The US Forklift Market
The
US Forklift Market is projected to be valued at
USD 12.4 billion in 2025. It is expected to witness subsequent growth in the upcoming period as it holds
USD 35.7 billion in 2034 at a
CAGR of 12.5%.
The US Forklift Market has been a major segment of the material handling industry, driven by continuous trends and growing demand for automation in logistics and warehousing. Forklifts are pretty much essential for handling heavy loads and materials efficiently within an industrial, retail, or manufacturing facility. The market is likely to expand more as more companies adopt forklifts to optimize supply chain management and warehouse operations. The demand for storage and fast movement of goods in industries such as retail, construction, and e-commerce continues to rise. Technological advancements have largely shaped trends in the US Forklift Market, with automated and electric forklifts being in prominence.
Automation increases operational efficiency and safety in warehouses and distribution centers, which in turn propels the demand for electric forklifts as a greener alternative to internal combustion engine models. Telematics and IoT integrations into forklifts allow real-time monitoring by fleet managers for usage, performance tracking, and needs regarding maintenance. This trend of smarter and better-connected machines is expected to spur the adoption of forklifts in more and more industries, smoothing out operations and minimizing downtime. There are also tremendous opportunities created in the market due to the growth of e-commerce.
The ever-growing pace of online shopping increases the demand for logistics that are fast and efficient, which, of course, forklifts play a major role in. Large retailers and distributors alike are increasingly deploying forklifts in e-commerce warehouses to handle massive volumes of products that need to be stored, picked, and shipped rapidly. In addition, the sustainability of operations propagated the demand side for electric forklifts to fit companies' objectives of reducing emissions along with their carbon footprint. Similarly, expansion in the electric vehicle market favored forklifts powered by an electric battery that can be provided as a reasonable solution for indoor atmospheric operations. Given these factors, the growth prospects may sound promising. However, there are certain restraints on the growth of the US Forklift Market.
Among these, the most important are higher capital costs for acquiring forklifts, especially for SMEs. This could also add to corporate costs by increasing the maintenance expenses of advanced technology forklifts, a factor affecting companies' profitability, especially where operating margins are thin. Besides, there is a safety concern attributed to forklift operations since workplace accidents or injuries might be caused by improper use. Apart from that, the operational costs have also been augmented by strict regulations and continuous training to safely operate these forklifts. Even though a forklift is considered an indispensable warehousing and logistics machinery tool, such obstacles stand in the way of strong growth dampeners for the said category. Accordingly, industries relating to material handling and logistics will provide the US forklift market with its largest demand.
By type, electric forklifts have the largest market share due to cost efficiency and environmental benefits. Since electric vehicle technologies are further developing, electric forklifts are thus likely to drive the market, with top industry players focusing on advanced battery systems that achieve longer operating times and fast charging cycles. The growing spotlight on automation also indicates that the future of forklift operations will be reshaped by growing momentum in AGVs and autonomous forklifts. Indeed, the growth prospects of the US Forklift Market continue unabated, backed by the expansion in industries like warehousing, logistics, and e-commerce.
The value proposition has further increased with the growing sophistication of forklifts while integrating IoT technologies and automation. With evolving supply chain and warehousing operations, every year there is a greater need for more forklift requirements to work on greater precision and speed. Besides this, the trend to invest in electric forklifts is because the government has taken policies favorable towards green technology and sustainability, hence dominating the market over the forecast period. The long-term outlook for the U.S. forklift market continues to look very positive, as opportunities exist both for traditional forklifts and emerging technologies that will shape the future of material handling.
The US Forklift Market: Key Takeaways
- The US Market Share: The US Forklift Market size is estimated to have a value of USD 12.4 billion in 2025 and is expected to reach USD 35.7 billion by the end of 2034.
- By Propulsion Segment Analysis: Electric forklift is projected to dominate this market as it hold 63.1% of market share by the end of 2025.
