Electric Forklift Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Class, By End Use, By Battery Type, By Region & Competition, 2020-2030F

Description

The Global Electric Forklift Market was valued at USD 50.4 Billion in 2024 and is expected to reach USD 112.87 Billion by 2030 with a CAGR of 13.88% during the forecast period. The electric forklift market is experiencing significant growth, driven by various factors that are reshaping the material handling industry. Environmental regulations and a global push towards sustainability have led to increased adoption of electric forklifts. These vehicles offer zero emissions during operation, contributing to cleaner and healthier working environments. Technological advancements have also played a pivotal role, with innovations such as lithium-ion batteries, automation, and connectivity enhancing the efficiency and performance of electric forklifts. The rise of e-commerce has further fueled demand, as businesses seek efficient and eco-friendly solutions for their warehousing and logistics operations.

Market Overview
Forecast Period	2026-2030
Market Size 2024	USD 50.4 Billion
Market Size 2030	USD 112.87 Billion
CAGR 2025-2030	13.88%
Fastest Growing Segment	Li-Ion
Largest Market	Asia-Pacific

Market Drivers

Growing Port and Container Handling Activities

Ports and intermodal terminals are modernizing their equipment fleets to improve efficiency and meet sustainability goals. Electric forklifts are being deployed for container loading and unloading tasks, cargo movement, and stacking activities. Their ability to operate in enclosed spaces without producing emissions gives them an advantage in ship holds, port warehouses, and customs inspection areas. The global increase in maritime trade volumes, coupled with regulatory pressure to reduce emissions at ports, is boosting the adoption of electric forklifts in this sector. For instance, in 2024, the top 20 global ports handled 414.6 million TEUs, up 7.1% from 2023. Asian ports dominated, with Shanghai surpassing 50 million TEUs. U.S. ports rebounded with 13.1% growth, led by Los Angeles and Long Beach. European ports rose 5.7%, with Spain benefiting from Red Sea disruptions. China's top ports grew 7.1%, though Hong Kong and Xiamen saw declines.

Key Market Challenges

Limited Operating Range and Charging Infrastructure

Electric forklifts have a limited operating range due to battery capacity. This limitation can affect productivity, especially in large warehouses or distribution centers. Additionally, the lack of adequate charging infrastructure may pose a challenge for businesses looking to transition to electric forklifts, as frequent recharging can lead to operational downtime. Electric forklifts require recharging after a certain period, which can lead to operational downtime. The longer recharging time compared to refueling a traditional forklift with fuel may impact productivity in industries where time is crucial. Implementing fast-charging solutions can mitigate this issue but may require additional investment.

Key Market Trends

Adoption of Lithium-Ion Batteries

The growing preference for lithium-ion batteries over traditional lead-acid batteries is reshaping the electric forklift market. These modern batteries offer faster charging capabilities, often allowing partial charges during short breaks, which helps eliminate the need for multiple battery swaps during a single shift. Their longer operational life reduces the frequency of replacements, translating to lower maintenance and replacement costs for fleet operators. Lithium-ion batteries also maintain consistent power output, regardless of the charge level, ensuring reliable performance throughout the day. Their higher energy density makes them ideal for compact and high-capacity forklift designs, while the lack of harmful emissions or acid spills aligns with sustainability goals and improves workplace safety.

Key Market Players

Toyota Industries Corporation
KION Group AG
Jungheinrich AG
Mitsubishi Logisnext Co., Ltd.
Crown Equipment Corporation
Hyster-Yale Materials Handling, Inc.
Clark Material Handling Company
Doosan Industrial Vehicle Co., Ltd.
Hangcha Group Co., Ltd.
Anhui Heli Co., Ltd.

