Thailand Forklift Market - By Forklift Attachment Type , By Fuel Type , By Tonnage , By Application - Global Opportunity Analysis & Industry Forecast, 2025 - 2031

 

Thailand forklift Plasters Market Overview:

The Thailand forklift market is projected to reach $545.69 million by 2031 and is expected to grow at a CAGR of 7.4% from 2025 to 2031. This growth is driven by increasing industrialization, expansion of the logistics and e-commerce sectors, and rising demand for automation in material handling. The adoption of electric forklifts is gaining traction due to sustainability initiatives and cost efficiency, while government investments in infrastructure projects further bolster market demand. Additionally, advancements in technology, such as IoT-enabled fleet management systems, are enhancing operational efficiency, contributing to the market's expansion.

Market Snapshot :

Report Coverage

The report: “Thailand forklift Plasters Market Forecast (2025-2031)", by Industry ARC covers an in-depth analysis of the following segments of the Thailand forklift Market.

By Class: Class I, Class II, Class III-I, Class III-II, Class IV, Class V, And Others.

By Tonnage: Less Than 5 Tons, 5 To 10 Tons, 10 To 36 Tons, And 36 Tons and Above. 

By Fuel Type: Diesel, Gasoline, CNG, And Battery/Electric Forklifts, 

By Operation: Automated And Manual Forklifts.

By End-User Industries: Warehousing & Transportation, Paper/Pulp, Food & Beverage, Medical & Pharmaceuticals, Construction, Metal & Mining, Chemical, Textile, Automotive, And Others.

Key Takeaways

• As The Thailand forklift market in 2024 was dominated by battery-powered forklifts, accounting for 69% of the total market share, driven by increasing demand for sustainable and energy-efficient solutions. The rise of Industry 4.0 and stricter emissions regulations have accelerated the shift towards electric forklifts, particularly in warehouses, distribution centers, and high-density storage facilities. Key advancements such as hybrid energy storage systems (HESS), which integrate lithium-ion batteries and supercapacitors, are addressing challenges related to charging time and efficiency. Additionally, compact three-wheel electric forklifts are gaining traction for their maneuverability in confined spaces, while four-wheel models cater to heavier industrial applications.
• Despite the growing preference for electric forklifts, diesel-powered forklifts retained 18% of the market share in 2024, primarily due to their durability, high load capacity, and superior performance in demanding environments. Industries requiring heavy lifting and outdoor operations, such as construction and logistics, continue to rely on diesel forklifts for their fuel efficiency and minimal downtime. With a steady CAGR, diesel forklifts remain a vital segment, offering solutions for applications where electric alternatives may be less feasible. Meanwhile, LPG/CNG forklifts are emerging as a preferred choice due to lower emissions and regulatory compliance, positioning them as a bridge between traditional internal combustion and fully electric models.

Thailand forklift Plasters Market Segmentation Analysis - By Class 

In 2024, the Class I forklift segment was valued at US$ 71.2 million and is expected to grow at a CAGR of 8.8%. These electric-powered counterbalance forklifts, available in stand-on and sit-down models, are widely used in warehousing, cold storage, and industries like food, beverage, and pharmaceuticals. Class II forklifts, designed for narrow aisles, enhance vertical space utilization, with lift capacities of 3,500–5,500 lbs and heights reaching 40 feet. Class III forklifts, including pallet jacks and walkie stackers, optimize material transport in compact spaces. Companies like GAC UK have transitioned entirely to electric fleets, contributing to a projected £48.66 billion market by 2030. Additionally, the industry is witnessing technological advancements, such as Thailand’s first industrial 5G-operated unmanned forklift demonstration in February 2025. Internal combustion forklifts in Class IV and V remain vital for heavy-duty applications, with capacities of up to 125,000 lbs, used in sectors like construction and shipyards. Meanwhile, Class VI (industrial tractors) and Class VII (rough terrain forklifts) serve specialized needs in airports, assembly lines, and agriculture. These developments highlight a shift toward sustainability, automation, and efficiency in the global forklift industry.

