Press release
Electric Forklift Market Accelerates Amid Logistics Sector Expansion Driver: A Major Catalyst in the Evolution of the Electric Forklifts Market in 2025
Electric Forklift Market
The electric forklifts market will grow from $63.65 billion in 2024 to $73 billion in 2025, at a CAGR of 14.7%. Growth is attributed to environmental regulations, urbanization, government incentives, and global supply chain changes.
The electric forklifts market will grow to $114.91 billion by 2029 at a CAGR of 12.0%, driven by emission regulations, battery advancements, and fuel cost increases. Trends include autonomous forklifts, energy-efficient designs, and the integration of telematics and IoT.
What Are the Key Drivers Behind the Growth of the Electric Forklifts Market?
The rapid expansion in the logistics sector is expected to propel the growth of the electric forklift market. As the logistics sector grows, driven by the rise of e-commerce, electric forklifts are increasingly used in warehouses and distribution centers for efficient handling of goods. With freight demand expected to grow by 40% by 2045, the logistics sector's expansion is fueling the growth of the electric forklift market.
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Who Are the Major Industry Players Fueling Electric Forklifts Market Expansion?
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
How Is the Segmentation of the Electric Forklifts Market Defined?
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
Subsegments:
1) By Counterbalanced: Standard Counterbalanced Forklifts, Heavy-Duty Counterbalanced Forklifts
2) By Pallet Trucks: Manual Electric Pallet Trucks, Powered Pallet Trucks
3) By Reach Trucks: Stand-Up Reach Trucks, Sit-Down Reach Trucks
4) By Pallet Stackers: Manual Pallet Stackers, Electric Pallet Stackers
5) By Other Products: Order Pickers, Tow Trucks, Specialized Forklift Models
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What Is the Leading Region in the Electric Forklifts Market?
North America was the largest region in the electric forklifts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric forklifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Electric Forklifts Global Market Report?
- Market Size Analysis: Analyze the Electric Forklifts Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Electric Forklifts Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Electric Forklifts Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Electric Forklifts Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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