Recent Study Reports Increased Global Usage of Electric Forklifts
November 10, 2023
Electric vehicles have been on the rise in popularity for over a decade, and as technology and infrastructure improve the accessibility of electric and alternate fuels, many fleet owners and warehouse operators are incorporating electric forklifts into their fleets. A recent Grand View Research study has shown that the global usage of electric forklifts is increasing by almost 15% every year, as electric forklifts rapidly outpace traditional gas and diesel forklifts in terms of performance, cost, and savings.
This article provides a summary of the Grand View Research report and gives insights into the advantages of switching to electric forklifts.
The Growth of the Electric Forklift Industry
In 2021, Grand View Research published a market analysis report valuing the global electric forklift industry at 39.15 billion USD in 2022, with an expected compound annual growth of 14.9% from 2023 to 2030.
The following are the key takeaways from the analysis:
- By product, pallet trucks accounted for the largest share of the electric MHE market (over 25%) in 2022 due to high demand and diverse product range. Reach trucks are expected to see significant growth.
- By battery type, other batteries like hydrogen fuel cells and lead acid dominated in 2022 with over 50% market share, but lithium-ion is expected to see faster growth due to advantages like low cost and long life.
- By end-use, the industrial segment held the largest market share in 2022 (over 25%) due to manufacturing growth and automation. Retail is expected to see significant growth due to growing e-commerce industries.
- Regionally, Europe held the largest market share in 2022 (over 25%) due to the flourishing automotive and electronics industries.
The report cites the growth in emissions regulations and the improved efficiency of electric forklifts over traditional internal combustion engine (ICE) forklifts as the lead causes of increased usage of electric forklifts.
Electric Forklifts Out-Performing ICE Vehicles
Due to the high upfront costs of electric forklifts and a lack of charging infrastructure, the usage of electric forklifts has been limited in past decades. However, advancements in technology have allowed electric forklifts to outcompete ICE forklifts in terms of performance and maintenance costs, and rebate opportunities have helped warehouse operators significantly reduce the upfront costs associated with electric forklifts.
The high performance of electric forklifts has allowed many industries—namely industrial, retail, and food and beverage—to reduce costs associated with lost or damaged goods due to the improved reliability of electric forklifts. Most electric forklifts are equipped with sensors that detect tracks, buffers that minimize impact, and automated maintenance alerts. These functions have been shown to greatly outperform traditional ICE forklifts, which can result in minimized liability from damaged goods or safety risks.
Learn more about transitioning to electric forklifts: The Costs and Benefits of Electric Forklifts
In addition to the technical advancements that have bolstered the appeal of electric forklifts, rebate opportunities have played a pivotal role in encouraging fleet owners to make the switch. Fleet owners looking to transition to electric forklifts can take advantage of energy rebate programs in their state and other incentive programs that aim to reduce the financial burden of switching to electric vehicles.
Learn how Smart Rebates can help you maximize your savings through rebate programs.