The global electric forklift market is anticipated to grow at a significant CAGR of 5.5% during the forecast period (2022-2028). It is a powered industrial truck used to lift and move materials in warehouses and distribution centers to move pallets of goods around the facility. The major factor expected to drive the market growth is the increasing demand for electric forklifts from various end-use industries, such as factories, airports, and harbors. In addition, the rising adoption of electric forklifts in small and medium enterprises (SMEs) and the proliferation of automated warehouses and distribution centers are contributing to the market growth. Additionally, by type, electric counterbalance forklift truck holds potential market share owing to their use to counterweight the machine or equipment in order to make it movable as they are largely used for handling heavy material and can also be used as a supplement for manual labor when needed.
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Some major players in the market include Komatsu Ltd., Toyota Industries Corp., and Kio Group AG, among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers and acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in April 2021, Godrej and Boyce Manufacturing Co. Ltd. announced the launch of its new Uno Electric Forklift truck which comes with advanced ergonomics, augmented safety, improved visibility, and a longer runtime on every charge coupled with the Uno Electric Forklift is a workhorse in the 1.5 to 3-tonne forklift category. Additionally, in February 2019, Toyota Industries Corp. announced the acquisition of Hoist Lift Truck manufacturing LLC a Chicago-based company. The acquisition supports the company to build a brand image and develop quality products.
Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Komatsu Ltd., Toyota Industries Corp., and Kio Group AG, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Forklift Market Report by Segment
By Type
- Electric Counterbalance Forklift Trucks
- Electric Pallet Trucks
- Electric Reach Trucks
- Electric Stackers
- Others
By Application
- Factory
- Harbor
- Airport
- Others
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