Demand for forklifts is rising as warehouses and distribution centers expand to meet growing e-commerce and fulfillment needs. The U.S. warehousing and storage sector employed about 1.81 million people in September 2025, including roughly 322,590 industrial truck and tractor operators, a large workforce that relies on powered industrial trucks.
Federal data also show there are more than 23,000 warehousing establishments in the U.S., which increases the need for reliable material-handling equipment across many sites. (Source: www.bls.gov)
At the same time, U.S. retail e-commerce sales continue to grow: e-commerce accounted for about 15.5% of total retail sales in the second quarter of 2025, pushing warehouses to handle higher order volumes and faster turnarounds. (Source: www.census.gov)
According to Kings Research, the global forklift market is estimated to generate a revenue of $147.91 billion by 2030. This growth is supported by firms and fleet operators who are investing in newer, safer, and more efficient lift trucks.
What is the Forklift Market?
The forklift market includes powered industrial trucks used to lift, carry, and place materials within warehouses, distribution centers, factories, ports, and retail environments. It covers electric and internal combustion forklifts, reach trucks, pallet trucks, order pickers, and specialized warehouse equipment. Current trends include electric forklifts, automation, connected fleet management, and enhanced operator safety features.
Key Market Drivers
Several factors influence the growth of the forklift market. E-commerce and modern warehousing require efficient equipment to support continuous operations. Electric forklifts are gaining adoption as companies work to reduce emissions and operating costs.
Automation and robotics enhance productivity and reduce manual errors. Connected technologies enable real-time fleet tracking and preventive maintenance. Reshoring and supply chain resilience efforts also support capital investments in modern forklifts.
Top 10 Companies Driving Forklift Market Growth
1. Jungheinrich AG
Jungheinrich AG is a Germany-based manufacturer with a strong presence in warehouse equipment and electric forklifts. The company offers automated guided vehicles, digital fleet management tools, and intralogistics consulting.
Jungheinrich focuses on sustainable electric technologies and modular service models that allow customers to scale operations efficiently. Its emphasis on automation and data-driven solutions positions it as a key player in large distribution and logistics centers.
In May 2025, Jungheinrich AG announced its Strategy 2030+ plan targeting €10.0 billion (~$11.52 billion) in revenue and ~10% EBIT ROS by 2030, while rolling out a global transformation program to boost automation, digital services, and market expansion (particularly North America and Asia-Pacific). The plan also accompanies cost-optimization measures after the decision to sell its Russian unit.
2. Mitsubishi Electric Corporation
Mitsubishi Electric delivers a diverse range of material handling and factory automation solutions. Its portfolio includes electric forklifts, automation software, and automated storage systems. The company is known for reliable control systems that integrate warehouse operations with wider factory automation processes.
Mitsubishi Electric also prioritizes energy efficiency, which helps customers reduce long-term operating costs. Its investment in robotics and smart warehouse technologies supports the shift toward automated workflows.
In May 2025, Mitsubishi Logisnext (Mitsubishi’s material-handling arm) opened a new 73,500 sq. ft. electrification fabrication facility in Houston after investing nearly $20 million, scaling production of Class I & II electric forklifts to meet rising demand and reduce manufacturing costs for electric reach trucks and order pickers.
3. Toyota Material Handling
Toyota is one of the most recognized forklift manufacturers globally. Its product lineup includes internal combustion and electric forklifts, pallet trucks, and automated systems. Toyota prioritizes durability, operator comfort, and safety across all product categories.
The company’s telematics tools support fleet optimization by tracking utilization, maintenance cycles, and safety factors. Toyota also invests in battery technology and efficient charging systems to support electric fleet transitions in warehouses and industrial facilities.
4. Hyster-Yale Group, Inc.
Hyster-Yale Group owns two well-established brands, Hyster and Yale. The company offers high-capacity lift trucks, electric forklifts, and specialized articulated vehicles. Hyster-Yale is known for rugged equipment designed for demanding industrial environments.
The company invests in telematics, predictive maintenance systems, and remote monitoring. Its focus on reliability and reduced downtime supports customers managing mixed fleets across manufacturing and heavy industry.
In March 2025, Hyster-Yale Group (Yale) launched Yale Relay, a drag-and-drop automated lift-truck platform demonstrated at ProMat 2025 that simplifies automation deployment, removes custom coding, speeds setup to as little as a day, and reduces upfront automation costs, making automation accessible for more customers and rental operators.
5. Raymond West
Raymond West specializes in narrow-aisle and high-density warehousing equipment. Its products include reach trucks, order pickers, tow tractors, and integrated warehouse solutions. Raymond emphasizes ergonomic designs that reduce operator fatigue and improve productivity.
The company also provides software tools that support inventory accuracy and optimized order picking. Raymond collaborates with systems integrators to deliver cohesive automation solutions that combine racking, conveyors, and digital warehouse tools.
In August 2025, The Raymond Corporation (Raymond / Raymond West operations) rolled out new lithium-ion energy solutions and expanded its Basics and heavy-duty lithium-ion stacker lineup, integrating iWAREHOUSE ObjectSense and telematics to improve safety, energy efficiency, and uptime across fleets. These launches target lower cost-per-move and multi-shift operation gains.
6. Crown Equipment Corporation
Crown Equipment Corporation is a global manufacturer known for electric lift trucks and ergonomic designs. Its portfolio includes counterbalance forklifts, pallet trucks, and order pickers. Crown prioritizes user safety, energy efficiency, and long-term durability.
