According to a latest report released by Interact Analysis, a global market intelligence specialist, the global forklift market achieved a year-on-year shipment growth of 7.1% in 2025, a significant increase from the 3.4% growth in 2024. The report also revised its growth forecast upward, predicting a steady annual growth rate of 5% from 2024 to 2034, with annual orders expected to exceed 3.6 million units by 2034-an increase of 400,000 units from the previous forecast. This optimistic outlook is driven by the accelerated shift towards electrification and automation in the material handling industry, strong demand from emerging markets, and growing investment in automation by end customers.?
China and India are expected to be the main drivers of this growth, accounting for nearly 80% of the global forklift market growth over the next decade. Among them, China will contribute more than 70% of the growth, with its leading position becoming increasingly prominent, especially between 2030 and 2034. This is closely related to China's status as the world's largest forklift producer and seller-data from the China Construction Machinery Industry Association shows that China's forklift sales reached 1.4518 million units in 2025, a year-on-year increase of 12.9%, marking the third consecutive year of breaking the historical sales record. In 2025, China's forklift exports reached 545,000 units, a year-on-year increase of 13.4%, and the export volume has refreshed the historical monthly record for 22 consecutive months.?
Maya Xiao, APAC Research Manager at Interact Analysis, pointed out that the growth of the global forklift market is supported by three key factors: the rising demand for automation in manufacturing and logistics, which has driven substantial investment in advanced material handling solutions; the accelerated dual shift towards electrification and automation, which has increased the value of forklift products and accelerated the replacement of outdated fleets; and the strong demand from emerging markets in Southeast Asia, the Middle East, and Africa, which has added new growth momentum. However, many automation equipment manufacturers remain cautious due to challenges such as macroeconomic volatility, geopolitical uncertainty, global supply chain disruptions, and shortages of key components. Despite these challenges, the long-term growth trend of the global forklift market remains stable, with electrified and intelligent forklifts becoming the core driving force for future growth.
