Forklift Rental Market Size & Trends
The global forklift rental market size was estimated at USD 6.10 billion in 2024 and is projected to grow at a CAGR of 5.4% from 2025 to 2030. A key driver in the global forklift rental industry is the introduction of stringent government regulations aimed at reducing emissions and improving air quality.
Key Highlights
Asia-Pacific led the forklift rental market with a highest revenue share of 34.6% in 2024.
The forklift rental market in the U.S. was at the leading position in 2024.
Based on ton capacity segment, the below 5 Ton segment dominated the market with the highest revenue share of 50.3% in 2024.
Based on end use segment, the warehouse and logistics segment held the highest market revenue share in 2024.
Governmental authorities in developed economies are forcing the conversion of ICE-based forklifts to electric ones. Interestingly, the California Air Resources Board (CARB) endorsed the Zero-Emission Forklift Regulation in 2023, requiring the phased retirement between 2026 and 2029 of Class IV and V LPG and gasoline-powered forklifts. It is part of the central plank of California's overall climate plan and affects both public and private fleets and rental companies. Consequently, rental companies are being increasingly forced to upgrade their fleets with battery-electric and hydrogen fuel cell forklifts to stay in compliance. The mass production of zero-emission forklifts and already effective in warehousing and logistics operations and picking up speed worldwide as other markets weigh similar mandates. The change should fuel substantial rental demand for compliant, low-emission forklifts, especially in urban and regulated industrial areas.
The rapid expansion of e-commerce is a primary driver of demand in the forklift rental market, especially in warehousing and distribution activities. The U.S. Bureau of Labor Statistics (BLS) observes that the trend toward online shopping drastically raises the demand for warehousing and storage services, which are much more labor and space-intensive compared to the conventional brick-and-mortar retail. As third-party logistics companies and global retailers build out fulfillment centers to accommodate increasing consumer demands, material handling efficiency increases in tandem. Given many facilities' preference for flexible, scalable access to equipment, rent forklifts provide the perfect solution during seasonal peaks or explosive facility growth. Demand for short-term forklift rentals also usually peaks during busy periods like holidays due to the necessity to transport goods quickly and securely within tight logistical cycles.
Large-scale industrial development projects and government-backed infrastructure construction are driving the short-term expansion of forklift rentals in international markets. In the United States, the continued rollout of federal infrastructure legislation has created new highway, bridge, energy facility, and data center construction. Renting companies like Herc Rentals have openly stated that such "mega projects" are generating consistent demand for equipment handling materials. Forklifts, which are necessary for transporting and loading heavy parts on construction sites, are constantly rented because they have a high capital cost and project-based undertaking. In the same way, nations in Europe and Asia that invest in transportation, warehouse, and port infrastructure are creating new rental opportunities for forklift operators. Rental services provide the flexibility and affordability to address these short-term spikes in equipment demand without overallocating capital spending.
Macroeconomic uncertainty, such as high inflation and interest rates, is compelling businesses to move away from buying forklifts and into renting them. With increased borrowing costs and supply chain disruptions on the availability and cost of new equipment, a majority of companies are turning to rental models in order to conserve capital and enhance operational agility. Rental equipment, as per the American Rental Association (ARA), enables companies to forego making big initial capital outlays, evenly disperse operational expense, and reduce the impact of economic uncertainty risk. For growing markets, where access to finance is restrictive, rental provides a viable alternative to owning equipment. It is most prominent in construction, manufacturing, and distribution industries where project-based operations opt for short-term usage of contemporary equipment without committing long-term money.
Increased use of automation, telematics, and intelligent inventory management in warehousing is transforming forklift rental demand. When operators are upgrading warehouse functions to enhance efficiency, safety, and throughput, demand for sophisticated forklift features like onboard sensors, real-time fleet monitoring, and lithium-ion battery systems increases. The BLS points out that technology incorporation is becoming an integral part of logistics and storage facilities, fueled partly by e-commerce logistics. Rental fleets are fighting back by providing connected, high-tech forklifts with remote monitoring capabilities. Such capabilities provide greater visibility and safety to operations, matching the digitization plans of large warehouse operators. Further, companies that are digital in their transformation would rather rent improved forklifts to experience newer technologies on a temporary basis rather than incur long-term capital expenses.
Report Coverage & Deliverables
- Competitive benchmarking
- Historical data & forecasts
- Company revenue shares
- Regional opportunities
- Latest trends & dynamics
Ton Capacity Insights
The below 5 Ton segment captured the highest revenue share of 50.3% in 2024. The below 5-ton segment dominates the forklift rental market, especially in warehouse and logistics activities. The forklifts are preferred for their adaptability in small spaces and minimal energy usage, hence suitable for indoor operations across areas such as Asia Pacific and Europe, where limited space becomes an issue. The growth in e-commerce, demanding well-planned warehouse management, contributes heavily to increased demand. For example, in Australia, this segment controlled a 50.4% market share in 2024 and is expected to command the highest CAGR until 2030. In China, internet retailers such as Alibaba lease these forklifts to deal with high order volumes in warehouses, testifying to their indispensable place in contemporary logistics.
