Global Electric Lift Truck Market
Global Electric Lift Truck was valued at US$ 8,600.00 Million in 2021, estimated to reach US$ 1,02,550.00 Million in 2027, with a CAGR of 12.44% from 2022-2027.
Electric lift trucks use an aboard battery-powered motor to offer power for transport and cargo loading and unloading. With the speedily expanding e-commerce sector, the demand for electric lift trucks is rising.
Market Drivers
The Global Electric Lift Truck Market is growing due to the rising emissions from diesel-powered lift trucks that will accelerate industry growth. With the fast-expanding e-commerce sector, the demand for electric lift trucks is expected to intensify in the future.
Further, e-commerce companies are investing heavily in advanced solutions to streamline operations across the facilities. This is significantly growing the electric lift truck market.
Rising environmental concerns related with emissions from gasoline and diesel-powered vehicles are prompting manufacturers to develop zero-emission lift trucks. This increases the adoption of electric powered lift trucks while driving the electric lift truck market.
Advancement in battery technology, such as the further development of lithium-Ion & to a lesser extent hydrogen fuel cells, are also leading to greater interest in electric power lift truck market.
Market Restraints
High initial investment & maintenance costs can impede large-scale deployment of electric lift truck fleets over the coming years. The electric lift truck market lacks a footprint of players which offers high-end products with guaranteed reliability, which causes SMEs to refrain from energy-efficient systems. This acts as a pitfall to the electric lift truck market.
The rate of accidents related to the lift truck trucks has increased over the past few years, Thus, rising accidents and safety issues related to forklift/lift trucks is anticipated to hinder the growth of the electric lift truck market.
One of the most dangerous things is operating a lift truck with the load elevated. This is especially true when going around corners, as the truck is more likely to overturn.
Market Segmentation
Electric Lift Truck Market is segmented into major 4 categories. Based on Class, the market is segmented into Class I, Class II, Class III, Class IV, Others. Based on End-Use, the market is divided into Chemical, Food & beverage, Industrial, Logistics, Retail & E-commerce, Others. Based on Product, the market is segmented into Counterbalance, Warehouse. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East.
Regional Analysis
Based on region Asia Pacific region dominates the Electric Lift Truck market across the world owing to the equipment is extensively used by businesses for enhancing operational efficiency in this region. Also, in recent years, governments across the region have released new schemes and incentives for expanding the industrial and manufacturing sector.
Europe occupied the second-highest market portion after the Asia Pacific and is anticipated to grow at a significant CAGR 12.73% throughout the forecast period owing to the Increasing establishment of warehouses and the flourishing e-Commerce industry in this region.
Market Key Players
Some of the key players operating in Global Electric Lift Truck Market are Anhui HELI Co., Ltd, Clark Material Handling Company, Crown Equipment Corporation, Combilift Material Handling Solutions, Doosan Industrial Vehicle America Corp., Hangcha Group Co., Ltd., Godrej and Boyce Group, Hyster-Yale Materials Handling, Inc., Hubtex Maschinenbau GmbH & Co. KG, Hyundai Construction Equipment Americas, Inc. (subsidiary of Hyundai Heavy Industries Co., Ltd.
Industry development
In March 2021, XPO Logistics had partnered with Balyo to integrate the latter’s autonomous lift trucks. The partnership was aimed at determining the environmental impact of the equipment as a part of the pilot program initiated by XPO Logistics.
In October 2021 Heli had launched the 1st 4-5 tons hydrogen fuel cell forklift in Shanghai. It was the very first hydrogen-powered forklift of this tonnage class in China. It will continue to make efforts in the field of hydrogen forklifts, launch a series of hydrogen-powered products covering all types of counterbalanced forklifts, tractors, and storage trucks.
In December 2021 Crown had acquired one of the earliest electric counterbalance forklifts the company produced, originally manufactured in 1968. The company purchased is an Irish manufacturing facility based in Galway on Ireland’s west coast.
Global Electric Lift Truck Market TOC
1 Introduction
1.1 Objective of the Study
1.2 Market definition
1.3 Market Scope
2 Research Methodology
2.1 Data Mining
2.2 Validation
2.3 Primary Interviews
2.4 List of Data Sources
3 Executive Summary
4 Electric Lift Truck Market Outlook
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 Electric Lift Truck Market, By Class
