Small Forklift Market

Small Forklift Market Size

The small forklift market was estimated at USD 2.3 billion in 2024. The market is expected to grow from 2.4 billion in 2025 to USD 3.8 billion in 2034, at a CAGR of 5.3% according to latest report published by Global Market Insights Inc.

The market for small forklifts maintains an upward direction as operations search for compact and productive material handling equipment for tight spaces. Entities such as warehouses, retail stores, and small manufacturing organizations are using these machines, because their capabilities to navigate tight and narrow aisles have suitable lifting ability! Market development is inherent, since space restrictions and economies in operations are required. Since small forklifts offer lower maintenance and fuel-efficient alternatives, they can offer cost-effective solutions for organizations that are working on a limited budget or do not have a significant number of logistical needs.

Small electric forklifts are the preferred option in the market, since they operate silently and are environmentally friendly. The movement toward sustainability is causing many organizations to utilize more battery-operated forklifts to improve indoor emissions and reduce noise pollution. Manufacturers continue to develop battery performance, improve ergonomics, and implement safety features, such as auto alerts and simpler controls to improve small forklift options.

Management in the market is also developing rental and lease services, which allows companies to expand their operations without committing to a highly capital-intensive model, especially important for orientation and businesses that are only seasonal. The forklift has transformed in the last decade from a specialized type of over other types of forklifts, to being standard. This can be attributed to a convergence of practical benefits, economic (with maintenance monetary costs, and even logistical, working capacities), and environmental benefits as the inner part of United States of America becomes more environmentally conscious. All demonstrated in the market signs of growing further as technology develops and the respective demand continues.

Small Forklift Market Trends

The small forklift industry is in constant evolution, and they are mainly driven by new technologies and evolving user needs. Suppliers and customers are favoring small, electric forklifts with higher energy efficiency, quieter operation, and more nimble movements in tight areas. While smart features like pre-programmed safety systems become commonplace, new controls enable operators to perform tasks safely and efficiently. The shift in demand indicates a growing acceptance of cleaner, more adaptable equipment, with the speed and size of today’s logistics users.

• Automation and Robotics: There is a greater use of autonomous, semi-autonomous and manual small forklifts in the workplace. For example, Automated Guided Vehicles (AGVs) and Automated Mobile Robots (AMRs). Automation technologies like these can increase productivity and reduce labor costs, and enhance safety because they can operate independently, using artificial intelligence technology and navigation sensors to perform repetitive motions and tasks.
  
• Telematics and Data Analytics: The use of telematics and data analytics provides additional capabilities of small forklift fleets because it allows for viewing data, performance and maintenance in real-time, from anywhere and with ease. A responsive program allows for predictive maintenance capabilities for maximum efficiency, while also allowing fleet operators to quickly assess data to manage information about the fleet for efficiency and costs.
  
• Focus on Total Cost of Ownership (TCO) and Service: TCO is of ultimate consideration for buyers, since they will purchase equipment based on assessment of maintenance, energy efficiency, and useful life versus auction cost. Quality after-sales support service, timely preventative maintenance, repairs, and service enable business users to concentrate on maximizing uptime long -term and operate more efficiently each workday.
  
• Customization and Specialized Attachments: Customization options for small forklift are on the increase, and modular technology is also being adopted for new applications. Quick-change technology, and sensor-enabled jaws or rotators, can increase adaptiveness and versatility and shorten idling time, since they optimize activities by cross-utilizing attachments.
  

Small Forklift Market Analysis

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Based on type, market is divided into reach truck, order picker, turret truck, pallet jack, stacker, tow tractor, walkie pallet truck, rider pallet truck. The pallet jack segment crossed USD 600 million in 2024.

• Pallet jacks hold the largest market share. They are valuable in a warehouse setting and they come at a lower initial cost of ownership. The pallet jack segment has great potential for growth due to warehouse e-commerce fulfillment and the need for ground level efficient movement. The use of electric pallet jacks continues to grow as they provide increased ergonomics and decreased operator exertion.
  
• Pallet stackers comprise a large segment in the market as they combine the advantageous adjustability of a pallet jack with the ability to lift pallets vertically. Its segment growth corresponds with a move towards optimizing space in warehouses and working in narrow aisle settings. Their advanced models continue to incorporate new features that improve productivity.
  
• Order pickers do have stability in the market as they are well-suited for distribution centers and retail fulfillment operations. Order picker segment growth accounts for e-commerce growth and their models continue to include advanced safety features and added automation.
  

