Summary

Persistence Market Research has published a detailed report on the global electric forklift market, offering an in-depth analysis of the market's key drivers, trends, opportunities, and challenges. This report provides exclusive data and forecasts on the anticipated growth of the electric forklift market between 2024 and 2031.

Key Insights:

• Electric Forklift Market Size (2024E): US$53.4 Bn
• Projected Market Value (2031F):US$137.0 Bn
• Global Market Growth Rate (CAGR 2024 to 2031): 14.4%

Electric Forklift Market - Report Scope:

Electric forklifts, essential for material handling and warehouse operations across industries, offer an eco-friendly alternative to traditional forklifts powered by internal combustion engines. These forklifts run on rechargeable batteries, making them cost-effective and reducing carbon emissions. The market encompasses various forklift types such as counterbalance forklifts, pallet jacks, and reach trucks, catering to sectors like logistics, manufacturing, retail, and warehousing. The push for automation and electrification is fueling demand for electric forklifts, contributing to enhanced sustainability and efficiency.

Market Growth Drivers:

The rising demand for eco-friendly and energy-efficient equipment in industries such as logistics and manufacturing is one of the primary drivers of the electric forklift market. The e-commerce boom and global expansion of warehouse spaces are further boosting the demand for electric forklifts, especially in indoor environments where zero emissions are required. Technological advancements, including lithium-ion battery-powered forklifts and automated guided vehicles (AGVs), are also improving operational efficiency, while government regulations promoting green energy adoption and electric vehicle incentives provide a further boost to the market.

Market Restraints:

Challenges in the electric forklift market include high upfront costs, limited operational range, and longer charging times in comparison to conventional forklifts. The significant initial investment for electric forklifts and battery systems can limit market entry, particularly for small and medium-sized businesses. Furthermore, reliance on charging infrastructure and battery maintenance requirements adds complexity, particularly in high-usage environments. Innovation in battery technology and fast-charging solutions is essential to address these barriers.

Market Opportunities:

The electric forklift market offers ample opportunities driven by trends toward sustainability, warehouse automation, and electrification. Integrating smart technologies such as IoT-enabled fleet management and remote diagnostics improves efficiency and reduces costs. The rise of lithium-ion batteries and fast-charging infrastructure enhances runtime and reduces downtime, making electric forklifts more viable. To seize these opportunities, companies must invest in R&D, focusing on advanced forklifts with greater load capacities and automated features, thus maintaining market leadership.

Key Questions Answered in the Report:

• What are the main factors driving global electric forklift market growth?
• Which forklift types and applications are leading the adoption of electric forklifts across industries?
• How are technological advancements influencing the competitive dynamics of the electric forklift market?
• Who are the key players in the market, and what strategies are they using to stay competitive?
• What trends and future developments can be expected in the electric forklift market?

Competitive Intelligence and Business Strategy:

Leading players in the electric forklift market, such as Toyota Industries Corporation, KION Group AG, and Jungheinrich AG, focus on product innovation, partnerships, and R&D to remain competitive. They are developing advanced electric forklifts, including lithium-ion battery models and automated guided vehicles (AGVs). Collaborations with logistics companies, battery technology firms, and warehouse operators help accelerate the adoption of electric forklifts. Additionally, their focus on sustainability and digital fleet management further strengthens their market position.

Key Companies Profiled:

• Toyota Industries Corporation
• KION Group AG
• Jungheinrich AG
• Crown Equipment Corporation
• Hyster-Yale Materials Handling, Inc.
• Mitsubishi Logisnext Co., Ltd.
• Anhui Heli Co., Ltd.
• Hangcha Group Co., Ltd.
• Komatsu Ltd.
• Clark Material Handling Company

Electric Forklift Market Segmentation

By Product
• Counterbalanced
• Pallet Trucks
• Reach Trucks
• Pallet Stackers

By Battery Type
• Lithium-Ion
• Lead Acid
• Hydrogen Fuel-Cell

By End Use
• Chemical
• Food & Beverage
• Industrial
• Logistics
• Retail & E-Commerce