Report Scope:

In this report, the Global Electric Forklift Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Electric Forklift Market, By Class:

Class 1
Class 2
Class 3
Class 4
Class 5
Others

Electric Forklift Market, By End Use:

Retail & Wholesale
Logistics
Automotive
Food Industry
Others

Electric Forklift Market, By Battery Type:

Li-Ion
Lead Acid

Electric Forklift Market, By Region:

North America
- United States
- Canada
- Mexico
Europe & CIS
- Germany
- France
- U.K.
- Spain
- Italy
Asia-Pacific
- China
- Japan
- India
- South Korea
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Turkey
South America
- Brazil
- Argentina

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Electric Forklift Market.

Available Customizations:

Global Electric Forklift Market report with the given market data, TechSci Research offers customizations according to the company's specific needs. The following customization options are available for the report:

1. Introduction

1.1. Research Tenure Considered
1.2. Market Definition
1.3. Scope of the Market
1.4. Markets Covered
1.5. Years Considered for Study
1.6. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Regions

4. Global Electric Forklift Market Outlook

4.1. Market Size & Forecast
- 4.1.1. By Value
4.2. Market Share & Forecast
- 4.2.1. By Class Market Share Analysis (Class 1, Class 2, Class 3, Class 4, Class 5, Others)
- 4.2.2. By End Use Market Share Analysis (Retail & Wholesale, Logistics, Automotive, Food Industry, Others)
- 4.2.3. By Battery Type Market Share Analysis (Li-Ion, Lead Acid)
- 4.2.4. By Regional Market Share Analysis
- 4.2.5. By Top 5 Companies Market Share Analysis, Others (2024)
4.3. Electric Forklift Market Mapping & Opportunity Assessment

5. North America Electric Forklift Market Outlook

5.1. Market Size & Forecast
- 5.1.1. By Value
5.2. Market Share & Forecast
- 5.2.1. By Class Market Share Analysis
- 5.2.2. By End Use Market Share Analysis
- 5.2.3. By Battery Type Market Share Analysis
- 5.2.4. By Country Market Share Analysis
  - 5.2.4.1. United States Electric Forklift Market Outlook
    - 5.2.4.1.1. Market Size & Forecast
      - 5.2.4.1.1.1. By Value
    - 5.2.4.1.2. Market Share & Forecast
      - 5.2.4.1.2.1. By Class Market Share Analysis
      - 5.2.4.1.2.2. By End Use Market Share Analysis
      - 5.2.4.1.2.3. By Battery Type Market Share Analysis
  - 5.2.4.2. Canada Electric Forklift Market Outlook
    - 5.2.4.2.1. Market Size & Forecast
      - 5.2.4.2.1.1. By Value
    - 5.2.4.2.2. Market Share & Forecast
      - 5.2.4.2.2.1. By Class Market Share Analysis
      - 5.2.4.2.2.2. By End Use Market Share Analysis
      - 5.2.4.2.2.3. By Battery Type Market Share Analysis
  - 5.2.4.3. Mexico Electric Forklift Market Outlook
    - 5.2.4.3.1. Market Size & Forecast
      - 5.2.4.3.1.1. By Value
    - 5.2.4.3.2. Market Share & Forecast
      - 5.2.4.3.2.1. By Class Market Share Analysis
      - 5.2.4.3.2.2. By End Use Market Share Analysis
      - 5.2.4.3.2.3. By Battery Type Market Share Analysis

