Electric Forklifts Global Market Report 2024 : Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Electric Forklifts Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 19, 2024 /EINPresswire.com/ -- The global electric forklifts market is poised for substantial growth, driven by advancements in battery technology, stringent emission regulations, and the increasing focus on sustainability. From a market size of $55.47 billion in 2023, it is projected to reach $63.65 billion in 2024, growing at a compound annual growth rate (CAGR) of 14.7%. By 2028, the market is expected to expand further to $102.97 billion, reflecting a CAGR of 12.7%.

Surge in Logistics Sector Boosts Market Growth
The rapid expansion of the logistics sector, propelled by the surge in online shopping and e-commerce platforms, is a key driver behind the growth of the electric forklifts market. These forklifts play a crucial role in efficiently handling the movement and storage of goods in warehouses, distribution centers, and logistics facilities. According to a February 2022 report by the U.S. Department of Transportation, the demand for freight is anticipated to grow by about 40% by 2045, underscoring the critical need for efficient logistics operations.

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Key Players and Market Trends
Major companies such as Toyota Material Handling, Mitsubishi Corporation, and BYD Company Ltd are focusing on product innovation to meet the evolving demands of consumers. Toyota Material Handling, Inc., for instance, recently introduced a new line of electric pneumatic forklifts designed for outdoor use in rugged environments such as lumberyards and landscaping.
In a strategic move to enhance their market presence, Toyota Material Handling, Inc. launched electric pneumatic forklifts equipped with advanced features like maintenance-free operation, programmable performance, and customizable power settings. These forklifts are tailored for retail applications and are capable of handling diverse tasks both indoors and outdoors, thereby boosting productivity and operational efficiency.

Segments Driving Market Growth
Product Types:
• Counterbalanced
• Pallet Trucks
• Reach Trucks
• Pallet Stackers
• Other Products
Battery Types:
• Lead-Acid Batteries
• Lithium-ion Batteries
• Fuel Cell
End Uses:
• Chemical
• Food And Beverage
• Industrial
• Logistics
• Retail And E-Commerce
• Other End Uses

Asia-Pacific Emerges as Fastest-Growing Region
In 2023, North America led the electric forklifts market, driven by substantial investments in logistics infrastructure. However, Asia-Pacific is anticipated to emerge as the fastest-growing region during the forecast period. The region's rapid industrialization, coupled with the burgeoning e-commerce sector, is expected to fuel the demand for electric forklifts significantly.

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Electric Forklifts Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Electric Forklifts Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on electric forklifts market size, electric forklifts market drivers and trends, electric forklifts market major players, competitors' revenues, market positioning, and market growth across geographies. The electric forklifts market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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