By Regions
• North America
• Latin America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East & Africa

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Table of Contents

1. Executive Summary
1.1. Global Electric Forklift Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, US$ Mn
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations
2. Market Overview
2.1. Market Scope and Definition
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Opportunity
2.2.4. Challenges
2.2.5. Key Trends
2.3. Electric ForkliftMarket: Value Chain
2.3.1. List of Raw Material Supplier
2.3.2. List of Manufacturers
2.3.3. List of Distributors
2.3.4. List of End Uses
2.3.5. Profitability Analysis
2.4. Macro-Economic Factors
2.4.1. Global Sectorial Outlook
2.4.2. Global GDP Growth Outlook
2.4.3. Global Parent Market Overview
2.4.4. Global Construction Industry Overview
2.5. Forecast Factors - Relevance and Impact
2.6. Covid-19 Impact Assessment
2.7. PESTLE Analysis
2.8. Porter Five Force's Analysis
2.9. Geopolitical Tensions: Market Impact
2.10. Regulatory and Technology Landscape
3. Macro-Economic Factors
3.1.1. Global Sectorial Outlook
3.1.2. Global GDP Growth Outlook
3.1.3. Global Parent Market Overview
4. Price Trend Analysis, 2019-2031
4.1. Key Highlights
4.2. Key Factors Impacting Product Prices
4.3. Prices By Product/Battery Type/End Use
4.4. Regional Prices and Product Preferences
5. Global Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
5.1. Key Highlights
5.1.1. Market Volume (Unit) Projections
5.1.2. Market Size and Y-o-Y Growth
5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
5.2.1. Historical Market Size Analysis, 2019-2023
5.2.2. Current Market Size Forecast, 2024-2031
5.3. Global Electric Forklift Market Outlook: Product
5.3.1. Introduction / Key Findings
5.3.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Product, 2019-2023
5.3.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
5.3.3.1. Counterbalanced
5.3.3.2. Pallet Trucks
5.3.3.3. Reach Trucks
5.3.3.4. Pallet Stackers
5.3.3.5. Others
5.4. Market Attractiveness Analysis: Type
5.5. Global Electric Forklift Market Outlook: Battery Type
5.5.1. Introduction / Key Findings
5.5.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Battery Type, 2019-2023
5.5.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
5.5.3.1. Lithium-Ion
5.5.3.2. Lead Acid
5.5.3.3. Hydrogen Fuel-Cell
5.6. Market Attractiveness Analysis: Battery Type
5.7. Global Electric Forklift Market Outlook: End Use
5.7.1. Introduction / Key Findings
5.7.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By End Use, 2019-2023
5.7.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
5.7.3.1. Chemical
5.7.3.2. Food & Beverage
5.7.3.3. Industrial
5.7.3.4. Logistics
5.7.3.5. Retail & E-Commerce
5.7.3.6. Others
5.8. Market Attractiveness Analysis: End Use
6. Global Electric Forklift Market Outlook: Region
6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Region, 2024-2031
6.3.1. North America
6.3.2. Europe
6.3.3. East Asia
6.3.4. South Asia and Oceania
6.3.5. Latin America
6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region
7. North America Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
7.1. Key Highlights
7.2. Pricing Analysis
7.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
7.3.1. By Country
7.3.2. By Product
7.3.3. By Battery Type
7.3.4. By End Use
7.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
7.4.1. U.S.
7.4.2. Canada
7.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
7.5.1. Counterbalanced
