According to the latest market research study published by P&S Intelligence, the U.S. Forklift & Conveyor Manufacturing market reached USD 21 billion in 2024, and is projected to achieve a robust 10.1% CAGR, surging to approximately USD 44.8 billion by 2032.
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This rapid expansion is driven by substantial modernization across logistics and distribution infrastructure, heavily fueled by the rise of e-commerce and digital supply chains. The growing integration of automation—such as robotic forklifts, automated guided vehicles (AGVs), and IoT‑enabled conveyor systems—is optimizing warehouse efficiency and enabling real-time operational insights.
In parallel, legislative pressure on workplace safety,
sparked by the 2023 tally of 2.6 million non‑fatal injuries and over 5,200
fatalities among U.S. workers, has accelerated the adoption of advanced, safety‑centric
handling equipment. Additionally, environmental policies and shifting emissions
standards are catalyzing a trend toward electric forklifts, driven by their
longer battery life, faster charging, and eligibility for government
subsidies—making them a sustainable and cost-effective alternative to
internal-combustion models.
Key Insights
- The
market’s product segmentation is dominated by forklifts, which held 65%
share in 2024, while conveyor systems are emerging with the fastest growth
rate.
- Power-source
dynamics reveal electric equipment accounted for 80% of market activity in
2024, outperforming internal-combustion models—a trend set to continue due
to cost efficiencies and green regulations.
- Load
capacity analysis shows mid-range forklifts (5–15 tons) held 70% market
share in 2024; however, heavy-duty units (above 16 tons) will post the
fastest CAGR, propelled by demands from construction, mining and energy
sectors.
- By
automation level, manual handling systems led with 55% share in 2024, but fully
automated solutions are poised for fastest growth, reflecting the surge in
demand for precision and efficiency in fulfillment operations.
- In
terms of end‑use, manufacturing (notably automotive, consumer goods, and
machinery) topped the market with 40% share in 2024, while agriculture is
emerging as the fastest-growing segment due to the uptake of cold-storage,
smart-warehouse systems.
- Regional
trends highlight the Midwest as the largest market share region in
2024—anchored by industrial hubs in Michigan, Ohio, and Illinois—while the
Western states are experiencing the highest growth rate driven by
technological adoption in ports and e‑commerce logistics.
- Technological
advancements, including AGVs, AMRs, IoT-integrated conveyors, and lithium‑ion
battery enhancements, are creating new benchmarks for safety, uptime, and
productivity—helping businesses minimize human error and maximize real‑time
control.
- The
market is highly fragmented, with major players like Toyota Material
Handling, Crown, Hyster‑Yale, Clark, Mitsubishi Logisnext, Combilift, and
Jungheinrich competing alongside numerous regional manufacturers.
- Recent
M&A activity—such as Motion Industries' acquisition of International
Conveyor and Rubber in December 2024—underscores ongoing consolidation and
scale-driven strategic expansion.
- The emerging
opportunity lies in integrated solutions: combining electric/autonomous
forklifts, smart conveyors, real‑time data analytics, and compliance-based
safety systems. This holistic approach enables warehouse and logistics
operators to revamp end-to-end workflows and prepare for future
adaptability.
