Forklift Rental Market By Power Source (Internal Combustion, Electric); By Lifting Capacity (Below 5 Tons, 5–10 Tons, Above 10 Tons); By End-Use Industry (Logistics & Warehousing, Construction, Manufacturing, Retail, Others); By Geography, Segment Revenue Estimation, Forecast, 2024–2030

Introduction And Strategic Context

The Global Forklift Rental Market is experiencing substantial traction due to rising demand for flexible, cost-efficient material handling solutions across logistics, construction, warehousing, and industrial manufacturing sectors. Renting forklifts rather than purchasing them outright allows companies to maintain capital liquidity, scale operations based on seasonal or project-based needs, and reduce maintenance overhead. This shift aligns with the broader trend of asset-light operational models gaining popularity across industries.

The global forklift rental market will witness a steady CAGR of 7.8%, valued at $19.6 billion in 2024, expected to appreciate and reach $30.7 billion by 2030, confirms Strategic Market Research.

Key growth drivers include:

• Rapid expansion of e-commerce logistics hubs , particularly in Asia Pacific and North America.

• Rising construction activity and infrastructure investments , leading to greater equipment rentals.

• Surge in SMEs adopting rental models due to high initial costs of new forklifts and limited in-house maintenance capacity.

• Environmental regulations prompting adoption of electric forklifts, which are often first tested via rental contracts before mass deployment.

Governments are also pushing for emission-reduction targets, especially in Europe, where regulatory pressure is incentivizing the switch from diesel to electric and hybrid forklifts — often facilitated through rental contracts to avoid capital risk. Furthermore, digitization in fleet management, IoT -enabled tracking, and predictive maintenance features offered by rental providers have made these solutions more attractive.

 

Stakeholders shaping the global forklift rental landscape include:

• Original Equipment Manufacturers (OEMs) such as Toyota Industries Corporation and KION Group that run captive rental programs.

• Independent rental companies like United Rentals and Sunbelt Rentals offering short- and long-term solutions.

• Third-party logistics (3PL) firms , construction contractors, and warehouse operators.

• Financial investors and leasing arms expanding into equipment-as-a-service models.

As the world economy increasingly prioritizes agility over asset ownership , the forklift rental market is poised to play a pivotal role in powering smart, on-demand industrial mobility.

In an era of inflationary pressure and sustainability imperatives, renting forklifts provides businesses with strategic flexibility while reducing environmental and financial risks.

 

Market Segmentation And Forecast Scope

To comprehensively evaluate the global forklift rental market, it is essential to analyze the key dimensions that define how rental services are adopted across sectors and geographies. Based on publicly available data, strategic use cases, and emerging technology adoption, the market can be segmented across four major categories:

By Power Source

• Internal Combustion Forklifts (Diesel, LPG, CNG)

• Electric Forklifts (Lead-Acid Battery, Lithium-Ion Battery)

Electric forklifts are gaining significant ground, driven by increasing environmental regulations, lower total cost of ownership, and rising indoor warehouse usage. In 2024, electric forklifts account for approximately 42% of global rentals , with lithium-ion variants growing the fastest due to superior charging times and operational longevity.

 

By Lifting Capacity

• Below 5 Tons

• 5–10 Tons

• Above 10 Tons

Rental demand is especially concentrated in the 5–10 tons category , which supports a wide variety of warehousing and mid-size construction use cases. These models strike the right balance between versatility and load-bearing capacity, making them ideal for logistics hubs and industrial manufacturing.

 

By End-Use Industry

• Construction

• Logistics & Warehousing

• Manufacturing

• Retail & Wholesale

• Others (Utilities, Events, Municipal)

Among these, the logistics & warehousing sector dominated the market in 2024, fueled by the exponential growth of e-commerce fulfillment centers globally. The construction segment also remains a major consumer, particularly in regions with active infrastructure programs.

 

By Region

• North America

• Europe

• Asia Pacific

• LAMEA (Latin America, Middle East, and Africa)

Asia Pacific leads the forklift rental market , contributing an estimated 34% of the global market share in 2024 , owing to large-scale manufacturing hubs in China, India, Vietnam, and rising investments in logistics infrastructure. North America follows closely due to mature rental ecosystems and high labor cost mitigation strategies.

