Global forklift market to reach $125.4 billion by 2030 driven by e-commerce growth

From GlobeNewswire: 2025-01-28 21:00:00

The global forklift market is projected to reach USD 125.4 billion by 2030, with a 6.7% CAGR. Growth is attributed to e-commerce, warehouse automation, and rising labor costs. Asia Pacific is expected to lead due to industrial sector growth. Key players include Toyota, Kion Group, Jungheinrich, Crown, and Mitsubishi Logisnext.

The e-commerce industry is booming, with global B2C e-commerce revenue expected to reach USD 5.5 trillion by 2027. China, the US, Germany, Japan, and the UK dominate the market. The US retail e-commerce sales reached USD 285.2 billion in Q4 2023. This growth drives the demand for forklifts in warehouse and distribution operations.

Companies are increasingly turning to rental and refurbished forklifts due to their cost-effectiveness and reduced risk of obsolescence. Rental services like BigRentz, Sunbelt Rentals, and United Rentals offer flexible solutions for businesses. Refurbished forklifts from Toyota, KION, Jungheinrich, and Hyster-Yale provide sustainable options with warranties and after-sales services.

Asia Pacific is set to dominate the forklift market, representing over 55% by 2024. The region’s growth is fueled by the e-commerce boom, FMCG exports, and robust manufacturing sectors in countries like China, South Korea, and India. The adoption of intralogistics systems and autonomous forklifts is on the rise to improve operational efficiency in the region.

Recent developments in the forklift market include Toyota’s innovation center in Sweden, Jungheinrich and Mitsubishi Logisnext’s joint venture in the US, and Crown’s launch of the ESR 1200 Series reach trucks. These innovations reflect the industry’s focus on technological advancements and improving operational capabilities.



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