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Forklift Market Share

Report ID: GMI1371
Published Date: Jan 2024
Report Format: PDF

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Forklift Market Share

Major players operating in the forklift industry are:

Clark Material Handling International, Inc.
Crown Equipment Corp.
Doosan Industrial Vehicle
Godrej & Boyce Manufacturing
Hyster-Yale Materials Handling, Inc
Hyundai Heavy Industries
Jungheinrich AG
KION Group AG
Komatsu Ltd.
Lonking Forklift Co., Ltd.
Mitsubishi Logisnext Co., Ltd.
Toyota Industries Corporation

Toyota Industries Corporation and KION Group AG hold a significant market share, over 20% in the forklift industry. Toyota prioritizes customer satisfaction and tailoring solutions to meet specific industry needs. The company focuses on offering a wide range of forklift models for different applications, providing comprehensive after-sales services, and focusing on building long-term relationships with customers.

KION Group AG focuses on developing advanced technologies, integrating IoT and data analytics into their forklifts, and providing solutions that contribute to the digital transformation of warehouses and logistics operations.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of forklift was worth USD 81 billion in 2023 and is estimated to register over 6.5% CAGR between 2024 and 2032, due to the rising number of investments for development.

The counterbalance forklift accounted for around 60% of the market share in 2023 owing to the ongoing electrification worldwide.

Asia Pacific region dominated around 50% revenue share of the forklift industry in 2023 and is set to exhibit robust growth through 2032, owing to the presence of a major manufacturing hub coupled with rapid industrialization across countries, including China and India.

Some of the top forklift firms are Clark Material Handling International, Inc., Doosan Industrial Vehicle, Hyundai Heavy Industries, Crown Equipment Corp., Godrej & Boyce Manufacturing, Hyundai Heavy Industries, Hyster-Yale Materials Handling, Inc, KION Group AG, Komatsu Ltd., and Lonking Forklift Co., Ltd.,