 

Forecast Scope (2024–2030):

• Base Year: 2024

• Historical Data: 2019–2023

• Forecast Period: 2024–2030

• Units: USD Billion

• Currency: USD (United States Dollar)

• Growth Metrics: Market Size, CAGR, Segment-Level Projections

As enterprises prioritize flexibility, cost-efficiency, and environmental compliance, segmental shifts—especially toward electric and mid-capacity forklifts—are expected to define market evolution over the forecast horizon.

 

Market Trends And Innovation Landscape

The forklift rental market is undergoing a significant transformation, fueled by digitization, evolving energy standards, and shifting customer preferences toward flexible, sustainable, and tech-enabled fleet solutions. As the demand for short- to medium-term rental contracts grows, companies are innovating not only in equipment design but also in service delivery, pricing, and customer support models.

1. Surge in Electrification and Green Rentals

One of the most profound shifts is the accelerated adoption of electric forklifts within rental fleets. Government mandates and carbon neutrality goals across Europe, the U.S., and parts of Asia are pushing both customers and rental providers to shift away from diesel-based machines.

• Electric forklifts now account for a growing share of new rentals, especially in indoor and urban warehouse settings.

• Manufacturers are rolling out battery-as-a-service ( BaaS ) rental models that include charging infrastructure, predictive maintenance, and performance monitoring.

 

2. IoT and Fleet Management Technology Integration

Connected forklifts with IoT sensors, GPS, and telemetry systems are becoming standard across rental fleets. These tools provide real-time data on forklift usage, wear-and-tear, operator behavior, and maintenance needs.

• Companies such as Crown Equipment and Jungheinrich are offering telematics-integrated rentals, enabling customers to monitor fleet health and reduce downtime.

• This trend supports data-driven asset management, route optimization, and safety enhancements in high-throughput environments.

 

3. Flexible and Subscription-Based Rental Models

Rental agreements are evolving from fixed-duration leases to dynamic pay-per-use and subscription plans . Customers can now rent forklifts by the hour, week, or project—scaling usage up or down based on operational needs.

• The "equipment-as-a-service" ( EaaS ) model is gaining ground, especially among SMEs and seasonal industries (e.g., agriculture, events).

• This flexibility is particularly valuable in uncertain economic climates, where capital conservation is critical.

 

4. Refurbished and Circular Economy Models

As sustainability becomes a key procurement criterion, the reuse and refurbishment of forklifts in the rental sector has emerged as a viable cost-saving and eco-friendly trend.

• OEMs and rental companies are investing in certified refurbishing programs , extending forklift life cycles while maintaining performance.

• This supports ESG objectives for both providers and customers, especially in Europe where circular economy principles are heavily incentivized.

 

5. Autonomous and Remote-Controlled Forklifts Enter Pilot Phase

While still nascent, semi-autonomous forklifts capable of operating in controlled warehouse environments are beginning to feature in pilot rental deployments. These machines rely on advanced computer vision, LiDAR, and AI algorithms.

• Use cases include repetitive pallet moving in large-scale logistics centers where labor shortages exist.

• Though limited in scale today, this segment is expected to grow rapidly post-2026 as costs decline and AI reliability improves.

 

Innovation Snapshot (Last 2 Years):

• Toyota Material Handling expanded its smart rental program across the EU.

• Hyster -Yale launched lithium-ion and hydrogen-powered forklifts with integrated diagnostics for rental markets.

• KION Group partnered with predictive analytics firms to optimize fleet uptime across its Linde rental operations.

The convergence of sustainability mandates and digital innovation is reshaping the forklift rental ecosystem from a basic leasing service to a strategic, tech-powered logistics enabler.

 

Competitive Intelligence And Benchmarking

The global forklift rental market is marked by a diverse mix of players, ranging from original equipment manufacturers (OEMs) offering captive rental services to independent equipment rental firms and regional dealers catering to niche markets. These players are competing not only on rental rates but also on the value-added services, technological integration, fleet size, and environmental offerings embedded in their rental packages.

