What is Global Electric Forklift Truck Market?
The Global Electric Forklift Truck Market is a vast and dynamic sector that encompasses a wide range of electric-powered forklift trucks used in various industries worldwide. These electric forklift trucks are primarily used for lifting and moving materials over short distances. They are an essential part of warehouse operations, manufacturing plants, and other industrial settings. The global market for these trucks is driven by the increasing demand for efficient and eco-friendly warehousing equipment. The market's growth is also fueled by the rising need for technologically advanced equipment that can handle heavy loads and operate in tight spaces. However, the high initial cost of electric forklift trucks and the need for regular maintenance can hinder the market's growth. Despite these challenges, the market continues to grow due to the numerous benefits offered by electric forklift trucks, such as reduced noise and air pollution, lower operating costs, and improved maneuverability compared to their internal combustion counterparts.
Class 1, Class 2, Class 3 in the Global Electric Forklift Truck Market:
The Global Electric Forklift Truck Market is segmented into three classes: Class 1, Class 2, and Class 3. Class 1 electric forklift trucks are counterbalanced trucks that can be further divided into three types: stand-up rider trucks, three-wheel electric trucks, and sit-down, counterbalanced trucks. These trucks are commonly used in indoor applications like warehousing. Class 2 electric forklift trucks, also known as narrow-aisle trucks, are designed to operate in tight spaces. They are ideal for stacking pallets at high heights in narrow aisles. Class 3 electric forklift trucks, also known as electric hand trucks or hand/rider trucks, are typically used for low-level picking or moving loads over short distances. Each class serves a unique purpose and is designed to meet specific operational needs. Understanding these classes can help businesses choose the right type of electric forklift truck that best suits their requirements.
Warehouses, Factories, Distribution Centers, Others in the Global Electric Forklift Truck Market:
The Global Electric Forklift Truck Market finds extensive usage in various areas such as warehouses, factories, distribution centers, and others. In warehouses, these trucks are used for loading, unloading, and moving goods. They are essential for maintaining efficient warehouse operations and ensuring the smooth flow of goods. In factories, electric forklift trucks are used for transporting raw materials and finished products. They play a crucial role in maintaining production schedules and preventing delays. Distribution centers use these trucks for sorting, storing, and dispatching goods. They help in managing large volumes of goods and ensuring timely delivery. Other areas where electric forklift trucks are used include construction sites, ports, and airports. In these areas, these trucks are used for heavy lifting and moving materials over short distances.
Global Electric Forklift Truck Market Outlook:
The Global Electric Forklift Truck Market outlook highlights that the market was valued at US$ 20750 million in 2022. It is expected to reach US$ 28530 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period from 2023 to 2029. This growth is driven by various factors such as the increasing demand for efficient and eco-friendly warehousing equipment, the rising need for technologically advanced equipment, and the numerous benefits offered by electric forklift trucks. The key manufacturers in the global market include Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown Equipment, Hyster-Yale, Anhui Heli, and Hangcha. These top nine players held over 80 percent of the market share in 2019, indicating their significant influence in the market.
| Report Metric | Details |
| Report Name | Electric Forklift Truck Market |
| Accounted market size in 2022 | US$ 20750 in million |
| Forecasted market size in 2029 | US$ 28530 million |
| CAGR | 4.6% |
| Base Year | 2022 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Consumption by Region |
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| By Company | Toyota, Kion, Jungheinrich, Mitsubishi Logisnext, Crown Equipment, Hyster-Yale, Anhui Heli, Hangcha, Clark Material Handling, Doosan Corporation Industrial Vehicle, Komatsu, Lonking, Hyundai Heavy Industries, EP Equipment, Manitou, Paletrans Equipment, Combilift, Hubtex Maschinenbau, Godrej & Boyce |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
