Four trends define the 2026 forklift market: electrification, lithium-ion batteries, automation, and fleet telematics. The market itself is large and growing — about $81 billion in 2026, up from roughly $72 billion in 2025, at a compound annual growth rate near 12.8%. Electric trucks are taking share from internal-combustion models, and within electric, lithium-ion is the fastest-growing battery type — already 54.6% of US electric-forklift revenue in 2025. Automation and telematics are moving from premium add-ons toward standard expectations, driven by e-commerce, warehouse growth and a push for sustainability. This guide sets out each trend, the numbers behind it, and what it means when you specify and buy. For most buyers, the practical takeaway is simple: electric and lithium are now the default question, not the exception.
The 2026 market in numbers
| Metric | Figure | Source |
|---|---|---|
| Global forklift market | ~$81B in 2026 (from ~$72B in 2025) | TBRC |
| Growth rate (CAGR) | ~12.8% | TBRC |
| Lithium-ion share | 54.6% of US electric-forklift revenue (2025) | |
| European new sales | Shifting toward electric, led by emissions rules, warehouse growth and total-cost pressure | Market reports / policy trend |
| Main drivers | E-commerce, warehouse growth, sustainability, automation |
1
Electrification — Electric trucks keep taking share from diesel and LPG, led by indoor and warehouse work where zero exhaust and low noise matter most. The pull is cost as much as compliance: electric runs cheaper per hour. HONGLI’s electric range covers 1 to 5 tons on AC drive motors.
2
Lithium-ion — Within electric, lithium-ion is the fastest-growing battery type — 54.6% of US electric-forklift revenue in 2025 — for its faster charging, longer life and lower maintenance against lead-acid. HONGLI offers a lithium upgrade as an option on its electric forklifts.
3
Automation & telematics — Autonomous trucks suit repetitive, high-volume routes; telematics — fleet data on hours, location, faults and battery state — is becoming a standard buying question even on conventional trucks. Both are driven by e-commerce and the need to cut downtime.
4
Sustainability — Buyers increasingly weigh emissions, energy use and battery recycling. Electric trucks and lithium chemistry sit at the centre of that shift, alongside longer service life and fewer consumables.
FAQ
How big is the forklift market in 2026?
About $81 billion, up from roughly $72 billion in 2025, growing near 12.8% a year.
Are electric forklifts the majority now?
Electric is taking share fast, and within electric, lithium-ion already held 54.6% of US electric-forklift revenue in 2025.
What is driving the growth?
E-commerce, warehouse expansion, sustainability and automation.
What does this mean for a buyer?
Electric and lithium are now the default question. Specify them first, then justify diesel by your duty cycle.
Related: /resources/knowledge-base/electric-vs-diesel-forklift-tco/ · /blog/lithium-vs-lead-acid-forklift-battery/ · /forklifts/electric-forklift/ · /get-a-quote/
Sources: forklift market size from The Business Research Company, Forklift Global Market Report 2026 (~$72B in 2025 rising to ~$81B in 2026, ~12.8% CAGR); cross-checked against Grand View Research (2025 market ~$81.4B, 12.7% CAGR). The 54.6% lithium share is US electric-forklift revenue, 2025. Market figures are publisher estimates and are revised periodically.