Below is a strategic snapshot of key companies shaping the competitive landscape:

Toyota Material Handling

As a division of Toyota Industries Corporation, Toyota Material Handling is a global leader in manufacturing and renting forklifts. The company has integrated smart fleet telematics , energy-efficient models (including lithium-ion forklifts ), and robust after-sales support in its rental ecosystem. Toyota’s “Total Rental Solutions” program in Europe and North America allows for scalable solutions, including fleet usage analytics, maintenance, and operator training.

Strategy: Premium fleet with a strong focus on reliability, environmental compliance, and lifecycle services.

 

KION Group

The Germany-based KION Group , through brands like Linde and Still , operates one of the largest electric forklift fleets in the world. The company offers both long-term and short-term rentals tailored for manufacturing and logistics clients. KION has invested in predictive maintenance algorithms and battery monitoring systems that enhance operational efficiency.

Strategy: Sustainability-led differentiation with AI-driven asset management and strong penetration in Europe.

 

Hyster -Yale Materials Handling

With a presence in over 130 countries, Hyster -Yale offers versatile rental options ranging from internal combustion forklifts to electric counterbalanced models . The company is actively introducing hydrogen-powered forklifts in its rental fleets and has collaborated with energy companies to develop green energy infrastructure for rental clients.

Strategy: Innovation in alternative fuel models and strong channel partnerships in North America and Asia.

 

Crown Equipment Corporation

Crown offers integrated forklift rental programs that include fleet tracking technology , real-time operational data, and connected maintenance tools . It is one of the few rental players providing customized material flow consulting along with equipment, especially for large retail and warehouse clients.

Strategy: Differentiation through deep tech integration and warehouse process optimization services.

 

United Rentals

As the world’s largest equipment rental company, United Rentals operates an extensive fleet of forklifts across the U.S. and Canada. While not an OEM, the firm partners with multiple manufacturers and offers broad rental flexibility , including on-site delivery, replacement guarantees , and remote diagnostics.

Strategy: Scale leadership, diverse product availability, and rapid deployment capabilities for project-based clients.

 

Jungheinrich AG

Jungheinrich is a European specialist in electric forklift rentals, offering battery-inclusive plans and sustainability packages . The company has made significant investments in fleet electrification, autonomous forklifts , and AI-assisted load balancing tools in warehouses.

Strategy: Eco-leadership and AI-based warehouse automation integration.

 

Mitsubishi Logisnext

Operating brands such as UniCarriers and Cat Lift Trucks, Mitsubishi Logisnext has steadily expanded its rental business across Asia and Europe. Its focus lies in mid-tier industrial clients , offering reliable performance with standardized service contracts and remote asset diagnostics.

Strategy: Balanced portfolio targeting value-conscious industrial users with consistent support.

 

Regional Landscape And Adoption Outlook

The global forklift rental market exhibits distinct regional dynamics shaped by factors such as industrialization levels, labor costs, environmental regulations, warehouse automation, and infrastructure investments. While North America and Europe have well-established rental ecosystems, Asia Pacific is emerging as the fastest-growing regional market, driven by manufacturing expansion and infrastructure development.

North America

Countries Covered: United States, Canada, Mexico

North America represents a mature forklift rental market, driven by:

• A well-penetrated logistics and warehousing sector.

• High labor costs incentivizing equipment rental over ownership.

• Strong presence of rental giants like United Rentals and Sunbelt Rentals.

The U.S. dominates regional revenue due to its vast e-commerce ecosystem , wherein fulfillment centers increasingly rely on short-term forklift rentals for seasonal demand surges. Canadian rental firms are investing in battery-powered forklifts , driven by government support for low-emission technologies.

Rental models in this region are shifting toward subscription-based and fleet-integrated services, with a strong focus on real-time analytics and uptime guarantees.

 

Europe

Countries Covered: Germany, France, United Kingdom, Italy, Rest of Europe

Europe’s forklift rental landscape is marked by regulatory emphasis on electrification , robust industrial manufacturing, and the proliferation of green warehouse policies .

• Countries like Germany and the Netherlands lead in adoption of electric and hybrid forklifts in rental fleets.

• Jungheinrich , Linde (KION) , and Toyota operate widespread rental programs focused on indoor use, carbon efficiency, and safety compliance.