The 6-30 Ton segment is anticipated to register the highest CAGR over the forecast period. Forklifts in the 6-30 Ton capacity are necessary for moving heavy loads in construction and warehousing. The segment registers high growth, thanks to industrial growth and infrastructure development. The increasing popularity of electric forklifts, which are economical and sustainable, is driving growth, especially in mature markets such as North America and Europe. For instance, in the U.S., the 2021 infrastructure bill has triggered construction work, and therefore, medium to heavy-duty forklifts are in greater demand.
End Use Insights
The warehouse and logistics segment contributed the highest market revenue share in 2024. The warehouse and logistics segment is the biggest and highest-growing end-use industry for forklift rentals, owing to the worldwide e-commerce surge. The U.S. retail e-commerce is escalating the demand for forklifts within warehouses and distribution centers. Rentals provide adaptability for peak seasons and adherence to safety regulations. This segment accounted for a market share of 36.9% in Australia as of 2024 and will grow at the highest CAGR over the forecast period.
The construction segment will grow at the highest CAGR over the forecast period. The growth of the construction sector is driven by the development of infrastructure across the globe. The usage of forklifts in this industry is fueled by the necessity to move heavy goods such as steel and concrete in large-scale construction projects. In India, government initiatives to construct smart cities and industrial corridors have worked in elevating construction activity, fueling forklift rental demand. Likewise in Japan, preparations to host Expo 2025 have accelerated rental demands for construction work in Osaka.
Regional Insights
The North American forklift rental market is expected to see at the highest CAGR in the forecast period. The North American market is experiencing steady growth due to several factors. Most businesses are opting to lease instead of buy equipment to escape huge initial investments. Increasing maintenance costs, quick depreciation of equipment, and compulsory insurance charges are also fueling the adoption of rentals. The e-commerce boom has heightened the demand for warehousing and logistics activities, further fueling the demand for rental equipment and forklift operators. Additionally, expansions of businesses by means of new facilities are further driving the market with major players like Herc Rentals purchasing more branches to consolidate their market share.
U.S. Forklift Rental Market Trends
The U.S. forklift rental industry was in a leading position in 2024. The U.S. market has experienced consistent volume growth over the last few years. Companies are opting for rentals because they can be adjusted to meet changing needs without considerable capital expenditures. Logistics, manufacturing, and construction sectors are turning towards rental equipment to remain nimble and fulfill short-term requirements. This is being triggered by both flexibility and cost-effectiveness.
Asia Pacific Forklift Rental Market Trends
Asia-Pacific led the forklift rental market with a highest revenue share of 34.6% in 2024, attributed to factors such as cost effectiveness, ownership's high maintenance costs, and requirement for short-term use. Technological progress, economic conditions, and changing industry requirements, particularly in e-commerce and warehousing, are fueling the need for forklift rentals. These industries, including aerospace, construction, logistics, and automotive, are now resorting to rentals in order to avoid paying the exorbitant upfront cost associated with the buying of forklifts. Further, the move towards electric forklifts comes due to environmental factors.
China's forklift leasing market is thriving, making the nation the number one market player. The major drivers for this boom are industrialization, urbanization, and the fast-growing e-commerce sector. Logistics and warehousing facilities have grown significantly in order to serve the urban populations. The explosion of online e-commerce has significantly increased the demand for leasing forklifts, most significantly in logistics and warehousing.
The Indian forklift rental industry is experiencing a major shift from internal combustion engine (ICE) forklifts to electric forklifts. The need for green solutions, rising fuel costs, and tight emission regulations are prompting this shift. Electric forklifts have lower emissions, lower operating costs, and less noise, hence are ideal for indoor and city settings. In addition, the incorporation of next-generation technologies such as IoT and automation into forklift models is increasing operational efficacy and safety. These advancements enable real-time tracking, predictive maintenance, and improved fleet management, leading to higher demand for such vehicles.
Europe Forklift Rental Market Trends
The European forklift rental market was recognized as a promising region during 2024. Europe's market is growing due to the expansion of the e-commerce market. With increasing online purchases, businesses are being challenged to meet timely deliveries of orders, thus raising the need for effective material handling systems such as forklifts. Renting forklifts provides convenience and saves costs, hence a desirable solution for most businesses. The requirement for timely delivery of products and the growth of the warehouse facilities are also driving the need for forklift rentals.
The Germany forklift rental industry is at the forefront of the e-commerce revolution, with major shifts taking place in its logistics industry. Increased online shopping has generated more demand for reliable and timely deliveries, boosting the demand for forklifts. To address this need, companies are opting for rental solutions due to their cost-effectiveness, versatility, and availability of newer equipment. This emerging trend is exemplified in huge transactions such as Kalmar's sale of 64 forklift trucks to Hanselmann GmbH, a top rental machinery company in Germany.
