Electric Lift Truck Market Future Challenges, Trends & Growth Outlook 2022-2030
The global electric lift truck market is projected to exhibit substantial growth between the forecast years 2022-2030. The advent of electrification has supported the development of battery-powered industrial vehicles such as forklifts. Some of the key advantages of these vehicles include greater efficiency, versatility in terms of environmental consciousness, and lower TCO (total cost of ownership). Electrically powered forklifts are powered by lead-acid or lithium-ion batteries. This allows the equipment to be recharged and increases energy efficiency by 30%.
Industry players are increasingly ramping up product development efforts via rigorous R&D activities. For instance, in May 2022, Hangcha Group Co Ltd., unveiled its first international components and service center in the Netherlands to meet the growing requirements of European customers. The new facility spanning over 2,500 square meter area will cover around 85% of Hangcha component demand.
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Electric lift truck manufacturers are also foraying into strategic partnerships to further boost product advancements. In March 2022, Third Wave Automation (TWA) announced a partnership with CLARK Material Handling Company along with the launch of a newly automated reach truck for spring 2023. The automatic truck is designed for warehouses seeking to enhance operator efficiency and productivity of pallet movement.
The electric lift truck industry is segregated into product, class, application, and region.
Based on product, the market landscape is divided into warehouse and counterbalance. Among these, the warehouse segment surpassed over USD 20 billion in 2021. Electric warehouse forklifts help operators reduce fuel expenses and maximize efficiency.
Over the last decade, innovations in electric battery technology have allowed warehouse lift trucks to achieve longer runtimes with hassle-free maintenance and faster charging. These vehicles have rapidly penetrated logistics applications. According to the Industrial Truck Association (ITA), electric accounts for up to 64% of the North American lift truck sector.
By class, the industry is bifurcated into Class I, Class II, Class III, Class IV, and others. The electric lift truck market share from Class IV trucks surpassed USD 3 billion by 2030. Class IV electric lift trucks have widespread indoor applications due to easy maneuverability in compact spaces. The equipment can be easily recharged in limited time intervals.
With respect to shipment volume, the logistics application segment is projected to reach 700,000 units by 2030. A surge in manufacturing activities has resulted in the expansion of logistics operations by giants such as Deutsche Post DHL, and FedEx, which will complement industry growth.
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Middle East & Africa electric lift truck market size is estimated to be valued at over USD 5 billion by 2030 driven by the growing e-commerce sector in the region. The COVID-19 pandemic dramatically fueled online shopping, resulting in substantial e-commerce transactions. With a growing operational burden and labor shortage, online retailers are advancing distribution infrastructure with new logistics technologies.
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