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Electric Forklift Market Size Is Expected To Reach USD 152.30 Billion By 2030, Says SNS Insider

02-15-2024 12:47 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: SNS Insider Pvt Ltd

Electric Forklift Market

Electric Forklift Market

Electric forklift Market is projected to reach 152.30 billion by 2030. The trend towards warehouse automation has led to an increased adoption of electric forklifts, as they seamlessly integrate with smart warehouse systems.

According to SNS Insider, the adoption of electric forklifts is driven by their eco-friendly attributes, cost efficiency, and enhanced operational performance.

Market Size:

The Forklift Market size was valued at USD 56.89 billion in 2022 and is expected to reach USD 152.30 billion by 2030 and grow at a CAGR of 13.1% over the forecast period 2023-2030.

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Market Scope:

The Electric Forklift Market is poised for substantial growth, fueled by a confluence of factors that transcend traditional industry boundaries. As sustainability becomes a paramount concern for businesses worldwide, the demand for electric forklifts has surged, driven by the imperative to reduce carbon footprints. This market extends its reach beyond the conventional material handling sector, infiltrating diverse industries such as e-commerce, manufacturing, and logistics. The advent of advanced battery technologies and the push for cleaner, energy-efficient solutions have opened avenues for electric forklifts to carve a niche in a broader market landscape.

Market Key:

Kion Group
Crown Equipment
Doosan Industrial Vehicle

Industry Analysis:

The competitive landscape showcases a blend of established manufacturers and innovative entrants, fostering a healthy environment for technological evolution. Additionally, the market analysis underscores the influence of macroeconomic factors, such as the electrification of logistics and the evolving nature of supply chain management, shaping the trajectory of the electric forklift industry. In this era of heightened consciousness towards sustainability, the electric forklift market emerges not just as a segment of the material handling industry but as a pivotal player in the broader spectrum of green logistics.

Segment Analysis:

The market's multifaceted nature unfolds as it caters to manufacturing, logistics, and retail sectors, each demanding tailored solution. In manufacturing, electric forklifts streamline operations with simple motion, optimizing warehouse layouts and enhancing efficiency. Meanwhile, in logistics, the market witnesses a surge in demand as electric forklifts prove instrumental in mitigating environmental impact while maintaining swift and reliable cargo handling. Simultaneously, the retail sector embraces these electric workhorses for their quiet operation and zero-emission profile, seamlessly integrating with customer-centric environments.

By Product


By Class


By End Use

Food & Beverage

Regional Analysis:

The expanding industrial sector, particularly in countries like China and India, propels the demand for electric forklifts, as industries prioritize sustainability and operational efficiency. Simultaneously, the region showcases a dynamic interplay between established market players and emerging local competitors, each contributing to the market's intricate tapestry. The regulatory environment, marked by a mix of supportive policies and unique regional challenges, further shapes the electric forklift trajectory. As urbanization and e-commerce flourish across the APAC region, a multifaceted analysis is imperative to comprehend the diverse factors influencing the electric forklift market, navigating the nuanced interplay of economic, technological, and regulatory facets.

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Key Takeaways:

The Electric Forklift Market is experiencing a notable surge in demand and innovation, with key takeaways revealing a paradigm shift in the material handling industry.
Companies are increasingly recognizing the benefits of electric forklifts in reducing carbon footprints and operating expenses. Advanced battery technologies are contributing to longer operational hours and faster charging times, addressing concerns about downtime.

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Recent Industry Development:

ACME Lift Trucks, a prominent player, has unveiled a groundbreaking lithium-ion battery technology that significantly enhances the efficiency and lifespan of electric forklifts, setting a new benchmark for sustainability in the material handling sector.
Dynamo Motorshas made strides in enhancing fleet management capabilities through their integration of artificial intelligence, enabling real-time monitoring and predictive maintenance, thereby optimizing operational performance.

Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
5. Value Chain Analysis
6. Porter's 5 forces model
7. PEST Analysis
 8. Electric Forklift Market, By Product Type  
9. Electric Forklift Market, By Class
10. Electric Forklift Market, By End Use
11. Regional Analysis
11.1 Introduction
12 Company Profiles
13. Competitive Landscape
14. Use Case and Best Practices
15. Conclusion

Contact Us:
Akash Anand - Head of Business Development Strategy
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND)

About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

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