Electric Forklifts Market - Opportunities, Share, Growth and Competitive Analysis and Forecast 2029

  Electric Forklifts Market Size and growth rate 2025 to 2029: Graph

 


This report presents a fact-based view of the electric forklifts sector to help companies respond to market shifts and uncover growth potential.
 
 Electric Forklifts Market Analysis & Forecast: 2025–2029
 The electric forklifts market size has grown rapidly in recent years. It will grow from $63.65 billion in 2024 to $72.12 billion in 2025 at a compound annual growth rate (CAGR) of 13.3%. The growth in the historic period can be attributed to environmental regulations, urbanization and indoor applications, government incentives, global supply chain changes.
 
 The electric forklifts market size is expected to see rapid growth in the next few years. It will grow to $111.45 billion in 2029 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to stringent emission regulations, advancements in battery technology, rising fuel costs, focus on sustainability. Major trends in the forecast period include expansion of telematics and IoT Integration, increased adoption of autonomous forklifts, shift towards energy-efficient designs, partnerships and collaborations.
 
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 What Are The Factors Driving The Electric Forklifts Market?
 The rapid expansion in the logistics sector is expected to propel the growth of the electric forklift market going forward. The logistics sector refers to the industry involved in flow of goods, services, and information from the point of origin to the point of consumption. The surge in online shopping and e-commerce platforms has led to increased demand for efficient logistics operations to handle the storage, transportation, and delivery of goods to consumers. Electric forklifts are extensively used in the logistics sector for moving and lifting heavy loads, such as pallets of goods, in warehouses, distribution centers, and other logistics facilities to improve efficiency and increase productivity. For instance, according to February 2022 report published by U.S. Department of Transportation, a US-based government agency, the demand for freight is expected to grow by about 40% by 2045. Therefore, the rapid expansion in the logistics sector is driving the growth of the electric forklift market.
 
 What Segments Are Covered In The Electric Forklifts Market Report?
 The electric forkliftsmarket covered in this report is segmented — 
 
 1) By Product: Counterbalanced, Pallet Trucks, Reach Trucks, Pallet Stackers, Other Products
 2) By Battery Type: Lead-Acid Batteries, Lithium-ion Batteries, Fuel Cell
 3) By End Use: Chemical, Food And Beverage, Industrial, Logistics, Retail And E-Commerce, Other End Uses
 
 Subsegments:
 1) By Counterbalanced: Standard Counterbalanced Forklifts, Heavy-Duty Counterbalanced Forklifts 
 2) By Pallet Trucks: Manual Electric Pallet Trucks, Powered Pallet Trucks 
 3) By Reach Trucks: Stand-Up Reach Trucks, Sit-Down Reach Trucks 
 4) By Pallet Stackers: Manual Pallet Stackers, Electric Pallet Stackers 
 5) By Other Products: Order Pickers, Tow Trucks, Specialized Forklift Models 
 
 What Are The Main Trends, Positively Impacting The Growth Of Electric Forklifts Market?
 Major companies operating in the electric forklift market are concentrating on new innovative product development such as electric pneumatic forklifts to drive growth, advance innovation, and meet evolving consumer demands. This type of forklift runs on electricity and is built to withstand outdoor terrain and work in various weather conditions, making it ideal for retail applications such as lumberyards, home centers, landscaping, and store support applications. For instance, in November 2023, Toyota Material Handling, Inc., a US-based manufacturer of forklifts and tow tractors, launched a new line of electric pneumatic forklifts with 48V and 80V models. These are built to offer maintenance-free operation, programmable performance, and a power-select function for customization based on application and driver preference. Additionally, these forklifts are capable of handling a wide range of tasks, both indoors and outdoors, and come with several productivity-enhancing innovations such as electric power steering, regenerative braking, and load-sensing power steering.
 
 Which Are The Major Players Operating In The Global Electric Forklifts Market?
 Major companies operating in the electric forklifts market are Toyota Motor Corporation, Mitsubishi Corporation, BYD Company Ltd, Komatsu Ltd., KION Group AG, Hyundai Heavy Industries, Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Lonking Holdings Limited, Anhui Heli Co Ltd., Manitou Group, UniCarriers Corporation, Godrej And Boyce Mfg. Co. Ltd, Hangcha Group Co Ltd, Cascade Corporation, Crown Battery Manufacturing Company, Clark Material Handling International, Linde Material Handling, Taylor-Dunn Manufacturing Company, Doosan Industrial Vehicles Co. Ltd, Tailift Co Ltd, HELI Forklift Co Ltd, EP Equipment, Nissan Forklift Corporation
 
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 https://www.thebusinessresearchcompany.com/report/electric-forklifts-global-market-report
 
 Electric Forklifts Market Regional Insights:
 North America was the largest region in the electric forklifts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric forklifts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
 
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