The Electric Forklift Market size is expected to reach USD 134.28 Billion by 2031, the value for the year 2023 was recorded USD 43.3 Billion and the CAGR is expected to be 15.2% over the forecast year 2024-2031.
Many firms have switched to electric forklifts as a result of the demand for lower greenhouse gas emissions and a move towards greener energy sources. Compared to forklifts driven by diesel or propane, they have zero emissions at the point of usage, making them more environmentally friendly. Compared to forklifts powered by internal combustion engines, electric forklifts frequently use less energy and cost less to operate. They have fewer moving parts, need less maintenance, and typically cost less to run than petroleum.
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The performance and longevity of electric forklifts have been greatly enhanced by the introduction of lithium-ion batteries. These batteries are a more appealing alternative for businesses since they have longer run periods, quicker recharge times, and longer lifespans. The use of electric forklifts and other electric vehicles is being encouraged by numerous governments throughout the world through the implementation of incentives, tax credits, and laws. This has prompted companies to move to electric substitutes. The adoption of electric forklifts is being driven by some sectors, including manufacturing, logistics, and warehousing. Electric forklifts are a great option because these businesses frequently need indoor equipment that can function in limited locations without emitting any pollution. Electric forklifts are becoming increasingly sophisticated in terms of technology. To increase productivity and efficiency, they could have elements like telematics, IoT integration, and automation capabilities. Market competition is on the rise as more manufacturers enter the market in response to the rising demand for electric forklifts. As a result of this rivalry, options may become more accessible and technology may advance.
The market for electric forklifts is not regionally exclusive. It is a global market with room for expansion in both advanced and developing nations. The accessibility of infrastructure for charging electric forklifts is essential. Businesses are purchasing charging equipment to support their fleets of electric forklifts. To fulfil the unique requirements of diverse industries and End Uses, manufacturers offer a wide selection of electric forklift models with a variety of capacities and configurations.
Driver
The rising technology advancement and the increasing concern for sustainability factor.
Electric forklifts are far quieter than those powered by internal combustion engines, which is useful in settings where noise is a concern, such as warehouses and retail locations. Compared to forklifts fueled by fuel, electric forklifts often have lower operating expenses. They use less fuel, are less expensive to maintain, and are more energy-efficient. Compared to forklifts powered by internal combustion engines, electric forklifts have fewer moving components, necessitating less frequent maintenance. They do not require fuel filter replacements or oil changes. Compared to forklifts powered by internal combustion engines, electric forklifts often have a longer lifespan. Their durability is due in part to the absence of engine wear and tear.
Opportunity
The initiatives taken by government and OEMs in terms of reducing the carbon emissions and the rising demand for electric vehicles.
Due to their greater energy density, increased cycle life, and quick charging capabilities, lithium-ion batteries were dominating the market for electric forklifts. To provide better performance and less downtime, manufacturers are progressively including lithium-ion battery alternatives in their forklift models. Electric forklifts are increasingly integrating telematics and the Internet of Things (IoT). These solutions made it possible to monitor forklift performance in real-time, execute preventive maintenance, and gain data-driven insights to streamline fleet operations and cut expenses. As an alternate power source for electric forklifts, some manufacturers were looking into hydrogen fuel cell technology. Hydrogen fuel cells are appropriate for heavy-duty End Uses since they have lengthy running times and quick refueling.
Challenge
The supply chain constraints which cause shortages of parts.
Businesses frequently cut back on capital expenditures during a recession, including purchases of new machinery like electric forklifts. As a result, the market for electric forklifts might experience a fall, which would result in lower sales for producers. In an economic crisis, businesses may decide to postpone or delay replacing or expanding their fleets of forklifts in order to save money. For manufacturers and dealers, this may influence sales and revenue. Companies facing financial hardship may give cost-efficiency and cost savings more attention. Despite the higher initial cost, electric forklifts may still be preferable due to their reduced operational expenses when compared to forklifts powered by internal combustion engines.
Impact of Russia Ukraine
Given that Russia and Ukraine are major producers of the raw materials and parts necessary to make a variety of industrial equipment, including electric forklifts, supply chains may be affected by the situation in Ukraine. Production delays and higher manufacturing costs could result from problems with the availability of components or materials. Geopolitical disputes frequently result in economic uncertainty, which can have an impact on corporate investments and decisions. Until the area has more stability, businesses may be more hesitant to make capital investments, including the purchase of electric forklifts. Changes in exchange rates can affect how much it costs to import electric forklifts and related parts. Volatility in exchange rates can have an impact on manufacturers' and distributors' pricing and profitability, thereby raising prices for consumers.
