Electric Forklifts Market Outlook and Analysis 2024-2031
Advancements in battery technology have offered manufacturing facilities and warehouses long runtimes, hassle-free maintenance, and fast charging capabilities. This has resulted in an upswing in the use of electric forklifts across various manufacturing plants and warehouses, owing to benefits such as non-polluting nature, easy maintenance, and smooth operation. Although fossil fuels have been preferred staples for forklifts performing outdoor and indoor material handling, their electric variants have gained significant traction in recent years. Manufacturers of electric forklifts are ensuring high product quality that matches various factors of internal combustion engines, such as refill times, throughput capability, and cost.
For Full Industry Insights: https://www.fairfieldmarketresearch.com/report/electricforklifts-market
Enhanced Performance and Efficiency
Adoption of electric forklifts is expected to further accelerate as they now have similar or better performance quotient with long running time as compared to their fossil fuel counterparts. With improving electric forklift technology, users can expect two complete shifts of runtime on one single battery charge, making them a viable option for material handling across industries. This factor remains instrumental in driving the growth of the electric forklifts market on the global front.
Advancements in Battery Technology
Moreover, the advent of lithium batteries has further fueled the adoption of electric forklifts. Compared to lead acid batteries initially used for electrification, lithium batteries offer more convenience as operators do not need to lift and twist tanks to remove batteries for charging, but can plug in to charge them. In addition, lithium batteries offer longer runtimes, negligible maintenance, fast charging, and safety compared to lead acid batteries, which could be harmful in cases of acid spills. Such advancements are expected to trigger the demand for electric forklifts in the coming years.
Cost-Effectiveness in the Long Run
The electric forklifts market is expected to witness modest growth worldwide, owing to increasing demand for electric material handling products. Another aspect triggering the use of electric forklifts is the declining battery costs as customers continue to seek maintenance and fuel-saving benefits. Although a high initial investment is involved in electric forklifts
compared to internal combustion engine vehicles, the total cost of ownership is lower in the long run. Electric forklifts have intrinsic energy efficiency benefits and are significantly less expensive to operate compared to fuel-run vehicles, which can reduce operational costs.
Maintenance Benefits
Moreover, electric forklifts provide maintenance benefits. Their design makes them highly accessible for maintenance compared to propane or fuel-powered vehicles. Additionally, electric forklifts have fewer moving parts that require repair and maintenance. On the other hand, fuel-powered vehicles require frequent engine maintenance, such as spark plug replacement, oil changes, and belt replacements. Fuel-powered vehicles also generate disposal waste associated with maintenance, such as transmission fluid and engine oil. These aspects result in lower maintenance costs associated with electric forklifts. Despite high upfront costs, lifetime costs are less, which continues to influence the demand for electric forklifts in material handling operations.
Rising Demand for Electric Counterbalance Forklifts
The demand for electric counterbalance forklifts is anticipated to witness significant growth in the coming years. This is mainly due to its functional features such as high load capacity, long operating time, higher system stability, high durability, and efficiency. Electric counterbalance forklifts can be used for indoor and outdoor heavy-duty operations and can provide multi-load handling. These aspects continue to influence the use of electric counterbalance forklifts, contributing to market growth.
North America: A Key Regional Market
North America is expected to hold a significant share in the electric forklifts market. This can be attributed to the growing demand for electric lifting trucks in material handling processes owing to their eco-friendly nature. Moreover, rising sales of electric forklifts in the region are expected to complement market growth. For instance, according to the Industrial Truck Association (ITA), in 2019, electric forklifts accounted for over 64% of the market compared to the previous year and are likely to grow in the coming years. The presence of major players involved in the manufacturing of electric forklifts is likely to play a crucial role in market development. With advances in technology, these manufacturers are focused on innovating and upgrading their products to maintain their position in the market, supplementing the electric forklifts market growth.
Competitive Landscape
Major players in the electric forklifts market are involved in developing new products and initiating new launches to meet the increasing demand. For instance, in 2022, Toyota Material Handling launched a new three-wheel electric forklift – the Traigo24. This electric forklift is designed to operate in small, tight spaces and is powered by a lithium battery offering good ergonomics for enhanced productivity. Likewise, Raymond Corporation introduced thin plate pure lead technology to deliver maintenance-free power and fast charging to meet its customers’ high-performance energy demands. Similarly, Konecranes Lift Trucks added Konecranes E-VER electric forklift to its portfolio. This electric forklift includes Konecranes heavy-duty machinery with eco-efficient features that deliver enhanced productivity, prevent exhaust emissions, and reduce energy consumption.
Key Market Players
Some of the major players in the electric forklifts market include Yale Material Handling Corporation, Toyota Material Handling, Komatsu, Mitsubishi Logisnext, Hyundai Heavy Industries, and Godrej & Boyce. These companies are continually innovating and expanding their product lines to cater to the growing demand for electric forklifts in various industrial applications.