Thailand forklift Plasters Market Segmentation Analysis – By Tonnage  

In 2024, the Less than 5 Tons forklift segment was valued at US$ 159.8 million and is projected to grow at a CAGR of 7.1%, driven by increasing demand in warehouses, small manufacturing facilities, and inventory-heavy operations. Forklifts under 5 tons efficiently handle pallets, crates, and light machinery, with models ranging from 1.5 to 3 tons, catering to various load capacities. Meanwhile, 5 to 10-ton forklifts are essential for heavy-duty industries such as manufacturing, construction, and shipping yards, ensuring smooth transport of steel beams, machinery parts, and bulk materials. HELI's G Series 5-10T and Toyota’s 8FD40N diesel forklift are notable for their durability and maneuverability. Forklifts in the 10 to 36-ton range cater to large-scale logistics and warehouse operations, supporting oversized pallets, industrial equipment, and cargo containers, while 36-ton and above forklifts are used in ports, steel mills, and mining, handling extreme loads with reinforced steel frames and high-capacity hydraulics. Diesel remains the dominant power source for heavy-duty applications, whereas electric and LPG variants cater to indoor and environmentally regulated environments. The choice of forklift depends on industry needs, operational costs, and sustainability goals, ensuring efficiency, safety, and long-term performance across sectors.

Thailand forklift Plasters Market Segmentation Analysis - By Fuel Type   

In 2024, the diesel forklift truck segment led the market with a valuation of US$ 58.6 million, projected to grow at a CAGR of 5.5%. Diesel forklifts dominate due to their high productivity, durability, and fuel efficiency, supporting load capacities from 1.4 to 18 tons. Their quick refueling, superior power on gradients, and minimal downtime make them ideal for demanding operations. Crown Equipment’s C-DX Series IC Counterbalance Pneumatic Forklift enhances performance with a powerful diesel engine, one-speed powershift transaxle, and optimized airflow system for hot climates.While gasoline-powered forklifts remain a niche choice, LPG/CNG forklifts are gaining traction due to lower emissions, cost-effectiveness, and compliance with OSHA indoor air quality standards. These forklifts, available in counterbalance and narrow aisle models, support loads up to 55,000 lbs, making them ideal for warehouses, distribution centers, and manufacturing facilities. On May 9, 2023, Toyota Times highlighted Toyota’s hydrogen-powered forklifts as part of a carbon-neutral initiative. Meanwhile, electric forklifts lead the Industry 4.0 revolution, favored for their zero emissions and quiet operation, especially in food, chemical, and high-density storage industries. Innovations like hybrid energy storage systems (HESS), combining lithium-ion batteries and supercapacitors, address challenges of long charging times and lower efficiency. Businesses can choose compact three-wheel electric forklifts for tight indoor spaces or larger four-wheel models for heavier loads, ensuring efficiency and sustainability.

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Thailand forklift Plasters Market Segmentation Analysis - By Operations  

The Automated Forklifts segment, valued at US$ 10.4 million in 2024, is projected to grow at a CAGR of 9.0%, driven by the rising demand for efficiency and automation in logistics and manufacturing. These forklifts utilize LiDAR, vision-guided systems, and AI-driven obstacle detection, enabling seamless navigation through laser guidance, magnetic tape, or QR codes while integrating with Warehouse Management Systems (WMS) for real-time inventory tracking. With intelligent sensors, emergency stop mechanisms, and adaptive speed controls, they enhance workplace safety and minimize operational disruptions. Meanwhile, manual forklifts remain essential in industries with limited automation feasibility, relying on hydraulic systems for lifting and manual controls for navigation. Though lacking advanced sensors, their affordability and adaptability make them indispensable in warehouses and construction sites. Unlike automated forklifts, manual versions do not require electricity or charging stations, ensuring operational flexibility, particularly in infrastructure-limited environments.

Thailand forklift Plasters Market Segmentation Analysis - By End-Users

The forklift industry in Thailand is witnessing significant growth, driven by the expansion of key sectors such as e-commerce, warehousing, construction, manufacturing, and logistics. The country's e-commerce market surged from $23.4 billion in 2022 to $26.5 billion in 2023 and is projected to reach $32 billion by 2025, increasing demand for warehouse automation and material handling equipment. Additionally, the Warehousing & Transportation segment was valued at $118.7 million in 2024, growing at a CAGR of 8.4%. Forklifts play a vital role in industries like food & beverage, pharmaceuticals, construction, mining, chemicals, and automotive, ensuring efficiency, safety, and optimized inventory management. The rise of electric forklifts is notable due to environmental regulations, while specialized forklifts cater to industries like paper & pulp and textiles. With innovations such as hydrogen-powered forklifts and automated guided vehicles (AGVs), Thailand's forklift market is evolving toward sustainability and smart logistics, meeting the increasing demand for efficiency and safety across various industries.