5.1 Y-o-Y Growth Comparison, By Class
5.2 Electric Lift Truck Market Share Analysis, By Class
5.3 Electric Lift Truck Market Size and Forecast, By Class
5.3.1 Class I
5.3.2 Class II
5.3.3 Class III
5.3.4 Class IV
5.3.5 Others
6 Electric Lift Truck Market, By End-Use
6.1 Y-o-Y Growth Comparison, By End-Use
6.2 Electric Lift Truck Market Share Analysis, By End-Use
6.3 Electric Lift Truck Market Size and Forecast, By End-Use
6.3.1 Chemical
6.3.2 Food & beverage
6.3.3 Industrial
6.3.4 Logistics
6.3.5 Retail & E-commerce
6.3.6 Others
7 Electric Lift Truck Market, By Product
7.1 Y-o-Y Growth Comparison, By Product
7.2 Electric Lift Truck Market Share Analysis, By Product
7.3 Electric Lift Truck Market Size and Forecast, By Product
7.3.1 Counterbalance
7.3.2 Warehouse
8 Electric Lift Truck Market, By Region
8.1 Electric Lift Truck Market Share Analysis, By Region
8.2 Electric Lift Truck Market Share Analysis, By Region
8.3 Electric Lift Truck Market Size and Forecast, By Region
9 North America Electric Lift Truck Market Analysis and Forecast (2022-2027)
9.1 Introduction
9.2 North America Electric Lift Truck Market Share Analysis, By Class
9.3 North America Electric Lift Truck Market Size and Forecast, By End-Use
9.4 North America Electric Lift Truck Market Size and Forecast, By Product
9.5 North America Electric Lift Truck Market Size and Forecast, By Country
9.5.1 U.S.
9.5.2 Canada
9.5.3 Mexico
10 Europe Electric Lift Truck Market Analysis and Forecast (2022-2027)
10.1 Introduction
10.2 Europe Electric Lift Truck Market Share Analysis, By Class
10.3 Europe Electric Lift Truck Market Size and Forecast, By End-Use
10.4 Europe Electric Lift Truck Market Size and Forecast, By Product
10.5 Europe Electric Lift Truck Market Size and Forecast, By Country
10.5.1 Germany
10.5.2 France
10.5.3 UK
10.54. Rest of Europe
11 Asia Pacific Electric Lift Truck Market Analysis and Forecast (2022-2027)
11.1 Introduction
11.2 Asia Pacific Electric Lift Truck Market Share Analysis, By Class
11.3 Asia Pacific Electric Lift Truck Market Size and Forecast, By End-Use
11.4 Asia Pacific Electric Lift Truck Market Size and Forecast, By Product
11.5 Asia Pacific Electric Lift Truck Market Size and Forecast, By Country
11.5.1 China
11.5.2 Japan
11.5.3 India
11.5.4. Rest of Asia Pacific
12 Latin America Electric Lift Truck Market Analysis and Forecast (2022-2027)
12.1 Introduction
12.2 Latin America Electric Lift Truck Market Share Analysis, By Class
12.3 Latin America Electric Lift Truck Market Size and Forecast, By End-Use
12.4 Latin America Electric Lift Truck Market Size and Forecast, By Product
12.4 Latin America Electric Lift Truck Market Size and Forecast, Country
12.5.1. Brazil
12.5.2. Rest of Latin America
13 Middle East Electric Lift Truck Market Analysis and Forecast (2022-2027)
13.1 Introduction
13.2 Middle East Electric Lift Truck Market Share Analysis, By Class
13.3 Middle East Electric Lift Truck Market Size and Forecast, By End-Use
13.4 Middle East Electric Lift Truck Market Size and Forecast, By Product
13.5 Middle East Electric Lift Truck Market Size and Forecast, By Country
13.5.1. Saudi Arabia
13.5.2. UAE
13.5.3. Egypt
13.5.4. Kuwait
13.5.5. South Africa
14 Competitive Analysis
14.1 Competition Dashboard
14.2 Market share Analysis of Top Vendors
14.3 Key Development Strategies
15 Company Profiles
15.1 Hyundai Construction Equipment Americas, Inc. (subsidiary of Hyundai Heavy Industries Co., Ltd.
15.1.1 Overview
15.1.2 Offerings
15.1.3 Key Financials
15.1.4 Business Segment & Geographic Overview
15.1.5 Key Market Developments
15.1.6 Key Strategies
15.2 Hubtex Maschinenbau GmbH & Co. KG
15.2.1 Overview
15.2.2 Offerings
15.2.3 Key Financials
15.2.4 Business Segment & Geographic Overview
15.2.5 Key Market Developments
15.2.6 Key Strategies
15.3 Hyster-Yale Materials Handling, Inc.
15.3.1 Overview
15.3.2 Offerings
15.3.3 Key Financials
15.3.4 Business Segment & Geographic Overview
15.3.5 Key Market Developments
15.3.6 Key Strategies
15.4 Godrej and Boyce Group
15.4.1 Overview
15.4.2 Offerings
15.4.3 Key Financials
15.4.4 Business Segment & Geographic Overview
15.4.5 Key Market Developments
15.4.6 Key Strategies
15.5 Hangcha Group Co., Ltd.
15.5.1 Overview
15.5.2 Offerings
15.5.3 Key Financials
15.5.4 Business Segment & Geographic Overview
15.5.5 Key Market Developments
15.5.6 Key Strategies
15.6 Doosan Industrial Vehicle America Corp.
15.6.1 Overview
15.6.2 Offerings
15.6.3 Key Financials
15.6.4 Business Segment & Geographic Overview
15.6.5 Key Market Developments
15.6.6 Key Strategies
15.7 Combilift Material Handling Solutions
15.7.1 Overview
15.7.2 Offerings
15.7.3 Key Financials
15.7.4 Business Segment & Geographic Overview
15.7.5 Key Market Developments
15.7.6 Key Strategies
15.8 Crown Equipment Corporation
15.8.1 Overview
15.8.2 Offerings
15.8.3 Key Financials
15.8.4 Business Segment & Geographic Overview
15.8.5 Key Market Developments
15.8.6 Key Strategies
15.9 Anhui HELI Co., Ltd
15.9.1 Overview
15.9.2 Offerings
15.9.3 Key Financials
15.9.4 Business Segment & Geographic Overview
15.9.5 Key Market Developments
15.9.6 Key Strategies
15.10 Clark Material Handling Company
15.10.1 Overview
15.10.2 Offerings
15.10.3 Key Financials
15.10.4 Business Segment & Geographic Overview
15.10.5 Key Market Developments
15.10.6 Key Strategies
