Electric Forklift Market Analysis And Forecast To 2032: Electric Forklift Market Analysis and Forecast to 2031: By Type (Counterbalanced, Ride-Type Warehouse, Walk-in Warehouse), Application (Warehouses, Factories, Distribution Centers, Others), and Regio

Electric Forklift Market Analysis And Forecast To 2032: Electric Forklift Market Analysis and Forecast to 2031: By Type (Counterbalanced, Ride-Type Warehouse, Walk-in Warehouse), Application (Warehouses, Factories, Distribution Centers, Others), and Region

The global Electric Forklift Market was valued at USD 48.3 Billion in 2022 and it is anticipated to grow up to USD 206.3 Billion by 2032, at a CAGR of 15.6% during the forecast period.

An electric forklift is a material handling device that can be used for a variety of purposes, including lifting and transporting heavy loads. Electric forklifts are powered by batteries, which makes them environmentally friendly and quiet to operate. Electric forklifts are available in a variety of sizes and configurations to meet the needs of different applications.
Global Electric Forklift Market Scope and Report Structure
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Market Trends and Drivers
Rapid expansion in the logistics sector will fuel the demand for advanced material-handling equipment. The world has witnessed a significant rise in domestic and international trade lately. Since countries are relying heavily on industrial and manufacturing sectors for economic growth, the application scope of electric equipment could surge in the logistics sector. Large logistic companies are heavily investing in infrastructure development to improve the packing, storage, and delivery of goods. For instance, in March 2021, XPO Logistics, a global leader in freight transportation partnered with Balyo to integrate the latter’s autonomous lift trucks. The partnership aimed at determining the environmental impact of the equipment as a part of the pilot program initiated by XPO Logistics.
Market Restraints and Challenges
The key restraints and challenges in the electric forklift market are the lack of standardization and the lack of infrastructure. There is no standardization in the electric forklift market, which makes it difficult for manufacturers to produce electric forklifts that are compatible with each other. This lack of standardization also makes it difficult for customers to purchase electric forklifts that are compatible with their existing equipment. The lack of infrastructure is another key challenge in the electric forklift market. There is a lack of charging infrastructure, which makes it difficult for electric forklifts to be used in areas where there is no electricity.
Global Electric Forklift Market Segmental Overview
The report analyses the global Electric Forklift Market based on type, application, and region

Global Electric Forklift Market by Type

Based on type, the market is segmented as counterbalanced, ride-type warehouse, and walk-in warehouse. The counterbalanced segment accounted for the largest revenue share in 2022.. The equipment is widely used across rack storage applications owing to intuitive operator controls and precise manoeuvrability, which helps prevent accidents in the aisle. Many industry players have introduced electric counterbalance lift trucks. For instance, in January 2022, Toyota Material Handling UK introduced its new series of Traigo80 80-volt electric counterbalance forklifts manufactured for indoor as well as heavy-duty outdoor applications. Manufacturers are offering customers the option to choose from lead-acid, lithium-ion, and fuel cells based on their power requirements.

Global Electric Forklift Market by Application

Based on application, the market is segmented as warehouses, factories, distribution centers, and others. The warehouse segment accounted for the largest revenue share in 2022. Chemical companies follow strict safety measures such as using proper machinery and equipment to protect workers while handling large volumes of hazardous chemicals. Electric lift trucks allow chemical warehouses to transport and store harmful chemicals more efficiently, minimizing the risk of spillage and contact. The need for advanced material handling solutions to prevent the risk of exposure to radioactive materials will drive the segment growth.
Geographical Analysis of Global Electric Forklift Market
In terms of region, the global electric forklifts market can be divided into North America, Europe, Asia Pacific, Middle & East Africa, and South America. The Asia Pacific region is expected to dominate the global electric forklifts market due to a number of developing countries which are experiencing rapid growth and expansion in the industrial sector with rapid developments in automotive, shipping, construction industries, etc. Forklifts are mostly used in automotive, shipping, and construction industries and rapid growth of these industries is expected to drive the demand for electric forklifts in this region.

Furthermore, Europe is expected to hold significant share in the global electric forklifts market during the forecast period. Europe has several developed automotive manufacturers such as Volkswagen group, BMW group, Ford, and Toyota that use electric forklifts to carry heavy vehicles parts in factories. This will help to increase the demand for electric forklifts in the Europe market.
Major Players in the Global Electric Forklift Market
The key players in the market are Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Hyster-Yale, Crown Equipment, Anhui Heli, Hangcha, Clark Material Handling, and Komatsu. among others.
COVID-19 Impact
The pandemic also adversely impacted warehouse activities and construction and manufacturing in 2020. The spiking rate of COVID-19 infections and the following lockdowns across the globe caused an unexpected downturn in manufacturing activities. However, manufacturing and warehouse operations witnessed growth in the second quarter of 2021. The demand for forklifts spiked during this period as manufacturers and warehouse owners sought ways of lowering labor costs. Nevertheless, market uncertainty stemming from the COVID-19 pandemic and fluctuating raw material prices such as steel and aluminum, coupled with semiconductor shortage, are expected to lead to a slowdown in sales till the fourth quarter of 2022.
Recent Developments

In July 2022, Toyota Material Handling (TMH) announced the acquisition of PennWest Toyota Lift, a forklift dealership based in Pennsylvania with locations in Mount Pleasant, Pittsburgh, and Erie. The Hoist Liftruck series of container handlers, marina trucks, and FLTs are owned by TMH in the US. TMH also sells a variety of medium and heavy forklifts.
In January 2022, Toyota Material Handling announced the release of 22 new electric forklifts as part of the company’s growing portfolio of world-class material handling products and solutions.
In April 2021, Godrej Material Handling launches the productivity-boosting and environment-friendly new Uno Electric Forklifts to strengthen its presence.
In April 2020, Godrej Material Handling, a business unit of Godrej & Boyce Mfg. Co. Ltd., has announced its foray into the 3-wheel electric forklift truck segment.



Frequently Asked Questions
Q1. How big is the Electric Forklift Market?

Ans. The global Electric Forklift Market was valued at USD 48.3 Billion in 2022 and it is anticipated to grow up to USD 206.3 Billion by 2032, at a CAGR of 15.6% during the forecast period..

Q2. What is the Electric Forklift Market growth rate?

Ans. The growth rate of the Electric Forklift Market is 15.6%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Electric Forklift Market in 2022.

Q4. Which segment accounted for the largest Electric Forklift Market share?

Ans. By application, the warehouse segment accounted for the largest Electric Forklift Market share.

Q5. Who are the key players in the Knowledge Process Outsourcing Market?

Ans. The global Electric Forklift Market report includes players such as   Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Hyster-Yale, Crown Equipment, Anhui Heli, Hangcha, Clark Material Handling, and Komatsu. among others.

Q6. What are the factors driving the Electric Forklift Market growth?

Ans. The major factors driving the growth of the market are the burgeoning global e-commerce sector and changes in warehouse management over the past few years have increased demand for forklifts to handle heavy loads and maneuver through tight space.

Q7. What are the key growth strategies of Electric Forklift Market players?

Ans. The key growth strategies of Electric Forklift Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Electric Forklift Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Electric Forklift Market during the forecast period.

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