Electric Forklift Market Report
Electric Forklift Market by End-user (Automobile Industry, Logistics, and Food Industry), Distribution Channel (Online and Offline), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032
Electric Forklift Overview
Forklifts are commonly used to handle and transport materials and items in an array of industries, including warehouses, industrial facilities, logistics hubs, and distribution centers.
Electric forklifts are propelled by rechargeable batteries as opposed to conventional internal combustion engine forklifts, which are propelled by petrol, diesel, or propane. Due to their many advantages over their conventional counterparts, electric forklifts have become increasingly popular. They are more environmentally friendly and in compliance with higher emission rules because of their lower operating costs and reduced emissions. Additionally, electric forklifts have a tendency to be quieter, which reduces noise pollution in enclosed spaces. Additionally, they often require less upkeep and have a longer lifespan than internal ones.
To meet the needs of various industries, the electric forklift market offers a wide variety of models with different capacities, lift heights, and specialized features. Electric forklifts are produced and supplied by manufacturers in this market to satisfy the expanding need for effective and environmentally friendly material handling solutions. Along with sellers of maintenance, repair, and after-sale services, the market also includes sellers of electric forklift parts and accessories. The market for electric forklifts is expanding because of factors like the growing acceptance of electric vehicles across industries, government measures supporting sustainable practices, and the demand for improved operational efficiency. Electric forklifts have been a popular option as businesses want to optimize their material handling operations because of their capacity to increase productivity, save costs, and help the environment.
Global Electric Forklift Market Analysis
The global electric forklift market size was $49.1 billion in 2022 and is predicted to grow with a CAGR of 16.1%, by generating a revenue of $206.5 billion by 2032.
COVID-19 Impact on Global Electric Forklift Market
Several industries have been significantly impacted by the COVID-19 pandemic, and the electric forklift market is no exception. Supply chains, manufacturing activity, and overall economic growth have been interrupted because of the viral pandemic and the accompanying measures taken to stop its spread, such as lockdowns, travel restrictions, and social distance rules. A reduction in demand has been one of the pandemic's main repercussions on the electric forklift market. Operations were disrupted across a wide range of industries, including manufacturing, construction, and logistics, which lowered output and constrained the transportation of commodities. As a result, the market suffered as the demand for new forklifts and equipment dramatically reduced. The lockdowns and safety measures during the pandemic made it difficult for manufacturers to run at full capacity. This resulted in production delays, a lack of essential raw materials and components, and challenges in fulfilling client orders. The market's supply of electric forklifts was also impacted by the supply chain disruption. Positively, the COVID-19 incident brought attention to the value of automation and minimizing human involvement across numerous businesses. Electric forklifts, which have advantages including lower running costs, lower emissions, and increased efficiency, have grown in popularity as a result of this. The need for contactless and automated material handling systems, including electric forklifts, surged due to the requirement for social segregation and sanitary controls in workplaces.
The pandemic hastened the uptake of online shopping and e-commerce, which has increased the demand for warehouse space and effective material handling machinery. Due to their ability to operate indoors without emitting any pollutants and their silent operation, electric forklifts are ideal for warehouse operations. As a result, during the pandemic, the market for electric forklifts in the e-commerce and logistics industries has seen some increase. With a drop in demand and supply chain disruptions caused by the COVID-19 pandemic, the electric forklift business faced major difficulties. The crisis, however, also opened possibilities for the use of electric forklifts in sectors that place a high value on automation, sustainability, and contactless operations. The rate of economic recovery and market expansion in the future are dependent on the continued focus on environmental sustainability.
Growing Demand for Remote Collaboration to Drive the Market Growth
The market for electric forklifts is expanding significantly because of the rising demand for remote cooperation across numerous industries. In today's connected world, when businesses are seeking effective ways to optimize their operations and boost production, remote collaboration has grown in significance. The necessity for real-time monitoring and control is one of the main factors fueling the demand for remote collaboration in the electric forklift market. Operators can follow the position of electric forklifts, track their performance, and get crucial information like battery health and upkeep needs using remote collaboration tools. With this level of information, companies can manage their fleets more effectively, anticipate problems, and take the required steps to avoid downtime and increase operational effectiveness. This boosts overall productivity, reduces errors, and improves operational coordination.
