Rapid urbanisation and infrastructure expansion across developed and developing economies are boding well for the construction industry. Such favourable trends funnel down to the industries and domains dependent on the construction industry. Forklifts have been a key piece of machinery used in the construction industry for material moving. Contemporarily, these machines were powered by fossil fuels. Recent efforts to curtail dependence on fossil fuels in order to eliminate carbon emissions are creating a sustained demand for their electric counterparts. Against this backdrop, the global electric forklifts market is projected to showcase tremendous growth across the study period. Robust innovations in electric battery technology are improving the practical feasibility of electric forklifts. Longer range, shorter charging times, and reduced battery costs are enabling market players to adopt electric forklifts at a faster pace in the projection period.
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Smoother Functioning and Easier Maintenance to Fuel Demand Surge in Electric Forklifts Market
In the recent past, electrification has gained notable traction to limit or eliminate carbon emissions. This trend has affected forklifts too as market players and users are actively seeking to switch from fossil fuels to electric batteries for material handling. Such a business environment is steering the global electric forklifts market to vibrant business opportunities. No tailpipe emissions, easier maintenance, and smooth functioning are some of the major attributes that are driving the adoption of electric forklifts. With paced advancements in battery technologies both in terms of capacity and charging times. Modern electric forklifts can function for two entire shifts of runtime on a single charge, which is easing the adoption of electric forklifts.
Advancements in Battery Tech to Aid Sustained Growth of Electric Forklifts Market
The cumulative force of a soaring construction sector and efforts to limit carbon emissions are prolonging the growth trajectory of the global electric forklifts market. The battery prices, particularly for lithium-ion variants, have gone down sharply in the past decade. Concurrently, the fuel prices of internal combustion engines have proliferated. Such trends have attracted tremendous interest from market players and other industry stakeholders. This inversely proportional change in battery and fuel prices is expected to continue throughout the forecast period. This shall reduce the upfront costs of electric forklifts in the coming years, subsequently boosting the sales and demand for the concerned material handling machinery.
North America to Lead Electric Forklifts Market Amidst Greater Emphasis on Curtailing Emissions
Stringent environmental protection norms and the flourishing construction industry are some of the primary enablers of North America’s dominance across the electric forklifts market. The region is also extremely lucrative in terms of electric adoption and battery technologies. The US is one of the major contributors to such a business landscape. Major market players in the region are poised to adopt electric forklifts in the coming years. With falling battery prices and growing scrutiny against fossil fuels, North America is expected to sustain its paced growth in the electric forklifts market.
Most Competitive Players
The leading players participating in the global electric forklifts market include Toyota Material Handling, Yale Material Handling Corporation, Mitsubishi Logisnext, Komatsu, Hyundai Heavy Industries, and Godrej & Boyce.
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