According to Goldstein Research, “Stringent vehicular emission norms and technological advancement in batteries and forklift trucks are the key factors augmenting the growth of electric forklift trucks market across the globe.” Further, the market players are now focusing on developing electric forklifts with higher power output to expand their business in the industries which are need of efficient of high load capacity electric forklifts.
Global Electric Forklift Trucks Market Outlook 2024
The global electric forklift trucks market is segmented based on products and by end users. Product type is further bifurcated into counterbalance forklifts and warehouse forklifts. In 206, counter balance forklift truck segment accounted for the lion share of 55% in global market and is likely to expand at a CAGR of 7.0% during the forecast period.
The global market for electric forklift trucks had reached a value of USD 22.7 billion in 2016. It is expected to expand at a CAGR of 7.1% between 2016 and 2024 and arrive at a valuation of USD 39.4 billion by the end of 2024.
Asia-Pacific is the largest region for electric forklift trucks market in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific electric forklift trucks market valued USD 6.8 billion in 2016 and is estimated to reach USD 10.8 billion by 2024. China is expected to dominate the electric forklift trucks market followed by Japan attributed to presence of big market players and growing industrial and ecommerce business in the region.
Fuel Cells Technology: Turnkey
While lead acid batteries are well rooted in the forklift truck industry, they are not ideal for some application owing to their limited runtime, longer charging time and shorter lifecycle. Over the next few years more advanced electric technologies such as fuel cells, lithium-ion batteries and fast chargers will continue to gain larger share in the market, in terms of revenue. Many companies are now changing their battery forklifts with fuel cells to gain more benefit from the technology. For instance, hydrogen fuel cell company Plug Power announced that Amazon is changing its battery-operated forklifts to hydrogen fuel cell-powered forklifts at 11 of its fulfillment centers.
Global Electric Forklift Truck Market contains detailed overview of the global electric forklift trucks market in terms of market segmentation by product type and by end users.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global Electric Forklift Trucks Market Report also provides competitive outlook of some of the major players which includes profiling of companies such as Jungheinrich Lift Truck Corp., Kion Group AG, Toyota Industries Corp., Hyster-Yale Group, Komatsu and Crown Equipment Corporation etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global electric forklift trucks market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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