- By Battery Type Segment Analysis: Lead acid-based forklift is anticipated to dominate this market as it hold 43.7% of market share by the end of 2025.
- Key Players: Some of the major key players in the US Forklift Market are Toyota Industries Corporation, Kion Group, Mitsubishi Logisnext, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Clark Material Handling Company, and many others.
- The US Growth Rate: The market is growing at a CAGR of 12.5 percent over the forecasted period.
The US Forklift Market: Use Cases
- Electric Forklifts in Warehouses: Electric forklifts are employed in warehouses to move goods. The result is an effective storage and retrieval process with very minimal environmental degradation, while also minimizing operation costs by ensuring workflow efficiency, particularly in settings where the continuity of material handling is needed.
- Forklifts in Construction: In the field of construction, forklifts move building materials around the site, augmenting good site management by sparing human labor to shift them, speeding up the shifting process, and coordinating every step of construction to meet project deadlines with minimum logistical challenges.
- Forklifts in Retail Distribution Centers: Distribution center retail uses forklifts to move stock quickly to improve inventory management and reduce delays and downtime during peak demand periods. The stock level remains appropriate, hence the customer's orders are more rapid.
- Forklifts in Manufacturing Plants: Forklifts are also used in manufacturing plants to transfer raw materials and finished goods across different production lines, promoting efficiency in operations by smoothing material flow and reducing worker strain to ensure that production processes proceed without a hitch.
The US Forklift Market Dynamic
Driving Factors in the US Forklift Market
Expansion of E-Commerce and Retail SectorsOne of the major growth factors responsible for this tremendous growth of the US Forklift Market has been the rapid rise of the e-commerce sector. As online retail continues to grow, more advanced material handling solutions are deployed by retailers and their logistics companies to house inventory and move inventory efficiently in fulfilling orders on time. Forklifts have thus become highly vital in modern e-commerce and retail distribution centers where movements of goods require speed and efficiency. Because e-commerce is continuing to grow, businesses have been needing to upgrade or expand their fleets of forklifts to meet demand, and sales are rising. In addition, as retailers head toward omnichannel strategies that marry online and in-store retail models, warehouses have to change to accommodate increasingly complex inventory systems. This means directly a high demand for forklifts to handle large volumes of stock, especially during peak seasons like holidays.
Technological Advancements and Increased Demand for Automation
Another factor for significant growth is the growing focus on automation and technological improvements in material handling activities. The trend of automation within warehouses and distribution centers has, to a great extent, raised higher demands for forklifts with the ability to work autonomously or in groups with human labor. In such cases, automated forklifts would include AGVs and AMRs, which will drive efficiency in the warehouses, particularly large-scale operations. These forklifts reduce manual interference, hence reducing labor costs, minimizing the chances of human error, and also ensuring more safety in the workplace.
Restraints in the US Forklift Market
High Initial Investment and Maintenance Costs
One of the major constraints in the US Forklift Market involves the high initial buying cost through which forklifts, especially advanced models like automated guided vehicles and electric forklifts, are being considered for purchase. The justification for a substantial amount of capital investment in forklifts can become quite hard for any SMB when they have to balance other operation-related costs. Although electric forklifts and automation technologies have the advantages of long-term cost savings due to reduced fuel and labor costs, the initial investment in such technologies is beyond the reach of many firms, especially those with small-scale operations. Furthermore, maintenance and repair expenses related to high-end forklifts are also too expensive for some firms to afford.
Safety Concerns and Regulatory Compliance
Safety-related issues and demand for compliance with strict regulations, therefore, have been considered the key growth restraining factors in the US Forklift Market. Forklift machines pose risks in terms of safety hazards when not handled as required. Due to tip-overs and collisions, accidents dealing with forklifts can either severely injure personnel or kill them, thereby placing companies in an urgent need to invest in training, maintenance, and safety. However, these additional safety measures come at some cost, further increasing the operating costs of businesses that depend on forklifts.
