Forklift Rental Service Market Size and Share Analysis - Growth Trends and Forecasts (2025-2032)

Market Size and Trends

The Forklift Rental Service is estimated to be valued at USD 6.2 billion in 2025 and is expected to reach USD 11.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 9.2% from 2025 to 2032. This growth reflects the increasing demand for flexible and cost-effective material handling solutions across industries such as warehousing, manufacturing, and logistics, as companies prioritize operational efficiency and asset management.

Current market trends indicate a rising preference for rental services over purchases due to lower upfront costs and improved access to the latest forklift technology. Additionally, the integration of advanced features such as electric forklifts and IoT-enabled fleet management is driving the market, enabling businesses to reduce emissions and enhance productivity. The shift towards sustainable and digitized operations is anticipated to further propel the growth of the forklift rental service market.

Segmental Analysis:

By Equipment Type: Dominance of Electric Forklifts Driven by Efficiency and Sustainability

In terms of By Equipment Type, Electric Forklifts contribute the highest share of the forklift rental market owing to their operational efficiency, environmental benefits, and versatility across various industry applications. The increasing emphasis on sustainability and reduction of carbon footprints among businesses, especially in warehousing and logistics, has accelerated the adoption of electric forklifts. These forklifts produce zero emissions during operation, making them ideal for indoor use where air quality and worker safety are paramount. Moreover, advancements in battery technology have significantly enhanced the run-time and charging efficiency of electric forklifts, reducing downtime and increasing productivity. Their quieter operation compared to internal combustion engine forklifts also appeals to companies aiming to maintain a safer and more comfortable work environment.

Electric forklifts are also favored for their lower maintenance costs due to fewer moving parts and the absence of fuels such as diesel or propane. Renters benefit from this cost-effectiveness during short- and long-term rentals alike. Additionally, the flexibility of electric forklifts to be used indoors and outdoors, combined with their suitability for precise handling tasks, makes them indispensable in modern warehouses where space optimization and operational accuracy are critical. Hand Pallet Trucks and Order Pickers, while essential for specific niche applications, do not offer the same broad applicability, reinforcing the dominance of electric forklifts in the rental fleet mix.

By Application: Warehousing & Logistics Leading Growth Fueled by E-commerce and Supply Chain Dynamics

In terms of By Application, Warehousing & Logistics represents the largest segment within the forklift rental service market, primarily driven by the explosive growth of e-commerce and the resultant evolution of supply chain management. The expanding complexity of distribution networks has pushed companies to optimize last-mile delivery and order fulfillment processes, where material handling equipment like forklifts play a crucial role. Warehousing facilities require flexible, reliable rental solutions to manage fluctuating inventory levels and increase throughput during peak demand seasons. Renting forklifts enables such facilities to scale operations without significant capital expenditure, matching equipment capacity directly with workload volumes.

Furthermore, the rise of automated and semi-automated warehouses has necessitated the use of versatile forklifts, such as electric forklifts and order pickers, to complement automated systems in picking and sorting tasks. This integration increases efficiency and allows rental service providers to supply tailored equipment based on specific warehousing workflows. Logistics centers focused on cold storage or perishables also prefer electric forklifts due to their suitability in temperature-controlled environments. Retail distribution centers, as part of the broader warehousing landscape, similarly contribute to this demand by continuously requiring material handling equipment to support diverse product assortments. The dynamic nature of warehousing and logistics operations continues to make this application segment the primary contributor to forklift rental market growth.

By Rental Duration: Short-term Rental Prevailing due to Flexibility and Cost Efficiency

In terms of By Rental Duration, Short-term Rental (less than 6 months) holds the highest share of the forklift rental service market. The preference for short-term rental is mainly driven by businesses' desire for operational flexibility and avoidance of long-term commitments in equipment management. Many companies experience seasonal or project-based spikes in material handling needs, making it economically prudent to rent forklifts only for the required duration rather than investing in ownership or long-term leasing. Short-term rentals enable rapid response to changing demand without the overhead of maintenance, storage, and depreciation.

Additionally, manufacturers and construction firms frequently undertake discrete projects or short production runs that require additional forklift capacity temporarily. Shorter rental durations facilitate quick equipment turnover and allow these businesses to access the latest models without concern for long-term asset obsolescence. The ability to easily scale the rental fleet and try different forklift types further enhances operational agility. On-demand rental services, although growing due to digital platforms, currently complement rather than replace short-term rentals, as immediate availability remains essential for many urgent and fluctuating material handling tasks. Overall, the short-term rental option provides an optimal balance of cost control, flexibility, and equipment availability, sustaining its dominant position in the forklift rental market.