By Product
Counterbalance
Warehouse
By Class
I
II
III
By End Use
Industrial
Food & Beverage
Logistics
Retail
Others
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
North America will be the region which will show good growth during the forecasted period, Electric forklift use has increased significantly in the United States and Canada due to environmental legislation and incentives for electric cars. Growing lithium-ion battery technology, which allows longer runtimes and quicker charging, is one example of a trend.
European nations are putting more of an emphasis on lowering emissions and promoting the use of electric vehicles, especially forklifts. Early adopters of electric forklift technology include Germany, the UK, and the Nordic nations. Regulations supporting sustainability in the European Union may encourage increased adoption.
APAC will be the region with the highest growth rate because China, which has a sizable industrial sector and rising environmental concerns, is a prominent player in the global market for electric forklifts. With an emphasis on cutting-edge battery technologies, Japan has also embraced electric forklifts. As Southeast Asian nations modernize their manufacturing and logistics sectors, they are gradually adopting electric forklifts.
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The major key players are Toyota, Kion Group, Jungheinrich, Mitsubishi, Crown Equipment, Anhui, Komatsu, Hangcha, Doosan Industrial Vehicle and others.
| Report Attributes | Details |
| Market Size in 2023 | US$ 43.3 Billion |
| Market Size by 2031 | US$ 134.28 Billion |
| CAGR | CAGR of 15.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Product (Counterbalance, Warehouse), • by Class (I, II, III), • by End Use (Industrial, Food & Beverage, Logistics, Retail, Others), |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Toyota, Kion Group, Jungheinrich, Mitsubishi, Crown Equipment, Anhui, Komatsu, Hangcha, Doosan Industrial Vehicle |
| Key Drivers | • The rising technology advancement and the increasing concern for sustainability factor |
| Market Restraints | • The supply chain constraints which cause shortages of parts. |
Ans: The Electric Forklift Market size is expected to reach USD 152.30 Bn by 2030, the value for the year 2022 was recorded USD 56.89 Bn.
Ans: The CAGR growth rate is expected to be 13.1% over the forecast period 2023-2030.
Ans: This market is divided into three segments by product, by class, and by End use.
Ans: The major key players are Toyota, Kion Group, Jungheinrich, Mitsubishi, Crown Equipment, Anhui, Komatsu, Hangcha, Doosan Industrial Vehicle and others.
Ans: Businesses frequently cut back on capital expenditures during a recession, including purchases of new machinery like electric forklifts.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Electric Forklift Market, By Product Type
8.1 Counterbalance
8.2 Warehouse
9. Electric Forklift Market, By Class
9.1 I
9.2 II
9.3 III
10. Electric Forklift Market, By End Use
10.1 Industrial
10.2 Food & Beverage
10.3 Logistics
10.4 Retail
10.5 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Electric Forklift Market by Country
11.2.2North America Electric Forklift Market by Product Type
11.2.3 North America Electric Forklift Market by Class
11.2.4 North America Electric Forklift Market by End Use
11.2.5 USA
11.2.5.1 USA Electric Forklift Market by Product Type
11.2.5.2 USA Electric Forklift Market by Class
11.2.5.3 USA Electric Forklift Market by End Use
11.2.6 Canada
11.2.6.1 Canada Electric Forklift Market by Product Type
11.2.6.2 Canada Electric Forklift Market by Class
11.2.6.3 Canada Electric Forklift Market by End Use
11.2.7 Mexico
11.2.7.1 Mexico Electric Forklift Market by Product Type
11.2.7.2 Mexico Electric Forklift Market by Class
11.2.7.3 Mexico Electric Forklift Market by End Use
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Electric Forklift Market by country
11.3.1.2 Eastern Europe Electric Forklift Market by Product Type
11.3.1.3 Eastern Europe Electric Forklift Market by Class
11.3.1.4 Eastern Europe Electric Forklift Market by End Use
11.3.1.5 Poland