Opportunities in the US Forklift Market
Sustainability and Green Technology
Sustainability and growing demand for green technologies are considered the key growth opportunities for the US Forklift Market. There has been increased interest lately in electric forklifts, both due to the mounting pressure on companies to reduce their ecological footprint and because of new, more restrictive emissions legislation. Electric forklifts offer several advantages compared to traditional models with internal combustion engines: they produce no emissions, require less maintenance, and can operate in confined spaces without causing any air-quality issues. This will be particularly appealing to industries like warehousing, retail, and manufacturing, where most of their operations occur indoors.
Investment in Smart Warehousing and Logistics Solutions
The continuous investments in intelligent warehousing and logistics solutions are the other avenues of growth for the US Forklift Market and the
Smart Warehousing Market. With AI, machine learning, and the Internet of Things dominating modern industries, warehouses are becoming more connected and efficient. It requires forklifts with the ability to integrate well with other automation systems. IoT-capable forklifts can provide companies with data on vehicle performance, route optimization, and operational conditions contributing to the overall performance of the warehouse. The Smart Warehousing Market leverages robotics, automated forklifts, and human workers to create a more fluid and efficient environment.
Trends in The US Forklift Market
Rise in Electric and Automated Forklifts
Over the years, electric and automated forklifts have caused a shift in the US market. With the growing demand for environmentally friendly operations, reduced emissions, and lesser operational costs than their ICE predecessors, electric forklifts have gained higher market acceptance. It is thus expected that, with increased pressure on industries to go green, electric forklifts will continue to gain momentum as an energy-efficient alternative to conventional forklifts, whether used indoors or outdoors. This trend is also accelerated by continuous technological advancements in battery technology, extending the life of operations and reducing downtime during charging. Other contributing factors include the fact that electric forklifts work quieter and have lower maintenance needs, which has raised the demand for such machines in recent years across different industries, especially in warehouses and distribution hubs.
Integration of IoT and Telematics Technology
Another critical trend in the US forklift market is the integration of IoT and telematics in forklifts. Telematics can help in real-time tracking of the performance, location, fuel consumption, maintenance schedules, and operator behaviors of forklifts. Embedding sensors in forklifts will help businesses gather massive volumes of data that can be analyzed to improve operational efficiency, safety, and asset management. The data can be used by forklift fleet operators to optimize routes, monitor vehicle performance, and schedule preventive maintenance to minimize costly downtime. Telematics also finds application, especially where large warehouses or multi-site operations exist, with fleet management playing a significant role in productivity.
Research Scope and Analysis
By Propulsion Analysis
Electric forklifts are projected to dominate the United States forklift market because of the many advantages they have over internal combustion engine forklifts. Among the major drivers for adopting electric forklifts is the environmental benefits derived from their use. Unlike ICE forklifts, electric forklifts emit absolutely no emissions and are, therefore, well-suited for indoor environments where air quality is a concern. With increased regulation continuing to rise regarding environmental impact, businesses are seeking greener alternatives. This too has been one of the leading causes for the wide adaptation of electric forklifts. Besides, electric forklifts have quieter operations compared to their fuel-powered counterparts, reducing noise pollution in workplaces and hence creating a safer and more comfortable working environment.
Other key advantages of electric forklifts include much lower operating and maintenance costs. They have fewer moving parts, with the absence of an internal combustion engine reducing wear and tear on other components. In turn, this will reduce maintenance costs and give rise to more uptime in operations. Advances in battery technology, such as lithium-ion batteries, have even further enhanced the benefits of the electric forklift, providing extended operational times, shorter charging times, and lengthened service life. These attributes help the operators to increase the efficiency of the operations and cost-effectiveness considerably. So long as business enterprises continue their embrace of cost-saving and sustainable models, electric forklifts are likely to maintain their dominance in U.S. forklift markets.
