How Has the Electric Forklifts Market Evolved Historically and What is its Current Size?
The electric forklifts market has seen considerable growth due to a variety of factors.
• The market size for electric forklifts has seen a significant surge in the recent past. It is projected to rise from a staggering $63.65 billion in 2024 to $73 billion in 2025, registering a compound annual growth rate (CAGR) of 14.7%.
Factors such as environmental regulations, growing urbanization and indoor usage, government incentives, and shifts in the global supply chain have contributed to this growth in the historic period.
What Does Future Hold for The Electric Forklifts Market By 2029?
The electric forklifts market is expected to maintain its strong growth trajectory in upcoming years.
• The market for electric forklifts is anticipated to experience swift expansion in the coming years, with an expected value of $114.91 billion in 2029 and a compound annual growth rate (CAGR) of 12.0%.
The growth during this forecast period is attributed to factors such as strict emissions regulations, the evolution of battery technology, the increase in fuel prices, and a greater focus on sustainability. Major trends for the forecast period include the growth of telematics and IoT integration, an upsurge in the adoption of autonomous forklifts, a move towards more energy-efficient designs, and an increase in partnerships and collaborations.
What Are The Primary Growth Drivers In The Electric Forklifts Market?
Growth in the electric forklift market is anticipated to be fuelled by the fast-paced enlargement of the logistics sector. The term 'logistics sector' refers to the industry responsible for regulating the movement of merchandise, services, and data from start to the consumer point. The sudden boom in e-commerce and internet shopping has resulted in an escalated requirement for effective logistics mechanisms for managing the warehousing, transit, and delivery of items. Electric forklifts are widely employed in the logistics scene for shifting and lifting hefty weights, such as pallets laden with goods, in warehouses, circulation hubs, and other logistics sites, enhancing efficiency and productivity boost. For example, as per a report from the U.S Department of Transportation, a U.S government entity, in February 2022, freight demand is predicted to witness a rise of around 40% by the year 2045. Consequently, the accelerated expansion of the logistics industry is instrumental in driving the electric forklift market’s growth.
What Is The Segmentation Of The Global 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
Subsegments:
1) By Counterbalanced: Standard Counterbalanced Forklifts, Heavy-Duty Counterbalanced Forklifts
2) By Pallet Trucks: Manual Electric Pallet Trucks, Powered Pallet Trucks
3) By Reach Trucks: Stand-Up Reach Trucks, Sit-Down Reach Trucks
4) By Pallet Stackers: Manual Pallet Stackers, Electric Pallet Stackers
5) By Other Products: Order Pickers, Tow Trucks, Specialized Forklift Models
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What New Trends Are Influencing The Electric Forklifts Market?
Leading enterprises involved in the electric forklift industry are focusing on the development of innovative products like electric pneumatic forklifts for propelling growth, promoting innovation, and responding to changing customer requirements. These types of forklifts, which operate on electricity and are built to endure different weather conditions and rough outdoor landscapes, are particularly suited for retail purposes such as landscaping, home centers, lumberyards, and store support applications. For example, in November 2023, Toyota Material Handling, Inc., a U.S. based maker of forklifts and tow tractors, introduced a fresh range of electric pneumatic forklifts featuring 48V and 80V models. They are designed to provide operation that is free of maintenance, programmable performance, and a function for power selection allowing customization per application and operator preference. Furthermore, these forklifts are capable of executing a comprehensive spectrum of tasks, either indoors or outdoors, and offer a host of productivity-improving innovations that include electric power steering, load-sensing power steering, and regenerative braking.
Who Are the Key Players In The Electric Forklifts Market?
Major companies operating 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 Regional Insights Into The Electric Forklifts Market?
North America was the largest region in the electric forklifts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric forklifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
