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Electric Lift Truck Market Share

Report ID: GMI5380
Published Date: Jan 2024
Report Format: PDF

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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

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of electric lift truck was worth USD 66.6 billion in 2023 and is estimated to register 9% CAGR between 2024 and 2032, due to the increasing adoption of lithium-ion batteries along with the rapid technological strides and the steeping competitive prices.

The counterbalance product segment held 55% of the electric lift truck market share in 2023, owing to their widespread adoption for indoor use, such as warehousing, manufacturing, and logistics given their clean operations and reduced impact on indoor air quality.

The class III segment accounted for 48% share of the electric lift truck market in 2023 and will witness expansion through 2032, due to profound usage in distribution centers to transport palletized goods quickly and easily.

Demand for electric lift trucks in the Asia Pacific reached over USD 26.8 billion in 2023 on account of the rising push towards sustainability and reduced carbon emissions in industrial activities in the region.