Electric Forklift Market Growth & Trends
The global electric forklift market size is expected to reach USD 115.28 billion by 2030, registering a CAGR of 14.9% from 2023 to 2030, according to a study conducted by Grand View Research, Inc. Developments in the e-commerce industry are fueling the demand for lift trucks across the economies. Owing to the increase in online shopping, the demand for lift trucks among retailers has escalated in recent years. Electric forklift allows companies to store and distribute merchandise in large quantities, giving them a competitive advantage in their respective markets. Thus, growing demand from several end-use industries is anticipated to drive the market growth over the forecast period.
The COVID-19 outbreak had a negligible impact on the global market in 2020. The pandemic has, however, caused numerous industries to halt their operations or operate with minimal staff due to emergency lockdowns or tightened regulations imposed by respective regulators However, North America and Europe had a negative impact due to disruption in supply chain activities and lower consumer demand. On the other hand, Asia Pacific witnessed an uptick in demand for internal electric warehouse pedestrian trucks and counterbalanced electric forklifts for food & beverages and e-commerce fulfillment warehouses sectors.
Several prominent players are expanding their business operations in emerging regions in the global electric forklift industry. Further, companies are planning strategies for product innovation and portfolio expansion through strategic investments and mergers and acquisitions in the global market. An in-depth analysis of supply chains provided in the report will provide a better understanding of the global market.
The market is expected to grow rapidly during the forecast period due to the increased adoption of electric forklift technology and an increase in its applications in industries such as food and beverage, chemical, industrial, logistics, construction, retail and e-commerce, and others. As electric forklift is expected to outpace ICE forklifts, OEMs seek ways to improve forklifts’ run-time and performance. Rising environmental concerns and scarcity of natural resources such as natural gas also create the need for a sustainable, efficient, and durable power source to run the electric forklift and long-term renewable energy solution.
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Electric Forklift Market Report Highlights
The pallet stackers is expected to grow significantly in the forecast period. Pallet trucks are becoming increasingly prevalent as warehouses, industrial transportation, and logistical activities expand. Furthermore, it is expected that the adoption of electric vehicle technology in the material handling industry would boost the global pallet truck market’s latent potential opportunities
Industries such as E-Commerce, food and beverages and retails are some major users of electric forklift which are set to augment the market growth. The use of electric forklift in warehouses provides ease of transportation while decreasing noise and carbon emission within the facility
Europe is expected to register considerable growth over the forecast period, owing to increasing government spending on upgrading the electric charging infrastructure and high adoption of electric forklifts from industrial and logistics end users
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