Electric Forklift Market: Current Analysis and Forecast (2023-2030)

Report Description

The electric forklift market is expected to grow at a strong CAGR of around 15.6% during the forecast period 2023-2030, owing to the growing concern about the environment and increasing demand for electric vehicles. Electric forklifts represent a revolutionary leap in the material handling industry, embodying sustainability and eco-consciousness. Unlike their traditional counterparts that rely on fossil fuels, electric forklifts operate on battery-powered electric motors, producing zero emissions and reducing the overall carbon footprint. This eco-friendly operation not only contributes to cleaner air but also makes them ideal for indoor settings with noise-sensitive environments. Moreover, electric forklifts boast lower operating costs, enhanced energy efficiency, and improved operator comfort, making them a practical and economical choice for various businesses. As advancements in battery technology and charging infrastructure continue to surge, the electric forklift industry is on the cusp of exponential growth, driving a profound transformation towards greener material handling practices worldwide.

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Some of the major players operating in the market include Toyota Material Handling, KION GROUP AG, Jungheinrich AG, MITSUBISHI LOGISNEXT CO.,LTD, Hyster-Yale Materials Handling, Inc.,, Crown Equipment Corporation, Anhui Heli Co., Ltd, Hangcha Forklift, CLARK, and Komatsu.. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Based on the Class, the market has been segmented into class 1, class 2, and class 3. Among them, the class 1 segment held a considerable share of the market in 2022.”

Based on the Class, the market has been segmented into class 1, class 2, and class 3. Among them, the class 1 segment held a considerable share of the market in 2022. Electric forklifts have gained significant traction in the material handling industry in 2022. 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. Linde Material Handling, a leading forklift manufacturer, introduced this series with cutting-edge lithium-ion battery technology, providing longer run times and faster charging cycles. This innovation has not only enhanced the efficiency of Class 1 electric forklifts but also reduced their environmental impact, prompting businesses to transition to more sustainable and eco-friendly material handling solutions.

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“Based on the product type, the market has been categorized into less than Electric counterbalance and warehouse. Among them, the warehouse held a considerable share of the market in 2022.”

Based on the product type, the market has been categorized into less than Electric counterbalance and warehouse. Among them, the warehouse held a considerable share of the market in 2022. Warehouse trucks have gained immense popularity as an efficient and maneuverable solution for moving palletized loads over short distances. These electric pallet trucks are designed to handle heavy loads effortlessly, reducing manual labor and potential workplace injuries. The adoption of warehouse trucks has soared as businesses recognize their time and cost-saving benefits, as well as their contribution to creating safer working environments. Companies are increasingly integrating these electric pallet trucks into their material handling processes, streamlining operations and boosting overall warehouse productivity.

Electric Forklift Market Report Coverage

“North America will grow with significant CAGR during forecast period.”

The adoption of electric forklifts in North America has witnessed significant growth in recent years, primarily driven by a combination of environmental consciousness, technological advancements, and government initiatives. As businesses increasingly prioritize sustainability, electric forklifts have emerged as a viable solution to reduce carbon emissions and operational costs. For instance, in 2022, the major e-commerce giant Amazon invested heavily in updating its material-handling fleet by adding a substantial number of electric forklifts across its distribution centers in the United States and Canada.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global electric forklift market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Electric Forklift Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global electric forklift market were the three major steps undertaken to create and analyze the adoption of Electric Forklift in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric forklift market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric forklift market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric forklift market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report by class, product type, and end-use. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric forklift market. Further, we conducted factor analysis using dependent and independent variables such as class, product type, and end-use of the electric forklift market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the electric forklift market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric forklift market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the electric forklift market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global electric forklift market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global electric forklift market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the class, product type, and end-use in the global electric forklift market.

The main Objective of the Global Electric Forklift Market Study

The current & future market trends of the global electric forklift market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric forklift market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the class, product type, and end-use.
• Define and analysis of the regulatory framework for the electric forklift industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the electric forklift market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the electric forklift market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team