11.3.1.5.1 Poland Electric Forklift Market by Product Type
11.3.1.5.2 Poland Electric Forklift Market by Class
11.3.1.5.3 Poland Electric Forklift Market by End Use
11.3.1.6 Romania
11.3.1.6.1 Romania Electric Forklift Market by Product Type
11.3.1.6.2 Romania Electric Forklift Market by Class
11.3.1.6.4 Romania Electric Forklift Market by End Use
11.3.1.7 Turkey
11.3.1.7.1 Turkey Electric Forklift Market by Product Type
11.3.1.7.2 Turkey Electric Forklift Market by Class
11.3.1.7.3 Turkey Electric Forklift Market by End Use
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Electric Forklift Market by Product Type
11.3.1.8.2 Rest of Eastern Europe Electric Forklift Market by Class
11.3.1.8.3 Rest of Eastern Europe Electric Forklift Market by End Use
11.3.2 Western Europe
11.3.2.1 Western Europe Electric Forklift Market by Country
11.3.2.2 Western Europe Electric Forklift Market by Product Type
11.3.2.3 Western Europe Electric Forklift Market by Class
11.3.2.4 Western Europe Electric Forklift Market by End Use
11.3.2.5 Germany
11.3.2.5.1 Germany Electric Forklift Market by Product Type
11.3.2.5.2 Germany Electric Forklift Market by Class
11.3.2.5.3 Germany Electric Forklift Market by End Use
11.3.2.6 France
11.3.2.6.1 France Electric Forklift Market by Product Type
11.3.2.6.2 France Electric Forklift Market by Class
11.3.2.6.3 France Electric Forklift Market by End Use
11.3.2.7 UK
11.3.2.7.1 UK Electric Forklift Market by Product Type
11.3.2.7.2 UK Electric Forklift Market by Class
11.3.2.7.3 UK Electric Forklift Market by End Use
11.3.2.8 Italy
11.3.2.8.1 Italy Electric Forklift Market by Product Type
11.3.2.8.2 Italy Electric Forklift Market by Class
11.3.2.8.3 Italy Electric Forklift Market by End Use
11.3.2.9 Spain
11.3.2.9.1 Spain Electric Forklift Market by Product Type
11.3.2.9.2 Spain Electric Forklift Market by Class
11.3.2.9.3 Spain Electric Forklift Market by End Use
11.3.2.10 Netherlands
11.3.2.10.1 Netherlands Electric Forklift Market by Product Type
11.3.2.10.2 Netherlands Electric Forklift Market by Class
11.3.2.10.3 Netherlands Electric Forklift Market by Test Type
11.3.2.11 Switzerland
11.3.2.11.1 Switzerland Electric Forklift Market by Product Type
11.3.2.11.2 Switzerland Electric Forklift Market by Class
11.3.2.11.3 Switzerland Electric Forklift Market by End Use
11.3.2.1.12 Austria
11.3.2.12.1 Austria Electric Forklift Market by Product Type
11.3.2.12.2 Austria Electric Forklift Market by Class
11.3.2.12.3 Austria Electric Forklift Market by End Use
11.3.2.13 Rest of Western Europe
11.3.2.13.1 Rest of Western Europe Electric Forklift Market by Product Type
11.3.2.13.2 Rest of Western Europe Electric Forklift Market by Class
11.3.2.13.3 Rest of Western Europe Electric Forklift Market by End Use
11.4 Asia-Pacific
11.4.1 Asia-Pacific Electric Forklift Market by country
11.4.2 Asia-Pacific Electric Forklift Market by Product Type
11.4.3 Asia-Pacific Electric Forklift Market by Class
11.4.4 Asia-Pacific Electric Forklift Market by End Use
11.4.5 China
11.4.5.1 China Electric Forklift Market by Product Type
11.4.5.2 China Electric Forklift Market by End Use
11.4.5.3 China Electric Forklift Market by Class
11.4.6 India
11.4.6.1 India Electric Forklift Market by Product Type
11.4.6.2 India Electric Forklift Market by Class
11.4.6.3 India Electric Forklift Market by End Use
11.4.7 Japan
11.4.7.1 Japan Electric Forklift Market by Product Type
11.4.7.2 Japan Electric Forklift Market by Class
11.4.7.3 Japan Electric Forklift Market by End Use
11.4.8 South Korea
11.4.8.1 South Korea Electric Forklift Market by Product Type
11.4.8.2 South Korea Electric Forklift Market by Class
11.4.8.3 South Korea Electric Forklift Market by End Use
11.4.9 Vietnam
11.4.9.1 Vietnam Electric Forklift Market by Product Type
11.4.9.2 Vietnam Electric Forklift Market by Class
11.4.9.3 Vietnam Electric Forklift Market by End Use
11.4.10 Singapore
11.4.10.1 Singapore Electric Forklift Market by Product Type
11.4.10.2 Singapore Electric Forklift Market by Class
11.4.10.3 Singapore Electric Forklift Market by End Use
11.4.11 Australia
11.4.11.1 Australia Electric Forklift Market by Product Type
