Electric Forklift refers to a power-driven industrial truck used to lift and move materials short distances, which is powered by electricity. Bulk of electric forklifts are power-driven by batteries, which are used as source power to drive the motor driving motor and hydraulic systems to travel and load and unload tasks. Compared with internal combustion forklifts, electric forklifts have benefits such as less pollution, easier to operate and higher energy efficiency. Along with the development of economy and the development of environmental protection consciousness, the industry of electric forklift has experienced a rapid growth. The electric forklift market is growing significantly from decade owing to its applications in relevant industry, providing cost efficiency and improved productivity.
The electric forklifts are actively adopted across the globe resulting in the quantitative increase in demand which in turn pushed the year-on-year revenue growth. Stringent emission norms for diesel vehicles across the globe to regulate the CO2 emission have led the manufacturers to offer more environment friendly forklift truck models. Moreover, manufacturers have adjusted the direction of their R&D activities, increasing the proportion of developers working on electric forklifts and warehouse forklifts, to expand the electric and warehouse product lines. High adoption of electric forklifts owing to its advantage over IC powered forklifts and continuous expenditure over advancement of battery technology is anticipated to accelerate the growth of electric forklifts in coming years.
The study covers a detailed analysis, growth and forecast of the Electric Lift Trucks Market. The report includes market analysis on global and regional level. The study covers historical data analysis from 2017 to 2022 and market forecast for 2023 to 2029 based on revenue generated. The study includes market value in terms of revenue in million USD for years 2017-29 and compound annual growth rate (CAGR) in % from 2023 to 2029. The market is expected to show constant growth between 2023 to 2029.
The report comprises value chain analysis for each of the product segments. Value chain analysis offers in-depth information about value addition at each stage. The study includes drivers and restraints for Electric Lift Trucks Market along with their impact on demand during the forecast period. The study also provides key market indicators affecting the growth of the market. Research report includes major player analysis with shares of each player inside market, growth rate and market attractiveness in different end-users/regions. Our study Electric Lift Trucks Market helps users to make precise decision to expand their market presence and increase market share.
The report provides Electric Lift Trucks Market Dynamics, includes industry growth drivers, challenges, opportunities, risk, constraints as well as threats.Reports also includes Manufacturing Cost Analysis mainly included Raw Materials Analysis, Price Trend of product, Mergers & Acquisitions, Expansion, Key Suppliers of product, Concentration Rate of Electric Lift Trucks Market, Manufacturing Process Analysis. Research Report contains Market Effect Factors analysis mainly included Technology Progress, Consumer Needs Trend, External Environmental Change.
The major countries of Latin America such as Brazil and Mexico showcase huge opportunity for electric forklift truck industry as these countries are showcasing positive growth in manufacturing and automotive industry growth. The use of electric powered forklift trucks is gaining huge ground in the developed regions of North America and Europe, which boast of an established e-commerce industry and the strict norms for emissions and concerns for sustainability. However, in the emerging economies, there is still preference for IC-engine forklift trucks. In addition, electric forklift trucks that are powered on alternative sources of energy such as hydrogen are also gaining traction in the global electric forklift truck market.
Global Electric Lift Trucks Market: Product Type
Global Electric Lift Trucks Market: Application
Global Electric Lift Trucks Market: Competitive Analysis
Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study constitutes of following key players in Global Electric Lift Trucks Market:
Geographical analysis of Global Electric Lift Trucks Market:
Global Electric Lift Trucks Market Report delivers a comprehensive analysis of the following parameters :
Global Electric Lift Trucks Market Report delivers a comprehensive analysis of the following parameters:
Base Year Value (2022)
USD 44033.37 million
Forecast Value (2029)
USD 66209.91 million
CAGR (2022 to 2028)
North America, Europe, Asian Pacific, Latin America, Middle East and Africa, and ROW
Electric Lift Trucks Market was valued at around USD 44033.37 million in 2022 & estimated to reach USD 66209.91 million by 2029.
Electric Lift Trucks Market is likely to grow at compounded annual growth rate (CAGR) of 6% between 2023 to 2029.
Yes, the report includes COVID 19 impact on the market.
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