Electric Forklifts Market: Introduction
- Electric forklifts are used to lift and carry heavy materials such as pallets, containers, and crates across short distances. These machines are commonly used in warehousing operations, dockyards, and recycling operations to perform loading and unloading of products from vehicles, as well as moving packaged products around the storage place. Electric forklifts are categorized into class 1, class 2, class 3, class 4, etc.
Key Drivers and Opportunities of the Global Electric Forklifts Market
- Rapid growth of the construction industry worldwide is contributing to rise in demand for electric forklifts. Increase in urbanization in developing countries such as India and China is leading to electric forklifts being used to transport heavy construction materials such as steel beams and bars, and pallets of bricks through rough terrains. Moreover, countries such as UAE are investing in construction industry to promote tourism. This is also fueling the growth of the global electric forklifts market.
- Rise in e-commerce sector due to increase in demand for consumer goods has resulted in rise in requirement for warehouse spaces to store products, which are then distributed to retail stores through containers, pallets, and cases. Electric forklifts help to reduce time and space, and place and organize products or goods in a proper manner. Thus, developments in the e-commerce sector will drive the growth of the global electric forklifts market.
- Key players operating in the industry are announcing new products with advanced features to capture a large market share and strengthen their product portfolio. Manufacturers are investing in R & D programs to come up with new and improved lithium-ion batteries and hydrogen fuel cells, used in electric forklifts, to reduce the charging time and increase the operating time. They are focusing on introducing customized forklifts such as swing-reach turrets forklifts, and counter-balanced sit-down forklifts to meet specific end-user demands in a variety of industries. Increasing competition among manufacturers will encourage them to introduce newer products. This will help to expand the global electric forklifts market.
Restraints of the Global Electric Forklifts Market
- Over the last few years, the number of forklift accidents has increased. A forklift is one of the most dangerous vehicles in the workplace. According to the National Institute for Occupational Safety and Health (NIOSH), common types of injuries caused by forklift accidents include forklift rolling or overturning, the operator falling from the forklift, and employees being hit, crushed, or pinned by a forklift. Thus, rise in safety concerns and forklift related accidents are expected to hamper the growth of the global electric forklifts market.
Asia Pacific to Hold Major Share of the Global Electric Forklifts Market
- In terms of region, the global electric forklifts market can be divided into North America, Europe, Asia Pacific, Middle & East Africa, and South America.
- The Asia Pacific region is expected to dominate the global electric forklifts market due to a number of developing countries which are experiencing rapid growth and expansion in the industrial sector with rapid developments in automotive, shipping, construction industries, etc. Forklifts are mostly used in automotive, shipping, and construction industries and rapid growth of these industries is expected to drive the demand for electric forklifts in this region.
- Furthermore, Europe is expected to hold significant share in the global electric forklifts market during the forecast period. Europe has several developed automotive manufacturers such as Volkswagen group, BMW group, Ford, and Toyota that use electric forklifts to carry heavy vehicles parts in factories. This will help to increase the demand for electric forklifts in the Europe market.
Key Players Operating in the Global Electric Forklifts Market
Major players operating in the global electric forklifts market includes:
- Doosan Industrial Vehicles Co. Ltd
- Mitsubishi Forklift Trucks.
- Toyota Industries Corp.
- Clark Material Handling International Inc.
- Hangcha Forklift Co. Ltd
- Komatsu Utility Co. Ltd
- Jungheinrich Lift Truck Corp.
- Crown Equipment Corp.
- Hyster-Yale Group.
- Godrej & Boyce Mfg. Co. Ltd
- Combilift Ltd.
- Anhui Forklift Truck Group Co. Ltd
Global Electric Forklifts Market: Research Scope
Global Electric Forklifts Market, by End-user
- Automobile Industry
- Food Industry
- Other (Wood Industry, Paper Industry, etc.)
Global Electric Forklifts Market, by Distribution Channel
Global Electric Forklifts Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America