By Tonnage Capacity Analysis
The 5-15 ton range for forklifts is anticipated to dominate the U.S. forklift market with the highest market share in 2025. Due to its versatility for a wide scope of industries and applications, forklifts in the 5-15 ton range keep dominating the American market. The forklifts constitute a balance in power and maneuverability where big and medium-sized material handling operations are possible. From warehouses and distribution centers down to manufacture and even outdoors, a lot of cargo can be handled within this tonnage range. Forklifts within this capacity range are capable of lifting big pallets and heavy equipment without compromising stability or performance.
Continuous growth in the e-commerce, retail, and manufacturing sectors also contributes to the demand for 5-15-ton forklifts. These industries require forklifts that can work in relatively confined spaces while still being powerful enough to handle heavier loads. The modernization and expansion by companies to meet the demand for fast delivery and efficient production have driven up the demand for the functionality of forklifts that can serve within the 5-15 ton capacity. Moreover, the ability of these forklifts to handle light and moderately heavy loads contributes to their wider acceptance across industries, hence bolstering their dominance in the market. In light of their very wide applicability and versatility, 5-15-ton capacity forklifts will continue to be in very high demand.
By Battery Type Analysis
Lead-acid batteries are projected to continue to dominate the U.S. forklift market with the highest market share by the end of 2025. For such reasons, the lead-acid battery has kept its leading position in the United States forklift market, basically because it is much cheaper, highly reliable, and with well-developed technology. In general, these kinds of batteries have been in wide application for several decades in both industrial and material handling usages, which have provided a proven record of performance. First of all, one of the main reasons is that lead-acid batteries are cheaper than alternative types of batteries, such as lithium-ion batteries. While lead-acid batteries need servicing more often and will not last as long as most newer technologies, the low upfront cost makes them appealing to businesses that are on a tighter budget or don't need all the advanced features offered by other types of batteries.
Besides that, lead-acid batteries are very adaptable and have been in service for a long period in different models of forklifts. They are easily replaceable and accessible anywhere, and their infrastructure for recharging and recycling is well developed, thus being at a cost-effective level for many businesses. The lead-acid battery is also capable of withstanding the harsh conditions associated with an industrial environment, adding to its leading position. Although more evolved technologies like lithium-ion batteries currently attract a great deal of interest, lead-acid batteries still provide the corporate world with an affordable and reliable alternative for companies that need a low-cost but dependable option.
By Class Analysis
Class 3 forklifts are projected to dominate this market as it command the majority of this market by the end of 2025. Class 3 forklifts are electric-powered, sit-down rider trucks that continue to dominate the U.S. forklift market because of their unparalleled efficiency and maneuverability in indoor applications. These are also very much favored in narrow aisle operations, making them perfect for warehouses, retail stores, and distribution centers. Class 3 forklifts are designed in such a way that operators can ride comfortably while operating, thus contributing to improved ergonomic and operational efficiency, allowing personnel to handle and manage the forklift with increased levels of precision very necessary in settings asking for flexibility in productivity.
Other reasons that push Class 3 forklifts further into the lead are their versatility. They can deal with an enormous size and type of loads, hence fitting different industries, ranging from retail to e-commerce and warehousing. The increased demand for faster and more efficient logistics from growing e-commerce popularity boosted demand for forklifts able to work easily in confined spaces. In addition, Class 3 forklifts are electrically powered and, therefore, more environmentally friendly than those powered by internal combustion engines, thus making them more cost-effective. Due to the increasing trends of adopting greener ways in the industry, Class 3 forklifts will keep the leading position in the United States market.
By Operation Analysis
Manual-operation forklifts are projected to remain dominant in the U.S. forklift market in 2025 because of their cost-effectiveness, simplicity, and reliability. Manual forklifts are particularly preferred by small businesses and industries with less complicated material handling needs since they do not require expensive automation systems or specialized training for operators. It means affordability that makes these manual forklifts appropriate for a wider range of business classes, including retail, small warehouses, and many other light-duty applications. Due to the low price at purchase and in maintenance compared to electric and automated forklifts, it remains one of the dominant choices for businesses working on a shoestring budget.
