North America Forklift Market

North America Forklift Market Size

North America forklift market was estimated at USD 12.4 billion in 2024. The market is expected to grow from USD 13.2 billion in 2025 to USD 25.4 billion in 2034, at a CAGR of 7.6%, according to a recent study by Global Market Insights Inc.

The North America forklift market features an organized industry framework, with most manufacturers belonging to the same organization, particularly the Industrial Truck Association (ITA). The power of this representation allows all industry members to be well represented and encourages programming and development based on all industry members. 

 The region remains an exporting force, notably in the electric forklift area, which represented approximately 63% of all forklift exports in 2023, according to the ITA. This type of growth is representative of North America's expanding role in the global supply chain as well as a significant producer of forklift technology. Moreover, advanced technologies are starting to be adopted, especially telematics, IoT-enabled forklifts, and autonomous navigating systems, as the region seeks to utilize its competitive advantage.

North America Forklift Market Trends

• Autonomous Mobile Robots (AMRs) and Automated Guided Vehicles (AGVs) are altering the future of warehouse automation. In North America, the AMR/AGV market is expected to grow at CAGR of 12.5% over the forecast period, fueled by the rise in demand for automation for various sectors such as retail and manufacturing.
  
• Simultaneous Localization and Mapping (SLAM) systems have made it possible for forklifts to operate without a fixed environment. This flexibility is particularly helpful in warehouses with recurring changes in layouts, which is a common layout for e-commerce fulfillment.
  
• Advanced sensor systems are constantly improving to detect obstacles and improve safety compliance. These sensors are expected to be standard features for all forklifts in North America since ensuring safety compliance is critical aspect. An example could be the Occupational Safety and Health Administration (OSHA) in the United States which introduced rules and regulations that must be followed for safe operation of material handling equipment.
  
• Technologies such as ergonomic controls, automatic braking, and load stability systems advancing the safety of the operator and efficiency. According to the Bureau of Labor Statistics injury costs to U.S. businesses amount to nearly USD 171 billion annually.
  

North America Forklift Market Analysis

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Based on product, the market is segmented into warehouse and counterbalance. The warehouse segment dominated the market, accounting for around 30% in 2024 and is expected to grow at a CAGR of over 7.2% through 2034.

• In North America, warehouse forklifts have gained prominence due to the growth of retail and e-commerce industries, particularly in the U.S. Rising customer expectations of faster delivery times are driving warehouse and distribution automation and material handling.
  
• Counterbalance forklifts have been continuously requested in North America due to their ability to operate both indoors and outdoors. They are commonly used in construction, ports, lumberyards, and manufacturing for heavy lifting. Counterbalance forklifts have a greater lifting capacity than warehouse forklifts, making them critical in industries such as chemicals, steel, and automotive. There is stable demand in the U.S. for replacement of diesel and LPG counterbalance forklifts, while in Canada the move to electric models is increasing to support sustainability goals.
  

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Based on end use, the North America forklift market is segmented into chemical, food & beverages, industrial, logistics, retail & e-commerce, and others. Logistics dominates the market with 36% share in 2024, and the segment is expected to grow at a CAGR of over 8% from 2025 to 2034.

• The logistics industry is the largest end-user of forklifts within North America, equipped by the rapid expansion of warehouses driven by e-commerce and third-party logistics providers. The United States has the largest demand, while Canada is experiencing growth driven by cross-border e-commerce. Due to increased demand for logistical speed and fulfillment by consumers, electric Class I to III forklifts are increasingly being used in automated warehouses. Electric powered forklifts improve efficiency and reduce operational emissions, while improving warehouse operations through fast inventory turns, improved safety, and scalability that enables logistics service providers to meet consumer demand.
  
•  In North America's industrial sector, powered lift trucks specifically counterbalance, and Class IV/V forklifts are used for heavy-duty indoor applications. U.S. efforts focused on "reshoring" and infrastructure investments are stimulating demand for forklifts, while Canada's industrial sectors that include mining and energy are heavily favoring rugged, internal combustion powered lift trucks. There is a gradual migration toward electric models in the industrial sector that is being driven by sustainability compact, and a continual decrease of operational costs associated with internal combustion power. Electric lift trucks improve operational efficiency and safety of manufacturing plants as manufacturing continues to grow in both the United States and Canada.
  

Based on fuel, the North America forklift market is segmented into diesel, electric, gasoline & LPG/CNG.

• Diesel forklifts are still used in outdoor industries like construction, mining, and ports in the U.S. and Canada. These industries need powerful and durable forklifts, which diesel models provide. However, stricter emission rules in the U.S. and Canada are slowing growth in this segment. Most demand comes from replacing older models, especially in industrial areas like the U.S. Midwest and Western Canada.
  
• Electric forklifts are growing quickly in North America due to sustainability rules, corporate goals, and lower operating costs compared to diesel models. The rise in e-commerce and warehousing supports this growth, as electric forklifts are ideal for indoor use with no emissions and low noise.
  

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In 2024, the U.S contributed significantly to the forklift market, generating revenue of USD 9.9 billion.

• The largest forklift market in North America is in the United States, which has significant demand across the industrial, logistics, and retail sectors for forklifts. While internal combustion (IC) forklifts, especially the Class IV and Class V models, are the main solution in outdoor and heavy-duty applications, electric technologies are being adopted more widely for warehouse work, as sustainability and regulatory pressures are coming into play (for example, California is very difficult on emissions).
  
• The U.S. has an advanced export market, especially for electric forklifts, and investments in automation and smart fleet technologies are growing. While the U.S. market is more diverse with respect to fuel types than the EU market, electrification is catching up with trends in Europe.
  
