The global electric forklift market size is anticipated to reach USD 112.87 billion by 2030, growing at a CAGR of 14.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Developments in the e-commerce industry are fueling the demand for lift trucks across the economies. Owing to the increase in online shopping, the demand for lift trucks among retailers has escalated in recent years. Electric forklift allows companies to store and distribute merchandise in large quantities, giving them a competitive advantage in their respective markets. Thus, growing demand from several end-use industries is anticipated to drive the market growth over the forecast period.
Furthermore, the trend of automation and robotics is expected to gain significant momentum from 2024 to 2030, particularly in warehouses and distribution centers. Automated forklifts are becoming increasingly popular due to their ability to move goods more quickly and efficiently than manual forklifts. These automated forklifts enhance productivity as well as reduce the risk of injury and human error, making them a safer option for warehouses and distribution centers.
Several prominent players are expanding their business operations in emerging regions in the global electric forklift industry. Further, companies are planning strategies for product innovation and portfolio expansion through strategic investments and mergers and acquisitions in the global market. For instance, in January 2023, Crown Equipment Corporation expanded its electric and IC counterbalance forklift portfolio with the launch of C-B, C-D, and C-G lift truck series. These forklifts are capable of handling load capacities ranging from 2.0 to 5.5 tons, enabling them to tackle a wide variety of tasks in both indoor and outdoor environments.
The market is expected to grow rapidly from 2024 to 2030 due to the increased adoption of electric forklift technology and an increase in its applications in industries such as food and beverage, chemical, industrial, logistics, construction, retail and e-commerce, and others. As electric forklifts are expected to outpace ICE forklifts, OEMs seek ways to improve forklifts' run-time and performance. Rising environmental concerns and scarcity of natural resources such as natural gas also create the need for a sustainable, efficient, and durable power source to run the electric forklift and long-term renewable energy solution.
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The pallet trucks segment dominated the market in 2023. Electric pallet trucks are versatile tools that can benefit a wide range of businesses and production processes. They are particularly useful for moving materials in warehouses, supermarkets, and the transport industry, as they can efficiently load and unload goods. Thus, the increasing use of electric pallet trucks to improve overall operational efficiency by streamlining material handling tasks is driving the segment’s growth.
The lithium-ion segment dominated the market in 2023. The growth of the segment can be attributed to the rising demand for lithium-ion-based electric forklifts as they provide benefits such as longer runtimes, faster charging times, and more efficient operation.
The retail & e-commerce segment is expected to grow at the fastest CAGR from 2024 to 2030. Factors such as rapid growth of the retail and e-commerce industry and the need for efficient material handling tools can be attributed to the segment’s growth.
The Asia Pacific region is expected to grow at the fastest CAGR from 2024 to 2030. The presence of several prominent electric forklift manufacturers, such as Doosan Corporation and Hangcha Forklift, can be attributed to the market growth in the region. In addition, factors such as increasing population in countries such as China and India, rising disposable income, and the evolving material handling needs of the growing e-commerce operations in the region are expected to contribute to the market growth in the region.
In April 2023, Toyota Material Handling announced the launch of a new electric walkie-stacker: Tora-Max Walkie Stacker. The walkie-stacker is ideal for distribution, manufacturing, beverage, warehousing, and retail industries. The new model is available in the North American region through online and store purchases. The vehicle is designed for light dusty operations.
Grand View Research has segmented the global electric forklift market on the basis of product, battery type, end-use, and region:
Electric Forklift Product Outlook (Revenue, USD Million, 2018 - 2030)
Counterbalanced
Pallet Trucks
Reach Trucks
Pallet Stackers
Others
Electric Forklift Battery Type Outlook (Revenue, USD Million, 2018 - 2030)
Lithium-Ion
Lead Acid
Hydrogen Fuel-Cell
Electric Forklift End Use Outlook (Revenue, USD Million, 2018 - 2030)
Chemical
Food & Beverage
Industrial
Logistics
Retail & E-Commerce
Others
Electric Forklift Regional Outlook (Revenue, USD Million, 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Spain
Italy
Asia Pacific
China
India
Japan
South Korea
Australia
Latin America
Brazil
Argentina
Middle East & Africa
Kingdom of Saudi Arabia
UAE
South Africa
List of Key Players in the Electric Forklift Market
Anhui Heli Co., Ltd.
Clark Material Handing Company
Crown Equipment Corporation
Doosan Corporation
Hangcha Forklift
Hyster-Yale Materials Handling, Inc.
Jungheinrich AG
KION Group AG
Komatsu Ltd.
Mitsubishi Logisnext Co., Ltd.
Toyota Material Handling
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