The global electric forklift market size is expected to reach USD 39.15 billion by 2022 and is expected to grow at a compound annual growth rate (CAGR) of 14.9% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. The rising application of electric equipment across the industrial and manufacturing sectors paving the way for the demand growth for electric material-handling equipment. The gaining traction of electric forklift technology across logistics for warehousing and manufacturing facility is driving the electric forklift market. Companies in various sectors such as food & beverages, pharmaceuticals, and furniture use electric forklifts for warehousing applications, thus boosting the opportunity for the electric forklift market.
Furthermore, owing to the stringent emission regulations, the demand for electric/battery-operated forklifts is increasing. China is considered the major user of internal combustion (IC) forklifts. However, the Chinese government has taken measures to reduce emissions, giving rise to the demand for battery-operated forklifts. Electric forklifts have zero emissions, which is environmentally friendly. Unlike gasoline, diesel, and liquid propane gas IC engines, electric forklifts have no exhaust. They do not emit harmful gases such as carbon monoxide and carbon dioxide, which ensures the health of operators and workers nearby. Hence, electric forklifts are useful for indoor storage applications, and augmenting the demand for the electric forklift market.
Raw materials such as steel, lead, and copper, and other commodity products, such as rubber, are used to manufacture electric forklifts. In addition to being sourced from different countries, these raw materials are mostly affected by fluctuations in the commodity markets and exchange rates. Key vendors in the electric forklift market face significant challenges due to adverse effects on supply chains over the forecast period. Additionally, these fluctuations can significantly increase the operational costs for manufacturers relying on a small number of suppliers, forcing them to raise their prices to compete with their competitors.
Manufacturers such as Hyster-Yale Materials Handling, Inc., and Toyota Industries Corporation are also focusing on investing heavily in their research & development activities to manufacture technologically advanced electric forklifts. Hyster-Yale Materials Handling, Inc. integrates its forklifts with systems such as the Warehouse Management System (WMS) and Enterprise Resource Planning (ERP), which gives the employee a complete view of the automated electric forklift in real time. Manufacturers are also focusing on reducing the dependency of autonomous forklifts on lasers, magnets, and guide wires. Autonomous electric forklifts provide continuous and consistent performance. Autonomous forklifts can also reduce the cost of finding and onboarding new workers. They reduce product damage and lessen the ergonomic impact of physically demanding and repetitive tasks for workers in the warehouse. Thus, augmenting the demand for electric forklift market
The rise in disposable income, internet penetration, and shopping convenience has led to a rise in the e-commerce and m-commerce industries. With increased online shopping, unpredictable shipping/shopping patterns, and direct-to-customer shipments, there has been considerable growth in retail sales. The growth in retail sales has resulted in a notable change in the way warehouses operate. Warehouses are no longer just shipping fewer pallets and bulk cases; rather, they are fulfilling large orders for individual items. Thus, workers and electric forklifts need to be more efficient in the location, selection, and transportation of goods in the warehouse.
Based on product type, the segment is fragmented into counterbalance, pallet trucks, reach trucks, pallet stacks, and others. The electric pallet trucks segment dominated the market in 2022, with a market share of over 25%. The global electric pallet truck segment is being driven by high demand in end-use industries and the availability of a diverse product range in terms of load-handling capability. Electric pallet trucks are becoming increasingly used in logistics and warehouses for efficient item handling. Because an electric pallet jack uses a magnetic motor, it requires much less maintenance than other types of pallet jacks.
The reach truck segment is anticipated to register significant growth over the forecast period. The reach trucks are ideal for maneuvering within a narrow aisle as the truck wheels are positioned right below the operator, creating space for a restricted turn radius. The growing traction e-commerce and retail have stimulated the growth of warehouses across different locations. Thus, the demand for reach trucks is also observing in growth.
Based on batteries type the market is bifurcated into lithium-ion batteries and other, which include hydrogen fuel cell batteries and lead acid batteries. The others segment dominated the market in 2022, with a market share of over 50%. Hydrogen fuel cell batteries are a preferred choice over lead-acid and lithium-ion batteries owing to their advantages such as lower emission rate, and no charging, swapping, or maintenance of batteries. Additionally, the advancement of hydrogen fuel cell battery technology is also supporting the electric forklift market growth.
The Li-ion segment is anticipated to register significant growth over the forecast period. The rising consumer spending on electronic products driving the market for li-ion battery. The government is constantly investing in energy and infrastructure development initiatives that will help the lithium-ion battery business expand and thrive. The multiple advantages of lithium-ion batteries, such as low cost and long shelf life, are opening up new opportunities for the application of lithium-ion battery in electric forklift.
