Insight by Abdul Wasay, Chief Operating Officer at The Business Research Company
In response to fluctuating tariffs and geopolitical trade developments, the Electric Forklifts Market Outlook 2025 analyses how businesses are adapting through supply chain diversification and strategic sourcing.
What Is the Forecasted Market Size and CAGR for the Electric Forklifts Market?
The Electric Forklifts Global Market Report 2025 market has seen fast-paced growth in the past few years. The market size, which stood at $63.65 billion in 2024, is projected to rise to $72.12 billion in 2025, presenting a Compound Annual Growth Rate (CAGR) of 13.3%.
What Is the Forecasted CAGR for the Electric Forklifts Market by 2029?
The global market for electric forklifts is projected to grow to a size of $111.45 billion in 2029. The compound annual growth rate during this period is expected to be 11.5%.
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What Are the Market Drivers in the Electric Forklifts Industry?
The key drivers in the electric forklifts market are:
• The enforcement of strict emission regulations
• Innovations and advancements in battery technology
• The rise in fuel costs
• Enhanced focus on sustainability
What Is the Segment-Wise Breakdown of the Electric Forklifts Market?
The electric forklifts market covered in this report is segmented –
1) By Product: Counterbalanced, Pallet Trucks, Reach Trucks, Pallet Stackers, Other Products
2) By Battery Type: Lead-Acid Batteries, Lithium-ion Batteries, Fuel Cell
3) By End Use: Chemical, Food And Beverage, Industrial, Logistics, Retail And E-Commerce, Other End Uses
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Which Emerging Trends Are Driving Growth in the Electric Forklifts Sector?
The key trends in the electric forklifts market are:
• Integration of telematics and Internet of Things (IoT) is a major emerging trend.
• There is an increasing adaptation to autonomous forklifts in the market.
• The shift towards the utilization of energy-efficient designs is a significant current trend.
• There's a notable increase in the establishment of partnerships and collaborations in the industry.
Which Companies Are Dominating the Electric Forklifts Market in Terms of Revenue?
Major players in the electric forklifts market are:
• Toyota Motor Corporation
• Mitsubishi Corporation
• BYD Company Ltd
• Komatsu Ltd.
• KION Group AG
• Hyundai Heavy Industries
• Jungheinrich AG
• Crown Equipment Corporation
• Hyster-Yale Materials Handling Inc.
• Lonking Holdings Limited
• Anhui Heli Co Ltd.
• Manitou Group
• UniCarriers Corporation
• Godrej And Boyce Mfg. Co. Ltd
• Hangcha Group Co Ltd
• Cascade Corporation
• Crown Battery Manufacturing Company
• Clark Material Handling International
• Linde Material Handling
• Taylor-Dunn Manufacturing Company
• Doosan Industrial Vehicles Co. Ltd
• Tailift Co Ltd
• HELI Forklift Co Ltd
• EP Equipment
• Nissan Forklift Corporation
What Are the Regions Driving Demand in the Electric Forklifts Market?
North America was the largest region in the electric forklifts market in 2024
