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, 2024 - 2032

Electric Lift Truck Market Size

Electric Lift Truck Market was valued at USD 66.6 billion in 2023 and is estimated to register over 9% CAGR between 2024 and 2032. The increasing adoption of lithium-ion batteries is a significant driver influencing the business growth. With rapid technological strides and the steeping competitive prices, more companies are transitioning to lithium-ion-powered electric lift trucks. The rising deployment of autonomous and semi-autonomous features in electric lift trucks to limit human intervention in controlled environments is expected to play an ideal role for the increased product uptake.
 

The rising adoption of advanced battery technologies and the growing focus of consumers on seeking electric lift trucks tailored to specific operational needs will contribute to the market development. Several manufacturers are coming up with customization options in terms of load capacity, lift height, and specialized attachments. Additionally, the growing emphasis on improving ergonomics to enhance operator comfort and productivity through adjustable seating, user-friendly controls, and improved visibility will drive the product demand.

The increasing number of forklift accidents across application industries is attributed to the lack of trained operators, which is one of the key challenges in the market. Operators with limited knowledge of the machine can impact the day-to-day operations in warehouses & manufacturing sites. An unskilled vehicle operator can increase the chances of accidents, resulting in fatal injuries to other employees. The time required for training workers regarding the appropriate usage of electric lift truck is further creating challenges in the industry.
 

Electric Lift Truck Market Trends

The escalating awareness of environmental concerns and the pressing need to reduce carbon emissions is driving a large number of companies to adopt electric lift trucks to match the broader sustainability initiatives. For instance, the U.S., at the 2022 United Nations Climate Change Conference of the Parties, released the Net-Zero Government Initiative, appealing governments to achieve net-zero emissions from national operations by 2050. To that end, the growing emphasis on setting emission reduction targets by several governments and industries worldwide is promoting the adoption of electric vehicles, propelling the product demand.
 

Electric Lift Truck Market Analysis

The counterbalance segment accounted for over 55% of the market share in 2023. Counterbalance electric lift trucks are recording widespread adoption for indoor use, such as warehousing, manufacturing, and logistics given their clean operations and reduced impact on indoor air quality whilst matching the stringent emission restrictions. With the growing emphasis on environmental sustainability across industries, counterbalance electric lift trucks are seen as a cleaner alternative to traditional internal combustion engine (ICE) counterparts. The rising emphasis on innovations on account of several businesses striving to meet sustainability goals will also prove favorable for market growth.
 

The class III segment held approximately 48% of the market share in 2023. Class III electric lift trucks witness profound usage in distribution centers to transport palletized goods quickly and easily, whilst contributing to increased productivity in material handling operations. The strong focus on ergonomics for enhanced operator comfort and reduced fatigue is driving the deployment of various electric pallet jacks incorporated with easy-to-use controls, adjustable handles, and smooth maneuverability. The rising advancements in battery technologies to improve the performance of class III electric lift trucks will also add to the product penetration.
 

Asia Pacific electric lift truck market valuation cross USD 26.8 billion in 2023. The rising push towards sustainability and reduced carbon emissions in industrial activities across the region is contributing to the significant interest in electric vehicles to meet environmental regulations. The surging government support through financial incentives, tax breaks, and subsidies is compelling multiple regional companies to invest in electric lift trucks. For instance, in July 2023, Indian aluminum frontrunner Vedanta Aluminum expanded the largest fleet of electric forklifts in India for bolstering its sustainable operations. The strong growth of e-commerce and the continuous focus on optimizing supply chain processes will also prove beneficial for regional market growth.
 

Electric Lift Truck Market Share

Toyota Industries Corporation and KION GROUP AG are the major market players operating in electric lift truck industry with a combined market share of over 15%. These players focus on strategic mergers, acquisitions, and partnerships with other players to leverage their technology, improve offerings, and maintain their market position. New product launches with integrated advanced technologies forms a key strategy amongst market players.
 

Major participants are increasing their market presence through strategic initiatives. They focus on fleet electrification, offering eco-friendly solutions to meet stringent environmental norms. Investments in research and development lead to innovative electric models, addressing sustainability concerns. Collaborations with charging infrastructure providers further enhance the adoption of electric lift trucks, solidifying companies' positions in the evolving market for efficient and environmentally conscious material handling solutions.
 

Electric Lift Truck Market Companies

Major players operating in the electric lift truck industry are:

• Anhui HELI Co., Ltd
• Clark Material Handling Company
• Crown Equipment Corporation
• Combilift Material Handling Solutions
• Doosan Industrial Vehicle America Corp.
• Godrej and Boyce Group
• Hangcha Group Co., Ltd.
• Hyster-Yale Materials Handling, Inc.
• Hubtex Maschinenbau GmbH & Co. KG
• KION GROUP AG
• Komatsu Ltd.
• Konecranes
• Lonking Holdings Limited
• Manitou Group
• Mitsubishi Logisnext Co., Ltd.
• Paletrans Forklifts
• Toyota Industries Corporation
   

Electric Lift Truck Industry News

• In February 2023, Doosan introduced two new high-capacity electric counterbalance forklift truck ranges within its NXE Series for providing industrial users with low-noise level, zero-emission, environmentally friendly trucks for tackling heavy duty tasks.
   
• In August 2023, Mitsubishi Logisnext Americas commenced the established of its Texas production facility to support the growing demand for electric lift trucks as well as warehouse products.
   

This electric lift truck market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) and shipment (Units) from 2018 to 2032, for the following segments:

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Market, By Product

• Warehouse
• Counterbalance

Market, By Class

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

Market, By Application

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

The above information is provided for the following regions and countries:

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