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Based on fuel, the market is segmented into diesel, electric and gasoline and LPG/CNG. The diesel segment accounted for over 55% of the global small forklift market share in 2024.

• Diesel forklifts continue their market dominance because they have an established infrastructure, long runtime, and low initial purchase cost. This segment will grow steadily due to consistent replacement demand and growth for outdoor applications, where electric alternatives have current operational limitations. However, increasing regulatory pressure is impacting this segment, especially in urban areas and enclosed areas that have more stringent emissions standards.
  
• Due to technological advances, regulatory market requirements, and positive total cost of ownership factors, electric forklifts are likely to exhibit the most significant growth trend. Lithium-ion batteries are pushing the limitations of lead-acid batteries with quicker charging times, longer runtime, and minimal maintenance. Government assistance strategies such as rebates and incentives will also facilitate greater sales growth for this market - electric forklifts are here to stay.
  
• The gasoline and LPG/CNG market will be experiencing lower growth trends due to decreased opportunities resulting from market requirements and environmental concerns. While these fuel types are still effective for specific outdoor applications, especially for extended runtime considerations, the industry is changing quickly to electric fuel sources improvements in battery technology and charging infrastructure must be considered as the market transitions to electric alternatives.
  

Based on the distribution channel, the market is segmented into direct sales and indirect sales. In 2024, direct sales held a major market share, generating a revenue of USD 1.5 billion.

• Small Forklift sales traditionally favor direct channels, which represent most of the small forklift market today. Much of the preference for direct channels is due to the unique applications involved with small forklifts as well as the importance for the manufacturer, or supplier, to be a part of customer support related to product selection, configurations, and ongoing servicing of small forklifts.
  
• Direct channels allow the manufacturer to control the relationship with the customer, thereby customizing solutions for customers while also providing a complete service package. Direct channels are growing at a significant rate because of increased customer demand for an integrated package including equipment, finances, service, and telematics platforms.
  
• Direct channels allow manufacturers to use their relationships to gain market intelligence and stay connected to the customer regarding product services and inspections and maximize customer lifetime value based on service contracts and parts related to forklift operations.
  
• Indirect channels are comprised of dealers and distributors (sometimes referred to as the VAR channel), primarily used in market segments where a local presence and immediate availability is required. Indirect channels primarily serve small and medium enterprises that are primarily purchasing standard configurations.
  
•  Dealers play an important role in providing customer services such as trade in programs and rental options. The impact of distribution channels on forklift sales has increased pressure on dealers and other parts of the distribution channels from manufacturers that are now involved in most of the purchasing process.
  

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In 2024, the U.S. dominated the North America small forklift market, accounting for around 80.4% and generating around USD 500 million revenue in the same year.

• North America represents a large portion of the global market share and has fared well for consistent growth on the premise of its established logistics network and widespread acceptance of technology.
  
• The region remains at the forefront of consumers of electric forklift sales, with electric forklifts comprising a large portion of total forklift exports. Additionally, government mandates, especially in states like California with their rigorous zero-emission requirements, will continue to facilitate the transition of material handling practices into clean mode of energy.
  
• The recently passed and signed Infrastructure Investment and Jobs Act has invested significant amounts of money to address port, highway, and rail project priorities in North America. This development project will strengthen the transportation network and increase demand for material handling equipment.
  

Europe small forklift market, Germany leads the 27.2% share in 2024 and is expected to grow at 5.6% during the forecast period.

• Germany leads regional demand, supported by its strong automotive and manufacturing sectors, which result in significant adoption of advanced technologies. The country's broad industrial strength positions it as a leader in the sustainable and automated transformation of Europe.
  
• The larger European market benefits from sustainability initiatives and Industry 4.0 initiatives to drive operational efficiency, minimize environmental impact, and promote innovation. These initiatives position Europe as a competitive market for advanced technologies and sustainable industrial practices.
  

The Asia Pacific leads the small forklift market. China holds a revenue share of around 42.9% in 2024 and is anticipated to grow with a CAGR of around 6% from 2025 to 2034.

• China, representing the largest market in the region, is benefitting from a national plan called "Made in China 2030." The focal points of automation in combination with intelligent manufacturing systems will improve their competitive position and produce significant market growth.
  
• Rising wages and costs to produce, surging demand for high-quality products, and the desire for improved operational efficiency are key factors contributing to growth in the Asia Pacific manufacturing market, driving innovation and competitiveness across the region.
  