7.5.2. Pallet Trucks
7.5.3. Reach Trucks
7.5.4. Pallet Stackers
7.5.5. Others
7.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
7.6.1. Lithium-Ion
7.6.2. Lead Acid
7.6.3. Hydrogen Fuel-Cell
7.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
7.7.1. Chemical
7.7.2. Food & Beverage
7.7.3. Industrial
7.7.4. Logistics
7.7.5. Retail & E-Commerce
7.7.6. Others
7.8. Market Attractiveness Analysis
8. Europe Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
8.1. Key Highlights
8.2. Pricing Analysis
8.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
8.3.1. By Country
8.3.2. By Product
8.3.3. By Battery Type
8.3.4. By End Use
8.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
8.4.1. Germany
8.4.2. France
8.4.3. U.K.
8.4.4. Italy
8.4.5. Spain
8.4.6. Russia
8.4.7. Turkey
8.4.8. Rest of Europe
8.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
8.5.1. Counterbalanced
8.5.2. Pallet Trucks
8.5.3. Reach Trucks
8.5.4. Pallet Stackers
8.5.5. Others
8.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
8.6.1. Lithium-Ion
8.6.2. Lead Acid
8.6.3. Hydrogen Fuel-Cell
8.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
8.7.1. Chemical
8.7.2. Food & Beverage
8.7.3. Industrial
8.7.4. Logistics
8.7.5. Retail & E-Commerce
8.7.6. Others
8.8. Market Attractiveness Analysis
9. East Asia Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
9.1. Key Highlights
9.2. Pricing Analysis
9.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
9.3.1. By Country
9.3.2. By Product
9.3.3. By Battery Type
9.3.4. By End Use
9.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
9.4.1. China
9.4.2. Japan
9.4.3. South Korea
9.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
9.5.1. Counterbalanced
9.5.2. Pallet Trucks
9.5.3. Reach Trucks
9.5.4. Pallet Stackers
9.5.5. Others
9.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
9.6.1. Lithium-Ion
9.6.2. Lead Acid
9.6.3. Hydrogen Fuel-Cell
9.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
9.7.1. Chemical
9.7.2. Food & Beverage
9.7.3. Industrial
9.7.4. Logistics
9.7.5. Retail & E-Commerce
9.7.6. Others
9.8. Market Attractiveness Analysis
10. South Asia & Oceania Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
10.1. Key Highlights
10.2. Pricing Analysis
10.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
10.3.1. By Country
10.3.2. By Product
10.3.3. By Battery Type
10.3.4. By End Use
10.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
10.4.1. Counterbalanced
10.4.2. Pallet Trucks
10.4.3. Reach Trucks
10.4.4. Pallet Stackers
10.4.5. Others
10.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
10.5.1. Lithium-Ion
10.5.2. Lead Acid
10.5.3. Hydrogen Fuel-Cell
10.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
10.6.1. Chemical
10.6.2. Food & Beverage
10.6.3. Industrial
10.6.4. Logistics
10.6.5. Retail & E-Commerce
10.6.6. Others
10.7. Market Attractiveness Analysis
11. Latin America Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
11.1. Key Highlights
11.2. Pricing Analysis
11.3. Historical Market Size (US$ Bn) and Volume (Unit) Analysis By Market, 2019-2023
11.3.1. By Country
11.3.2. By Product
11.3.3. By Battery Type
11.3.4. By End Use
11.4. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Country, 2024-2031
11.4.1. Brazil
11.4.2. Mexico
11.4.3. Rest of Latin America
11.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
11.5.1. Counterbalanced
11.5.2. Pallet Trucks
11.5.3. Reach Trucks
11.5.4. Pallet Stackers
11.5.5. Others
11.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
11.6.1. Lithium-Ion
