Electric Forklift Truck Market By Product Type (Electric Counterbalance Forklift, Electric Warehouse Forklift, Electric Pallet Jackets and Stackers, Electric Reach, Electric Order Pickers, Others) , By Battery Type (Lead Acid Batteries, Lithium Ion Batteries, Fuel Cells) By Load Capacity (0-5 Tons, 5-10 Tons, 10-15 Tons, Above 15 Tons) By End User (Manufacturing, Logistics & Warehousing, Retail, Construction, Food & Beverage, E-Commerce, Chemicals, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Electric Forklift Truck Market
The electric forklift truck market was valued at $56.1 billion in 2023 and is projected to reach $146.5 billion by 2033, growing at a CAGR of 10.2% from 2024 to 2033.
An electric forklift truck is a vehicle used to lift, carry, and move heavy loads in industries. It obtains power supply from rechargeable batteries and the lifting mechanism is achieved through a hydraulic system. The trucks come in different sizes & configurations and are utilized in different industries, including warehousing, manufacturing, logistics, and retail.
Constant surges in fuel prices and extensive maintenance requirements of internal combustion engines (ICEs) have augmented the growth of the electric forklift truck market. This is attributed to the lower prices of electricity as compared to gasoline fuels and reduced maintenance requirements of electric engines. In addition, electric forklift trucks are majorly utilized for indoor operations due to their quiet operation mechanism and low emissions. These characteristics act as notable drivers of the electric forklift truck market. An emerging trend projected to dominate the market in coming years is the assimilation of automation technologies such as robotic picking systems and automated storage & retrieval systems into trucks. This assimilation accelerates the workflow of routine tasks and improves the operational efficiency in industries & warehouses.
Despite the low fuel and maintenance costs, the initial purchase of an electric forklift truck requires significant capital, which limits their adoption in budget-sensitive industries and hampers the growth of the market. Moreover, the unreliable electrical supply in several areas leads to operational delays and unpredictable operational costs. This deters several consumers from investing in the vehicle, thereby restraining the electric forklift truck market development. On the contrary, rise in efforts to ban ICE vehicles is anticipated to present remunerative opportunities for the electric forklift truck market. For instance, the European Union aims for a complete ICE ban by 2035, which is expected to strengthen the commitments of several other countries.
Segment ReviewThe electric forklift truck market is segmented into product type, battery type, load capacity, end user, and region. On the basis of product type, the market is categorized into electric counterbalance forklift, electric warehouse forklift, electric pallet jackets & stackers, electric reach, electric order pickers, and others. As per battery type, it is classified into lead acid batteries, lithium-ion batteries, and fuel cells. According to load capacity, it is divided into 0-5 tons, 5-10 tons, 10-15 tons, and above 15 tons. Depending on end user, it is segregated into manufacturing, logistics & warehousing, retail, construction, food & beverage, e-commerce, chemicals, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of product type, the electric pallet jackets & stackers segment dominated the market in 2023.
As per battery type, the lead acid batteries segment was the highest shareholder in 2023.
According to load capacity, the 5-10 tons segment acquired a notable stake in the market in 2023.
Region wise, Europe was the highest revenue generator in 2023.
Competition AnalysisThe major players in the global electric forklift truck market include Toyota Material Handling (Japan), Godrej & Boyce (India), Mitsubishi Logisnext (Japan), Komatsu Limited (Japan), Hangcha Group Co. Ltd. (China), Anhui Heli Company Limited (China), EP Equipment (China), BYD Company Limited (China), Doosan Industrial Vehicle (South Korea), Hyundai Heavy Industries (South Korea), Lonking Holdings Limited (China), Heli Forklift Co. Limited (China), Tailift Co. Limited (Taiwan), Crown Equipment Corporation (U.S.), Hyster Yale Materials Handling (U.S.), Clark Material Handling International (U.S.), and Cascade Corporation (U.S.) These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Product TypeElectric Counterbalance Forklift
Electric Warehouse Forklift
Electric Pallet Jackets and Stackers
Electric Reach
Electric Order Pickers
Others
By Battery TypeLead Acid Batteries
Lithium Ion Batteries
Fuel Cells
By Load Capacity0-5 Tons
5-10 Tons
10-15 Tons
Above 15 Tons
By End UserManufacturing
Logistics Warehousing
Retail
Construction
Food Beverage
E-Commerce
Chemicals
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market PlayersToyota Material Handling (Japan)
Godrej & Boyce (India)
Mitsubishi Logisnext (Japan)
Komatsu Limited (Japan)
Hangcha Group Co. Ltd. (China)
Anhui Heli Company Limited (China)
EP Equipment (China)
BYD Company Limited (China)
Doosan Industrial Vehicle (South Korea)
Hyundai Heavy Industries (South Korea)
Lonking Holdings Limited (China)
Heli Forklift Co. Limited (China)
Tailift Co. Limited (Taiwan)
Crown Equipment Corporation (U.S.)
Hyster Yale Materials Handling (U.S.)
Clark Material Handling International (U.S.)
Cascade Corporation (U.S.)