The global forklift rental market is on a steady growth trajectory, projected to expand from USD 17.4 billion in 2025 to USD 25.0 billion by 2035, registering a CAGR of 3.7%, according to Fact.MR’s latest market analysis. The surge reflects growing adoption of flexible material handling solutions, cost-effective equipment management strategies, and rising industrial and warehousing demands worldwide.

Electric Forklifts Lead the Charge

Electric forklifts are expected to dominate the rental landscape, capturing a 55% market share. Designed for efficiency and environmental compliance, electric models are increasingly preferred for indoor operations and automated warehouse systems. Counterbalance forklifts, meanwhile, maintain a 60% share of the class segment, catering to heavy-lifting requirements across logistics, manufacturing, and industrial facilities.

Between 2025 and 2030, the market is projected to grow from USD 17.4 billion to USD 20.9 billion, representing 46% of the total decade-long growth. This phase will be characterized by expanding rental fleets, logistics automation adoption, and penetration into emerging industrial markets. From 2030 to 2035, the market is forecast to add USD 4.1 billion, driven by advanced material handling technologies, customized rental solutions, and digital fleet management integration.

Rising Demand Across Sectors

The logistics sector holds a 40% share of the forklift rental market, reflecting high demand for flexible, reliable solutions that optimize warehouse efficiency. Industrial and manufacturing applications follow closely, leveraging rental services to reduce capital expenditure while maintaining operational productivity.

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Asia Pacific Leads Global Expansion

Asia Pacific emerges as the fastest-growing region, with India and China reporting CAGRs of 4.6% and 4.0%, respectively. Rapid industrialization, expanding warehousing infrastructure, and partnerships with local rental operators are fueling market momentum. North America and Europe continue steady growth, supported by modern logistics networks, e-commerce expansion, and industrial automation initiatives.

Technology and Innovation Driving Growth

Advanced rental technologies, including automated fleet management, intelligent monitoring, and specialized forklift variants, are enhancing operational reliability and client satisfaction. Companies investing in these innovations secure premium partnerships, particularly in high-performance logistics and industrial environments. Emerging applications, such as rough terrain operations and specialized warehouse processes, offer additional revenue streams and market diversification.

Leading Market Players

Prominent players shaping the market include Toyota Industries, Jungheinrich, KION, Hyster-Yale, Crown, Mitsubishi Logisnext, Doosan Industrial, Komatsu, CAT Lift Trucks, Clark, Nissan, Unicarriers, Raymond, Yale, and STILL. These companies focus on sustainability, technology integration, and flexible rental solutions to meet evolving industrial needs.

Outlook: Flexibility and Efficiency as Growth Pillars

The forklift rental market is evolving beyond traditional equipment leasing toward integrated, high-efficiency material handling ecosystems. Rising industrial automation, cost optimization imperatives, and sustainability considerations are creating a new growth paradigm.

“Forklift rentals are no longer just a support service—they’re a strategic solution for modern industrial operations,” said a Fact.MR analyst. “Companies leveraging advanced electric and counterbalance forklifts, digital fleet management, and customized rental solutions will lead market expansion over the next decade.”

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About Fact.MR
Fact.MR is a global market research and consulting firm, trusted by Fortune 500 companies and emerging businesses for reliable insights and strategic intelligence. With a presence across the U.S., UK, India, and Dubai, we deliver data-driven research and tailored consulting solutions across 30+ industries and 1,000+ markets. Backed by deep expertise and advanced analytics, Fact.MR helps organizations uncover opportunities, reduce risks, and make informed decisions for sustainable growth.