Electric Forklifts Global Market Report 2024

The electric forklifts market size has grown rapidly in recent years. It will grow from $55.47 billion in 2023 to $63.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The growth witnessed during the historic period can be attributed to several key factors, including environmental regulations, urbanization trends favoring indoor applications, government incentives, and shifts in the global supply chain landscape.

The electric forklifts market size is expected to see rapid growth in the next few years. It will grow to $102.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The projected growth in the forecast period is expected to stem from stringent emission regulations, ongoing advancements in battery technology, escalating fuel expenses, and a growing emphasis on sustainability practices. Major trends anticipated during this period encompass the expansion of telematics and IoT integration, heightened adoption of autonomous forklifts, a transition towards energy-efficient designs, and increased collaborations and partnerships within the industry.

The exponential growth within the logistics sector is anticipated to drive the expansion of the electric forklift market in the foreseeable future. The logistics industry encompasses the transportation of goods, services, and information from their origin to their final destination. The surge in online retail and e-commerce platforms has resulted in an amplified need for streamlined logistics operations to manage the storage, transportation, and delivery of products to end consumers. Electric forklifts play a pivotal role in the logistics domain by facilitating the movement and lifting of heavy loads, such as pallets of merchandise, within warehouses, distribution centers, and similar facilities, thereby enhancing efficiency and boosting productivity. For instance, as per a February 2022 report by the U.S. Department of Transportation, the demand for freight transportation is projected to increase by approximately 40% by the year 2045. Consequently, the swift expansion of the logistics sector serves as a catalyst for the growth of the electric forklift market.

Key players in the electric forklift market are focusing on innovative product development initiatives, including the introduction of electric pneumatic forklifts, to stimulate growth, foster innovation, and cater to evolving consumer needs. These forklifts, powered by electricity, are engineered to endure outdoor terrains and function effectively in diverse weather conditions, rendering them well-suited for retail applications such as lumberyards, home improvement centers, landscaping, and store support activities. For instance, in November 2023, Toyota Material Handling, Inc., a prominent U.S.-based manufacturer of forklifts and tow tractors, unveiled a new series of electric pneumatic forklifts featuring 48V and 80V models. These forklifts are designed to deliver hassle-free operation, customizable performance through programmable settings, and a power-select feature enabling tailored adjustments based on application requirements and operator preferences. Furthermore, these innovative forklifts offer versatility in handling a broad spectrum of tasks both indoors and outdoors, incorporating several productivity-enhancing features such as electric power steering, regenerative braking, and load-sensing power steering.

In July 2023, Mitsubishi Heavy Industries Ltd., a Japanese engineering firm, completed the acquisition of Concentric LLC for an undisclosed sum. This strategic move aligns with Mitsubishi Heavy Industries' overarching strategy to offer holistic, solution-driven offerings to clientele across the material handling equipment sector and beyond. Concentric LLC, a US-based industrial power services provider renowned for its electric forklifts and essential power solutions, is now a part of Mitsubishi Heavy Industries' portfolio.

Major companies operating in the electric forklifts market report are Toyota Motor Corporation, Mitsubishi Corporation, BYD Company Ltd, Komatsu Ltd., KION Group AG, Hyundai Heavy Industries, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Lonking Holdings Limited, Anhui Heli Co Ltd., Manitou Group, UniCarriers Corporation, Godrej And Boyce Mfg. Co. Ltd, Hangcha Group Co Ltd, Cascade Corporation, Crown Battery Manufacturing Company, Clark Material Handling International, Linde Material Handling, Taylor-Dunn Manufacturing Company, Doosan Industrial Vehicles Co. Ltd, Tailift Co Ltd, HELI Forklift Co Ltd, EP Equipment, Nissan Forklift Corporation.

North America was the largest region in the electric forklifts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric forklifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric forklifts market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

An electric forklift denotes a forklift variant propelled by an electric motor rather than an internal combustion engine. These forklifts rely on rechargeable batteries for power, making them a popular choice for indoor settings such as warehouses, distribution centers, and manufacturing facilities where material handling is essential.

The primary electric forklift categories include counterbalanced pallet trucks, reach trucks, pallet stackers, and similar models. Counterbalanced forklifts are characterized by their rear-mounted counterbalance weight. They come with diverse battery options such as lead-acid, lithium-ion, and fuel cells, catering to industries such as chemicals, food and beverage, industrial, logistics, retail, e-commerce, among others.

The electric forklifts market research report is one of a series of new reports that provides electric forklifts market statistics, including electric forklifts industry global market size, regional shares, competitors with an electric forklifts market share, detailed electric forklifts market segments, market trends and opportunities, and any further data you may need to thrive in the electric forklifts industry. This electric forklifts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The electric forklift market consists of sales of warehouse forklifts, order pickers, pallet jacks, tow trucks, and automated guided vehicles. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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