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
Report Attribute Details
Market Size in 2021$48.3 bn
Market Size in 2031$206.3 bn
Growth Rate (2021-31)15.6%
Historic Period2016-2021
Forecast Period2023-2032
Base Year2022
Segments CoveredType, Application, and Region
Key CompaniesToyota, Kion, Jungheinrich, Mitsubishi Logisnext, Hyster-Yale, Crown Equipment, Anhui Heli, Hangcha, Clark Material Handling, and Komatsu.
Regional ScopeNorth America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Analysis CoverageMarket Forecast, Competitive Landscape, Drivers, Trends, Restraints, Opportunities, Value-Chain, PESTLE, Key Events and Developments
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.

Table of Contents

Chapter 1. Electric Forklift Market Overview
1.1. Objectives of the Study
1.2. Market Definition and Research & Scope
1.3. Research Limitations
1.4. Research Methodologies
1.4.1. Secondary Research
1.4.2. Market Size Estimation Technique
1.4.3. Forecasting
1.4.4. Primary Research and Data Validation

Chapter 2. Executive Summary
2.1. Summary
2.2. Key Highlights of the Market

Chapter 3. Premium Insights on the Market
3.1. Market Attractiveness Analysis, By Region
3.2. Market Attractiveness Analysis, By Type
3.3. Market Attractiveness Analysis, By Application

Chapter 4. Electric Forklift Market Outlook
4.1. Electric Forklift Market Segmentation
4.2. Market Dynamics
4.2.1. Market Drivers
4.2.1.1. Driver 1
4.2.1.2. Driver 2
4.2.1.3. Driver 3
4.2.2. Market Restraints
4.2.2.1. Restraint 1
4.2.2.2. Restraint 2
4.2.3. Market Opportunities
4.2.3.1. Opportunity 1
4.2.3.2. Opportunity 2
4.3. Porter’s Five Forces Analysis
4.3.1. Threat of New Entrants
4.3.2. Threat of Substitutes
4.3.3. Bargaining Power of Buyers
4.3.4. Bargaining Power of Supplier
4.3.5. Competitive Rivalry
4.4. PESTLE Analysis
4.5. Value Chain Analysis
4.5.1. Raw Industry Vertical Suppliers
4.5.2. Manufacturers
4.5.3. Wholesalers and/or Retailers
4.6. Impact of COVID-19 on the Electric Forklift Market
4.7. Impact of the Russia and Ukraine War on the Electric Forklift Market

Chapter 5. Electric Forklift Market By Type
5.1. Market Overview
5.2. Counterbalanced
5.2.1. Key Market Trends & Opportunity Analysis
5.2.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
5.3. Ride-Type Warehouse
5.3.1. Key Market Trends & Opportunity Analysis
5.3.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
5.4. Walk-in Warehouse
5.4.1. Key Market Trends & Opportunity Analysis
5.4.2. Market Size and Forecast, By Region, 2022-2032 ($Million)

Chapter 6. Electric Forklift Market By Application
6.1. Market Overview
6.2. Warehouses
6.2.1. Key Market Trends & Opportunity Analysis
6.2.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.3. Factories
6.3.1. Key Market Trends & Opportunity Analysis
6.3.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.4. Distribution Centers
6.4.1. Key Market Trends & Opportunity Analysis
6.4.2. Market Size and Forecast, By Region, 2022-2032 ($Million)
6.5. Others
6.5.1. Key Market Trends & Opportunity Analysis
6.5.2. Market Size and Forecast, By Region, 2022-2032 ($Million)

