US Forklift Market Size, Share & Trends Report (2020-2035)
The US forklift market is undergoing substantial transformation, fueled by technological advancements and evolving industry requirements. Demand is significantly rising across manufacturing, warehousing, and logistics sectors, driven by the increasing need for efficient material handling solutions. As electrification and automation accelerate, both established market leaders and innovative new entrants are enhancing their product portfolios. The market is expected to register robust growth, underpinned by sustainability initiatives, digital integration, and a focus on safety. Companies are investing in electric, autonomous, and hydrogen-powered forklifts to cater to growing environmental and operational efficiency concerns.
Latest Market Dynamics
Key Drivers
Surging demand for electric forklifts due to sustainability goals and stricter emission regulations is propelling market growth. Leading companies like
expanded their electric fleet offerings in early 2025, supporting widespread industry adoption.
Rapid warehouse expansion associated with e-commerce boom is fueling forklift procurement. For example, Crown Equipment Corporation reported a significant order surge from US distribution centers in Q1 2025.
Key Trends
Integration of autonomous forklift solutions is gaining momentum, with Hyster-Yale Materials Handling introducing advanced safety and navigation technology in their latest autonomous lineup in March 2025.
The shift to hydrogen-powered equipment is increasing, as major firms like KION Group piloted hydrogen forklift deployments in select US plants, illustrating the industry's move toward alternative energy sources.
Key Opportunities
Emergence of smart warehouses provides a promising opportunity for IoT-enabled forklifts, as seen with Mitsubishi Logisnext's rollout of connected fleet management platforms in January 2025.
Expansion of last-mile logistics drives demand for compact, agile forklift types, with EP Equipment recently launching pallet jacks tailored for urban distribution in February 2025.
Key Challenges
Skill gaps in workforce training for advanced technology adoption pose a challenge, which Jungheinrich AG is addressing with new operator upskilling programs in 2025.
Supply chain disruptions impacting component availability have slowed production, as reported by Komatsu Ltd. in their April 2025 market update.
Key Restraints
High upfront costs of next-generation forklifts limit accessibility for smaller enterprises, a concern echoed by Clark Material Handling Company customers in 2025.
Stringent safety and regulatory compliance requirements result in longer product development cycles, challenging rapid innovation; Hangcha Group cited this constraint in their 2025 financial reporting.
In 2025, counterbalance forklifts maintain the largest market share due to their versatility across varied industries, accounting for 40% of total sales. Reach trucks, supporting high-rack warehouse applications, have grown to represent 25% of the market. Pallet jacks, widely used for simpler, short-range load movements in retail and logistics, comprise 15% of market share. Other types—including order pickers and rough terrain forklifts—make up the remaining 20%. This distribution reflects the ongoing expansion in warehousing, as well as increased emphasis on operational specialization.
Manufacturing remains the leading application segment for forklifts in the US, comprising 32% of the market share in 2025. Warehousing applications follow with 28%, reflecting sustained investments in logistics and e-commerce fulfillment infrastructure. Construction ranks third, accounting for 15% of usage. Retail & wholesale, logistics, and other applications collectively make up the rest. The dominance of manufacturing and warehousing underscores the ongoing modernization of the nation’s supply chain and production facilities, driving heavy forklift adoption.
US Forklift Market Revenue (USD Million), 2020-2035
The US forklift market demonstrated steady growth from 2020 through 2025, with revenue increasing from $4,200 million in 2021 to $5,700 million in 2025. Projections indicate continued expansion, driven by automation, electrification, and logistics growth, reaching up to $8,900 million by 2035. This trajectory reflects increased capital expenditure on warehouse modernization and green technology upgrades. The compounding effect of these factors is expected to sustain a healthy CAGR across the forecast period.
US Forklift Market Year-Over-Year Growth (%), 2020-2035
Annual YOY growth rates for the US forklift market have shown an increase from 6% in 2021 to 7.5% in 2025, fueled by post-pandemic recovery and robust e-commerce activity. Growth is expected to moderate gradually, settling around 4.8% by 2035 as the market matures and reaches higher levels of technology adoption. Short-term spikes are likely as new regulations and electrification mandates come into effect, while long-term growth will be bolstered by continued infrastructure investments.
In 2025, the South leads the US forklift market by region with a 34% share, attributable to its dense manufacturing and distribution hubs. The Midwest follows with 28%, supported by strong industrial activity and automotive production. The West represents 22%, buoyed by e-commerce and tech-related warehousing. The Northeast, with established ports and logistics centers, accounts for the remaining 16%. This regional distribution underscores the importance of strategic logistics and manufacturing corridors in driving forklift demand.
Large enterprises constitute the dominant buyer group in the US forklift market, accounting for 49% of all purchases in 2025, owing to expansive operations and high-volume requirements. Medium-sized businesses make up 30%, leveraging forklifts for growing production and distribution needs. Small businesses, constrained by budget and operational scale, contribute 21%. The buyer segmentation reflects the direct correlation between organizational scale and the scope of material handling needs in the US industrial ecosystem.
Study Coverage
Metrics
Details
Years
2020-2035
Base Year
2025
Market Size
Revenue (USD Million)
Regions
South, Midwest, West, Northeast
Segments
By Type – Counterbalance, Reach Truck, Pallet Jack, Order Picker, Rough Terrain, Others; By Application – Manufacturing, Warehousing, Construction, Retail & Wholesale, Logistics, Others; By Technology – Electric, Internal Combustion Engine, Hybrid, Autonomous, Hydrogen-powered, Others; By Distribution Channel – Direct, Dealers & Distributors, Online, Leasing Companies, Integration Partners, Others; By Organization Size – Small, Medium, Large.
March 2025: Toyota Material Handling launches the next-gen electric forklift equipped with AI-powered safety sensors.
April 2025: Komatsu Ltd. announces new production facility in Georgia to scale up EV forklift assembly.
February 2025: Crown Equipment Corporation partners with leading warehouse automation provider for integrated autonomous forklift solutions.
January 2025: Mitsubishi Logisnext unveils IoT-driven fleet management platforms for smart warehouses.
June 2024: KION Group initiates pilot program for hydrogen-powered forklifts in key US manufacturing units.
Frequently Asked Questions
About the Author
Manisha C
Lead Industry Analyst
Manisha C is a Lead Industry Analyst specializing in market research, industry analysis, and business consulting across Automotive & Transportation. Manisha C brings a commercially grounded perspective to sectors shaped by changing demand, innovation, and competitive dynamics, helping turn complex market trends into clear strategic insights for business decision-makers. With 10+ years of experience across research, analytics, and strategic advisory roles, Manisha C has helped organizations translate data into actionable growth strategies.
