These forklifts have advanced features such as automated controls, sensors, and integrated systems, improving operational efficiency and productivity in material handling tasks. Also, the increasing adoption of automation and mechanization in warehouses and distribution centers is driving the demand for high-capacity forklifts. ![]() As businesses expand and trade increases, the need for efficient and powerful forklifts to handle heavy loads becomes critical. There is a growing demand for heavy lifting and material handling in various industries, such as construction, manufacturing, and logistics. The above 5 tons segment dominated the market, accounting for 62% of market revenue. March 2021: Hangcha introduced the XH series 2.0t-3.8t electric-powered forklift truck, which features high-voltage lithium-ion batteries and a top speed of 21 kmph.īased on capacity, the forklift trucks market segmentation includes below 5 tons and above 5 tons. Electric vehicle benefits and favorable government initiatives are expected to promote demand for electric-powered forklift trucks during the projection period. Several countries around the world, including the United Kingdom, India, and France, are in the process of discontinuing sales of combustion engine automobiles. In addition, electric vehicles have fewer maintenance expenses than vehicles powered by conventional combustion engines. The superior safety of lithium-ion batteries over lead-acid batteries drives their popularity in forklift trucks. Battery technology is continuously evolving, with developments in all areas in recent years. Electric forklifts are a more environmentally friendly alternative to gasoline and diesel-powered forklifts. The electric-powered category generated the most revenue share (66.45%) in 2022. The increased popularity of electric forklifts among recycling center operators and chemical producers is expected to propel growth in the forklift trucks market revenue.īased on technology, the forklift trucks market segmentation includes electric-powered and internal combustion engine powered. These factors are projected to boost demand for stand-up riders and narrow-aisle forklifts, which provide high operating precision and improved navigation in narrow aisles, levels, and mezzanines. The 220i is more than 300mm shorter than its predecessor due to its innovative lithium-ion battery architecture, which results in a 25% space savings.įurthermore, warehouse owners are concerned with improving transparency, cutting operational expenses, and increasing efficiency within warehouses and operational plants. The new ERD 220i is the tiniest truck in its class, with an L2 dimension of only 1,065 mm. Similarly, Jungheinrich launched its new electric pallet truck ERD 220i, in May 2021. The new Uno Electric Forklift is a workhorse in the 1.5 to 3-tonne capacity market, with upgraded ergonomics, increased safety, improved visibility, and a longer runtime on every charge. For instance, Godrej Material Handling introduced the new Uno Electric Forklift truck in April 2021. The market CAGR is driven by numerous manufacturers involved in the electric forklift industry, who constantly introduce new models to stay competitive. However, in emerging nations, IC-engine forklift trucks are still used. ![]() Electrically driven forklift trucks are gaining popularity in developed nations such as North America, Europe, and Asia, which have a well-established e-commerce industry, strict emission standards, and sustainability concerns. The major pollution emissions from these forklift trucks also encourage corporations to embrace electric material-handling vehicles that can be operated and maintained within warehouses. One key advantage of adopting electrically driven forklift trucks is that they do not require fuel storage at their location of operation. These electrically driven forklift trucks are suitable for loading and unloading big objects from the ground level or docks. ![]() Increased adoption of electric lift trucks is propelling the market growthĮlectric-powered forklift trucks have many potentials owing to their growing applications and popularity with rapid technological advancement. Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review Growing demand for efficient material handling and logistics solutions, expanding e-commerce & warehousing sectors, increasing industrialization and infrastructure development in emerging economies, and rising focus on workplace safety and productivity are the major market drivers boosting forklift truck market growth. The forklift trucks industry is projected to grow from USD 59.29 Billion in 2023 to USD 108.12 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.8% during the forecast period (2023 - 2032).
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