Global Electric Lift Truck Market 2024-2030

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    The electric forklift market is growing significantly from decade owing to its applications in relevant industry, providing cost efficiency and improved productivity.


    The electric forklifts are actively adopted across the globe resulting in the quantitative increase in demand which in turn pushed the year-on-year revenue growth. Stringent emission norms for diesel vehicles across the globe in order to regulate the CO2 emission have led the manufacturers to offer more environment friendly forklift truck models.


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    Moreover, manufacturers have adjusted the direction of their R&D activities, increasing the proportion of developers working on electric forklifts and warehouse forklifts, in order to expand the electric and warehouse product lines.


    High adoption of electric forklifts owing to its advantage over IC powered forklifts and continuous expenditure over advancement of battery technology is anticipated to accelerate the growth of electric forklifts in coming years.


    Based on product type, counter balanced forklift trucks accounted for the largest revenue share of 55% in global electric forklift market. On the other hand, warehouse forklifts are the fastest growing owing to rising ecommerce business across the globe.




    SI No Timeline Developments
    1 Q4-2021 Leading provider of warehouse automation Kion Group opened its new forklift plant in China to increase its market share. 
    2 Q4-2021 The industries are adopting electric lift trucks rather than ICE lift trucks for the clean running, as they produce no exhaust gasses and produce minimal noise. Battery powered lift trucks are chargeable and also featured with swappable batteries.
    3 Q4-2021 The Lithium ion battery technology has revolutionised the electric lift trucks in the market, the oil prices are fluctuating continuously and environmental concerns over internal combustion engines of lift trucks pushing towards electric vehicle solutions.



    Geographically, Asia Pacific region accounted for the largest market share with XX% revenue share in global electric forklift truck market. Asia Pacific region is closely followed by Europe and is likely to expand at a CAGR of XX%.


    The major countries of Latin America such as Brazil and Mexico showcase huge opportunity for electric forklift truck industry as these countries are showcasing positive growth in manufacturing and automotive industry growth.


    The China market is projected to exhibit the fastest growth over the forecast period due to various factors, such as favourable economic environment and a need for technological advancements in in-house logistics in the country.


    Europe is projected to account for the second largest volume share of the global forklift truck market and expand at rate of 4.6%, due to the positive outlook of the economy in Western Europe and expected rise in trade of goods, in turn leading to a significant growth in demand for forklift trucks in the region in the near future.




    E-Commerce Driving Force

    The e-commerce market continues to grow at a healthy rate. Increase in demand for consumer products has led to increase in requirement of warehousing space, for storage of products, which are then distributed to retail stores in bulk, via pallet loads and cases.


    Various distribution strategies and warehouse technologies are adopted to distribute the products to the location without any damage. To reduce time and space, forklift trucks are used in the warehouses to place and arrange materials or goods in a proper manner. Thus, the developments in the e-commerce industry drive the growth of the global forklift market.


    Increase In Infrastructure Spending

    Governments of various countries have taken initiatives related to infrastructure developments. Increased investments in the real estate sector boost the demand for telehandlers.


    At the same time, improving economies in the developing countries, such as Australia, China, and Indonesia, have resulted in large-scale foreign investments, a factor that successively fuels the growth of the forklift trucks market in infrastructural projects among various sectors. For instance, in January 2019, China invested $163 billion in the infrastructure sector to repel economic slowdown.


    Forklift trucks are used to transfer heavy or bulk materials, thus, enhancing efficiency and reducing the operation costs at the project sites. Thus, rise in investment in the infrastructure industry propels the growth of the global forklift truck market.


    Safety Being The Prime Challenge

    The rate of accidents related to the forklifts trucks has increased over the past few years, rising from around 1,000 per year to 1,300 per year. More than half of the injured people are drivers or pedestrians who stepped down from the vehicle.


    In addition, of all the vehicles that are used in the workplace, forklift is one of the most dangerous and is often used around pedestrians. It is more likely to become unstable, specifically if it is not operated and loaded appropriately. Thus, increase in safety issues and accidents related to forklift trucks is anticipated to hinder the growth of the forklift truck market.


    The Rise In Hydrogen Fuel Cells

    There is an increase in the adoption of electric powered forklifts over the past few years and manufacturers are making remarkable efforts to exceed the performance of internal combustion (IC) engine.


