• Latest Insights
Maya Xiao Author
Senior Research Analyst – China
follow me

Maya has an interdisciplinary technical background in vehicle electrification, system automation and robotics. She is now the lead analyst for Interact Analysis’ Li-ion battery and forklift research, also covering markets for industrial and collaborative robots. 

The current forklift truck market is split roughly 60-40 between electric and diesel trucks. Electric trucks powered by lead-acid cells have been on the scene for years, and these trucks currently occupy circa 80% of the electrified market. In our new report, Interact Analysis has used predictive modelling to forecast a clear shift away from diesel power in the next decade in favour of electric, and a move away from lead-acid batteries in favour of Li-ion batteries and hydrogen cells.

The below infographic demonstrates some of the key findings from our recently published Global Forklift Market – 2020 report, a study on the electrification of lifting trucks.

The infographic is also available to download in PDF here.

  • Our post-COVID-19 neutral scenario predicts that global forklift shipments in 2020 will grow by just 1.4% globally versus 2019 (compared to a previous forecast of 3.7% which was completed in late February 2020). While we increased our 2021 global shipment growth projection from 6.5% to 8.2%.
  • Notwithstanding the negative growth rate in shipment terms in 2019 (-0.7%), as well as poor growth in 2020 owing to COVID-19  we forecast a total shipment number of 2.4 million units in 2028, with 4.5% CAGR.
  • In 2019, although shipments in the APAC region decreased by 0.6% versus 2018, the region’s global market share was maintained (51.0%), buoyed by a good performance in the Chinese and Indian markets.
  • Class 1, Class 2 and Class 3 forklift trucks are forecast to experience faster growth from 2019 to 2028 (with CAGRs of 6.6%, 4.6%, 5.9% respectively), whilst the Class 4 & 5 market will continue to grow, but with a CAGR of only 1.8%.
  • In 2019, lead-acid battery electric forklift models occupied nearly half of the market (49.9%),  it is expected that lithium-ion trucks will contribute 48.5% forklift shipments in 2028.
  • Globally in 2019, just 0.3% of forklift shipments were automated. However, the market for automation solutions is growing rapidly, with a CAGR of 64.5% during the forecast period to 2028.


Posted by Maya Xiao

Maya has an interdisciplinary technical background in system automation, renewable energy, and intelligent connected vehicles. She is responsible for Interact Analysis’ Chinese industrial automation and NEV research.