Electric Lift Trucks Market size is set to surpass USD 130 billion by 2030, according to a new research report by Global Market Insights Inc.
The manufacturing and industrial sectors worldwide are rapidly shifting to electrically powered equipment to improve overall production and material handling operations. The introduction of smart and connected forklift trucks has helped businesses to enhance productivity in a sustainable and energy-efficient manner. A paradigm shifts from manual protocols to cloud computing, artificial intelligence (AI), robotics, and the internet of things (IoT) will help electric lift truck manufacturers to offer advanced features to end-users.
Electric forklifts are extensively used in warehouses as they have a longer life span and helps reduce repair costs and emissions. However, rising incidences of forklift accidents due to a lack of trained operators is a major challenge restricting industry growth. Employing operators without sufficient training and understanding of the equipment can affect the efficiency and productivity of day-to-day operations across manufacturing sites and warehouses.
Growing ecommerce sector to boost electric lift trucks deployment across warehouses
The warehouse product segment accounted for USD 20 billion in 2021. E-commerce companies require warehouses to stack products before shipping them to distributors. Warehouse lift trucks are used across these facilities for handling various heavy or hazardous materials. Food and beverage brands, pharmaceutical companies, and manufacturers of healthcare products incorporate these vehicles to minimize exposure to complex products. As businesses are seeking to transition to energy-efficient technologies and setting ambitious carbon emission goals, the deployment of electric warehouse lift trucks could accelerate.
Lower maintenance costs to drive Class I electric lift truck sales
The class I electric lift trucks segment is anticipated to witness over 10% growth rate between 2022 and 2030. Organizations use class 1 lift trucks to transfer heavy pallets and unload tractor-trailers. These vehicles are powered using heavy batteries that also act as a counterweight. They offer greater versatility and feature cushion tires for flat indoor surfaces or pneumatic tires for outdoor applications. Advantages like low maintenance costs and zero emissions will make Class 1 electric lifts ideal for deployment in environments with strict air quality standards.
Browse key industry insights spread across 250 pages with 261 market data tables & 44 figures & charts from the report, “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), Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 – 2030”, in detail along with the table of contents:
Rapid industrialization to propel use of electric lift trucks
The industrial application segment had reached more than USD 59 billion in 2021. Several manufacturing and production companies are utilizing lift trucks to perform activities like loading and unloading of raw materials from vehicles, warehousing operations, dockyards, and recycling operations. The need to reduce carbon emission and enhance production efficiencies have motivated industry players to develop high-performance electric lift trucks. Manufacturers are also introducing vehicles with ergonomic features to ease the handling of loads of all different sizes and configurations.
Climate change targets to consolidate market growth across Europe
Europe region held over 25% share of the global electric lift trucks market in 2021. Increasing awareness regarding the negative impacts of diesel-powered machines on the environment has encouraged business across the region to shift towards electrically powered equipment. Government authorities are urging industries to deploy electrically powered industrial equipment to reduce carbon emissions. Implementation of stern carbon emission norms and ambitious climate change targets will foster the business prospects of electric lift truck manufacturers in the region.
Novel product launches to strengthen market expansion
Top participants operating in the electric lift trucks industry are Toyota Industries Corporation, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster Yale Material Handling Inc. KION Group AG, and Jungheinrich AG. These leaders are focusing on improving product offerings through upgrades and the addition of new features.
For instance, in June 2022, Mitsubishi Logisnext Americas Group unveiled the MXL and MX2 Series of four-wheel electric pneumatic forklifts with capacities of 5,000-7,000 and 9,000-12,000 lb. These battery-charged forklifts are available for all UniCarriers brand dealers across South, North, and Central America.