11.6.2. Lead Acid
11.6.3. Hydrogen Fuel-Cell
11.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
11.7.1. Chemical
11.7.2. Food & Beverage
11.7.3. Industrial
11.7.4. Logistics
11.7.5. Retail & E-Commerce
11.7.6. Others
11.8. Market Attractiveness Analysis
12. Middle East & Africa Aromatic Electric Forklift Market Outlook: Historical (2019-2023) and Forecast (2024-2031)
12.1. Key Highlights
12.2. Pricing Analysis
12.3. Historical Market Size (US$ Bn) and Volume (Units) Analysis By Market, 2019-2023
12.3.1. By Country
12.3.2. By Product
12.3.3. By Battery Type
12.3.4. By End Use
12.4. Current Market Size (US$ Bn) and Volume (Tons) Forecast By Country, 2024-2031
12.4.1. GCC
12.4.2. Egypt
12.4.3. South Africa
12.4.4. Northern Africa
12.4.5. Rest of Middle East & Africa
12.5. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Product, 2024-2031
12.5.1. Counterbalanced
12.5.2. Pallet Trucks
12.5.3. Reach Trucks
12.5.4. Pallet Stackers
12.5.5. Others
12.6. Current Market Size (US$ Bn) and Volume (Unit) Forecast By Battery Type, 2024-2031
12.6.1. Lithium-Ion
12.6.2. Lead Acid
12.6.3. Hydrogen Fuel-Cell
12.7. Current Market Size (US$ Bn) and Volume (Unit) Forecast By End Use, 2024-2031
12.7.1. Chemical
12.7.2. Food & Beverage
12.7.3. Industrial
12.7.4. Logistics
12.7.5. Retail & E-Commerce
12.7.6. Others
12.8. Market Attractiveness Analysis
13. Competition Landscape
13.1. Market Share Analysis, 2023
13.2. Market Structure
13.2.1. Competition Intensity Mapping By Market
13.2.2. Competition Dashboard
13.2.3. Apparent Production Capacity
13.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
13.3.1. Anhui Heli Co., Ltd.
13.3.1.1. Overview
13.3.1.2. Segments and Products
13.3.1.3. Key Financials
13.3.1.4. Market Developments
13.3.1.5. Market Strategy
13.3.2. Clark Material Handing Company
13.3.2.1. Overview
13.3.2.2. Segments and Products
13.3.2.3. Key Financials
13.3.2.4. Market Developments
13.3.1.5. Market Strategy
13.3.3. Hangcha Forklift
13.3.3.1. Overview
13.3.3.2. Segments and Products
13.3.3.3. Key Financials
13.3.3.4. Market Developments
13.3.1.5. Market Strategy
13.3.4. Hyster-Yale Materials Handling, Inc.
13.3.4.1. Overview
13.3.4.2. Segments and Products
13.3.4.3. Key Financials
13.3.4.4. Market Developments
13.3.1.5. Market Strategy
13.3.5. Jungheinrich AG
13.3.5.1. Overview
13.3.5.2. Segments and Products
13.3.5.3. Key Financials
13.3.5.4. Market Developments
13.3.1.5. Market Strategy
13.3.6. Crown Equipment Corporation
13.3.6.1. Overview
13.3.6.2. Segments and Products
13.3.6.3. Key Financials
13.3.6.4. Market Developments
13.3.1.5. Market Strategy
13.3.7. Doosan Corporation
13.3.7.1. Overview
13.3.7.2. Segments and Products
13.3.7.3. Key Financials
13.3.7.4. Market Developments
13.3.1.5. Market Strategy
13.3.8. KION Group AG
13.3.8.1. Overview
13.3.8.2. Segments and Products
13.3.8.3. Key Financials
13.3.8.4. Market Developments
13.3.1.5. Market Strategy
13.3.9. Komatsu Ltd.
13.3.9.1. Overview
13.3.9.2. Segments and Products
13.3.9.3. Key Financials
13.3.9.4. Market Developments
13.3.1.5. Market Strategy
13.3.10. Mitsubishi Logisnext Co., Ltd.
13.3.10.1. Overview
13.3.10.2. Segments and Products
13.3.10.3. Key Financials
13.3.10.4. Market Developments
13.3.1.5. Market Strategy
13.3.11. Toyota Material Handling
13.3.11.1. Overview
13.3.11.2. Segments and Products
13.3.11.3. Key Financials
13.3.11.4. Market Developments
13.3.1.5. Market Strategy
14. Appendix
14.1.1. Research Methodology
14.1.2. Research Assumptions
14.1.3. Acronyms and Abbreviations