The increasing usage of automation and modern technologies is another reason fueling the need for remote collaboration in the electric forklift market. Remote cooperation is crucial for managing and controlling electric forklifts as firms work to automate their processes and use Internet of Things (IoT) and artificial intelligence (AI) technology. Businesses can improve operations, minimize human interference, and reach higher standards of efficiency and accuracy by integrating automation technologies.
Security Concerns to Restrain the Market Growth
The market for electric forklifts has grown significantly in recent years due to reasons such as the increased focus on sustainability, the widespread use of electric vehicles in a variety of industries, and the growing demand for effective material handling equipment. However, there are a number of security issues that must be resolved that could limit the market's ability to flourish. First and foremost, the electric forklift market faces significant cybersecurity risks. These machines are susceptible to possible cyber risks as they become more interconnected and integrated into the Internet of Things (IoT) ecosystem. The forklift's control systems are susceptible to malicious actors gaining unauthorized access, which might put users' safety at risk or cause a hiccup in operations. To reduce these dangers, it is essential to implement strong cybersecurity measures, such as secure communication protocols and frequent software updates.
Second, using electric forklifts raises safety issues, particularly when used in industrial settings. Accidents using forklifts can cause critical injuries or even death. Even though they operate more quietly and emit no emissions, electric forklifts must nevertheless adhere to strict safety regulations. To reduce the likelihood of accidents, factors like operator training, appropriate maintenance, and attention to safety regulations are crucial. The availability and dependability of the infrastructure for charging presents further obstacles to the widespread use of electric forklifts. To ensure continuous operations, charging stations must be strategically located inside industrial buildings or warehouses. However, the development of a thorough charging infrastructure necessitates a substantial investment and demands careful planning, which may discourage some enterprises from switching to electric forklifts. Despite the enormous growth potential of the electric forklift business, a number of security issues must be resolved to encourage further development.
Advancements in Technology to Drive Excellent Opportunities
The market for electric forklifts is experiencing great prospects due to the ongoing improvements in technology. Electric forklifts have become an appealing alternative to their conventional internal combustion engine counterparts as the world embraces sustainable solutions and works to minimize carbon emissions. Electric forklifts are currently a popular choice for many industries due to considerable advancements in their performance, efficiency, and overall capabilities.
The development of batteries is one important technical accomplishment. Since lithium-ion batteries are now more readily available, smaller, and more powerful, electric forklifts may run for longer periods of time without needing to be frequently recharged. Because of the greater energy density, quicker charging periods, and lower maintenance requirements of these batteries, businesses' productivity and uptime have grown. The improved performance of electric forklifts has been greatly aided by the development of sophisticated electric motor systems. Electric forklifts can easily manage huge loads because of the increased torque and acceleration provided by high efficiency motors such AC induction motors and permanent magnet motors. Electric forklifts have advantages for businesses across a range of industries, including decreased carbon footprint, higher energy efficiency, and increased production.
Global Electric Forklift Market Share, by End-user, 2022
The automobile industry sub-segment accounted for the highest market share in 2022. Within the automotive industry, the electric forklift market is a sizable sub-segment. Due to their efficiency and environmental friendliness in comparison to conventional internal combustion engine (ICE) forklifts, electric forklifts have become extremely popular. In many different industries, including manufacturing, warehousing, construction, and retail, they have become the go-to option for material handling and logistics operations. There are a number of factors that have fueled the need for electric forklifts. First of all, lowering industrial carbon emissions and promoting sustainability are becoming increasingly important. Electric forklifts contribute to cleaner, more environmentally friendly workplaces by emitting no pollutants when in use. As more companies see the advantages of using electric-powered material handling equipment, the market for electric forklifts is expanding quickly. Industry participants are spending money on R&D to increase the effectiveness, productivity, and range of electric forklifts. Additionally, governments around the world are putting in place advantageous laws and incentives to encourage the use of electric vehicles, including electric forklifts, which is further fostering market expansion.
