The global electric forklift market is anticipated to grow at a substantial CAGR of 7.6% by 2022, according to a report available on Radiant Insights, Inc. High demand for environment-friendly and energy-efficient equipment is anticipated to propel market over the forecast period (2017 to 2022). Electric forklifts are available in compact size and can move standard loads while sustaining the capacity. They can be a perfect substitute to load trucks and other heavy vehicles. Such forklifts are expected to witness a steady rise in demand as they are powerful, quieter, safe, and easy to maintain.
Easy and cheap maintenance attributed to low requirement to replace fluids such as engine oils, coolant, and filters can augment market growth. Rising demand for energy efficient and powerful forklifts to lower operational cost in construction and manufacturing sector can stimulate demand for electric forklifts. Continual technological advancements to deliver advanced products can further fuel growth over the forecast period. Stringent regulations regarding use of diesel vehicles to regulate carbon emissions can propel demand for electric machinery over the forecast period.
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Rising ecommerce business across the globe can surge demand for advanced forklifts. Rapid growth of online sales in past few years is expected to fuel logistics and warehouse activities. Amplified warehouse spaces are likely to strive to work quickly and efficiently to meet consumer demand. This, in turn, can surge demand for efficient electric forklifts in warehouses. Growing adoption of electric forklifts over IC powered forklifts and continuous investments in advancement of battery technology can bode well for market growth.
To cater to rising demand, most companies are investing in R&D activities to develop advanced and cost effective products. For instance, Toyota Material Handling recently launched two new battery operated electric forklift models named 8FB Four Wheel Counter Balance Forklift and 8FBR Reach Truck. These new models can offer improved productivity, efficiency, operability, and safety. Their key features include longer operating times and battery life, reduced electricity consumption to save charging costs, updated System of Active Stability (SAS), and company’s I-suite fleet-management tool.
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The global electric forklift market can be segregated on the basis of application and region. Based on application, the market can be trifurcated into logistic, retail, and industrial. Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. In North America, the market is expected to witness steady CAGR over the forecast period attributed to growing infrastructural development. In addition, rising industrialization mainly in housing and commercial sector can further impel growth. Moreover, continual technological advancements owing to rapid advancements in fabrication techniques and increasing use in construction and manufacturing sector can augment regional market growth during the forecast period.
In recent years, Asia Pacific dominated the market and accounted for largest market share. It is likely to expand at a similar CAGR over the forecast period. Strong presence of market players offering advanced electric forklifts in developing countries such as Japan, China, and India can drive regional market over the forecast period. Europe is also anticipated to grow well in the forthcoming years owing to presence of numerous manufacturing companies and suppliers.
Some of the leading companies operating in the global electric forklift market are Hyundai Heavy Industries, Combilift Ltd, Doosan Group, Godrej & Boyce, and Combilift Ltd.
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