According to a new report published by UnivDatos Markets Insights, The Electric Forklift Market was valued at USD 37.5 Billion in 2022 & is expected to grow at a CAGR of 15.6% from 2023-2030. The analysis has been segmented into Class (class 1, class 2, and class 3); Product Type (Electric counterbalance and Warehouse); End-Use (Manufacturing, Building and Construction, Retail and E-Commerce, Ports, and Others); Region/Country.
The electric forklift market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the electric forklift market. The electric forklift market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the electric forklift market at the global and regional levels.
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Key Market Dynamics
The rapid growth of the logistics industry will drive the need for advanced material-handling equipment. The global economy has seen a sharp increase in domestic and cross-border trade in recent years. With countries relying heavily on the industrial and manufacturing sectors to drive economic growth, the scope of the application of electric equipment could increase in the logistics industry. Big logistics companies are investing heavily in infrastructure development to enhance the packing, storage, and delivery of products. For example, in March 2021 the global logistics leader XPO Logistics integrated Balyo’s autonomous lift trucks as part of a pilot program. The goal of the partnership was to measure the environmental impact of this equipment. In addition, Automation has taken the logistics industry by storm, transforming the way the industry operates daily. It has been a logistics trend for years, and it will continue to be one in 2023 as well. As technology advances and e-commerce continues to grow, the logistics industry is going through a major transformation to compete with the rest of the world by providing the highest quality services and reducing costs. The advantages of automation over traditional logistics methods have been well-documented. One of the key advantages of automation is the elimination of manual processes. For example, manual processes in a warehouse such as inbound logistics and manual picking are time-consuming, a health hazard, and prone to error. These more automated solutions eliminate errors and fatigue, achieve high accuracy, and are completed in a short amount of time. Lifting and moving heavy loads is one of the main hazards and headaches for most operations managers in the logistics industry. To mitigate this risk and increase efficiency, many companies are starting to invest in Semi-automation processes for lifting. Semi-automation allows operators to move heavy loads with high precision and speed while minimizing the risk of injury.
COVID-19 Impact
The COVID-19 pandemic had a notable impact on the electric forklift market, influencing both short-term disruptions and long-term trends. During the initial phases of the pandemic, global supply chains experienced significant disruptions due to lockdowns and travel restrictions, affecting the production and distribution of electric forklifts. Manufacturing facilities faced temporary closures, leading to delays in production and shipment of equipment. Additionally, many end-user industries, such as retail, construction, and automotive, also faced operational challenges and reduced demand, which further dampened the sales of electric forklifts.
Based on Class, the market is segmented into class 1, class 2, and class 3. Among these, the class 3 segment has a high market share in 2022.
Based on product type, the market is segmented into electric counterbalance and warehouse. Among these, the electric counterbalance segment is having a high market share in 2022.
Based on end-use, the market is segmented into manufacturing, building and construction, retail and e-commerce, ports, and others. Among these, the manufacturing segment is having a high market share in 2022.
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Electric Forklift Market Geographical Segmentation Includes:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, UK, France, Italy, Spain, Rest of Europe)
· Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific)
· Rest of the World
The Asia-Pacific (APAC) region has witnessed a remarkable surge in the adoption of electric forklifts, driven by the growing focus on sustainability and environmental responsibility. As businesses recognize the advantages of electric forklifts over traditional fuel-powered counterparts, they are embracing this transformative technology. Moreover, in this region companies are working to launch more advanced products. This product launch not only showcased the company's commitment to catering to regional demands but also spurred investments in the sector. Several major logistics and warehousing companies in the region followed suit, investing significantly in the acquisition of electric forklift fleets to enhance their operational efficiency while reducing carbon footprints. The remarkable growth in the adoption of electric forklifts in APAC signifies a promising shift towards greener and more sustainable material handling practices.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the electric forklift market. The major players have been analyzed by using research methodologies such as Porter’s Five Forces Analysis for getting insight views on global competition.
Recent Developments:
In 2023, Loop EnergyTM a designer and manufacturer of hydrogen fuel cell solutions, has been selected by Wiggins Lift Co., a leading American material handling vehicle manufacturer, to provide the fuel cell system for its new hydrogen-powered eBull forklift product.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the electric forklift market?
• Which factors are influencing the electric forklift market over the forecast period?
• What are the global challenges, threats, and risks in the electric forklift market?
• Which factors are propelling and restraining the electric forklift market?
• What are the demanding global regions of the electric forklift market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
• What are the descriptive profiles of key companies along with their SWOT analysis?
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Target Audience:
· Electric Vehicle Owners
· Automotive Manufacturers and Dealerships
· Suppliers and Distributors
· Aftermarket Retailers
· Government Organization & Other Organizations
· Others