The European Green Deal is pushing for CO2-neutral intralogistics , making forklift rentals a practical option for testing new models without capital commitment.

Europe is a trailblazer in integrating sustainability KPIs into rental contracts—something emerging markets are now beginning to replicate.

 

Asia Pacific

Countries Covered: China, India, Japan, South Korea, Southeast Asia, Australia

Asia Pacific is the fastest-growing region , projected to expand at over 9% CAGR (inferred) through 2030.

• China leads in both domestic forklift manufacturing and rental market growth, supported by smart factories and government-led industrial modernization.

• India is experiencing a forklift rental boom as MSMEs (Micro, Small, and Medium Enterprises) look for cost-effective handling solutions in urban logistics and warehousing.

• Japan focuses on high-tech, compact forklifts for space-constrained warehouse environments.

Additionally, Southeast Asian countries like Vietnam and Indonesia are showing sharp rental adoption due to manufacturing relocations from China and surging foreign investment in logistics parks.

This region offers tremendous white-space opportunity, particularly in Tier II and III cities where forklift rental penetration remains low.

 

LAMEA (Latin America, Middle East, and Africa)

Countries Covered: Brazil, GCC Countries, South Africa, Others

LAMEA’s forklift rental market is relatively fragmented but growing , with adoption skewed toward project-based rentals in construction, mining, and logistics.

• Brazil and Mexico are key Latin American markets, driven by warehousing investments and rising e-commerce delivery networks.

• In the Gulf Cooperation Council (GCC) nations, rental firms are supplying forklifts to oil & gas and large infrastructure projects where short-term deployment is critical.

• South Africa leads sub-Saharan Africa in rental equipment demand, though pricing pressures and equipment availability remain challenges.

Localized rental providers dominate in these regions due to logistical constraints and varying regulatory standards, creating entry opportunities for global players through joint ventures or franchise models.

 

End-User Dynamics And Use Case

The adoption of forklift rental services is shaped by the unique operational needs, budget constraints, and scaling requirements of different end-user segments. Forklift rentals are no longer viewed as a stopgap but as a strategic asset utilization model , especially in industries where demand fluctuates, capital costs are constrained, or rapid equipment deployment is critical.

Key End-User Segments

1. Logistics and Warehousing

This is the dominant end-user segment , contributing the highest share to the forklift rental market in 2024. Warehouses, particularly those serving e-commerce and 3PL providers , prefer rental models to adjust fleet sizes in real-time and manage seasonal or peak-period demand.

• High-volume fulfillment centers require scalable and reliable fleet access, which rentals provide without long-term ownership liabilities.

• Rental providers often include onsite servicing, battery replacement, and operator training to meet 24/7 operational needs.

 

2. Construction

Construction firms across both developed and emerging economies prefer short-term forklift rentals due to the project-based nature of the industry.

• Equipment is typically needed for limited durations at multiple sites.

• Renting forklifts provides cost predictability and eliminates the need for storage, transport, or servicing between job sites.

 

3. Manufacturing

Heavy industries, automotive plants, and FMCG manufacturers utilize forklift rentals to support intra-plant logistics, materials transport, and just-in-time production.

• The trend toward lean inventory systems and the rise of contract manufacturing have made rentals more attractive.

• Manufacturing clients often sign long-term rental contracts bundled with preventive maintenance, allowing uninterrupted operations.

 

4. Retail and Wholesale Chains

Large-format retailers and distribution centers for supermarket chains rent forklifts to handle palletized goods, aisle replenishment, and dock operations.

• Particularly in urban and semi-urban zones, retailers prefer compact electric forklifts with zero emissions.

• Rental enables these organizations to avoid upfront investment in equipment that may only be required during inventory spikes or seasonal restocking.

 

5. Events, Utilities, and Government Agencies

Municipal projects, event organizers, and government-backed construction tenders frequently opt for forklift rentals due to their short-term, fixed-budget nature .

• Rentals are used for venue setup, temporary warehouse operations , and infrastructure deployment.

• This segment often depends on local rental providers who can offer logistics coordination, delivery, and recovery services.

 

Real-World Use Case Scenario

A Tier-1 logistics company operating a national fulfillment network in South Korea partnered with a global forklift rental provider to support a three-month peak demand window during the national shopping season. Instead of purchasing 60 new units, they opted for a bundled rental package that included:

• 30 electric forklifts with lithium-ion batteries for indoor sorting hubs.

