Electric Forklifts Market Analysis: Growth and Trends 2024-2031

Advancements in battery technology have offered manufacturing facilities and warehouses long runtimes, hassle-free maintenance, and fast charging facilities. This has resulted in an upswing in the use of electric forklifts across various manufacturing plants and warehouses owing to benefits such as non-polluting nature, easy maintenance, and smooth running. Although fossil fuels have been preferred staples for forklifts performing outdoor and indoor material handling, their electric variants have gained high traction since the recent past. Manufacturers of electric forklifts are ensuring high product quality that matches various factors of internal combustion engines such as refill times, throughput capability, and cost.

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Enhanced Performance and Longevity: A Boon for Electric Forklifts

Adoption of electric forklifts is expected to further accelerate as they now have similar or better performance quotient with long running time as compared to their fossil fuel counterparts. With improving electric forklift technology, users can expect two complete shifts of runtime on one single battery charge, making them a viable option for material handling across industries. This factor remains instrumental in driving the growth of the electric forklifts market on the global front.

Moreover, the advent of lithium batteries has further fueled the adoption of electric forklifts. As compared to lead-acid batteries which were initially used for electrification, lithium batteries offer more convenience as operators do not need to lift and twist tanks to remove batteries for charging, but can plug in to charge them. In addition, lithium batteries offer longer runtimes, negligible maintenance, fast charging, and safety as compared to lead-acid batteries as the latter could be harmful during cases of acid spills. Such developed inclusions are expected to trigger the demand for electric forklifts in the coming years.

Cost Efficiency: Balancing Upfront Investment with Long-Term Savings

The electric forklifts market is expected to witness modest growth worldwide owing to increasing demand for electric material handling products. Additionally, another aspect triggering the use of electric forklifts is the declining battery costs as customers continue to seek maintenance and fuel-saving benefits. Albeit high, an initial investment is involved in electric forklifts as compared to internal combustion engine vehicle costs, the total cost of ownership is lower in the long run. Electric forklifts have intrinsic energy efficiency benefits and are significantly less expensive to operate as compared to fuel-run vehicles which can reduce operational costs.

Moreover, electric forklifts also provide maintenance benefits. Their design makes them highly accessible for maintenance as compared to propane or fuel-powered vehicles. Additionally, electric forklifts have few moving parts that require repair and maintenance. On the other hand, fuel-powered vehicles require frequent engine maintenance such as spark plug replacement, oil changes, and replacement of belts. Moreover, fuel-powered vehicles also generate disposal waste associated with maintenance such as transmission fluid and engine oil. These aspects result in lower maintenance costs associated with electric forklifts. That said, in spite of high upfront costs, lifetime costs are less, which continues to influence demand for electric forklifts in material handling operations.

Electric Counterbalance Forklifts: Leading the Charge

The demand for electric counterbalance forklifts is anticipated to witness momentous demand in the years to follow. This is mainly owing to its functional features such as high load capacity, long operating time, higher system stability, high durability, and efficiency. Electric counterbalance forklifts can be used for indoor and outdoor heavy-duty operations and can provide multi-load handling. These aspects continue to influence the use of electric counterbalance forklifts in turn contributing towards market growth.

North America Poised to Remain a Key Attractive Regional Market

North America is expected to hold a significant share in the electric forklifts market. This can be attributed to the growing demand for electric lifting trucks in material handling processes owing to their eco-friendly nature. Moreover, rising sales of electric forklifts in the region are expected to complement market growth. For instance, according to ITA (Industrial Truck Association), in 2019, electric forklifts accounted for over 64% of the market as compared to the previous year and are likely to grow in the coming years. Moreover, the presence of major players involved in the manufacturing of electric forklifts is likely to play a crucial role in market development. With advances in technology, these manufacturers are focused on innovating and upgrading their products to maintain their position in the market, in turn supplementing electric forklifts market growth.

Electric Forklifts Market: Competitive Landscape

Major players in the electric forklifts market are involved in developing new products and initiating new launches to meet increasing demand. For instance, in 2022, Toyota Material Handling launched a new three-wheel electric forklift – the Traigo24. This electric forklift is designed to operate in small tight places and is powered by a lithium battery offering good ergonomics for enhanced productivity. Likewise, in the same year, Raymond Corporation introduced thin plate pure lead technology to deliver maintenance-free power and fast charging to meet its customers’ high-performance energy demand. Similarly, Konecranes Lift Trucks added Konecranes E-VER electric forklift to its portfolio. This electric forklift includes Konecranes heavy-duty machinery with eco-efficient features that deliver enhanced productivity, prevent exhaust emissions, and reduced energy consumption.

Few of the major players in the electric forklifts market include Yale Material Handling Corporation, Toyota Material Handling, Komatsu, Mitsubishi Logisnext, Hyundai Heavy Industries, and Godrej & Boyce.