Forklift Steering Motor Market to Grow with Market Size of USD 21.1 Billion and 4.67% CAGR by 2032 | Allison Transmission, Jungheinrich AG

Forklift Steering Motor Market Size was estimated at 14.0 (USD Billion) in 2023. The Forklift Steering Motor Market Industry is expected to grow from 14.65(USD Billion) in 2024 to 21.1 (USD Billion) by 2032. The Forklift Steering Motor Market CAGR (growth rate) is expected to be around 4.67% during the forecast period (2025 - 2032).

The forklift steering motor market has emerged as a significant component of the broader material handling equipment industry. With rising global demand for efficient warehouse operations, electric mobility, and automation, the steering systems within forklifts have evolved from basic hydraulic units to precision-controlled electric motors. As companies prioritize maneuverability, safety, and energy efficiency, the market for forklift steering motors is experiencing steady growth.

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Market Overview

In 2024, the forklift steering motor market is estimated to be worth over USD 1.2 billion. With a projected compound annual growth rate (CAGR) of approximately 5–6% through 2032, the market is poised to reach close to USD 1.8 billion. This growth is supported by a combination of factors including increased demand for electric forklifts, expanding e-commerce logistics, and warehouse modernization across industrial sectors.

Forklift steering motors are responsible for controlling the direction of forklifts and are a key enabler of operational efficiency. These motors may be electric, hydraulic, or mechanical, though electric motors—particularly brushless DC and AC types—are increasingly preferred due to their energy efficiency, precision, and low maintenance.

Key Market Trends

The shift toward electric forklifts is transforming the dynamics of the steering motor market. Electric steering motors offer quieter operation, smoother control, and greater integration with vehicle management systems. Manufacturers are now embedding digital control interfaces within these motors, allowing operators to benefit from responsive, real-time steering input and automated diagnostics.

Automation is also influencing product innovation. As automated guided vehicles (AGVs) and autonomous forklifts gain popularity, steering motors are becoming smarter and more adaptive. The need for tight turning radii in constrained warehouse spaces has further increased the importance of high-torque, compact steering motor systems.

Another major trend is energy efficiency. In an effort to reduce operational costs and environmental impact, businesses are opting for steering motors that offer lower power consumption without compromising performance. Integration with energy recovery systems and regenerative braking technologies is further enhancing efficiency.

Additionally, steering systems are being increasingly integrated with telematics platforms. This allows fleet managers to track wear and tear, schedule predictive maintenance, and reduce downtime. The focus on safety has also led to the incorporation of features like torque limiting, emergency stop functions, and automatic alignment control in steering systems.

Key Companies in the Forklift Steering Motor Market Include:

• HysterYale Materials Handling, Inc.
• Allison Transmission
• Jungheinrich AG
• Linde Material Handling GmbH
• Sumitomo Demag Cranes Co., Ltd.
• UniCarriers Holdings Corporation
• Danaher Corporation
• Eaton Corporation
• KION Group
• Nissan Forklift Co., Ltd.
• Advanced Motion Controls
• OTTO Motors
• Toyota Industries Corporation
• Mitsubishi Logisnext Co., Ltd.

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Regional Insights

The Asia-Pacific region holds the largest market share due to its expansive manufacturing base, particularly in China, India, and Southeast Asia. These countries are seeing increased investment in logistics infrastructure and warehouse automation, driving the demand for forklifts and their components. Local OEMs and suppliers are actively producing cost-effective steering motors to cater to both domestic and export markets.

North America follows closely, supported by the rapid adoption of electric and autonomous forklifts in logistics, retail, and industrial sectors. The U.S. and Canada have witnessed increased investment in warehouse modernization and sustainability programs, encouraging businesses to upgrade to electric models with advanced steering systems.

Europe is also a strong market, with strict emissions regulations and green energy mandates pushing the adoption of electric forklifts. Germany, France, and the UK are leading in integrating smart steering motors that comply with energy and safety regulations. The region also benefits from strong R&D in motor technologies.

Emerging markets in Latin America, the Middle East, and Africa are gradually transitioning from manual and hydraulic systems to electric alternatives. While growth is slower in these regions, rising industrialization and logistics expansion are opening new opportunities.

Market Challenges

Despite positive momentum, the forklift steering motor market faces certain challenges. Cost remains a key concern, especially in price-sensitive markets where businesses prefer older, cheaper technologies. The high upfront investment in electric motors and steering systems can deter small to medium enterprises from adopting new equipment.

Supply chain disruptions, particularly in semiconductors and rare-earth materials used in electric motors, have also created bottlenecks. Manufacturers are responding by exploring alternative materials and redesigning motor systems for efficiency and scalability.

Another challenge is product standardization. Given the diversity of forklift models and use cases, developing universally compatible steering motor systems remains complex. Companies must customize solutions for different load capacities, terrains, and operating environments.

Competitive Landscape

The forklift steering motor market is moderately fragmented, with several key players holding a strong position in both OEM and aftermarket supply chains. Companies such as Nidec, Bosch Rexroth, Zapi Group, Curtis Instruments, and Danfoss have established themselves through innovation in electric and hybrid motor technologies.

These players focus on compact design, durability, and integration with vehicle control systems. Strategic partnerships with forklift manufacturers and warehouse automation companies allow them to stay competitive. Start-ups and regional players are entering the market with niche products, including retrofitting solutions and smart modules for small-scale fleets.

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Future Outlook

The future of the forklift steering motor market is closely tied to the broader adoption of electrification and warehouse digitization. With the increasing demand for automation, the need for precise and intelligent steering systems will grow. The transition from traditional hydraulic systems to fully electronic, sensor-driven motors will become more pronounced, especially in advanced markets.

As artificial intelligence and machine learning become embedded in vehicle control systems, steering motors will play a critical role in ensuring responsive maneuvering and real-time feedback. Manufacturers that offer modular, energy-efficient, and intelligent steering systems will lead the next phase of market development.

Over the next decade, demand is expected to be driven by both new forklift sales and the retrofitting of existing fleets. Sustainability goals, combined with productivity-focused logistics strategies, will ensure that the forklift steering motor market remains a key component of the evolving industrial mobility ecosystem.

The forklift steering motor market is on a growth trajectory, supported by warehouse automation, electric forklift adoption, and the push for energy efficiency. With technology advancing rapidly and global supply chains evolving, steering motor solutions are becoming smarter, more integrated, and more essential to modern material handling operations. The industry is positioned for innovation-led expansion, with opportunities for players focused on precision, safety, and adaptability.

Market Research Insights in Other Languages;

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