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Electric Forklifts Global Market Analysis, Trends, Growth, Research And Forecast 2033
Electric Forklifts Global Market
As per the report, the electric forklifts market size has grown rapidly in recent years. It will grow from $55.47 billion in 2023 to $63.65 billion in 2024 at a compound annual growth rate (CAGR) of 14.7%. The electric forklifts market size is expected to see rapid growth in the next few years. It will grow to $102.97 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
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Electric Forklift Market Accelerates Amid Logistics Sector Expansion
The rapid expansion in the logistics sector is expected to propel the growth of the electric forklift market going forward. The logistics sector refers to the industry involved in flow of goods, services, and information from the point of origin to the point of consumption. The surge in online shopping and e-commerce platforms has led to increased demand for efficient logistics operations to handle the storage, transportation, and delivery of goods to consumers. Electric forklifts are extensively used in the logistics sector for moving and lifting heavy loads, such as pallets of goods, in warehouses, distribution centers, and other logistics facilities to improve efficiency and increase productivity. For instance, according to February 2022 report published by U.S. Department of Transportation, a US-based government agency, the demand for freight is expected to grow by about 40% by 2045. Therefore, the rapid expansion in the logistics sector is driving the growth of the electric forklift market.
Innovative Electric Pneumatic Forklifts To Meet Market Demand
Major companies operating in the electric forklift market are concentrating on new innovative product development such as electric pneumatic forklifts to drive growth, advance innovation, and meet evolving consumer demands. This type of forklift runs on electricity and is built to withstand outdoor terrain and work in various weather conditions, making it ideal for retail applications such as lumberyards, home centers, landscaping, and store support applications. For instance, in November 2023, Toyota Material Handling, Inc., a US-based manufacturer of forklifts and tow tractors, launched a new line of electric pneumatic forklifts with 48V and 80V models. These are built to offer maintenance-free operation, programmable performance, and a power-select function for customization based on application and driver preference. Additionally, these forklifts are capable of handling a wide range of tasks, both indoors and outdoors, and come with several productivity-enhancing innovations such as electric power steering, regenerative braking, and load-sensing power steering.
The electric forklifts market covered in this report is segmented -
1) By Product: Counterbalanced, Pallet Trucks, Reach Trucks, Pallet Stackers, Other Products
2) By Battery Type: Lead-Acid Batteries, Lithium-ion Batteries, Fuel Cell
3) By End Use: Chemical, Food And Beverage, Industrial, Logistics, Retail And E-Commerce, Other End Uses
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Major companies operating in the electric forklifts market are Toyota Motor Corporation, Mitsubishi Corporation, BYD Company Ltd, Komatsu Ltd., KION Group AG, Hyundai Heavy Industries, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Lonking Holdings Limited, Anhui Heli Co Ltd., Manitou Group, UniCarriers Corporation, Godrej And Boyce Mfg. Co. Ltd, Hangcha Group Co Ltd, Cascade Corporation, Crown Battery Manufacturing Company, Clark Material Handling International, Linde Material Handling, Taylor-Dunn Manufacturing Company, Doosan Industrial Vehicles Co. Ltd, Tailift Co Ltd, HELI Forklift Co Ltd, EP Equipment, Nissan Forklift Corporation
Contents of the report:
1. Executive Summary
2. Electric Forklifts Market Report Structure
3. Electric Forklifts Market Trends And Strategies
4. Electric Forklifts Market - Macro Economic Scenario
5. Electric Forklifts Market Size And Growth
…..
27. Electric Forklifts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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