Home > Automotive > Mobility > Electric Vehicles > Electric Lift Truck Market

Electric Lift Truck Market Trends

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

Download Free Sample

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.

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.