Regional Insights:

Dominating Region: North America

In North America, the dominance in the Forklift Rental Service market is driven by a well-established industrial ecosystem, robust infrastructure, and strong demand from sectors such as manufacturing, logistics, and warehousing. The presence of major logistics hubs and distribution centers across the United States and Canada fuels consistent demand for forklift rental services, especially for short-term and project-based needs. Favorable government policies supporting industrial growth and supply chain modernization further strengthen the market. Leading companies like United Rentals, Toyota Material Handling North America, and Sunbelt Rentals have made significant contributions by offering extensive rental fleets, advanced forklifts, and comprehensive support services, securing their strong foothold in the region.

Fastest-Growing Region: Asia Pacific

Meanwhile, the Asia Pacific region exhibits the fastest growth in the forklift rental service market, spurred by rapid industrialization, expanding e-commerce sectors, and rising infrastructure development. Countries like China, India, and Southeast Asian nations are witnessing a boom in warehousing and logistics due to increased foreign investments and trade activities. Government initiatives promoting manufacturing and smart logistics ecosystems contribute to the burgeoning forklift rental market. Companies such as KION Group, Mitsubishi Logisnext, and Hyundai Heavy Industries are strategically expanding their rental operations, introducing technologically advanced and cost-effective forklifts that cater to the growing needs of small and medium enterprises, helping to accelerate market expansion in this region.

Forklift Rental Service Market Outlook for Key Countries

United States

The United States' forklift rental market benefits from a mature industrial base with expansive sectors such as automotive, retail, and food processing driving demand. Key players including United Rentals and Herc Rentals have a major presence, supplying diverse fleets with flexible rental terms. The country's advanced logistics networks and increasing adoption of automation also encourage service providers to offer innovative solutions like electric forklifts and telematics-enabled rentals, enhancing operational efficiency for clients.

Germany

Germany's market is characterized by its strong manufacturing and automotive industries, which remain critical contributors to forklift rental demand. Companies such as Linde Material Handling and Jungheinrich dominate, leveraging advanced technologies and sustainability initiatives. Government policies promoting Industry 4.0 and environmentally friendly equipment further shape rental service offerings, with a focus on electric and hybrid forklifts that align with strict emission regulations.

China

China continues to lead the forklift rental market in Asia Pacific due to its vast industrial zones and growing e-commerce warehouses. Domestic and international players like Anhui Heli, KION Group, and Mitsubishi Logisnext are expanding rental fleets to meet increasing demand. Supportive government policies emphasizing smart logistics infrastructure and modernization accelerate adoption of rental services, particularly in tier-2 and tier-3 cities where warehousing development is rapidly increasing.

India

India's market is burgeoning alongside rapid urbanization and government initiatives such as Make in India, which fosters industrial growth. Companies including Godrej Material Handling and Toyota Tsusho are growing rental operations to service diverse sectors from manufacturing to construction. The rising preference for rental over ownership among small businesses and start-ups, due to capital constraints and operational flexibility, propels market growth, supported by improving logistical infrastructure.

Brazil

Brazil's forklift rental market is influenced by its key agricultural, mining, and manufacturing sectors. Players like Hyster-Yale and local rental providers are capitalizing on the growing demand for cost-effective equipment solutions that avoid the burden of ownership. Despite challenges such as economic fluctuations and regulatory complexity, expanding industrial activities and government investments in infrastructure development provide an encouraging environment for rental service growth.

Market Report Scope

Market Segmentation

Equipment Type Insights (Revenue, USD, 2020 - 2032)

• Electric Forklifts
• Internal Combustion Engine Forklifts
• Hand Pallet Trucks
• Order Pickers
• Others

Application Insights (Revenue, USD, 2020 - 2032)

• Warehousing & Logistics
• Manufacturing
• Construction
• Retail
• Others

Rental Duration Insights (Revenue, USD, 2020 - 2032)

• Short-term Rental (less than 6 months)
• Long-term Rental (more than 6 months)
• On-demand Rental Services

Regional Insights (Revenue, USD, 2020 - 2032)

• North America
• U.S.
• Canada
• Latin America
• Brazil
• Argentina
• Mexico
• Rest of Latin America
• Europe
• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific
• Middle East
• GCC Countries
• Israel
• Rest of Middle East
• Africa
• South Africa
• North Africa
• Central Africa

Key Players Insights

• United Rentals, Inc.
• Loxam
• Herc Rentals
• Sunbelt Rentals
• Aggreko
• Riwal
• Magnum Industrial Services
• Boels Rental
• Speedy Hire
• Nesco Rentals
• Hyster-Yale Materials Handling, Inc. (Rental Division)
• Toyota Material Handling (Rental Division)
• JLG Industries (Rental Division)
• Kion Group (Rental Segment)
• Manitou Group (Rental Segment)
• Haulotte Group