Overview of Vietnam’s Forklift Market in 2025

Overview of Vietnam’s Forklift Market in 2025

🔍 Market Size & Growth Rate
The forklift market is expected to grow by approximately 13.43% in 2025, rising to 15.22% in 2027, then slightly adjusting to 13.74% by 2029.
This is one of the fastest-growing markets in Asia—compared to China, India, Japan, South Korea, and Australia.

Key Growth Drivers

1. Expansion of Logistics Chains & E-commerce
   Vietnam is entering a strong phase of digital commerce development. Warehouses and distribution centers are increasing rapidly, leading to growing demand for forklifts across retail, manufacturing, food, and logistics industries.

2. Increase in Public Investment & FDI in Logistics and Warehousing
   FDI in logistics reached nearly USD 38.7 million in January 2025, a significant rise compared to the previous month. This reflects increasing capital inflows into warehouse infrastructure—driving forklift demand accordingly.

3. Gradual Shift Toward Electric Forklifts
   The popularity of electric-powered forklifts is rising thanks to their emission-free operation, low noise, and easy maintenance—suitable for modern warehouse environments.

Market Structure & Segmentation

Following international classifications, the market is segmented by power type (IC Engine vs. Electric), forklift class (Class 1 to Class 5), and application industries (logistics, retail, automotive, food, etc.).
Electric forklifts are forecasted to be the fastest-growing segment during 2025–2029.

Competitors & Supply

Major brands in Vietnam include Clark Material Handling (with a factory in Hanoi), offering a wide range of products from pallet jacks to large-capacity forklifts (~8 tons). Their supply sources span Korea, the US, and China.
At the same time, many importers from Korea, Japan, and China contribute to a diverse product offering in the Vietnamese market.

2025 Trends

• Rapid shift to electric forklifts helps businesses meet environmental standards, reduce noise, and suit indoor warehouse operations.

• Automation adoption: Autonomous forklifts are gaining attention as a trend in large logistics and industrial zones.

• Growth in service depth: Maintenance, rental, and repair services have strong growth potential as the number of forklifts in use increases.

2025 Market Summary

Conclusion
In 2025, Vietnam’s forklift market is entering a rapid growth phase, fueled by expansion in logistics, commerce, and production. Electric forklifts are becoming mainstream, while automation is being piloted in major industrial environments. The demand for maintenance and after-sales service is expected to rise in tandem with the growing forklift fleet.