US Forklift Market is expected to reach a revenue of USD 35.7 Bn by 2034, at 12.5% CAGR: Dimension Market Research
Advancements and Projections in the US Forklift Market: Insights, Trends, Opportunities, and Recent Developments
Los Angeles, Feb. 04, 2025 (GLOBE NEWSWIRE) — The US Overview
The US Forklift Market is projected to reach USD 12.4 billion in 2034 from a base value of USD 35.7 billion in 2025 at a compound annual growth rate of 12.5% over its forecast period.
The US Forklift Market is growing with an increase in demand for automation in logistics and warehousing. Forklifts are a must-have in handling heavy loads, especially in the retail, construction, and e-commerce sectors. One of the trends that has taken the lead role in technological advancement includes electric and automated forklifts.
Telematics and IoT further enhance operational efficiency and safety. E-commerce growth fuels the demand for forklifts in warehouses. However, high capital costs, maintenance expenses, safety concerns, and regulatory requirements are some of the factors that restrain market growth. Despite these restraints, industries such as material handling and logistics remain the major drivers of the US Forklift Market.
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Important Insights
- The US Market Share: The US Forklift Market is projected to reach USD 35.7 billion by 2034, growing from an estimated value of USD 12.4 billion in 2025.
- By Propulsion Segment: Electric forklifts are expected to dominate the market, holding 63.1% of the share by the end of 2025.
- By Battery Type Segment: Lead acid-based forklifts are anticipated to lead, capturing 43.7% of the market share by 2025.
- Key Players: Major players include Toyota Industries, Kion Group, Mitsubishi Logisnext, Jungheinrich AG, Hyster-Yale, Crown Equipment, and Clark Material Handling.
- The US Growth Rate: The market is projected to grow at a CAGR of 12.5% during the forecast period.
The US Forklift Market: Trends
- Rise in Electric and Automated Forklifts: Given environmental concerns and the reduction of costs, electric and automated forklifts remain very popular. Their growing usage in most industries is due to their quieter operation and low maintenance while ensuring efficiency within an indoor environment.
- Integration of IoT and Telematics Technology: Integration of telematics and IoT into forklifts enables real-time performance monitoring, fuel consumption, and maintenance schedules. This technology helps the fleet operator to optimize routes, improve safety, and reduce downtime, therefore improving overall operational efficiency.
The US Forklift Market: Competitive Landscape
The U.S. forklift market is fiercely competitive, comprising global giants such as Toyota Industries Corporation, Kion Group, Mitsubishi Logisnext, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc. These companies have invested in the development of advanced technologies such as electric forklifts, AGVs, and lithium-ion batteries to stay competitive.
Regional players contribute to this with solutions tailored to meet specific needs, strong after-sales service, and innovative designs. While the market consolidation is picking up speed, large companies are acquiring smaller ones to extend their portfolio. The collaboration models focus on the integration of robotics, IoT, and automation, considering the high demand for solutions with high efficiency in retail, e-commerce, and warehousing.
Some of the prominent market players:
- Toyota Industries Corporation
- Kion Group
- Mitsubishi Logisnext
- Jungheinrich AG
- Hyster-Yale Materials Handling, Inc.
- Crown Equipment Corporation
- Clark Material Handling Company
- Komatsu Ltd.
- Doosan Industrial Vehicles
- Yale Materials Handling Corporation
- Manitou Group
- Nissan Forklift Corporation
- Hangcha Group
- Other Key Players
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The US Forklift Market Scope
Report Highlights | Details |
Market Size (2024) | USD 12.4 Bn |
Forecast Value (2033) | USD 35.7 Bn |
CAGR (2024-2033) | 12.5% |
Historical Data | 2019 – 2024 |
Forecast Data | 2026 – 2034 |
Base Year | 2024 |
Estimate Year | 2025 |
Segments Covered | By Propulsion, By Tonnage Capacity, By Battery Type, By Class, By Operation, By Tire Type, By Application, and By End-User Industry |
Regional Coverage | The US |
Segment Analysis:
Electric forklifts are projected to dominate the U.S. forklift market as they hold 63.1% of the market share by the end of 2025, due to their environmental benefits and cost savings. They have zero emission, unlike internal combustion engine forklifts, and are thus ideal for indoor use. With the rise in environmental regulations, businesses are shifting toward electric forklifts for their greener operation.
