PUBLISHER: Grand View Research | PRODUCT CODE: 1530069
PUBLISHER: Grand View Research | PRODUCT CODE: 1530069
The global electric forklift market size is anticipated to reach USD 112.87 billion by 2030, growing at a CAGR of 14.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Developments in the e-commerce industry are fueling the demand for lift trucks across the economies. Owing to the increase in online shopping, the demand for lift trucks among retailers has escalated in recent years. Electric forklift allows companies to store and distribute merchandise in large quantities, giving them a competitive advantage in their respective markets. Thus, growing demand from several end-use industries is anticipated to drive the market growth over the forecast period.
Furthermore, the trend of automation and robotics is expected to gain significant momentum from 2024 to 2030, particularly in warehouses and distribution centers. Automated forklifts are becoming increasingly popular due to their ability to move goods more quickly and efficiently than manual forklifts. These automated forklifts enhance productivity as well as reduce the risk of injury and human error, making them a safer option for warehouses and distribution centers.
Several prominent players are expanding their business operations in emerging regions in the global electric forklift industry. Further, companies are planning strategies for product innovation and portfolio expansion through strategic investments and mergers and acquisitions in the global market. For instance, in January 2023, Crown Equipment Corporation expanded its electric and IC counterbalance forklift portfolio with the launch of C-B, C-D, and C-G lift truck series. These forklifts are capable of handling load capacities ranging from 2.0 to 5.5 tons, enabling them to tackle a wide variety of tasks in both indoor and outdoor environments.
The market is expected to grow rapidly from 2024 to 2030 due to the increased adoption of electric forklift technology and an increase in its applications in industries such as food and beverage, chemical, industrial, logistics, construction, retail and e-commerce, and others. As electric forklifts are expected to outpace ICE forklifts, OEMs seek ways to improve forklifts' run-time and performance. Rising environmental concerns and scarcity of natural resources such as natural gas also create the need for a sustainable, efficient, and durable power source to run the electric forklift and long-term renewable energy solution.