Chapter 7. Electric Forklift Market , By Region
7.1. Overview
7.2. North America
7.2.1. Key Market Trends And Opportunities
7.2.2. North America Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.2.3. North America Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.2.4. North America Electric Forklift Market Size And Forecast by Country, 2022-2032, ($Million)
7.2.5. The U.S.
7.2.5.1. The U.S. Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.2.5.2. U.S. Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.2.6. Canada
7.2.6.1. Canada Electric Forklift Market Size And Forecast By Type , 2022-2032, ($Million)
7.2.6.2. Canada Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.2.7. Mexico
7.2.7.1. Mexico Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.2.7.2. Mexico Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3. Europe
7.3.1. Key Market Trends And Opportunities
7.3.2. Europe Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.3. Europe Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.4. Europe Electric Forklift Market Size And Forecast by Country, 2022-2032, ($Million)
7.3.4.1. Germany
7.3.4.2. Germany Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.4.3. Germany Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.5. France
7.3.5.1. France Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.5.2. France Electric Forklift Market Size And Forecast by Distribution Channel, 2022-2032, ($Million)
7.3.6. U.K
7.3.6.1. U.K. Electric Forklift Market Size And Forecast By Type , 2022-2032, ($Million)
7.3.6.2. U.K. Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.7. Spain
7.3.7.1. Spain Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.7.2. Spain Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.8. Italy
7.3.8.1. Italy Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.8.2. Italy Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.9. Russia
7.3.9.1. Russia Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.9.2. Russia Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.3.10. Rest of Europe
7.3.10.1. Rest of Europe Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.3.10.2. Rest of Europe Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.4. Asia-Pacific
7.4.1. Key Market Trends And Opportunities
7.4.2. Asia-Pacific Electric Forklift Market Size And Forecast by Country, 2022-2032, ($Million)
7.4.3. Asia-Pacific Electric Forklift Market Size And Forecast by Material Type, 2022-2032, ($Million)
7.4.4. Asia-Pacific Electric Forklift Market Size And Forecast by Distribution Channel, 2022-2032, ($Million)
7.4.5. China
7.4.5.1. China Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.4.5.2. China Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.6. India
7.4.6.1. India Electric Forklift Market Size And Forecast By Type , 2022-2032, ($Million)
7.4.6.2. India Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.7. Japan
7.4.7.1. Japan Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.4.7.2. Japan Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.8. South Korea
7.4.8.1. South Korea Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.4.8.2. South Korea Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.4.9. Rest of APAC
7.4.9.1. Rest of APAC Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.4.9.2. Rest of APAC Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.5. Rest of The World
7.5.1. Key Market Trends And Opportunities
7.5.2. Rest of The World Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.5.3. Rest of The World Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.5.4. Rest of The World Electric Forklift Market Size And Forecast by Country, 2022-2032, ($Million)
7.5.5. Latin America
7.5.5.1. Latin America Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.5.5.2. Latin America Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.5.6. Middle East
7.5.6.1. Middle East Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.5.6.2. Middle East Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)
7.5.7. Africa
7.5.7.1. Africa Electric Forklift Market Size And Forecast By Type, 2022-2032, ($Million)
7.5.7.2. Africa Electric Forklift Market Size And Forecast By Application, 2022-2032, ($Million)

Chapter 8. Competitive Landscape
8.1. Market Overview
8.2. Market Share Analysis/Key Player Positioning
8.3. Vendor Benchmarking
8.4. Developmental Strategy Benchmarking
8.4.1. New Product Development
8.4.2. Product Launches
8.4.3. Business Expansions
8.4.4. Partnerships, Joint Ventures, and Collaborations
8.4.5. Mergers and Acquisitions

Chapter 9. Company Profiles
9.1. Toyota
9.1.1. Company Snapshot
9.1.2. Financial Performance
9.1.3. Product Offerings
9.1.4. Key Strategic Initiatives
9.1.5. SWOT Analysis
9.2. Kion
9.2.1. Company Snapshot
9.2.2. Financial Performance
9.2.3. Product Offerings
9.2.4. Key Strategic Initiatives
9.2.5. SWOT Analysis
9.3. Jungheinrich
9.3.1. Company Snapshot
9.3.2. Financial Performance
9.3.3. Product Offerings
9.3.4. Key Strategic Initiatives
9.3.5. SWOT Analysis
9.4. Mitsubishi Logisnext
9.4.1. Company Snapshot
9.4.2. Financial Performance
9.4.3. Product Offerings
9.4.4. Key Strategic Initiatives
9.4.5. SWOT Analysis
9.5. Hyster-Yale
9.5.1. Company Snapshot
9.5.2. Financial Performance
9.5.3. Product Offerings
9.5.4. Key Strategic Initiatives
9.5.5. SWOT Analysis
9.6. Crown Equipment
9.6.1. Company Snapshot
9.6.2. Financial Performance
9.6.3. Product Offerings
9.6.4. Key Strategic Initiatives
9.6.5. SWOT Analysis
9.7. Anhui Heli
9.7.1. Company Snapshot
9.7.2. Financial Performance
9.7.3. Product Offerings
9.7.4. Key Strategic Initiatives
9.7.5. SWOT Analysis
9.8. Hangcha
9.8.1. Company Snapshot
9.8.2. Financial Performance
9.8.3. Product Offerings
9.8.4. Key Strategic Initiatives
9.8.5. SWOT Analysis
9.9. Clark Material Handling
9.9.1. Company Snapshot
9.9.2. Financial Performance
9.9.3. Product Offerings
9.9.4. Key Strategic Initiatives
9.9.5. SWOT Analysis
9.10. Komatsu
9.10.1. Company Snapshot
9.10.2. Financial Performance
9.10.3. Product Offerings
9.10.4. Key Strategic Initiatives
9.10.5. SWOT Analysis
*The list of company is subject to change during the final compilation of the report

Global Electric Forklift Market Segmentation

By Type

  • Counterbalanced
  • Ride-Type Warehouse
  • Walk-in Warehouse

By Application

  • Warehouses
  • Factories
  • Distribution Centers
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia-Pacific
  • Rest of World
    • Latin America
    • Middle East
    • Africa

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