The company offers financing and service programs that help customers modernize fleets while managing capital investments. Crown’s focus on innovation and operator-centric designs strengthens its position in warehouses and retail distribution centers.
In May 2025, Crown Equipment Corporation opened a new company-owned sales and service facility in Chesapeake, Virginia, to strengthen regional support for electric trucks, rentals, and refurbished fleets, improving uptime, local parts availability, and service response, a strategic move to capture growing electric-truck demand in the US mid-Atlantic.
7. Doosan Corporation
Doosan Corporation produces a wide range of forklifts suitable for industrial and construction environments. Its lineup includes internal combustion, diesel, and electric forklifts. Doosan invests in emission reduction technologies and advanced powertrains to support environmental goals. The company is expanding dealer networks and service centers across global markets to strengthen after-sales support. Its heavy-duty forklifts are recognized for durability in challenging working conditions.
In January 2024, Doosan (Doosan Bobcat / Doosan Robotics) accelerated low-emission and automation offerings: Doosan Bobcat announced plans to commercialize a 3-ton hydrogen fuel-cell forklift with a 20 kW fuel cell for industrial use, while Doosan Robotics expanded AI-driven cobot and autonomous solutions, highlighting robotics and hydrogen as growth pillars.
8. Hangcha Forklift
Hangcha Forklift, based in China, has become one of the fastest-growing forklift manufacturers worldwide. The company offers electric and diesel forklifts, reach trucks, and warehouse equipment at competitive prices.
Hangcha invests in advanced battery technologies and large-scale production capabilities, making its products cost-effective while meeting international safety standards. The company continues to expand through global distribution partnerships and export strategies.
In March 2025, Hangcha Group used LogiMAT 2025 to unveil its latest electric forklifts, warehouse equipment, and an intelligent logistics ecosystem focused on new-energy (battery and fuel cell) models and scalable automation, positioning Hangcha to meet Europe’s rising demand for green, automated intralogistics solutions.
9. KION GROUP AG
KION GROUP AG is the parent company of brands such as Linde and STILL. It focuses on advanced intralogistics systems and automation. KION manufactures premium electric forklifts, hydrogen-ready lift trucks, and automated guided vehicles. The company blends material handling hardware with software-driven fleet management. KION’s strategy supports high-end logistics operations that require efficient, data-driven equipment and energy management systems.
In January–March 2025, KION Group launched an efficiency program targeting sustainable cost savings of €140–160 million (~$161.3–$184.3 million) annually (fully effective 2026) and partnered with NVIDIA and Accenture to introduce “Physical AI” digital-twin solutions for warehouses, using AI and simulation to optimize robots, space, and throughput.
10. CLARK
CLARK is one of the most established forklift manufacturers globally. It offers internal combustion and electric forklifts along with warehouse tools. CLARK is recognized for durable hardware and a strong aftermarket parts network that supports long product lifecycles. The company continues to upgrade its forklift lineup with telematics features and energy-efficient electric models to meet modern fleet management needs.
In April–July 2025, CLARK Material Handling expanded its global footprint, opening a new Global Headquarters in the Dallas-Fort Worth area and launching CLARK SMART Telematics (factory option on key models) plus expanded S-Series electric models, strengthening telematics, electrification, and dealer coverage to improve fleet management and uptime.
How These Companies Shape Market Direction
These companies influence forklift market growth through diverse strategies. They expand equipment options across various fuel types and load capacities. Investments in electrification support sustainability initiatives and reduce operating expenses. Integration of software, telematics, and automation improves material flow and reduces manual errors. Strong service networks and financing programs also lower barriers for companies seeking to modernize their fleets.
Technology and Innovation Trends to Watch
Key technology trends include the rapid adoption of electric forklifts as battery performance improves. Automation and semi-autonomous vehicles are gaining importance, especially in repetitive warehouse tasks. Connected telematics systems remain central to predictive maintenance and optimized fleet management. Hydrogen fuel cell equipment may emerge as an alternative for heavy-duty or continuous operations that require fast refueling.
Safety and Compliance
Safety remains a central focus in material handling, driving manufacturers to integrate stability controls, operator-assist features, and proximity sensors to reduce accidents. Compliance requirements set by regulatory bodies such as OSHA (U.S. Occupational Safety and Health Administration), the European Agency for Safety and Health at Work (EU-OSHA), and national safety authorities in Asia require standardized operator training, certified evaluations, and regular equipment inspections.
These rules make proper documentation and recordkeeping essential. Companies offering telematics solutions, digital inspection checklists, and remote diagnostics help facilities maintain compliance, strengthen safety practices, and reduce operational risks.
Sustainability and Circular Economy Practices
Sustainability continues to shape material handling decisions. Manufacturers invest in remanufactured parts, battery recycling, and efficient vehicle designs. Leasing and fleet-as-a-service models encourage refurbishment and reuse, supporting circular economy goals. These initiatives help businesses reduce environmental impact while aligning with broader corporate sustainability strategies.
Conclusion
Rising order volumes and a growing network of warehouses are keeping forklift demand strong in 2026. To meet that demand, industry players are focusing on improving machine uptime, operator safety, and energy efficiency.
Manufacturers and fleet operators are accelerating electrification and battery improvements to cut emissions and running costs; they are also adopting automation, collision-avoidance systems, and advanced telematics to boost productivity and reduce accidents. In parallel, training and fleet-management services are expanding to keep operations reliable and compliant. Together, those steps help warehouses handle more volume while lowering costs and improving workplace safety.