Thailand forklift Plasters Market Drivers

Rising Industrialization and Expanding Manufacturing Sector in Thailand Fueling Forklift Demand:

Thailand’s booming industrial sector, particularly in automotive, electronics, and food processing, is driving the demand for forklifts in warehouses, logistics hubs, and manufacturing facilities. Government initiatives like the Eastern Economic Corridor (EEC) are attracting foreign investments, fostering infrastructure growth, and boosting industrial expansion, further accelerating forklift adoption. The country's food and beverage industry, aiming to be among the top ten global processed food exporters by 2027, is also fueling demand, with increasing food exports ($38.8 billion in 2022) and rising imports of food ingredients ($3.3 billion) necessitating efficient material handling solutions. Additionally, the rapid growth of B2B e-commerce, driven by digital transformation, is enhancing industrialization and increasing the need for forklifts, particularly in logistics and warehousing. This trend extends beyond Bangkok to provinces like Nonthaburi and Chonburi, where industrial activities are expanding. As manufacturers modernize and scale operations, the demand for electric and automated forklifts is set to rise, improving efficiency, streamlining supply chains, and ensuring compliance with stringent industry standards.

Expansion of Logistics and Warehousing Infrastructure Strengthening Forklift Market Growth:

Thailand’s expanding logistics and warehousing infrastructure, supported by strong global supply chain integration, is driving significant investments in modern distribution centers and cold storage facilities, boosting the demand for advanced forklifts. Ranked 34th globally on the World Bank’s Logistics Performance Index and third in ASEAN, Thailand is positioning itself as a key regional logistics hub with highly efficient infrastructure. The country’s 20-year National Strategy aims to enhance its logistics framework, strengthen agricultural supply chains, and improve service competitiveness to establish Thailand as a leading ASEAN logistics hub by 2036. This strategy promotes the adoption of innovative technologies, including modern forklifts, to streamline operations, reduce costs, and support sustainable practices. Additionally, increasing foreign direct investment in Thailand’s logistics sector has spurred the development of large-scale logistics parks and multi-modal transport hubs, further driving the need for efficient material handling solutions. As companies modernize operations, the demand for electric and automated forklifts continues to rise, ensuring efficiency, sustainability, and long-term industrial growth.

Thailand forklift Plasters Market Challenges

High Initial Investment and Maintenance Costs

High initial investment and maintenance costs remain key challenges for forklift fleet operations, making cost-effective energy solutions essential. In Thailand, the Electrolux Group's Rayong factory addressed this by replacing 115 diesel and LPG forklifts with lithium-ion electric models, reducing CO₂ emissions by 1,220 tons annually while lowering fuel and maintenance expenses. Integrating on-site solar panels further enhanced cost efficiency and sustainability. Poor maintenance management can lead to frequent breakdowns, increased downtime, and high repair costs, impacting productivity. A study on a Thai forklift maintenance unit revealed inefficiencies in inventory turnover and spare parts availability, which were resolved through structured inventory control, optimized storage layouts, and standardized maintenance procedures. These improvements increased inventory turnover to 85.58%, reduced storage costs by 6.15%, and cut service time for parts issuance by 24.66%, boosting operational efficiency. Additionally, underutilization due to poor tracking remains a major issue, but advanced fleet management systems provide real-time insights into forklift usage and maintenance needs. Solutions like those from Linde Material Handling offer predictive maintenance and rapid-response repairs, helping businesses minimize downtime, extend equipment lifespan, and improve cost control while ensuring smoother operations.

Thailand forklift Plasters Market Competitive Landscape

The forklift and material handling equipment market in Thailand is driven by key players such as Hangcha (Thailand) Co., Ltd., Toyota Material Handling (Thailand) Co. Ltd., Nichiyu (Asia) - Mitsubishi Logisnext, Linde, Sumitomo Nacco, and Heli Southeast Asia Co., Ltd. Other notable companies contributing to the industry include Siam Motors Industrie, Crown Equipment (Thailand) Co., Ltd., METRO TECH EQUIPMENT CO., LTD., Bangkok Komatsu Forklift Co., PLIC Corp., and Thailian. Additionally, several other regional and local players further enhance market competitiveness by offering diverse solutions tailored to the growing demand for efficient logistics and warehouse operations.

Recent Developments

• On October 9, 2024, climate technology company BIG partnered with BJC to explore the feasibility of hydrogen-powered forklifts in BJC’s operations. This initiative aims to reduce greenhouse gas emissions and enhance business sustainability. It marks Thailand’s first study on hydrogen-powered forklifts in the retail sector.
• Samut Prakan, Thailand – August 30, 2024: Jungheinrich, a global leader in advanced material handling technology, including forklifts and automated warehouses, has officially launched its NXT Warehouse at its Samut Prakan facility in Thailand.