Electric Forklifts Market to Grow at 11.5% CAGR, Reaching $111.45 Billion by 2029

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Electric Forklifts Market Outlook: How is the Market Expected to Grow by 2025?
The market size for electric forklifts has seen a quick expansion in the last few years. The growth is expected to continue from $63.65 billion in 2024 to a forecasted value of $72.12 billion in 2025, with a compound annual growth rate (CAGR) of 13.3%. Factors such as environmental regulations, urbanization and indoor applications, government incentives, along with the changes in the global supply chain, have contributed significantly to this surge in the historic period.

Electric Forklifts Market Forecast: What Size Will It Reach By 2029?
The market size of electric forklifts is projected to experience swift expansion in the coming years, reaching $111.45 billion in 2029, growing annually at a rate of 11.5%. The growth projected for this period is a result of stricter emission regulations, improvements in battery technology, escalating fuel costs, and an emphasis on sustainability. During this forecast period, prominent trends such as proliferation of telematics and integration of IoT, wider acceptance of autonomous forklifts, a shift towards designs that are energy efficient, and partnerships and collaborations are expected to shape the market.

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Which Key Market Drivers Will Shape Electric Forklifts Industry Trends in 2025-2029?
The electric forklift market is anticipated to flourish owing to the swift growth in the logistics sector. This sector encompasses all activities related to the movement of goods, services, and information starting from production right to consumption. The booming online shopping and e-commerce sectors have raised the need for robust logistics operations to manage storage, transportation, and delivery of goods to the customers. Electric forklifts play an instrumental role in logistics sectors by lifting and relocating heavy items like goods pallets in warehouses, distribution centres, and other such facilities to enhance efficiency and productivity. As per a February 2022 report by the U.S. Department of Transportation, a US government agency, the freight demand is estimated to rise by nearly 40% by 2045. Consequently, the swift surge in the logistics sector is fuelling the electric forklift market's growth.

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What Are the High-Growth Segments in the Electric Forklifts Market?
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

Which Global Trends Are Driving Electric Forklifts Market Expansion?
Leading businesses in the electric forklift market are focusing on the creation of innovative products such as electric pneumatic forklifts to stimulate growth, pioneer innovation, and cater to the changing needs of the consumer. Electric pneumatic forklifts operate on electricity and are designed to endure outdoor terrains and various weather conditions, thus making them perfect for retail uses such as at lumberyards, home improvement shops, landscaping areas and general store support functions. For instance, Toyota Material Handling, Inc., a forklift and tow tractor manufacturer based in the U.S, introduced a new range of electric pneumatic forklifts, featuring 48V and 80V models in November 2023. These have been designed for ease of maintenance, adjustability of performance, and a power-select function that allows customization as per the application and operator's preference. Furthermore, they are multitaskers capable of indoor and outdoor operations, and have multiple features aimed at productivity enhancement, such as regenerative braking, electric power steering, and load-sensing power steering.

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Who Are the Fastest-Growing Companies in the Electric Forklifts Industry?
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

What Is the Regional Outlook for the Electric Forklifts Market by 2029?
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.

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