes jumped an estimated twenty-four percent this year. VAT rebates of up to CNY 8 000 for new-energy industrial vehicles and provincial grants covering 30 percent of on-site charging hardware further stimulate electrified output.
Japan complements China’s scale with premium engineering: Toyota Industries’ Takahama line now stamps lithium-titanate battery trays in-house, helping its 2.5-ton model meet eight-hour continuous-use specs even at minus twenty-five degrees Celsius for Hokkaido cold-stores. South Korea and India round out regional depth.
Doosan added AI-driven robotic welders that shaved fourteen percent off chassis labor minutes, while Godrej & Boyce in Pune introduced IoT-enabled walkie stackers priced eighteen percent below equivalent European imports. Together, these moves keep Asia Pacific firmly recognized as the production linchpin of the forklift trucks market.
Forklift Trucks Market Major Players:
- CLARK Material Handling Company
- Crown Gabelstapler GmbH & Co. KG
- Godrej & Boyce Manufacturing Company Limited
- Hyster-Yale Materials Handling, Inc.
- HD Hyundai Heavy Industries
- Jungheinrich AG
- KION GROUP AG
- Mitsubishi Forklift Trucks
- Toyota Industries Corporation
- Anhui Heli
- Other Prominent Players
Key Market Segmentation:
By Power Source
- IC Engine Powered
- Electric Powered
By Class
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Others
By End Use
- Retail & Wholesale
- Logistics
- Automotive
- Food Industry
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South America
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