Electric Forklifts Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
An electric forklift refers to a type of forklift powered by an electric motor instead of an internal combustion engine. These forklifts use rechargeable batteries as their power source. This is commonly used in warehouses, distribution centers, manufacturing facilities, and other indoor environments where lifting and transporting materials are required.

Sizing and Forecast
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 in the historic period can be attributed to environmental regulations, urbanization and indoor applications, government incentives, global supply chain changes.

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Segmentation & Regional Insights
The electric forklifts market covered in this report is segmented –
1) By Product: Counterbalanced, Pallet Trucks, Reach Trucks, Pallet Stackers, Other Products
2) By Battery Type: Lead-Acid Batteries, Lithium-ion Batteries, Fuel Cell
3) By End Use: Chemical, Food And Beverage, Industrial, Logistics, Retail And E-Commerce, Other End Uses

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.

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Major Driver Impacting Market Growth
The rapid expansion in the logistics sector is expected to propel the growth of the electric forklift market going forward. The logistics sector refers to the industry involved in flow of goods, services, and information from the point of origin to the point of consumption. The surge in online shopping and e-commerce platforms has led to increased demand for efficient logistics operations to handle the storage, transportation, and delivery of goods to consumers. Electric forklifts are extensively used in the logistics sector for moving and lifting heavy loads, such as pallets of goods, in warehouses, distribution centers, and other logistics facilities to improve efficiency and increase productivity. For instance, according to February 2022 report published by U.S. Department of Transportation, a US-based government agency, the demand for freight is expected to grow by about 40% by 2045. Therefore, the rapid expansion in the logistics sector is driving the growth of the electric forklift market.

Key Industry Players
Major companies operating in the electric forklifts market 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

The electric forklifts market report table of contents includes:
1. Executive Summary