• The evolution of the manufacturing sector in Asia Pacific is changing with the uptake of smart manufacturing practices and Industry 4.0 technologies, allowing various manufacturing companies to enhance operations through improved productivity while responding to the needs of a changing market due to the impact of coronavirus (COVID) on manufacturing. 
  

Small Forklift Market Share

Unicarriers is leading with 12% market share. Doosan, Jungheinrich, Mitsubishi Logisnext, Kion, and Unicarriers collectively hold around 37%, indicating moderately fragmented market concentration. These prominent players are proactively involved in strategic endeavors, such as mergers & acquisitions, facility expansions & collaborations, to expand their product portfolios, extend their reach to a broad customer base, and strengthen their market position.

• Unicarriers is a market leader with a broad portfolio, including electric power units, internal combustion engines, and autonomous technologies. Unicarriers has a strong focus on the Asia Pacific, combined with a strong emphasis on investing in lithium-ion batteries and telematics, will ensure continued development as well as a competitive manufacturing advantage.
  
• Kion Group has three brands to serve different customer segments, including Linde, STILL and Baoli. Kion has significant investments in automation and digitalization and in electric powertrains, combined with AI partnerships in some of its products, results in Kion becoming a market leader in material handling equipment, supported by a broad and resilient global manufacturing network.
  
• Toyota Industries uses its automotive background to dominate the premium market. The merger with Raymond Corporation in 2025 gave Toyota Material Handling North America significant strength in the regional market. Continued investments in electric-powered forklifts and lithium-ion battery technology combined with a new training facility opening in Columbus generates further energy in a leadership position.
  

Small Forklift Market Companies

Major players operating in the small forklift industry are:

• Toyota Industries Corporation
• KION Group AG
• Jungheinrich AG
• Crown Equipment Corporation
• Mitsubishi Logisnext Americas Inc.
• Hyster-Yale, Inc.
• Regional Champions
• Anhui Heli Co., Ltd.
• Hangcha Group Co., Ltd.
• Doosan Bobcat
• Clark Material Handling
• Godrej & Boyce
• Manitou Group
• Niche Specialists
• EP Equipment
• Combilift
• Unicarriers
  

Crown Equipment Company benefits from innovation, customer service, and unique integrated solutions. Their telematics system, InfoLink, allows fleet managers to monitor their fleet in real-time for remote capability and use predictive maintenance to increase equipment up-time. Recent product launches in 2023, including their XR Series reach trucks for example, signify Crown is continuing to focus on performance and efficiency, as they are about the comfort and needs of the on-site operator.

Mitsubishi Logisnext leverages advanced engineering and technology that includes a diverse and well-balanced component and product portfolio. Their strategic partnerships in automated guided vehicles continue to expand their market reach. Their commitment to safety, ergonomics, and fuel efficiency further substantiate their premium market positioning, especially as their strong focus in the Asia Pacific region allows for future growth opportunities.

Small Forklift Market News

• In August 2025, Crown Equipment announced the opening of a sales and service facility in New Albany, Ohio, fulfilling the need to serve the growing Midwest market for electric forklifts and automated material handling systems.
  
• In July 2025, Toyota Material Handling merged with Raymond Corporation to create Toyota Material Handling North America. This enhances its strategic posture by achieving one-third market share in electric forklift manufacturing and warehouse automation solutions.
  
• In June 2025, Toyota Industries started construction of an electric forklift manufacturing plant in Columbus, Indiana, with a $100 million investment aimed at supporting domestic lithium-ion forklift manufacturing in alignment with the Build America Buy America requirement. This phrase is situated to better address the increased demand for electric forklifts in the market.
  
• In April 2025, Jungheinrich announced the launch of a new lithium-ion electric forklift series, the EJC 1i, which contains enhanced battery management and telematics. This launch supports and reinforces the strategic commitment to innovative electric powertrains and smart fleet management technologies.
  

The small 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 the following segments:

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Market, By Type

• Reach truck
• Order picker
• Turret truck
• Pallet jack
• Pallet stacker
• Tow tractor
• Walkie pallet truck
• Rider pallet truck

Market, By Fuel

• Diesel
• Electric
• Gasoline & LPG/CNG

Market, By End Use

• Warehousing & logistics
• Retail & e-commerce fulfillment centers
• Manufacturing (light industry, electronics, food & beverage)
• Construction & building materials
• Automotive components handling
• Ports & distribution terminals

Market, By Distribution Channel

• Direct sales
• Indirect sales

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE