China Forklift Market Size & Outlook, 2024-2030
China forklift market, 2018-2030 (US$M)
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China forklift market highlights
- The China forklift market generated a revenue of USD 15,573.0 million in 2024 and is expected to reach USD 35,438.4 million by 2030.
- The China market is expected to grow at a CAGR of 14.7% from 2025 to 2030.
- In terms of segment, internal combustion was the largest revenue generating power source in 2024.
- Electric is the most lucrative power source segment registering the fastest growth during the forecast period.
Forklift market data book summary
| Market revenue in 2024 | USD 15,573.0 million |
| Market revenue in 2030 | USD 35,438.4 million |
| Growth rate | 14.7% (CAGR from 2024 to 2030) |
| Largest segment | Internal combustion |
| Fastest growing segment | Electric |
| Historical data | 2018 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Internal Combustion, Electric |
| Key market players worldwide | Doosan Heavy Industries & Construction, Crown Holdings Inc, Hyster-Yale Materials Handling Inc Class A, Jungheinrich AG Vorz-Inhaber-Akt stimmrechtslos, KION GROUP AG, Komatsu Ltd, Mitsubishi Corp, Toyota Motor Corp, Anhui Heli, Hangcha Forklift America |
Other key industry trends
- In terms of revenue, China accounted for 21.5% of the global forklift market in 2024.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China forklift market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 7,188.7 million by 2030.
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Forklift Market Scope
Forklift Market Companies
| Name | Profile | # Employees | HQ | Website |
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China forklift market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to forklift market will help companies and investors design strategic landscapes.
Internal combustion was the largest segment with a revenue share of 55.83% in 2024. Horizon Databook has segmented the China forklift market based on internal combustion, electric covering the revenue growth of each sub-segment from 2018 to 2030.
China's thriving technology sector has led to significant advancements in the design and capabilities of forklifts. Companies are incorporating smart technologies such as IoT sensors, telematics, and AI-driven fleet management systems into forklifts.
These innovations enable real-time monitoring, predictive maintenance, and optimized route planning, driving better decision-making and cost savings for end-use industries. Moreover, the advancements in battery technology have played a pivotal role in driving the adoption of electric forklifts in China.
Lithium-ion batteries, with their longer lifespan, fast-charging capabilities, and improved energy density, have become the preferred power source for electric forklifts. These batteries offer enhanced performance and reduced downtime, making them more attractive to end-use industries that focus on efficiency and productivity.
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Our clientele includes a mix of forklift market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the China forklift market , including forecasts for subscribers. This country databook contains high-level insights into China forklift market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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China forklift market size, by power source, 2018-2030 (US$M)
China Forklift Market Outlook Share, 2024 & 2030 (US$M)
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