Annual forklift shipments are now predicted to be in excess of 3,600,000 in 2034, a new report released by respected market intelligence company, Interact Analysis, has found.

Report author Maya Xiao, writes this is an increase of 400,000 units on its previous forecasts and is being driven by automation, electrification and emerging markets.

The report states a rise in autonomous forklifts is driving faster fleet upgrades and increasing unit value as it “transforms forklifts into connected assets, enabling shorter replacement cycles and higher investment per truck”.

“…fleet replacement with higher-value units and new application demand, positions autonomous forklifts as the fastest-growing segment, with shipments forecast to grow nearly 20% annually over the next five years,” the report adds.

The accelerating use of Li-ion technology and electrification are also playing a role in increasing the forecast of forklift shipments with Li-ion “expected to become the dominant battery technology in new electric forklifts by 2026, exceeding an 80% share by 2034”.

“China plays a central role, with its domestic Li-ion forklift shipments projected to surpass one million units by 2034, supported by strong policies and a mature supply chain.

“At the same time, emerging economies in Southeast Asia, the Middle East, and Africa are injecting strong momentum into the forklift market through infrastructure expansion, manufacturing relocation, and the rise of local e-commerce. Among them, the Indian market is particularly outstanding, with order growth projected at over 11% in both 2025 and 2026.”

The report states that China is the world’s largest forklift producer, consumer and dominant force in technological evolution and price revolution.

“Its Class 3.1 small electric forklifts have achieved economies of scale and low cost, with unit prices falling to around USD1,000. Driven by the “Make in India” initiative and infrastructure policies, India has become one of the fastest-growing markets, with expanding local manufacturing and logistics sectors driving sustained equipment demand,” Xiao’s story continues.

She states that logistics and retail continue to be the mainstay of the forklift market, with the two accounting for half of all global orders in 2024. This is only expected to grow in the next decade reflecting expanding global supply chains and e-commerce logistics.

Despite this forecast, Interact Analysis believes there is a “confidence gap” between orders and shipments fed by supply chain disruptions, geopolitical risks and insufficient charging structure.

“In response, mainstream manufacturers are transitioning from ‘equipment manufacturers’ to ‘solution providers’,” Xiao continues. 

“They are building comprehensive competitiveness centred on TCO by strengthening Li-ion battery technology, developing autonomous systems, and expanding rental and service platforms.”