Additionally, electric forklifts operate quietly, reducing noise pollution and enhancing workplace safety. They become even more appealing with fewer moving parts, lower operating and maintenance costs, and better battery technology. Companies focus on being sustainable and cost-efficient; therefore, electric forklifts will remain at the top of the market.
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The US Forklift Market Segmentation
By Propulsion
- Electric
- Internal Combustion Engine (ICE)
By Tonnage Capacity
- Below 5 Ton
- 5-15 Ton
- 11–36 Tons
- Above 36 Tons
By Battery Type
- Lead-Acid
- Lithium-Ion
- Fuel Cell
By Class
- Class 1
- Class 2
- Class 3
- Class 4/5
By Operation
- Manual
- Autonomous
By Tire Type
- Cushion
- Pneumatic
By Application
- Indoor
- Outdoor
- Indoor And Outdoor
By End-User Industry
- Retail & E-Commerce
- Industrial
- Logistics
- Chemical
- Food & Beverage
- Others
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The US Forklift Market: Driver
- Expansion of E-Commerce and Retail Sectors: E-commerce is growing, hence the demand for improved logistics and better inventory handling also grows. Forklifts have become highly important in modern distribution centers, particularly during peak seasons, thus driving the demand for upgraded fleets to manage increasing volumes.
- Technological Advancements and Increased Demand for Automation: The trend of automation itself, inclusive of automated guided vehicles, tends to push demand for forklifts even higher. Adding automation within a forklift fleet contributes to better efficiency, reduced labor costs, and minimal human error positive factors that trigger growth in the market, especially in operations with very large warehouses.
The US Forklift Market: Restraints
- High Initial Investment and Maintenance Costs: The initial costs of forklifts, particularly sophisticated models, are very high. Many small-scale companies cannot invest this much, despite long-term savings in fuel and labor in maintenance costs that prevent the adaptation to better models.
- Safety Concerns and Regulatory Compliance: Forklifts are hazardous to operate and can cause accidents, including tip-overs and collisions. With strict safety regulations in place, requiring extensive training increases operation costs and, hence, restricts market growth as businesses will have to invest in safety concerns.
The US Forklift Market: Opportunities
- Sustainability and Green Technology: Increasing demand due to the need for reducing emissions and adapting to increasingly tight environmental legislation makes electric forklifts perfect for indoor operations, providing low maintenance and zero emissions that appeal to industries focusing on sustainability.
- Investment in Smart Warehousing and Logistics Solutions: With AI, IoT, and machine learning becoming integral parts of all industries, a forklift will be in high demand as integrated pieces to automation systems, forming the essence of smart warehousing. The forklifts capable of IoT use significantly optimize performance, maintenance, and route efficiency that support the rise of connected, efficient warehouse operations.
Recent Developments in the US Forklift Market
- December 2024: Toyota Material Handling partnered with Lithium Energy Solutions to introduce next-gen lithium-ion battery solutions for sustainable warehouse operations.
- November 2024: Jungheinrich AG unveiled AI-powered automated forklifts at the Material Handling and Logistics Expo to optimize warehouse operations.
- October 2024: Hyster Yale acquired Rough Terrain Forklifts, strengthening its outdoor applications portfolio in the construction and agriculture sectors.
- September 2024: Mitsubishi Logisnext invested USD 100.0 million in U.S. electric forklift development, emphasizing sustainability and low-emission urban warehouses.
- August 2024: Kion Group showcased battery-powered forklifts and automated systems at LogiMAT 2024, appealing to energy-focused logistics firms.
- July 2024: Toyota Industries partnered with Amazon to supply automated forklifts for distribution centers, bolstering market leadership.
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