    In addition, environment concerns and availability of natural resources such as natural gas, oil, coal, and others boost the need to find long term and sustainable renewable energy solutions. When it comes to material handling equipment, factories, and automobiles, hydrogen fuel is a remarkable replacement for conventional means of powering equipment and machinery.


    Trucks with hydrogen fuel cell are more environmental-friendly and help the environment through reduction of air pollutants, noise emission, and decarbonization.


    Owing to these benefits offered by the fuel cell forklifts, leading forklift truck manufacturers are introducing new range of forklifts with fuel cell technology, which in turn offers remarkable growth for the players operating in the forklift truck market.


    For instance, at ProMat 2019, Toyota Material Handling, one of the leading forklift truck manufacturers who introduced new 3-wheeled fuel cell forklift, which offers various environmental and performance benefits. Thus, production of hydrogen fuel cell forklifts holds a lucrative growth opportunity for market expansion. 




    SI No Timeline Company Developments
    1 Q4-2021 Seegrid Seegrid launched its new generation autonomous robot for material handling lift truck which is Palion Lift featured with 3d computer vision fuses data from cameras, LiDAR and machine learning models.
    2 Q4-2021 Clark Material Handling Company World leader in the manufacture and supply of forklift trucks Clark Material Handling Company, launched its high lift pallet truck onto the market, the PSX16 is powered by lithium ion technology with a lifting capacity of 1600 kg.
    3 Q4-2021 Toyota Industries  Toyota Industries launched its two new Electric Pneumatic Forklifts powered by AC motors. The 48V electric truck can lift upto 4000 lbs and 80V electric truck lifts with a maximum capacity of 4,000 to 17,500 lbs. 
    4 Q4-2021 Mitsubishi Forklifts Mitsubishi Forklifts launches new MXS3 and MXS4 Series 3-wheel and 4-wheel electric pneumatics forklifts. 
    5 Q3-2021 Hyster-Yale Hyster and Yale announced its new electric lift truck E50-60XNL series powered by lithium ion batteries, with a lifting capacity of maximum 6000 pounds and also featured a cushion tire model.



    SI No Timeline Company Developments
    1 Q4-2021 Hyster-Yale Manufacturer and supplier of lift trucks Hyster-Yale Materials Handling achieved third quarter sales revenue of $748.2 million with 14% increase over previous year quarter. 
    2 Q4-2021 Doosan Industrial equipment supplier in South Africa supplied 35 Doosan B35X-7 electric forklifts powered by lithium-ion batteries, for the major beverage manufacturer. 
    3 Q4-2021 Toyota Industries  Toyota material handling to supply 50 electric powered lift trucks for the UK based company Victoria Plum, to optimise its intralogistics process under contract rental agreement that includes service and maintenance support.




    Sl no Topic
    1 Market Segmentation
    2 Scope of the report
    3 Abbreviations
    4 Research Methodology
    5 Executive Summary
    6 Introduction
    7 Insights from Industry stakeholders
    8 Cost breakdown of Product by sub-components and average profit margin
    9 Disruptive innovation in the Industry
    10 Technology trends in the Industry
    11 Consumer trends in the industry
    12 Recent Production Milestones
    13 Component Manufacturing in US, EU and China
    14 COVID-19 impact on overall market
    15 COVID-19 impact on Production of components
    16 COVID-19 impact on Point of sale
    17 Market Segmentation, Dynamics and Forecast by Geography, 2024-2030
    18 Market Segmentation, Dynamics and Forecast by Product Type, 2024-2030
    19 Market Segmentation, Dynamics and Forecast by Application, 2024-2030
    20 Market Segmentation, Dynamics and Forecast by End use, 2024-2030
    21 Product installation rate by OEM, 2023
    22 Incline/Decline in Average B-2-B selling price in past 5 years
    23 Competition from substitute products
    24 Gross margin and average profitability of suppliers
    25 New product development in past 12 months
    26 M&A in past 12 months
    27 Growth strategy of leading players
    28 Market share of vendors, 2023
    29 Company Profiles
    30 Unmet needs and opportunity for new suppliers
    31 Conclusion
    32 Appendix
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