According to market reports cited by Yahoo Finance, the global forklift market is expected to grow from $85.2 billion in 2024 to $125.4 billion in 2030, with a compound annual growth rate (CAGR) of approximately 6.7%. Behind this prediction, the three driving forces of market growth are warehouse automation, e-commerce development, and green logistics trends.
From the content of the report, the key factors driving market expansion include: firstly, the rapid expansion of e-commerce and warehousing logistics scale, especially in developed and emerging markets, where the layout of distribution centers and warehouse networks continues to increase; Secondly, an increasing number of enterprises have higher requirements for warehousing efficiency, energy management, and safety, and are more willing to invest in more advanced material handling equipment in the internal circulation system; Thirdly, environmental regulations and sustainable development strategies are forcing internal combustion forklifts to transform towards electrification, promoting electric forklifts to become mainstream.
The report also pointed out that in 2024, electric forklifts have occupied about 72% of the market share and become the mainstream configuration in the market. The reason for this structural change is that electric systems have lower operating costs and almost zero emissions, which is more in line with the direction of sustainable logistics development in the future. In addition, lithium batteries have significant advantages over lead-acid batteries in terms of lifespan, efficiency, and environmental treatment, and are also emphasized in the report as an important engine for market upgrading.
In terms of structural dimension, the report predicts that forklifts weighing less than 5 tons will become the fastest-growing market. These forklifts are particularly popular in warehouses, distribution centers, and medium-sized logistics nodes due to their flexible size, strong adaptability, and low energy consumption. In addition, indoor work scenarios will still be the main application area, as modern warehouse distribution systems have extremely high requirements for dense distribution and fast circulation.
From the perspective of market regional pattern, the Asia Pacific region is widely regarded as the largest growth market. The report points out that the region gathers a large number of manufacturing and logistics infrastructure, and is the core hinterland of forklift demand. In addition, the North American and European markets will also maintain stable growth, with a high acceptance of automation and intelligent forklift technology (such as IoT linkage, remote monitoring, and autonomous driving assistance) in the North American region.
The market report also analyzed potential risks and constraints. On the one hand, the development of third-party logistics (3PL) models has led some warehousing companies to outsource forklift and handling services to professional service providers, which may compress manufacturers' direct sales space. On the other hand, the high initial cost, technical barriers, maintenance requirements, and battery life of electric forklifts remain important obstacles to market promotion. The report also points out that the rise of the rental and refurbished forklift market may create substitution pressure on new machine sales.
Based on the above report, we can further propose several supplementary perspectives and industry judgments:
Firstly, the assumption of a compound annual growth rate of 6.7% is based on stable macroeconomic growth and logistics industry expansion expectations, but if there are future fluctuations in the global economy or supply chain, this growth expectation may be pushed up or down. Secondly, the increasing market share of electric forklifts does not necessarily mean that internal combustion, fuel cell, or hybrid models will quickly exit; In outdoor heavy-duty scenarios, extreme environments, or areas where charging infrastructure is not yet complete, traditional or hybrid power solutions still have room for improvement. Thirdly, at the technical level, electric forklifts are only the foundation, and subsequent intelligent upgrades (such as autonomous driving, remote diagnosis, and collaborative fleet management) will become the "next battlefield". Manufacturers who can provide complete system solutions based on electrification will have a better chance of gaining incremental market share.
This market forecast report provides a clear view of the industry's scale and structural transformation: in the next six years, the forklift market will evolve towards electrification, intelligence, and lightweighting. For equipment manufacturers, component suppliers, and system integrators, how to occupy the "high ground" of technology, 名媛直播, and services in this wave of structural upgrades will determine their competitiveness in the global market in the next decade.