The UK forklift rental market is growing strongly, fueled mainly by growing demand for effective material handling solutions across a wide range of industries. The growth in retail and e-commerce industries has been a major driver, with companies looking to enhance their warehousing and logistics functions. There is greater emphasis on electric forklift adoption, IoT and telemetry integration, automation and robotics, and forklift leasing and rental services. These are indicative of the wider digital shift in the logistics sector.
Key Fortlift Rental Company Insights
Some of the most prominent industry players engaged in the forklift rental business are United Rentals, Inc., Sunbelt Rentals, Inc., Herc Rentals Inc., Boels Rental, KION GROUP AG, and others. The prominent industry players in the global forklift rental market maintain their dominance with enormous operational networks, diversified equipment offerings, and market strategies.
Such players have operations across several continents with thousands of locations, enabling them to span numerous industries, including construction, logistics, and warehousing. Their fleets span different classes of forklifts, from below 5-ton used in the warehousing sector to heavy-duty above 30-ton industrial units, providing flexibility to match different client requirements. Digital investments make rental easier, providing greater customer accessibility and efficiency.
United Rentals, Inc. dominates the North American forklift rental industry by virtue of its gigantic equipment fleet, large customer base, and extensive U.S. and Canadian branch network. The largest equipment rental company in the world relies upon high-volume contracts within logistics, construction, and industrial warehouse uses that continuously demand forklift solutions. The 2023 Ahern Rentals acquisition significantly diversified United Rentals' forklift fleet and branch density, enabling it to penetrate regional markets even more. The company has become a go-to provider of zero-emission and electric forklift rentals, especially in high-emission regulation states like California.
Sunbelt Rentals, Inc., US subsidiary of UK's Ashtead Group, has cemented its position in forklift rentals with aggressive expansion across North America. With over 950 locations and double-digit annual revenues, Sunbelt enjoys economies of scale and a diversified rental fleet of counterbalance forklifts and telehandlers to serve commercial construction, warehousing, and logistics markets. Its forklift fleet modernization, electric models, and specialty equipment investment aligns with increasing sustainability regulations, especially in California and other U.S. states. Sunbelt's location in the U.S. as well as the UK gives it a transatlantic advantage in increasing forklift rental solutions.
Key Fortlift Rental Companies
The following are the leading companies in the forklift rental market. These companies collectively hold the largest market share and dictate industry trends.
- United Rentals, Inc
- Sunbelt Rentals, Inc.
- Herc Rentals Inc.
- Boels Rental
- KION GROUP AG
- Nishio Rent All (M) Sdn Bhd
- Toyota
- Crown Equipment Corporation
- Caterpillar
- Komatsu
Recent Developments
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In February 2023, United Rentals, Inc. reported all-time quarterly revenues and made the USD 2 billion acquisition of Ahern Rentals (announced Dec 2022, closed Feb 2023), gaining 60,000 rental assets and 106 locations. Ahern's specialty rental business (forklifts, aerial lifts, and cranes) contributed immensely to United Rentals, Inc.'s inventory and customer base.
During the fiscal year 2023 (ended July 31), Ashtead Group plc. (Parent company of Sunbelt Rentals, Inc.) recorded USD 8.698 billion in rental revenue (22% YoY increase), led significantly by Sunbelt's network. Sunbelt invested significantly to expand its presence, and USD 3.8 billion in capital (including 50 acquisitions) and 165 new branch locations in North America.
Forklift Rental Market Report Scope
|
Report Attribute |
Details |
|
Market size value in 2025 |
USD 6.39 billion |
|
Revenue forecast in 2030 |
USD 8.34 billion |
|
Growth rate |
CAGR of 5.4% from 2025 to 2030 |
|
Base year for estimation |
2024 |
|
Historical data |
2018 - 2023 |
|
Forecast period |
2025 - 2030 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2025 to 2030 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Ton capacity, end use, region |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
|
Country scope |
U.S.; Canada; Mexico; Germany; UK; France; China; Japan; India; South Korea; Australia; Brazil; KSA; UAE; South Africa |
|
Key companies profiled |
United Rentals, Inc.; Sunbelt Rentals, Inc.; Herc Rentals Inc.; Boels Rental; KION GROUP AG; Nishio Rent All (M) Sdn Bhd; Toyota; Crown Equipment Corporation; Caterpillar; Komatsu |
|
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
|
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
Global Forklift Rental Market Report Segmentation
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Ton Capacity Outlook (Revenue, USD Billion, 2018 - 2030)
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Below 5 Ton
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6-30 Ton
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Above 30 Ton
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End Use Outlook (Revenue, USD Billion, 2018 - 2030)
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Construction
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Automotive
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Aerospace & Defense
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Warehouse and Logistics
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Others
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Regional Outlook (Revenue, USD Billion, 2018 - 2030)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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UK
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France
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Asia Pacific
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China
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Japan
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India
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South Korea
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Australia
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Latin America
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Brazil
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Middle East and Africa (MEA)
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KSA
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UAE
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South Africa
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