Global Electric Forklift Market Share, by Distribution Channel, 2022
The offline sub-segment accounted for the highest market share in 2022. The traditional distribution channels and sales procedures used to sell electric forklifts are referred to as the offline portion of the electric forklift market. Customers in this market often go to physical shops or dealerships to buy or rent electric forklifts. For many years, forklift purchases have primarily been made through offline channels, which entail direct encounters between customers and salespeople. Customers can physically examine the forklifts in the offline section, communicate with salespeople directly, and ask questions. Additionally, they can haggle over rates, compare various models, and research additional services like maintenance and warranty options. This conventional method has benefits, especially for consumers who like tactile experience and direct engagement while making decisions about purchases.
Global Electric Forklift Market Share, by Region, 2022
The Asia Pacific electric forklift market generated the highest revenue in 2022. The market for electric forklifts has seen a considerable increase in competition from the Asia Pacific region. The region has seen a spike in the use of electric forklifts due to its quickly expanding industrial sector, growing emphasis on sustainability, and supportive government efforts. This rise has been spearheaded by nations like China, Japan, South Korea, and India, who are motivated by the need to cut carbon emissions, increase operational effectiveness, and abide by strict environmental standards. The use of conventional internal combustion engine (ICE) forklifts has been replaced with electric forklifts in these countries. Strong industrial growth is also being seen in the Asia-Pacific region, especially in fields like manufacturing, logistics, and e-commerce. Due to this expansion, there is now more need for forklifts and other material handling equipment. Electric forklifts have become more popular as businesses look to streamline their processes and boost production. In conclusion, the market for electric forklifts is rapidly rising in the Asia Pacific region, propelled by a mix of environmental concerns, government assistance, and expanding industrialization. The demand for electric forklifts is anticipated to increase further as the region continues to prioritize sustainable practices and technology breakthroughs, opening major potential for manufacturers and suppliers in the industry.
Competitive Scenario in the Global Electric Forklift Market
New product launch and investment are common strategies followed by major market players. Some of the leading electric forklift market players are Doosan Industrial Vehicles Co. Ltd, Mitsubishi Forklift Trucks., Toyota Industries Corp., Clark Material Handling International Inc., Hangcha Forklift Co. Ltd, Komatsu Utility Co. Ltd, Jungheinrich Lift Truck Corp., Crown Equipment Corp., Hyster-Yale Group, and Godrej & Boyce Mfg. Co. Ltd.
Historical Market Estimations
Base Year for Market Estimation
Forecast Timeline for Market Projection
North America, Europe, Asia-Pacific, and LAMEA
Segmentation by end user
Segmentation by distribution channel
Key Companies Profiled
Q1. What is the size of the global electric forklift market?
A. The size of the global electric forklift market was over $49.1 billion in 2022 and is projected to reach $206.5 billion by 2032.
Q2. Which are the major companies in the electric forklift market?
A. Hyster-Yale Group. and Godrej & Boyce Mfg. Co. Ltd are some of the key players in the global electric forklift market.
Q3. Which region, among others, possesses greater investment opportunities in the near future?
A. The Asia Pacific region possesses great investment opportunities for investors to witness the most promising growth in the future.
Q4. What are the strategies opted by the leading players in this market?
A. Agreement and investment are the two key strategies opted by the operating companies in this market.
Q5. Which companies are investing more on R&D practices?
A. Doosan Industrial Vehicles Co. Ltd, Mitsubishi Forklift Trucks., Toyota Industries Corp., Clark Material Handling International Inc., Hangcha Forklift Co. Ltd, Komatsu Utility Co. Ltd, Jungheinrich Lift Truck Corp., Crown Equipment Corp., Hyster-Yale Groupand, and Godrej & Boyce Mfg. Co. Ltd. are the companies investing more on R&D activities for developing new products and technologies.