• The Canadian forklift market mimics the trends in the U.S. market, although there is a stronger focus on sustainability and regulatory compliance. The Canadian market is backing electric forklifts in warehouse operations and retail operations within national and provincial clean energy initiatives. The demand for internal combustion forklift models remains strong, however, they are being displaced in the overall market; buyers are looking more closely at lithium-ion technologies and equipment positioned for automation.
  

North America Forklift Market Share

The top 5 companies in the market are Toyota Material Handling, Crown Equipment, Kion Group, Hyster-Yale Materials Handling, Raymond Corporation (TMHNA) contributing around 50% of the market in 2024.

• Crown Equipment is a leading company that specializes in material handling equipment. The company also designs and builds an array of material handling equipment, including electric forklifts, pallet trucks, order pickers, and automated guided vehicles (AGVs). Crown makes over 85% of its component parts in its factories, which enables its products to achieve acceptable quality and performance standards.
  
• As a world leader in sales of forklifts, Toyota Material Handling North America produces a full range of forklifts and advanced automation solutions in the United States. Since 2002, they have been the number one lift truck supplier in North America and are known for quality and reliability in their products.
  
• Kion is a German based multinational organization that manufactures industrial trucks, which includes, Linde and STILL brands. Kion North America manufactures innovative and energy-efficient forklifts and warehouse automation solutions as a multinational corporation and is increasing market share in North America through strategic acquisitions.
  

North America Forklift Market Companies

Major players operating in the North America forklift industry are:

• Caterpillar Inc.
• Crown Equipment Corporation
• Doosan Bobcat North America Inc.
• Doosan Industrial Vehicle Co., Ltd.
• Hoist Liftruck Manufacturing, Inc.
• Hyster-Yale, Inc.
• Hyundai Material Handling Co., Ltd.
• Jungheinrich AG
• KION GROUP AG
• Manitou Group SA
• Mitsubishi Logisnext Co., Ltd.
• Pettibone LLC
• Sellick Equipment Limited
• Toyota Material Handling North America
• UniCarriers Corporation
  
• Doosan Industrial Vehicle (DIV) has been making material handling equipment worldwide for more than 50 years and now trades under the Bobcat name. The company manufactures an extensive line of diesel, LPG, and electric counterbalance forklifts, reach trucks, pallet trucks, and stackers.
  
• DIV’s products incorporate operator comfort, eco-friendly building materials, and durability into their design and manufacture for their products. DIV has also created new products, such as lithium-ion and hydrogen fuel cells, to create higher efficiencies and lower emissions.
  
• Manitou Group is a family-owned global company with world-wide operations in 140 countries. Manitou invented the all-terrain forklift and is a world leader in material handling equipment for the Construction, Agriculture, and Industrial sectors. Manitou services rental businesses, contractors, farmers, and industrial operators. Manitou leads the world in telehandlers and has a strong presence in aerial work platforms and rough-terrain handling equipment.
  

North America Forklift Industry News

• In April 2025, the merger of Toyota Material Handling and the Raymond Corporation formed Toyota Material Handling North America, the largest forklift manufacturer in North America with one-third market share. This enhances the company's ability to consolidate market share, operational synergies, and dealer networks, while also positioning it favorably against competitors.
  
• In April 2025, Hyster-Yale diverted attention from fuel cell technology and directed it toward battery solutions by developing lithium-ion modules and chargers as well as its Hydro Charge mobile charging platform. Hyster-Yale expects the project to generate $25-35 Billion in annual cost savings. The company is aligning with battery solutions that are favored in the marketplace, speeding commercialization of battery-powered solutions, as feasible operational synergies, and increasing profitability by focusing on products in higher demand than fuel cell solutions.
  
• In June 2024, California enacted regulations to phase out propane forklifts (greater than 89,000 in service) by 2038. By this date, all manufacturers will have to offer zero-emission forklift replacement options in 2026 and 2028 for existing fleets. This offers electric forklift forerunners assured demand while also allowing for a more rapid transition in the market and provides California with the regulatory lead time to be trendsetter for other states in the adoption of more robust regulation to eliminate/transition fossil fuel options.
  
• In June 2024, Toyota announced a $100 Billion, 295,000 square foot electric forklift plant in Columbus, Indiana, which will be operational by June 2026. This is estimated to generate 85 jobs. This offers Toyota the opportunity to increase electric production capacity, reduce lead times, benefit from 65% of the market share transition to electric, and create advantages in the growing segment of electric forklifts.
  
• In December 2024, Hyster-Yale, committed to manufacture electric forklifts in the United States to meet the Build America Buy America requirements which require domestic content to be included in federal funding. The company expects that the commitment will assist Hyster-Yale in obtaining government procurement contracts and accessing federally funded projects in infrastructure. The commitment also allows Hyster-Yale to be differentiated from foreign competitors and establish a preferred supplier status based on this requirement.
  

The North America forklift market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue (USD billion) and volume (Thousand Units) from 2021 to 2034, for full diversification.

Market, By Product

• Warehouse
• Counterbalance

Market, By Fuel

• Diesel
• Electric
• Gasoline & LPG/CNG

Market, By Class  

• Class I
• Class II
• Class III
• Class IV
• Class V
• Others (VI & VII)

Market, By End Use  

• Chemical
• Food & beverages
• Industrial
• Logistics
• Retail & e-commerce
• Others (Construction / Building Materials, Automotive, Pharmaceuticals, textiles, & paper)

Market, By Distribution Channel

• Direct sales
• Indirect sales

The above information is provided for the following countries:

• U.S.
• Canada
• Mexico