Based on end use segment the market further branches into sub segment such as chemicals, food &beverages, industrial, logistics, retail & e-commerce and others. The industrial segment accounted for the largest share of over 25% in 2022. Economic expansion and an increase in disposable income are driving the thriving manufacturing across different industries which is expected to boost the industrial segment growth. The use of robotics and automation in the industrial sector has increased the demand for forklifts. These machines have the potential to improve operational efficiency.
The retail segment is anticipated to register significant growth over the forecast period. The electronic forklift significantly improves the efficiency of retail sector. IoT and wireless fleet management gaining more traction in the sector. Electronic forklifts with sensors can detect and track impacts, generate automated maintenance alerts, and allow operators to execute safety checklists digitally.
Based on the regional growthEurope has accounted for the largest market share of over 25% in 2022. The European region is experiencing increased demand for forklift owing to its flouring automotive and electronic industry. Being a manufacturing hub for major automotive and consumer electronics OEMs, the demand for forklifts is set to increase within the region.
The Asia pacific market is expected to witness significant market growth over the forecast period. It is expected that the market will grow steadily during the forecast period. Manufacturers are increasingly inclining toward plant automation, contributing to the growth. Further, forklifts improve operational efficiency and workflow in production processes by easing supply chain distribution activities. The introduction of new products is a major strategy of several regional players for attracting new customers and improving their customer base.
The market is consolidated and characterized by a high degree of competition among major players such as Toyota Material Handling, KION GROUP AG, Jungheinrich AG, MITSUBISHI HEAVY INDUSTRIES, LTD., Hyster-Yale Materials Handling, Inc., Komatsu Ltd. These companies are concentrating their efforts on increasing their market presence through various strategies such as acquisitions, collaboration, mergers, and joint ventures. These methods assist firms in regionally expanding their operations and improving their solution offerings in various locations. For instance, in April 2022, Toyota Material Handling Ohio (TMH Ohio) announced a merger dealership with ProLift to expand its footprint in Northern Ohio, Indiana, and Kentucky regions. The merger aims to expand the company’s customer base and allow the company to provide consistent performance across three regions. Some of the prominent players in the global electric forklift market include:
Anhui Heli Co., Ltd.
Crown Equipment Corporation
Hangcha Group Co., Ltd
Hyster-Yale Materials Handling, Inc
KION Group AG
Doosan Industrial Vehicles Co. Ltd
Crown Equipment Corp.
Market size value in 2023
USD 43.64 billion
Revenue forecast in 2030
USD 115.28 billion
CAGR of 14.9% from 2023 to 2030
Base year for estimation
2018 - 2021
2023 - 2030
Revenue in USD million and CAGR from 2023 to 2030
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product type, battery type, end- use, region
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; U.K.; Germany, France Rest of Europe; China; India; Japan; Rest of APAC; Brazil; Mexico; Rest of Latin America
Key companies profiled
Anhui Heli Co., Ltd.; Clark; Crown Equipment Corporation; Hangcha Group Co., Ltd; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; KION Group AG; Komatsu Ltd.; Doosan Industrial Vehicles Co. Ltd; Crown Equipment Corp.
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This report forecasts revenue growth at global, regional, and country levels and provides an analysis on the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electric forklift market based on product, battery type, end- use and region:
Product Outlook (Revenue, USD Million, 2018 - 2030)
Battery Type Outlook (Revenue, USD Million, 2018 - 2030)
End use Outlook (Revenue, USD Million, 2018 - 2030)
Food & Beverage
Retail & E-Commerce
Regional Outlook (Revenue, USD Million, 2018 - 2030)
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
b. The electric forklift market size was estimated at USD 39.15 billion in 2022 and is expected to reach USD 43.64 billion in 2023.
b. The electric forklift market is expected to grow at a compound annual growth rate of 14.9% from 2023 to 2030 to reach USD 115.28 billion by 2030.
b. Pallet trucks dominated the electric forklift market with a market share of more than 28.0% in 2022. Pallet trucks growth is attributed owing to their eco-friendly nature. They emit zero emissions, helping to lower carbon footprints and enhance air quality. Industries are embracing these EVs to meet environmental regulations and sustainability targets.
b. Some key players operating in the electric forklift market include Anhui Heli Co., Ltd.; CLARK.; COMBILIFT; Crown Equipment Corporation; Doosan Industrial Vehicle; Godrej.com; Hangcha Forklift; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; Komatsu; Nichiyu Forklifts India Pvt Ltd.; and Toyota Material Handling.
b. Increasing emphasis on environmental sustainability is a major driving force behind the global electric forklift market. Unlike ICE forklifts, electric forklifts generate zero direct emissions while in operation. This has become particularly significant owing to mounting concerns about climate change and the implementation of more stringent environmental regulations. As a result, businesses are increasingly choosing electric forklifts to minimize their carbon footprint and align with their sustainability objectives.
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