Forklift rental market seen topping $10B by 2030

The global forklift rental market is projected to top $10 billion by 2030, driven by demand for flexible, lower-cost material handling as warehouses automate and e-commerce expands. Asia-Pacific is expected to lead growth, while electric forklifts are forecast to take the largest share of the market.

Why it matters: - Forklift rental is becoming a strategic alternative to ownership for warehouses, logistics firms and manufacturers trying to cut capital costs and scale fleets faster. - The market’s growth tracks broader shifts toward automation, electrification and on-demand industrial equipment. - The report projects the market will reach $9.61 billion by 2030 and move beyond $10 billion in the same forecast window.

What happened: - The Business Research Company published its global forklift rental market report with forecasts through 2035. - The report says the forklift rental market is growing at an 8% compound annual growth rate through 2030. - The market sits inside a broader machinery sector forecast to reach $5,280 billion by 2030. - Forklift rentals are expected to represent close to 0.2% of that broader market.

The details: - Asia-Pacific is projected to be the largest regional market by 2030 at $3.59 billion, up from $2.33 billion in 2025. - Asia-Pacific is forecast to grow at a 9% CAGR, supported by manufacturing and logistics growth, warehouse automation, e-commerce demand and industrial infrastructure spending. - The U.S. is projected to remain the largest national market, reaching $2.26 billion in 2030 from $1.60 billion in 2025. - The U.S. market is forecast to grow at a 7% CAGR, supported by warehousing, distribution, electric forklift adoption and complex supply chains. - Electric forklifts are projected to lead the market in 2030 with 48% share, or about $5 billion. - The report breaks the market into electric forklifts, internal combustion engine forklifts, warehouse forklifts and heavy-duty forklifts. - Other segmentation includes rental duration, load capacity, application and end-use industry. - Short-term and long-term rental options are included in the duration split. - Load-capacity bands include below 3 tons, 3 to 5 tons, 5 to 10 tons and above 10 tons. - Applications include indoor and outdoor use, heavy lifting, material handling, logistics and transportation. - End users include construction, automotive, e-commerce, food and beverage, pharmaceuticals, chemicals, aerospace and defense, warehousing and logistics, retail and manufacturing. - Electric forklifts are benefiting from low-emission demand, indoor warehouse use, energy efficiency, better battery technology and adoption across logistics, retail and manufacturing. - Cost-effective material handling is a major driver because rental avoids large upfront purchases, lowers maintenance costs and gives companies more fleet flexibility. - Automation is another driver as smart warehouses need telematics, safety systems and automation-compatible equipment. - Seasonal and project-based demand is also lifting rentals because companies want temporary capacity without holding surplus fleets. - The report says electric, internal combustion engine, warehouse and heavy-duty segments together could add more than $3.6 billion in market value by 2030. - Electric forklifts are expected to add about $2 billion in value between 2025 and 2030. - Warehouse forklifts are expected to add $1 billion over the same period. - Internal combustion engine forklifts are projected to add $0.4 billion. - Heavy-duty forklifts are projected to add $0.2 billion.

Between the lines: - The report points to a market shifting from one-off equipment purchases toward flexible fleet access. - Telemetry, maintenance support and automation-ready machines are becoming standard competitive features, not extras. - The market remains fragmented, which suggests room for consolidation but also makes service quality and fleet availability key differentiators. - The top 10 players accounted for 9% of revenue in 2025, which limits the dominance of any single operator. - United Rentals Incorporated led forklift rental sales in 2025 with 1% market share. - Other companies with about 1% share in 2025 included Toyota Industries Corporation, Loxam Group S.A., Boels Rental N.V., Herc Rentals Incorporated, Jungheinrich AG, Manitou Group, Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc. and Alta Equipment Group Incorporated. - Subscription rental models are emerging as a new offering, including Jungheinrich AG’s forklift subscription service launched in December 2024. - Jungheinrich’s offering includes multiple forklift types, flexible rental contracts, maintenance and fleet management support.

What's next: - Rental providers are expected to keep expanding electric fleets and telematics-enabled equipment. - Short-term rental programs and automation-ready forklifts should gain importance as warehouses and industrial users seek flexibility. - Regional network expansion and stronger maintenance capabilities will likely shape competition as demand rises. - The report says future growth will also be supported by subscription-style offerings and digital fleet oversight.

The bottom line: - Forklift rental is moving from a niche equipment option to a core operating strategy for industrial customers looking to cut costs, support automation and stay flexible.