Electric Forklift Market- Statistics (Size, Share, Production, Sales & Revenue) and Dynamics (Trends, Growth Factors, Challenges) Analysis with Regional Outlook By Product Type (Warehouse, Counterbalance) & By End-User Industry (Logistics, Automotive, Food Industry, Retail & Others) for Forecast Period 2016-2024

Electric Forklift Market 

Global Market Outlook

The electric forklift market is growing significantly from decade owing to its applications in relevant industry, providing cost efficiency and improved productivity. The electric forklifts are actively adopted across the globe resulting in the quantitative increase in demand which in turn pushed the year-on-year revenue growth. Stringent emission norms for diesel vehicles across the globe in order to regulate the CO2 emission have led the manufacturers to offer more environment friendly forklift truck models. Moreover, manufacturers have adjusted the direction of their R&D activities, increasing the proportion of developers working on electric forklifts and warehouse forklifts, in order to expand the electric and warehouse product lines. High adoption of electric forklifts owing to its advantage over IC powered forklifts and continuous expenditure over advancement of battery technology is anticipated to accelerate the growth of electric forklifts in coming years.

Goldstein Research analyst forecast the global electric forklift market to expand at a CAGR of 7.1% during the forecast period 2016-2024. Further, the market is anticipated to reach USD 39.4 billion by the end of forecast period. 

Market Segmentation

By Product Type

• Warehouse Forklift Trucks
• Counterbalance Forklift Trucks

By End Users

• Retail and Wholesale
• Logistics
• Automotive
• Food Industry
• Others (Paper Industry, Wood Industry, etc.)

By Geography

• North America (US, Canada) {Market Share (%), Market Size (USD Billion), Unit Sales (Thousand Units)}
• Europe (UK, France, Italy, Germany, Spain, Hungary, Sweden, Russia, Poland and Rest of Europe) {Market Share (%), Market Size (USD Billion), Unit Sales (Thousand Units)}
• Middle East and Africa (GCC Countries, North Africa, South Africa and Rest of Middle East & Africa) {Market Share (%), Market Size (USD Billion), Unit Sales (Thousand Units)}
• Latin America (Brazil, Mexico and Rest of Latin America) {Market Share (%), Market Size (USD Billion), Unit Sales (Thousand Units)}
• Asia Pacific (China, Japan, India, Singapore, South Korea, Australia, New Zealand and Rest of Asia-Pacific) {Market Share (%), Market Size (USD Billion), Unit Sales (Thousand Units)}

Product & Region with Major Market Share

Based on product type, counter balanced forklift trucks accounted for the largest revenue share of 55% in global electric forklift market in 2016. On the other hand, warehouse forklifts are the fastest growing owing to rising ecommerce business across the globe which is likely to expand at a CAGR of 9.1% over the forecast period i.e.2016-2024.   

Geographically, Asia Pacific region accounted for the largest market share with 35% revenue share in global electric forklift truck market. Asia Pacific region is closely followed by Europe and is likely to expand at a CAGR of 6.6% over the forecast period i.e. 2016-2024. The major countries of Latin America such as Brazil and Mexico showcase huge opportunity for electric forklift truck industry as these countries are showcasing positive growth in manufacturing and automotive industry growth.

Market Dynamics- Trends, Growth Drivers & Challenges

According to our electric forklift market study on the basis of extensive primary and secondary research, one major trend in the market is technological advancement to achieve longer battery backup and higher power output. For instance, recently HELI has launched a new heavy duty electric forklift trucks with a loading capacity up to 10 tons. These forklifts are attracting some industries for applications from general manufacturing, logistics and warehousing, to many more outdoor uses.

According to the report, major driver in global electric forklift market is growing e-commerce business across the globe. The rapid growth of online retail sales has seen consecutive years of growth around the world, with international trade increasing, which significantly boosted the logistics and warehouse activities. Amplified warehouse spaces strive to work quickly and efficiently to meet the market demand, which is significantly pushing the demand for efficient electric forklift trucks for warehouses.  Further, the report states that one challenge in global electric forklift truck market is the disadvantages of forklifts over IC engine powered forklifts such as longer battery charging time and lower power output as compared to the conventional forklift trucks.

Covered in this Electric Forklift Market Report

The report covers the present ground scenario and the future growth prospects of the electric forklift market for 2016-2024 along with the total revenue of electric forklift truck industry in every region. We calculated the market size and revenue share on the basis of revenue generated per segment, regional, and country level. The revenue forecast is given on the basis of number of forklift manufacturers and current growth rate of the market.

Electric Forklift Market Report has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the global electric forklift market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Thisreport also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Major Companies ( Key players) Included in Report 

Jungheinrich Lift Truck Corp., Kion Group AG, Toyota Industries Corp., Hyster-Yale Group, Anhui Forklift Truck Group Co. Ltd, Clark Material Handling International Inc., Combilift Ltd., Crown Equipment Corp., Doosan Industrial Vehicles Co. Ltd, Godrej & Boyce Mfg. Co. Ltd, Hangcha Forklift Co. Ltd, Komatsu Utility Co. Ltd, Hangcha Group and Mitsubishi Forklift Trucks.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this global electric forklift truck market report

• What is the total market size by 2024 and what would be the expected growth rate of sales?
• What is the total revenue per segment and region in 2015-16 and what would be the expected revenue per segment and region over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

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