11.4.11.2 Australia Electric Forklift Market by Class
11.4.11.3 Australia Electric Forklift Market by End Use
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Electric Forklift Market by Product Type
11.4.12.2 Rest of Asia-Pacific Electric Forklift Market by Class
11.4.12.3 Rest of Asia-Pacific Electric Forklift Market by Test Type
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Electric Forklift Market by country
11.5.1.2 Middle East Electric Forklift Market by Product Type
11.5.1.3 Middle East Electric Forklift Market by Class
11.5.1.4 Middle East Electric Forklift Market by End Use
11.5.1.5 UAE
11.5.1.5.1 UAE Electric Forklift Market by Product Type
11.5.1.5.2 UAE Electric Forklift Market by Class
11.5.1.5.3 UAE Electric Forklift Market by End Use
11.5.1.6 Egypt
11.5.1.6.1 Egypt Electric Forklift Market by Product Type
11.5.1.6.2 Egypt Electric Forklift Market by Class
11.5.1.6.3 Egypt Electric Forklift Market by End Use
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Electric Forklift Market by Product Type
11.5.1.7.2 Saudi Arabia Electric Forklift Market by Class
11.5.1.7.3 Saudi Arabia Electric Forklift Market by End Use
11.5.1.8 Qatar
11.5.1.8.1 Qatar Electric Forklift Market by Product Type
11.5.1.8.2 Qatar Electric Forklift Market by Class
11.5.1.8.3 Qatar Electric Forklift Market by End Use
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Electric Forklift Market by Product Type
11.5.1.9.2 Rest of Middle East Electric Forklift Market by Class
11.5.1.9.3 Rest of Middle East Electric Forklift Market by End Use
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by country
11.5.2.2 Africa Electric Forklift Market by Product Type
11.5.2.3 Africa Electric Forklift Market by Class
11.5.2.4 Africa Electric Forklift Market by End Use
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Electric Forklift Market by Product Type
11.5.2.5.2 Nigeria Electric Forklift Market by Class
11.5.2.5.3 Nigeria Electric Forklift Market by End Use
11.5.2.6 South Africa
11.5.2.6.1 South Africa Electric Forklift Market by Product Type
11.5.2.6.2 South Africa Electric Forklift Market by Class
11.5.2.6.3 South Africa Electric Forklift Market by End Use
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Electric Forklift Market by Product Type
11.5.2.7.2 Rest of Africa Electric Forklift Market by Class
11.5.2.7.3 Rest of Africa Electric Forklift Market by End Use
11.6 Latin America
11.6.1 Latin America Electric Forklift Market by country
11.6.2 Latin America Electric Forklift Market by Product Type
11.6.3 Latin America Electric Forklift Market by Class
11.6.4 Latin America Electric Forklift Market by End Use
11.6.5 Brazil
11.6.5.1 Brazil America Electric Forklift by Product Type
11.6.5.2 Brazil America Electric Forklift by Class
11.6.5.3 Brazil America Electric Forklift by End Use
11.6.6 Argentina
11.6.6.1 Argentina America Electric Forklift by Product Type
11.6.6.2 Argentina America Electric Forklift by Class
11.6.6.3 Argentina America Electric Forklift by End Use
11.6.7 Colombia
11.6.7.1 Colombia America Electric Forklift by Product Type
11.6.7.2 Colombia America Electric Forklift by Class
11.6.7.3 Colombia America Electric Forklift by End Use
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Electric Forklift by Product Type
11.6.8.2 Rest of Latin America Electric Forklift by Class
11.6.8.3 Rest of Latin America Electric Forklift by End Use
12 Company Profiles
12.1 Toyota
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Kion Group
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Jungheinrich
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Mitsubishi
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Crown Equipment
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Anhui
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Komatsu
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Hangcha
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Doosan
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Industrial Vehicle
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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