The forklift market in the industrial equipment industry has grown significantly in recent years, with a global market size of OEMs reaching $65.5 billion in 2023. Unit sales in electric models reached 1,517,165 units in 2023; Frost & Sullivan projects the figure to increase to 2,599,553 units in 2030 at an 8% compound annual growth rate (CAGR). Factors driving the industry growth include transportation and warehouse market growth, technological advancements including improved energy density and long lifecycle for batteries, regulations, and cost efficiency improvements in electric vehicles in upcoming years.

Frost & Sullivan expects regional growth to differ due to regulations and market forces from 2023 to 2030. In terms of unit sales, North America, Europe, Asia-Pacific, and the rest of the world will likely record strong CAGRs of 3.9%, 4%, 6.9%, and 6.3%, respectively, because of increased competition and technological advancements. Similarly, electric forklifts in each market will register growth rates of 5.3%, 4.8%, 10.9%, and 7.5%, respectively.

The market is competitive, with many manufacturers wanting to participate in electrification and autonomous equipment. Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown, Hyster-Yale, Manitou, Anhui Heli, Cargotec (Kalmar), Hangcha Group, Clark, Merlo, Komatsu, Lonking, Hyundai Material Handling, Combilift, Hubtex, Godrej & Boyce, and Baumann have a presence in multiple markets and offer a range of products. A trend characterizing the industry is more sustainable and efficient vehicles, with a rising focus on reducing emissions and improving fuel efficiency. This trend is driving innovation, with manufacturers developing electrification and autonomous technologies.

Major innovations will likely be in batteries, efficient powertrains for increased total cost of ownership benefits, automation and robotics, AI, and innovative business models. Frost & Sullivan anticipates industry growth to be propelled by high-tech innovations, a sustainability push, and the need for electric equipment.