November 10, 2023
Recent Study Reports Increased Global Usage of 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.
Electric Forklifts Out-Performing ICE Vehicles
Due to the high upfront costs of electric forklifts, 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.
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