[New Market Study] Global Electric Forklift Market is expected to reach US$ 7.1 billion by 2028, registering a CAGR of over 6%

According to a deep-dive market assessment by RationalStat, the global electric forklift market has been analyzed on the basis of market segments, including class, product type, battery type, end user, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2028.

Wilmington, Delaware, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Market Scope and Report Overview

Global Electric Forklift Market is estimated at US$ 5 billion in 2022 and is expected to grow at a significant CAGR of over 6% over the forecast period of 2019-2028, market report by RationalStat

Market intelligence for the global electric forklift market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.

In addition, the long-term sector and products/services 10-year outlook and its implications on the sector. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc.  Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, and insights, etc.

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Market Drivers and Trends of the Global Electric Forklift Market

In general, electric forklifts have cheaper running expenses than their internal combustion engine counterparts. They require less upkeep, have fewer moving parts, and electricity is frequently less expensive than petrol or diesel fuel. Because of their clean and quiet operation, it is well-suited for indoor operations. They are frequently used in warehouses, distribution centres, manufacturing facilities, and retail settings where noise reduction is critical. Battery technological advancements, such as improved energy density and faster charging capabilities, have increased the range and reduced charge periods of electric forklifts.

Global Electric Forklift Market: Segmental and Market Share Analysis

On the basis of class, the class 3 category dominated the market, accounting for the greatest revenue share of more than 39.70%. The segment is expected to maintain its dominance during the forecast period.

On the basis of product type, the segment of electric counterbalance forklifts dominated the global electric forklift market. A counterweight at the rear of these forklifts aids in stability and balance. It qualifies them for a wide variety of material-handling jobs across sectors.

On the basis of battery type, the market is projected to be dominated by lithium-ion batteries. This expansion is influenced by increased R&D expenditure and the advantages of Li-ion battery technology over conventional battery technology, such as high durability, faster charging, and lightweight.

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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment

In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.

The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns.  The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others.  Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.

In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.

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Competition Analysis and Market Structure

These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global electric forklift market include,

  • In December 2021, Walter Group LLC announced the acquisition of A D lift truck, a family-owned material handling & forklift company. The acquisition will expand the company’s line of gas and electric forklifts.
    • The acquisition was part of Walter Group's plan to broaden its line of gas and electric forklifts and better serve its regional customers. Walter Group was able to expand its existing product line and gain access to new consumers in the Illinois region by purchasing a D lift truck.
  • In February 2019, Toyota Industries North America acquired Chicago-based Hoist Lift truck manufacturing to build a brand image and develop quality products.
  • This acquisition of Toyota Industries was able to increase its manufacturing capabilities and develop new and creative products to fulfill the changing needs of its consumers.

Some of the prominent players that contribute significantly to the electric forklift market growth include Toyota Industries Corp, Kion Group AG, Jungheinrich Lift Truck Corp, Hyster-Yale Materials Handling Inc, Crown Equipment Corp, Mitsubishi Logisnext Co Ltd, Anhui Forklift Truck Group Co Ltd, Hangcha Group Co Ltd, Komatsu Utility Co Ltd, Doosan Industrial Vehicles Co Ltd, Godrej & Boyce Manufacturing Co Ltd, Clark Material Handling International Inc, Combilift Ltd, Hyundai Heavy Industries, and UniCarriers Corp among Others.

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RationalStat has segmented the global electric forklift market based on class, product type, battery type, end user, and region

  • Global Electric Forklift Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Class
    • Class 1
    • Class 2
    • Class 3
    • Class 4
    • Class 5
  • Global Electric Forklift Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Product Type
  • Electric Counterbalance Forklift Trucks
  • Electric Pallet Trucks
  • Electric Reach Trucks
  • Electric Stackers
  •  Global Electric Forklift Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by Battery Type
  • Lead-acid Battery
  • Lithium-Ion Battery
  • Nickel-Cadmium Battery      
  • Global Electric Forklift Market Value (US$ Million), Volume (‘000 units), and Market Share (2019-2028) Analysis by End User
    • Automotive
    • Logistics and 3PLs
    • Contract Manufacturing
    • Continue!

Leading Companies and Market Players

    • Toyota Industries Corp
    • Kion Group AG
    • Jungheinrich Lift Truck Corp
    • Hyster-Yale Materials Handling Inc
    • Crown Equipment Corp
    • Mitsubishi Logisnext Co Ltd
    • Anhui Forklift Truck Group Co Ltd
    • Hangcha Group Co Ltd
    • Komatsu Utility Co Ltd
    • Doosan Industrial Vehicles Co Ltd
    • Godrej & Boyce Manufacturing Co Ltd
    • Clark Material Handling International Inc
    • Combilift Ltd
    • Hyundai Heavy Industries
    • UniCarriers Corp

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Key Questions Answered in the Electric Forklift Report:

  • What will be the market value of the global electric forklift market by 2028?
  • What is the market size of the global electric forklift Market?
  • What are the market drivers of the global electric forklift Market?
  • What are the key trends in the global electric forklift Market?
  • Which is the leading region in the global electric forklift Market?
  • What are the major companies operating in the global electric forklift Market?
  • What are the market shares by key segments in the global electric forklift Market?

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