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Global Electric Forklift Market Size was valued at USD 48.26 Bn in 2022 and is expected to reach USD 78.67 Bn by 2029, at a CAGR of 7.23 %.

Electric Forklift Market Overview:

The Electric Forklift market study provides a detailed picture of competition, including market share and company profiles of the major competitors in the global industry. The scope of the research includes a comprehensive examination of the Electric Forklift Market Size, as well as the reasons for variations in the industry's growth in various locations.

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Market Scope:

This research study makes extensive use of secondary sources, directories, and databases, such as annual reports, press releases, journals, company websites, and databases, to locate and collect material suitable for this study.

Segmentation:

by Product Type

Electric Counterbalance Forklift
Electric Warehouse Forklifts
Electric Pallet Jacks and Stackers
Electric Reach
Electric Order Pickers
Others

By Product Type Based

on product type, the electric counterbalance forklifts segment dominated the global Electric Forklift Market share in 2022. These forklifts help to provide stability and balance through a counterweight at the rear. It makes them suitable for a wide range of material-handling operations across industries. Their versatility, efficiency, and ability to handle various load sizes contribute to their dominance in the market. However, the Warehouse Forklifts segment includes electric forklifts specifically designed for indoor use in warehouses and distribution centers. They often feature compact designs, high maneuverability, and specialized attachments for efficient pallet handling and stacking. With increasing demand for class III electric forklifts from the construction, notably heavy-duty task operations this segment is expected to grow at a significant CAGR during the forecast period.

by battery Type

Lead-acid Batteries
Lithium-ion Batteries
Fuel cell
by Load Capacity 0-5 Tons
5-10 Tons
10-15 Tons
Above 15 Tons

By Battery Type

The Lithium-ion battery segment is expected to grow at a CAGR of 21.9% from 2022 to 2029 due to its popularity. This growth is influenced by an increasing investment in R&D activities and the benefits of Li-ion battery compared to conventional battery technology such as high durability, faster charging, and lightweight. However, lead-acid batteries still hold the Electric Forklift Market. It has been traditionally used in electric forklifts due to their lower cost compared to lithium-ion batteries. Many businesses continue to rely on lead-acid batteries as they provide a cost-effective solution for their material handling operations.

by End-User

Industry Manufacturing
Logistics and Warehousing
Retail
Construction
Food and beverage
Ecommerce
Chemicals
Other

  1. Global Electric Forklift Market: Research Methodology
  2. Global Electric Forklift Market: Executive Summary
  • Market Overview and Definitions
  • Introduction to Global Electric Forklift Market
  • Summary
  • Key Findings
  • Recommendations for Investors
  • Recommendations for Market Leaders
  • Recommendations for New Market Entry
  1. Global Electric Forklift Market: Competitive Analysis
  • MMR Competition Matrix
  • Market Structure by region
  • Competitive Benchmarking of Key Players
  • Consolidation in the Market
  • M&A by region
  • Key Developments by Companies
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Market Challenges
  • Market Dynamics
  • PORTERS Five Forces Analysis
  • PESTLE
  • Regulatory Landscape by region
  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South America
  • COVID-19 Impact
  1. Global Electric Forklift Market Segmentation
  • Global Electric Forklift Market, by Type (2023-2029)
  • Global Electric Forklift Market, by Product (2023-2029)
  • Global Electric Forklift Market, by Application (2023-2029)
  • Global Electric Forklift Market, by End-User (2023-2029)
  1. Regional Electric Forklift Market(2023-2029)
  • Regional Electric Forklift Market, by Type (2023-2029)
  • Regional Electric Forklift Market, by Product (2023-2029)
  • Regional Electric Forklift Market, by Application (2023-2029)
  • Regional Electric Forklift Market, by End-User (2023-2029)
  • Regional Electric Forklift Market, by Country (2023-2029)
  1. Company Profile: Key players
  • Company Overview
  • Financial Overview
  • Global Presence
  • Capacity Portfolio
  • Business Strategy
  • Recent Developments

Key Players:

1. Toyota Material Handling
2. KION Group (Includes brands like Linde Material Handling and STILL)
3. Crown Equipment Corporation
4. Hyster-Yale Materials Handling
5. Mitsubishi Logisnext (Includes brands like Mitsubishi Forklift Trucks and Cat Lift Trucks)
6. Jungheinrich AG
7. Komatsu Ltd.
8. Hangcha Group Co., Ltd.
9. Anhui Heli Co., Ltd.
10. Clark Material Handling International
11. EP Equipment
12. BYD Company Ltd.
13. Doosan Industrial Vehicle
14. Manitou Group
15. Hyundai Heavy Industries
16. Lonking Holdings Limited
17. Godrej & Boyce Manufacturing Co. Ltd.
18. Cascade Corporation
19. HELI Forklift Co., Ltd.
20. Tailift Co., Ltd.

Regional Analysis:

Individual market influencing elements and changes in market legislation that affect current and future market trends are also included in the regional component of the Electric Forklift market study. Current and future trends are examined to assess the entire market potential and uncover profitable trends to get a more stable footing. The geographical market assessment is based on the present environment and expected developments.

COVID-19 Impact Analysis on Electric Forklift Market: The report also includes a detailed analysis of COVID-19 on the Electric Forklift market Share.

Key Questions Answered in the Electric Forklift Market Report are:

  • Which sub-segment had the largest share in the Electric Forklift market?
  • How is the competitive landscape of the Electric Forklift market in 2023?
  • Which are the key drivers impacting the Electric Forklift market growth?
  • Which region holds the maximum share in the Electric Forklift market?
  • What will be the CAGR of the Electric Forklift market during the forecast period (2023-2029)?

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