Electric Forklift Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F

The Electric Forklift Market was valued at USD 50.4 Billion in 2024, and is projected to reach USD 112.87 Billion by 2030, rising at a CAGR of 13.88%. The electric forklift market is experiencing significant growth, driven by various factors that are reshaping the material handling industry. Environmental regulations and a global push towards sustainability have led to increased adoption of electric forklifts. These vehicles offer zero emissions during operation, contributing to cleaner and healthier working environments. Technological advancements have also played a pivotal role, with innovations such as lithium-ion batteries, automation, and connectivity enhancing the efficiency and performance of electric forklifts. The rise of e-commerce has further fueled demand, as businesses seek efficient and eco-friendly solutions for their warehousing and logistics operations.

Market Drivers

Growing Port and Container Handling Activities

Ports and intermodal terminals are modernizing their equipment fleets to improve efficiency and meet sustainability goals. Electric forklifts are being deployed for container loading and unloading tasks, cargo movement, and stacking activities. Their ability to operate in enclosed spaces without producing emissions gives them an advantage in ship holds, port warehouses, and customs inspection areas.

The global increase in maritime trade volumes, coupled with regulatory pressure to reduce emissions at ports, is boosting the adoption of electric forklifts in this sector. For instance, in 2024, the top 20 global ports handled 414.6 million TEUs, up 7.1% from 2023. Asian ports dominated, with Shanghai surpassing 50 million TEUs. U.S. ports rebounded with 13.1% growth, led by Los Angeles and Long Beach. European ports rose 5.7%, with Spain benefiting from Red Sea disruptions. China’s top ports grew 7.1%, though Hong Kong and Xiamen saw declines.

Key Market Challenges

Limited Operating Range and Charging Infrastructure

Electric forklifts have a limited operating range due to battery capacity. This limitation can affect productivity, especially in large warehouses or distribution centers. Additionally, the lack of adequate charging infrastructure may pose a challenge for businesses looking to transition to electric forklifts, as frequent recharging can lead to operational downtime. Electric forklifts require recharging after a certain period, which can lead to operational downtime. The longer recharging time compared to refueling a traditional forklift with fuel may impact productivity in industries where time is crucial. Implementing fast-charging solutions can mitigate this issue but may require additional investment.

Key Market Trends

Adoption of Lithium-Ion Batteries

The growing preference for lithium-ion batteries over traditional lead-acid batteries is reshaping the electric forklift market. These modern batteries offer faster charging capabilities, often allowing partial charges during short breaks, which helps eliminate the need for multiple battery swaps during a single shift. Their longer operational life reduces the frequency of replacements, translating to lower maintenance and replacement costs for fleet operators. Lithium-ion batteries also maintain consistent power output, regardless of the charge level, ensuring reliable performance throughout the day. Their higher energy density makes them ideal for compact and high-capacity forklift designs, while the lack of harmful emissions or acid spills aligns with sustainability goals and improves workplace safety.

Key Market Players

• Toyota Industries Corporation
• KION Group AG
• Jungheinrich AG
• Mitsubishi Logisnext Co., Ltd.
• Crown Equipment Corporation
• Hyster-Yale Materials Handling, Inc.
• Clark Material Handling Company
• Doosan Industrial Vehicle Co., Ltd.
• Hangcha Group Co., Ltd.
• Anhui Heli Co., Ltd.

Report Scope:

In this report, the Global Electric Forklift Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Electric Forklift Market, By Class:

• Class 1
• Class 2
• Class 3
• Class 4
• Class 5
• Others

Electric Forklift Market, By End Use:

• Retail & Wholesale
• Logistics
• Automotive
• Food Industry
• Others

Electric Forklift Market, By Battery Type:

• Li-Ion
• Lead Acid

Electric Forklift Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe & CIS
• Germany
• France
• U.K.
• Spain
• Italy
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Turkey
• South America
• Brazil
• Argentina

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Electric Forklift Market.

Available Customizations:

With the given market data, the publisher offers customizations according to the company’s specific needs. The following customization options are available for the report.

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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