Electric Lift Truck Market Growth Analysis & Forecast Report | 2023-2032

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Electric Lift Truck Market Trends, Analysis
Forecast, 2032
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• Industry Insights

• The global electric lift truck market is
  projected to exhibit substantial growth between
  the forecast years 2022-2030. The advent of
  electrification has supported the development of
  battery-powered industrial vehicles such as
  forklifts. Some of the key advantages of these
  vehicles include greater efficiency, versatility
  in terms of environmental consciousness, and
  lower TCO (total cost of ownership). Electrically
  powered forklifts are powered by lead-acid or
  lithium-ion batteries.
• Industry players are increasingly ramping up
  product development efforts via rigorous RD
  activities. For instance, in May 2022, Hangcha
  Group Co Ltd., unveiled its first international
  components and service center in the Netherlands
  to meet the growing requirements of European
  customers. The new facility spanning over 2,500
  square meter area will cover around 85 of
  Hangcha component demand.

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• Electric lift truck manufacturers are also
  foraying into strategic partnerships to further
  boost product advancements. In March 2022, Third
  Wave Automation (TWA) announced a partnership
  with CLARK Material Handling Company along with
  the launch of a newly automated reach truck for
  spring 2023. The automatic truck is designed for
  warehouses seeking to enhance operator efficiency
  and productivity of pallet movement.
• Over the last decade, innovations in electric
  battery technology have allowed warehouse lift
  trucks to achieve longer runtimes with
  hassle-free maintenance and faster charging.
  These vehicles have rapidly penetrated logistics
  applications. According to the Industrial Truck
  Association (ITA), electric accounts for up to
  64 of the North American lift truck sector.
• By class, the industry is bifurcated into Class
  I, Class II, Class III, Class IV, and others. The
  electric lift truck market share from Class IV
  trucks surpassed USD 3 billion by 2030. Class IV
  electric lift trucks have widespread indoor
  applications due to easy maneuverability in
  compact spaces. The equipment can be easily
  recharged in limited time intervals.

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• Regional Analysis

Middle East Africa electric lift truck market
size is estimated to be valued at over USD 5
billion by 2030 driven by the growing e-commerce
sector in the region. The COVID-19 pandemic
dramatically fueled online shopping, resulting in
substantial e-commerce transactions. With a
growing operational burden and labor shortage,
online retailers are advancing distribution
infrastructure with new logistics technologies.

• Competitive Analysis

• Toyota Industries Corporation, Mitsubishi
  Logisnext Co. Ltd., Crown Equipment Corporation,
  Hyster Yale Material Handling Inc. KION Group AG,
  and Jungheinrich AG

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