In addition to being affordable, the manual forklift is quite flexible and can be used across a broad spectrum of applications. This machine holds within its design the specifications to handle various types of loads, from compact to large-sized spaces. Though the automated models are more labor-friendly than their forklift variants, for most operators, this very simplicity assists them in the kind of situations or working environments that demand fast and incessant changes. These very reasons will keep manual forklifts the dominating segment in the U.S. market due to the continuing demand for material-handling equipment that is inexpensive and can accommodate flexibility in job sites.
By Tire Type Analysis
Cushion tires constitute the most prolific volume in sales in the whole U.S. forklift market against their pneumatic counterparts, fundamentally because they are suitable for indoor applications also at a comparative cost advantage through their life against pneumatic substitutes. These tiers are made essentially of solid rubbers and engineered to be used on smooth but level surfaces provided by warehouses or distribution centers also in retail activities. Cushioned tires provide sure maneuverability and stability among these surfaces-cum-furniture, making the application ideal for many forklifts operating large indoors. Being smaller in size compared to pneumatic tires, they can have tighter turning radii, making them perfect for use in confined areas.
Other key reasons for the dominance of cushion tires are that they are relatively inexpensive and easy to maintain. Since they are solid and do not have air pressure inside, they are less prone to punctures and other types of damage that may cause them to be out of commission. This makes cushion tires especially appealing for businesses needing to ensure their forklifts operate without interruption. Cushion tires are more durable than pneumatic tires for indoor applications since they can offer more long-lasting performances. That is why they still prevail in the US market for the fleet of forklift trucks, especially in applications that involve short-distance movements of materials more frequently.
By Application Analysis
Indoor applications are projected to account for the dominant share in the US forklift market by the end of 2025, especially as there has been an increased need for material handling equipment within warehouses, distribution centers, and retail spaces. Indoor operations tend to handle goods within relatively limited spaces: aisleways, storage racks, and between departments. Indoor application forklifts ensure efficiency in doing various tasks, such as loading and unloading goods, sorting materials, and moving inventories. They operate in e-commerce, retail, and manufacturing industries that ensure indoor forklifts would be in higher demand with regards to the efficiency in the movement and flexibility of their products within their warehouse and retail space.
Electric forklifts are mainly suitable for indoor use since they emit no fumes, thus creating a safer environment by not contributing to air pollution. Indoor lifts must also be highly maneuverable to operate efficiently in tight areas, hence electric and compact models, normally with cushion tires, dominate this sector. This, with a focus on increased supply chain optimization and efficiency of warehouses from businesses, is likely to keep the demand for indoor forklifts prevailing. The growing focus on automation and Industry 4.0 has resulted in higher evolutionary versions of indoor forklifts, including AGVs and AMRs, further fortifying the position of indoor forklifts within the United States.
By End User Analysis
The retail and e-commerce sector is projected to emerge as the dominant end-user for forklifts in the U.S. by the end of 2025 with the highest market share. In this respect, the rapid expansion in online shopping and other such requirements for more efficient supply chain and material operation have made retail and e-commerce emerge as the key end-user applications for forklifts in the U.S. market. Forklifts help in stocking and organizing inventory for retail and e-commerce companies besides shipping products to customers. While the rise of e-commerce is increasing demand, especially with fast delivery times, businesses operating within this sector need to be prepared for more robust logistics and material handling systems. Such conditions would push the demand for forklifts.
Off the back of increased sales volumes, meanwhile, the surge to omnichannel retail strategies continues to drive forklift demand. More retailers these days operate a physical store and at the same time an e-commerce platform, making it necessary that inventory management becomes integrated across these platforms. For this seamless operation across warehouses and fulfillment centers through to stores to take place, it would be critical to have forklifts in operations. The growing demand for fast and efficient order fulfillment in apparel, electronics, and consumer goods sectors ensures that forklifts remain indispensable in the retail and e-commerce industries. Since these sectors are very likely to show continuous growth, this dependence of the forklift market upon retail and e-commerce is most likely to act as a key driver in the growth of the forklift market.
