The global electric forklift market is estimated at US$ 5 billion in 2022 and is expected to grow at a significant CAGR of over 6% over the forecast period of 2019-2028.
Market Scope and Report Overview
According to a deep-dive market assessment by RationalStat, the global electric forklift market has been analyzed on the basis of market segments, including class, product type, battery type, end user, and geography/regions (incl. North America, Latin America, Western Europe, Eastern Europe, Middle East & Africa, and Asia Pacific). The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2019-2028.
Market intelligence for the global electric forklift market covers market sizes on the basis of market value (US$/EUR Million) and volume (‘000 units/tons/liters) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
In addition, the long-term sector and products/services 10-year outlook and its implications on the sector. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, and insights, etc.
Period Covered include data for 2019-2028 along with year-wise demand estimations
The electric forklift market report analyzes the market on the basis of global economic situations, regional geopolitics, import-export scenarios, trade duties, market developments, organic and inorganic strategies, mergers and acquisitions, product launches, government policies, new capacity addition, technological advancements, R&D investments, and new market entry, replacement rates, penetration rates, installed base/fleet size, global and regional production capacity, among others.
RationalStat offers market analysis and consulting studies on the basis of dedicated and robust desk/secondary research supported by a strong in-house data repository. In addition, the research leverages data based on the real-time insights gathered from primary interviews. Market estimations and insights are based on primary research (covering more than 240 entities) and secondary research by leveraging international benchmarking.
The global electric forklift market report also covers value chain and supply chain analysis that provides in-depth information about the value chain margins and the role of various stakeholders across the value chain. Market dynamics provided in the market study include market drivers, restraints/challenges, trends, and their impact on the market throughout the analysis period.
In the competition analysis section, the global electric forklift market provides a detailed competition benchmarking analysis based on the market share of the leading companies/brands/ producers/suppliers, a market structure overview with detailed company profiles of more than 25 players with their financials, product/service offerings, major developments, business models, etc. This enables, clients and report buyers to make strong, precise, and timely decisions.
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Macroeconomic Scenario and the Impact of COVID-19 on Regional Economic Sentiment
In the latest RationalStat analysis, geopolitical conflicts and inflation are the cited economic risks, while concerns about the volatility across energy sectors prevail in Europe and other parts of the world. Some of the potential risks to the economic growth in the leading regions, including Asia Pacific, Europe, North America, the Middle East & Africa, and other developing regions, are inflation, volatile energy prices, supply chain disruptions, geopolitical instability, labor shortages, rising interest rates, and COVID-19 pandemic.
The global economy experienced heavy headwinds, throughout 2019-2021, as some countries witnessed subdued growth, while other countries continued to grapple with economic slowdowns. The COVID-19 pandemic has levied undue pressure across the majority of industries globally and has caused a major economic crisis in the US, India, Italy, the UK, Germany, India, Japan, South Korea, the UK, and many others. Besides, the exit of the UK from the European Union earlier in 2020 and the Russo-Ukraine war in 2022 exacerbated the ever-heightened global uncertainty.
In addition to this, the global economic growth slowed in 2022 to 3.3%, weaker than expected at the end of 2021, mainly weighed down by Russia’s war in Ukraine and the associated cost-of-living crisis in many countries. However, improvement in economic activities during the forecast period is expected. Growth is projected to remain at lower rates in 2023 and 2024, at 2.6% and 2.9% respectively.
Competition Analysis and Market Structure
These players adopt various strategies to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the global electric forklift market include,
- In December 2021, Walter Group LLC announced the acquisition of A D lift truck, a family-owned material handling & forklift company. The acquisition will expand the company’s line of gas and electric forklifts.
- The acquisition was part of Walter Group's plan to broaden its line of gas and electric forklifts and better serve its regional customers. Walter Group was able to expand its existing product line and gain access to new consumers in the Illinois region by purchasing a D lift truck.
- In February 2019, Toyota Industries North America acquired Chicago-based Hoist Lift truck manufacturing to build a brand image and develop quality products.
- This acquisition of Toyota Industries was able to increase its manufacturing capabilities and develop new and creative products to fulfill the changing needs of its consumers.
Some of the prominent players that contribute significantly to the electric forklift market growth include Toyota Industries Corp, Kion Group AG, Jungheinrich Lift Truck Corp, Hyster-Yale Materials Handling Inc, Crown Equipment Corp, Mitsubishi Logisnext Co Ltd, Anhui Forklift Truck Group Co Ltd, Hangcha Group Co Ltd, Komatsu Utility Co Ltd, Doosan Industrial Vehicles Co Ltd, Godrej & Boyce Manufacturing Co Ltd, Clark Material Handling International Inc, Combilift Ltd, Hyundai Heavy Industries, and UniCarriers Corp among Others.
RationalStat has segmented the global electric forklift market based on class, product type, battery type, end user, and region
- Global Electric Forklift Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Class
- Class 1
- Class 2
- Class 3
- Class 4
- Class 5
- Global Electric Forklift Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Product Type
- Electric Counterbalance Forklift Trucks
- Electric Pallet Trucks
- Electric Reach Trucks
- Electric Stackers
- Global Electric Forklift Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Battery Type
- Lead-acid Battery
- Lithium-Ion Battery
- Nickel-Cadmium Battery
- Global Electric Forklift Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by End User
- Logistics and 3PLs
- Contract Manufacturing
- Food & Beverage
- Retail and Durable Goods
- Ports & Terminals
- Other Industrials and Manufacturing Units
- Global Electric Forklift Market Value (US$ Million), Volume (‘000 units/tons), and Market Share (2019-2028) Analysis by Region
- North America Electric Forklift Market
- Latin America Electric Forklift Market
- Rest of Latin America
- Western Europe Electric Forklift Market
- Rest of Western Europe
- Eastern Europe Electric Forklift Market
- Other CIS Countries
- Rest of Eastern Europe
- Asia Pacific Electric Forklift Market
- South Korea
- Rest of ASEAN
- Rest of Asia Pacific
- Middle East & Africa Electric Forklift Market
- Saudi Arabia (KSA)
- United Arab Emirates (UAE)
- Rest of the GCC
- South Africa
- Rest of the Middle East & Africa
- North America Electric Forklift Market
- Leading Companies and Market Players
- Toyota Industries Corp
- Kion Group AG
- Jungheinrich Lift Truck Corp
- Hyster-Yale Materials Handling Inc
- Crown Equipment Corp
- Mitsubishi Logisnext Co Ltd
- Anhui Forklift Truck Group Co Ltd
- Hangcha Group Co Ltd
- Komatsu Utility Co Ltd
- Doosan Industrial Vehicles Co Ltd
- Godrej & Boyce Manufacturing Co Ltd
- Clark Material Handling International Inc
- Combilift Ltd
- Hyundai Heavy Industries
- UniCarriers Corp
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Key Questions Answered in the Electric Forklift Report
- What will be the market value of the global electric forklift market by 2028?
- What is the market size of the global electric forklift Market?
- What are the market drivers of the global electric forklift Market?
- What are the key trends in the global electric forklift Market?
- Which is the leading region in the global electric forklift Market?
- What are the major companies operating in the global electric forklift Market?
- What are the market shares by key segments in the global electric forklift Market?
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