Growing Battery Production Capacity Across the Region Have Propelled the Growth of the Electric Forklift Market in APAC!
Author: Himanshu Patni
24 November 2023
The demand for electric forklifts is increasing due to the growing number of battery manufacturers worldwide with high manufacturing capacity (GWh). The demand for lithium-ion batteries for electric forklifts is rising rapidly. For that reason, developing domestic battery supply chains, including battery manufacturing capacity, is becoming increasingly important as countries strive to shift away from gasoline vehicles to EVs. China is by far the leader in the battery race with nearly 80% of global Li-ion manufacturing capacity. This will directly increase the demand for electric vehicles and batteries. In addition, the growing production capacity will directly have a positive impact on the sales of electric vehicles by fulfilling the demand of EV manufacturers. Hence, boost the growth of EV battery market.
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Further, the APAC Electric Forklift Market is expected to grow at a strong CAGR of 15.4% during the forecast period (2022-2030). APAC is anticipated to emerge as the fastest growth in the EV industry. Moreover, manufacturers in APAC are investing in research and development to produce innovative and technologically advanced products. These new products are designed to meet the specific requirements of different industries and are aimed at improving efficiency, reliability, and safety.
APAC Electric Forklift Market Revenue (2020-2030)- USD Mn.
Based on Class, the market is segmented into class 1, class 2, and class 3. Among these, the class 3 segment is having a high market share in 2022. As, these electric forklifts offer lower operating costs compared to their internal combustion engine counterparts, as they require less maintenance and have lower energy expenses. Their compact and maneuverable design allows for enhanced productivity in tight spaces, enabling efficient material handling and improved workflow. Companies increasingly recognize the environmental benefits of adopting electric forklifts over their internal combustion engine counterparts. One prominent instance that drove the adoption of Class 1 electric forklifts was the launch of the Linde E20-E35 electric forklift series in early 2022
· Based on product type, the market is segmented into electric counterbalance and warehouse. Among these, the electric counterbalance segment is having a high market share in 2022. Increasing environmental concerns and a focus on sustainability have led businesses to adopt greener practices, including the transition to electric vehicles, which offer zero emissions and reduced carbon footprints compared to their internal combustion engine counterparts. Moreover, advancements in battery technology have significantly improved the performance and efficiency of electric forklifts, thus driving the growth of the electric forklift market.
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Global Electric Forklift Market Segmentation
Market Insight, by Class
o Class 1
o Class 2
o Class 3
Market Insight, by Product Type
o Counterbalance Forklift
o Warehouse
Market Insight, by End-Use
o Manufacturing
o Building and Construction
o Retail and E-commerce
o Ports
o Others
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o South Korea
o Rest of APAC
· Rest of the World
Top Company Profiles
o Toyota Material Handling
o KION GROUP AG
o Jungheinrich AG
o MITSUBISHI LOGISNEXT CO.,LTD
o Hyster-Yale Materials Handling, Inc.,
o Crown Equipment Corporation
o Anhui Heli Co., Ltd
o Hangcha Forklift
o CLARK.
o Komatsu
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