The global electric forklift market is expected to witness a strong growth rate of around 6% during the projected period. Electric Forklifts play an important role in lifting heavy materials for a short distances which is expected to fuel the demand for electric forklifts in the automotive sector.
Importantly, heightened environmental concerns, rising fuel prices, and greater awareness of staff welfare are expected to support the growth of the electric forklift market. According to RationalStat study, electric forklifts account for 65% of the regional industrial truck or forklifts market in 2021.
Not only the automotive sector, but the growing e-commerce market will also fuel the demand for electric forklifts as it facilitates the process of material handling. Moreover, as the number of warehouses will multiply over time, it is expected to spread out the demand for electric forklifts across the globe.
The increasing awareness of electric vehicles to skyrocket the demand for electric forklifts
To gain a significant market share and expand their product portfolio, major players in the global electric forklift market are releasing new products with advanced and sophisticated features. In addition, various developments are made to pull off higher power output and increase the loading capacity. Such developments will further attract different industries and increase the demand for electric forklifts in the forthcoming years.
- To decrease the charging time and extend the operational time of the hydrogen fuel cells and lithium-ion batteries used in electric forklifts, manufacturers are investing in R&D projects.
- Advances in battery technology, such as the development of lithium-Ion and hydrogen fuel cells, are also leading to greater interest in electric power.
- Further, efforts are made on introducing customized forklifts including swing-reach turret forklifts and counter-balanced sit-down forklifts to address specific end-user demands across a range of industries. This will catalyze the market growth for electric forklifts.
Asia Pacific constitutes a huge market share in the global electric forklifts market
Asia Pacific holds the largest market share in the global electric forklifts market. This growth is backed by encouraging government initiatives and high acceptance of new and advanced technologies. Moreover, the increasing activities in the construction industry and growth in the countries like India and China are steering the growth of the global electric forklift market. Automotive and transportation sector. Moreover, the increasing penetration of electric forklifts in various industries like automotive, construction, etc. is anticipated to fuel the market growth of the global electric forklift market.
The increasing demand for fuel-efficient forklifts and the growing penetration of advanced technologies in fuel-efficient vehicles like hybrid engines are expected to drive the demand for electric forklifts in North America. Whereas factors like increased investments from both government and private sectors and the exponentially growing demand for electric forklifts from the logistics sector are responsible for the growth of electric forklifts in the European region, especially in the UK and Germany.
Also, the presence of various automotive companies like Toyota uses electric forklifts to carry heavy vehicle parts, which will further fuel the market growth. The Middle East and African countries are anticipated to witness moderate growth in the global electric forklift market. Furthermore, the electric forklift market in other regions like Latin America and Eastern Europe is anticipated to witness lucrative opportunities owing to the speedy adoption of new and advanced technologies in the regions.
Market Structure and Competitive Landscape
The global electric forklifts market is fragmented in nature with various players operating in the market, some of the prominent players that contribute significantly to the global electric forklifts market include Toyota Industries Corp, Kion Group AG, Jungheinrich Lift Truck Corp, Hyster-Yale Materials Handling Inc, Crown Equipment Corp, Mitsubishi Logisnext Co Ltd, Anhui Forklift Truck Group Co Ltd, Hangcha Group Co Ltd, Komatsu Utility Co Ltd, Doosan Industrial Vehicles Co Ltd, Godrej & Boyce Manufacturing Co Ltd, Clark Material Handling International Inc, Combilift Ltd, Hyundai Heavy Industries, and UniCarriers Corp among others.
These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers and acquisitions, product launches, Partnerships, and collaborations are some of the strategies followed by industry players. Some of the key developments in the global electric forklifts market include,
- In India, Godrej Material Handling expects to achieve nearly 28% market share of electric forklifts in India by the end of 2024, owing to a rise in demand for green and electric forklifts in the manufacturing industry.
- In December 2021, Walter Group LLC announced the acquisition of A D lift truck, a family-owned material handling & forklift company. The acquisition will expand the company’s line of gas and electric forklifts.
- In February 2019, Toyota Industries North America acquired Chicago-based Hoist Lift truck manufacturing to build a brand image and develop quality products.
Key Market Segmentation
RationalStat has segmented the global electric forklift market based on class, product type, end-user, and region.
- By Class
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- By Product Type
- Electric Counterbalance Forklift Trucks
- Electric Pallet Trucks
- Electric Reach Trucks
- Electric Stackers
- By Battery Type
- Lead-acid Battery
- Lithium-Ion Battery
- Nickel-Cadmium Battery
- By End User
- Logistics and 3PLs
- Contract Manufacturing
- Food & Beverage
- Retail and Durable Goods
- Ports & Terminals
- Other Industrials and Manufacturing Units
- By Region
- North America
- Latin America
- Rest of Latin America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Rest of Eastern Europe
- Asia Pacific
- South Korea
- ASEAN (Indonesia, Vietnam, Malaysia, etc.)
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of the Middle East & Africa
- North America
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide clients with the best possible real-time insights. We combine various industry experiences, data analytics, and experts’ viewpoints to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
- Defining the problem by understanding the type of market and data required by the client.
- Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
- Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
- Evaluating and analyzing the data by referring to data sources utilized and leveraged.
- Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
- Annual reports, company filings, investor presentations, product catalogs, and company documents
- Industry and market-related documents available in the public domain
- Paid databases including Bloomberg, Factiva, S&P Capital IQ, FactSet, Refinitiv Eikon, ICIS, EUWID, and Thomson Reuters, among others
- Whitepapers, research papers, and industry blogs.
Why Buy this Report?
The report is intended for global electric forklift manufacturers and suppliers, government organizations, educational organizations, regulatory agencies, and market research firms, among others. The report provides an in-depth analysis of market size, consumption patterns, ongoing market trends and challenges, and future market opportunities. The report will serve as a source for a 360-degree analysis of the market thoroughly delivering insights to clients to find the right answers to their business questions.
Frequently Asked Questions (FAQs)
The global electric forklifts market is expected to grow at a CAGR of approximately 5% during the forecast period 2022-2028.
The globalelectric forklifts market is estimated at US$ 2.3 billion in 2022.
The emergence of new and advanced technologies and increasing applications of electric forklifts in various industries are the major trends in the global electric forklifts market.
North America and Europe Pacific holds a prominent share of the global electric forklifts market.
Major companies operating in the Global Electric Forklifts market include Toyota Industries Corp, Kion Group AG, Jungheinrich Lift Truck Corp, Hyster-Yale Materials Handling Inc, Crown Equipment Corp, Mitsubishi Logisnext Co Ltd, Anhui Forklift Truck Group Co Ltd, Hangcha Group Co Ltd, Komatsu Utility Co Ltd, Doosan Industrial Vehicles Co Ltd, Godrej & Boyce Manufacturing Co Ltd, Clark Material Handling International Inc, Combilift Ltd, Hyundai Heavy Industries, and UniCarriers Corp among others.