The US Forklift Market Report is segmented on the basis of the following
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
By Tire Type
By Application
- Indoor
- Outdoor
- Indoor And Outdoor
By End-User Industry
- Retail & E-Commerce
- Industrial
- Logistics
- Chemical
- Food & Beverage
- Others
Competitive Landscape
Competition in the forklift market is ver competitive, with several established global players along with regional companies coming into operation across segments. The key manufacturers are Toyota Industries Corporation, Kion Group, Mitsubishi Logisnext, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc. They will adopt sophisticated technologies like electric forklifts, AGV, and lithium-ion batteries to compete at the front end of the evolving market. Small regional players and other manufacturers make a big contribution to market diversity by usually focusing on specific areas of application or competitive prices. Their competitive advantages are tailored solutions, very good after-sales service, and innovative product design for productivity and safety.
Consolidation in the forklift market is growing wherein big companies are acquiring smaller ones to expand their portfolios and market shares. Partnerships and collaborations also seem to go hand in hand whereby companies are trying to integrate new technologies like robotics and IoT into their forklifts. As sustainability and efficiency start to take center stage position, more are now investing in electric propulsion systems and automated forklifts that shall help increase the demand for those industries requiring very high operational efficiency, which includes retailing, e-commerce, and warehousing among others.
Some of the prominent players in the in the US Forklift Market are
- 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
Recent Developments
- December 2024: Toyota Material Handling announced a strategic partnership with Lithium Energy Solutions to enhance its forklift fleet with next-gen lithium-ion battery solutions, aiming for more sustainable operations in warehousing.
- November 2024: Jungheinrich AG launched an advanced series of automated forklifts during the Material Handling and Logistics Expo held in Chicago. The new models integrate AI-based navigation systems to optimize warehouse operations.
- October 2024: Hyster-Yale Materials Handling, Inc. completed the acquisition of Rough Terrain Forklifts, expanding its portfolio in rugged outdoor applications. This acquisition is expected to strengthen Hyster Yale’s foothold in the construction and agriculture sectors.
- September 2024: Mitsubishi Logisnext announced a USD 100.0 million investment in the development of electric forklifts at its U.S. manufacturing facility. This move reflects the company’s commitment to sustainability and the demand for low-emission forklifts in urban warehouses.
- August 2024: Kion Group attended the LogiMAT 2024 Expo, where they showcased their latest range of battery-powered forklifts and automated systems, drawing interest from major logistics companies focusing on energy efficiency.
- July 2024: Toyota Industries participated in a high-level partnership agreement with Amazon to supply automated forklifts for its distribution centers, further solidifying its position as a market leader.
Report Details
| Report Characteristics |
| Market Size (2024) |
USD 12.4 Bn |
| Forecast Value (2033) |
USD 35.7 Bn |
| CAGR (2024-2033) |
12.5% |
| Historical Data |
2018 – 2023 |
| Forecast Data |
2024 – 2033 |
| Base Year |
2023 |
| Estimate Year |
2024 |
| Report Coverage |
Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc. |
| Segments Covered |
By Propulsion (Electric, Internal Combustion Engine), 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) |
| Regional Coverage |
The US
|
| Prominent 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., and Other Key Players |
| Purchase Options |
We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (, to 5 Users) and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively. |
Frequently Asked Questions
The US Forklift Market size is estimated to have a value of USD 12.4 billion in 2025 and is expected to reach USD 35.7 billion by the end of 2034.
Some of the major key players in the US Forklift Market are Toyota Industries Corporation, Kion Group, Mitsubishi Logisnext, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, Clark Material Handling Company, and many others.
The market is growing at a CAGR of 12.5 percent over the forecasted period.