Electric Lift Truck Market Size By Product (Warehouse and Counterbalance), By Class (Class 1, Class II, Class III, Class IV), By Application (Chemical, Food & Beverage, Industrial, Logistics and Retail & E-commerce) & Global Forecast, 2022 - 2030

Industry Statistics

Electric Lift Truck Market size valued at USD 50 billion in 2021 and is projected to expand at more than 10% CAGR from 2022 to 2030. Rising emissions from diesel-powered lift trucks will accelerate industry growth.
 

With the rapidly expanding e-commerce sector, the demand for electric lift trucks is anticipated to intensify in the coming years. The equipment is primarily used for manual loading and unloading activities across warehouses and fulfillment centers. E-commerce companies are investing heavily in advanced solutions to streamline operations across these facilities. The introduction of new electric-powered equipment variants featuring special attachments will allow end-users to maximize throughput, particularly in indoor warehousing applications.
 

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Growing environmental concerns associated with emissions from gasoline or diesel-powered vehicles are prompting manufacturers to develop zero-emission lift trucks. Diesel forklift trucks emit nearly 36 tons of carbon dioxide over a period of five years, whereas an electrical forklift emits only 0.99 tons of carbon in the same time period. This feature will encourage e-commerce companies to purchase electric lift trucks to meet sustainability goals and carbon emission targets.
 

High initial investments and maintenance costs may impede large-scale deployment of electric lift truck fleets over the forthcoming period. The electric forklift market lacks a footprint of players that offer high-end products with guaranteed reliability, which causes SMEs to refrain from energy-efficient systems. However, the emergence of new market entrants will broaden the application scope of these vehicles.
 

Use across rack storage applications will augment electric counterbalance lift truck deployment

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In terms of product, the counterbalance lift trucks segment accounted for around 50% of the electric lift truck market share in 2021. The equipment is widely used across rack storage applications owing to intuitive operator controls and precise manoeuvrability, which helps prevent accidents in the aisle. Many industry players have introduced electric counterbalance lift trucks. For instance, in January 2022, Toyota Material Handling UK introduced its new series of Traigo80 80-volt electric counterbalance forklifts manufactured for indoor as well as heavy-duty outdoor applications. Manufacturers are offering customers the option to choose from lead-acid, lithium-ion, and fuel cells based on their power requirements.
 

High preference for Class II electric lift trucks for inventory management requirements

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Electric lift truck market revenue from class II forklifts segment is poised to record nearly USD 15 billion by 2030. These machines are deployed in small spaces that require agile equipment for material handling and storage. The equipment is also known as electric motor narrow aisle forklifts or reach trucks due to its compact size. With rapid growth in e-commerce businesses, companies are renting out smaller warehouses across different locations. It is expected to escalate the demand for class II forklifts for inventory operations.
 

Stringent chemical safety guidelines for material handling promote adoption of electric lift trucks

The electric lift truck market from chemical application is slated to register over 5% growth rate between 2022 and 2030. Chemical companies follow strict safety measures such as using proper machinery and equipment to protect workers while handling large volumes of hazardous chemicals. Electric lift trucks allow chemical warehouses to transport and store harmful chemicals more efficiently, minimizing the risk of spillage and contact. The need for advanced material handling solutions to prevent the risk of exposure to radioactive materials will drive the segment growth.
 

Growing manufacturing sector in emerging economies to boost APAC electric lift truck industry

In terms of volume, Asia Pacific electric lift truck market size surpassed 700,000 units in 2021. The equipment is extensively used by businesses for enhancing operational efficiency. Some of these activities include handling heavy items across facilities and loading and unloading shipments. In recent years, governments across the region have released new schemes and incentives for expanding the industrial and manufacturing sector. Such initiatives will simplify the purchase of electric lift trucks and create a lucrative business scenario for manufacturers in the region.
 

New product launches to influence global electric forklift market development

Some of the leading electric lift truck manufacturers worldwide are Toyota Industries Corporation, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster Yale Material Handling Inc. KION Group AG, and Jungheinrich AG, among others. These leaders are introducing innovative products with advanced features to gain a competitive advantage.
 

For instance, in August 2022, Hyster Yale launched an integrated lithium-ion battery-powered lift truck, dubbed J40XNL, designed to meet the requirements of various end-users. It features an open space strategic design that ensures operator comfort, reduces truck weight to ultimately reduce energy consumption, improves acceleration, and supports trailer loading & unloading activities.
 

Impact of COVID-19 pandemic on industry trends

The COVID-19 pandemic led to unprecedented challenges for the electric lift truck market with lockdown restrictions and significant changes in the manufacturing sector. As business activities slowed down across the globe, the scenario negatively affected the demand for forklift trucks worldwide. The pandemic resulted in labor shortages due to growing concerns associated with the contraction of the virus.
 

Several manufacturing and logistics companies used advanced forklift technologies to strengthen supply chains. For instance, in January 2022, NFI Industries Inc., and ArcBest Corp., two of the largest logistics firms in the U.S. announced plans to deploy thousands of remotely operated forklifts.
 

The electric lift truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2018 to 2030, for the following segments:

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Market Insights, By Product

• Counterbalance
• Warehouse

Market Insights, By Class

• Class I
• Class II
• Class III
• Class IV
• Others

Market Insights, By End-Use

• Chemical
• Food & beverage
• Industrial
• Logistics
• Retail & E-commerce
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Chile
• MEA
  • UAE
  • Saudi Arabia
  • South Africa