• 30 diesel forklifts for outdoor loading docks across five provinces.

• Fleet monitoring software with 24/7 customer support.

• Operator training for 120 warehouse staff.

This rental strategy helped the firm reduce CAPEX by over 40%, improved equipment uptime by 22%, and enabled the company to scale down within 72 hours post-season.

End-users today are not just renting forklifts—they're outsourcing fleet responsibility, compliance, and lifecycle management, making rentals a strategic element of industrial efficiency.

 

Recent Developments + Opportunities & Restraints

Recent Developments (Last 2 Years)

• Jungheinrich Expands Electric Rental Fleet Across Europe (2023)
  Jungheinrich AG announced a significant investment in its rental operations, with a strategic focus on electric forklifts . The expansion aims to reduce carbon emissions across customer operations while integrating smart battery monitoring systems.

• United Rentals Launches Telematics-Enabled Rental Platform (2023)
  United Rentals unveiled a new fleet intelligence system for all rented forklifts and material handling equipment. The platform includes remote diagnostics , usage tracking, and AI-powered maintenance scheduling.

• Toyota Material Handling Introduces Lithium-Ion Forklift Rental Plans (2024)
  Toyota launched its Lithium-Ion Ready Rental Fleet in North America and Europe, offering clients energy-efficient forklifts bundled with charging stations and technical support .

• Hyster -Yale Pilots Hydrogen-Powered Forklift Rentals (2024)
  In collaboration with a global logistics provider, Hyster -Yale began trial rentals of hydrogen fuel cell forklifts in large-scale outdoor distribution yards across the U.S. and Europe.

• KION Group Partners with Predictive Analytics Firm for Rental Optimization (2023)
  KION announced a partnership with a data analytics startup to implement predictive maintenance and usage forecasting across its rental fleet in Asia and Europe.

 

Opportunities

• Emerging Markets Fueling SME Rental Demand
  Rapid industrial growth in India, Southeast Asia, and Latin America is creating strong demand from MSMEs (Micro, Small, and Medium Enterprises) . These businesses prefer renting forklifts due to limited capital access and irregular project timelines .

• Shift Toward Green Logistics and Sustainable Rentals
  As corporates adopt ESG reporting and carbon reduction targets , demand for electric and hybrid forklift rentals is soaring. Rental firms offering carbon offset options or green fleet certifications can gain a competitive edge.

• Digital Rental Platforms and Fleet Intelligence Tools
  There is growing traction for online rental marketplaces and SaaS-based fleet optimization tools , enabling businesses to select, schedule, and track forklifts remotely. This digitization trend is expected to reshape customer acquisition and fleet management.

 

Restraints

• High Cost of Advanced Forklifts
  The upfront acquisition cost of electric, lithium-ion, or hydrogen-powered forklifts remains high, making it expensive for rental firms to scale clean fleets rapidly—especially in price-sensitive regions.

• Shortage of Skilled Technicians
  Maintaining modern, connected forklift fleets requires skilled technicians , especially for battery systems and IoT infrastructure. A shortage of trained professionals in emerging markets may hamper service reliability and adoption.
   

7.1. Report Coverage Table

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 19.6 Billion
Revenue Forecast in 2030	USD 30.7 Billion
Overall Growth Rate	CAGR of 7.8% (2024 – 2030)
Base Year for Estimation	2024
Historical Data	2019 – 2023
Unit	USD Million, CAGR (2024 – 2030)
Segmentation	By Power Source, By Lifting Capacity, By End-Use Industry, By Geography
By Power Source	Internal Combustion, Electric
By Lifting Capacity	Below 5 Tons, 5–10 Tons, Above 10 Tons
By End-Use Industry	Logistics & Warehousing, Construction, Manufacturing, Retail, Others
By Region	North America, Europe, Asia-Pacific, LAMEA
Country Scope	U.S., Germany, China, India, Japan, Brazil, GCC, etc.
Market Drivers	• Shift toward electric fleets • Flexibility in operations • Rising demand in emerging economies
Customization Option	Available upon request