Electric Forklifts Market Worldwide Growth, Business Opportunities & Forecasts by 2028

A wide range of industries is deploying an electric fleet into logistics, material handling, and internal warehouse management operations to address sustainability and environmental goals. An increasing movement towards electrification of logistics has supported the growth of electric forklifts. These electric forklifts are getting used for loading material, transporting material, managing warehouses, and other applications. Electric forklift produces zero-emission, acting as a key factor for the adoption. The electric power sourced engine is used in electric forklift, which offers similar benefits as fuel-based engines. The electric forklift is a substitute solution for hybrid and fossil fuel-based material handling vehicles used in industries, to reduce emission and support environmental goals.

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Companies Profiled in this report includes:  TOYOTA MATERIAL HANDLING, KION GROUP AG, JUNGHEINRICH AG, MITSUBISHI LOGISNEXT CO.,LTD., CROWN EQUIPMENT CORPORATION, ANHUI HELI CO., LTD., KOMATSU LTD, HANGCHA,  HYSTER-YALE MATERIALS HANDLING, INC., DOOSAN INDUSTRIAL VEHICLE AMERICA CORP.

MARKET DYNAMICS

The global electric forklift market is growing at a significant rate with the presence of global and regional players present in the market. The logistic and industrial end-user sector is adopting the technology at a faster rate. Also, advancement in battery technology is boosting the electric forklift market. The industrial sector shifts toward electric technology will boost the market in the next few years, as companies are adopting the technology to meet environmental sustainability goals. There are various factors that drive market growth, including factors such as the growing demand for enhanced battery-powered forklifts and the rising demand for heavy-duty forklifts. Factors that serve as a business opportunity include increasing support from governments in emerging economies and the enhanced power support from new battery technologies, which are expected to provide lucrative opportunities for the electric forklift market. In the current scenario, enhanced inclination towards automation and electrification of countries such as the US, Japan, Germany, and others is boosting the market growth.

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MARKET SEGMENTATION

The global electric forklift market is segmented on the basis of product, class, and end-use. On the basis of product, market is segmented as counterbalance and warehouse. On the basis of class, market is segmented as class I, class II, class III. On the basis of end-use, market is segmented as industrial, food and beverage, logistics, retail and e-commerce, chemical, and others.

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