6. Europe & CIS Electric Forklift Market Outlook

6.1. Market Size & Forecast
- 6.1.1. By Value
6.2. Market Share & Forecast
- 6.2.1. By Class Market Share Analysis
- 6.2.2. By End Use Market Share Analysis
- 6.2.3. By Battery Type Market Share Analysis
- 6.2.4. By Country Market Share Analysis
  - 6.2.4.1. France Electric Forklift Market Outlook
    - 6.2.4.1.1. Market Size & Forecast
      - 6.2.4.1.1.1. By Value
    - 6.2.4.1.2. Market Share & Forecast
      - 6.2.4.1.2.1. By Class Market Share Analysis
      - 6.2.4.1.2.2. By End Use Market Share Analysis
      - 6.2.4.1.2.3. By Battery Type Market Share Analysis
  - 6.2.4.2. Germany Electric Forklift Market Outlook
    - 6.2.4.2.1. Market Size & Forecast
      - 6.2.4.2.1.1. By Value
    - 6.2.4.2.2. Market Share & Forecast
      - 6.2.4.2.2.1. By Class Market Share Analysis
      - 6.2.4.2.2.2. By End Use Market Share Analysis
      - 6.2.4.2.2.3. By Battery Type Market Share Analysis
  - 6.2.4.3. United Kingdom Electric Forklift Market Outlook
    - 6.2.4.3.1. Market Size & Forecast
      - 6.2.4.3.1.1. By Value
    - 6.2.4.3.2. Market Share & Forecast
      - 6.2.4.3.2.1. By Class Market Share Analysis
      - 6.2.4.3.2.2. By End Use Market Share Analysis
      - 6.2.4.3.2.3. By Battery Type Market Share Analysis
  - 6.2.4.4. Italy Electric Forklift Market Outlook
    - 6.2.4.4.1. Market Size & Forecast
      - 6.2.4.4.1.1. By Value
    - 6.2.4.4.2. Market Share & Forecast
      - 6.2.4.4.2.1. By Class Market Share Analysis
      - 6.2.4.4.2.2. By End Use Market Share Analysis
      - 6.2.4.4.2.3. By Battery Type Market Share Analysis
  - 6.2.4.5. Spain Electric Forklift Market Outlook
    - 6.2.4.5.1. Market Size & Forecast
      - 6.2.4.5.1.1. By Value
    - 6.2.4.5.2. Market Share & Forecast
      - 6.2.4.5.2.1. By Class Market Share Analysis
      - 6.2.4.5.2.2. By End Use Market Share Analysis
      - 6.2.4.5.2.3. By Battery Type Market Share Analysis

7. Asia-Pacific Electric Forklift Market Outlook

7.1. Market Size & Forecast
- 7.1.1. By Value
7.2. Market Share & Forecast
- 7.2.1. By Class Market Share Analysis
- 7.2.2. By End Use Market Share Analysis
- 7.2.3. By Battery Type Market Share Analysis
- 7.2.4. By Country Share Analysis
  - 7.2.4.1. China Electric Forklift Market Outlook
    - 7.2.4.1.1. Market Size & Forecast
      - 7.2.4.1.1.1. By Value
    - 7.2.4.1.2. Market Share & Forecast
      - 7.2.4.1.2.1. By Class Market Share Analysis
      - 7.2.4.1.2.2. By End Use Market Share Analysis
      - 7.2.4.1.2.3. By Battery Type Market Share Analysis
  - 7.2.4.2. Japan Electric Forklift Market Outlook
    - 7.2.4.2.1. Market Size & Forecast
      - 7.2.4.2.1.1. By Value
    - 7.2.4.2.2. Market Share & Forecast
      - 7.2.4.2.2.1. By Class Market Share Analysis
      - 7.2.4.2.2.2. By End Use Market Share Analysis
      - 7.2.4.2.2.3. By Battery Type Market Share Analysis
  - 7.2.4.3. India Electric Forklift Market Outlook
    - 7.2.4.3.1. Market Size & Forecast
      - 7.2.4.3.1.1. By Value
    - 7.2.4.3.2. Market Share & Forecast
      - 7.2.4.3.2.1. By Class Market Share Analysis
      - 7.2.4.3.2.2. By End Use Market Share Analysis
      - 7.2.4.3.2.3. By Battery Type Market Share Analysis
  - 7.2.4.4. South Korea Electric Forklift Market Outlook
    - 7.2.4.4.1. Market Size & Forecast
      - 7.2.4.4.1.1. By Value
    - 7.2.4.4.2. Market Share & Forecast
      - 7.2.4.4.2.1. By Class Market Share Analysis
      - 7.2.4.4.2.2. By End Use Market Share Analysis
      - 7.2.4.4.2.3. By Battery Type Market Share Analysis

8. Middle East & Africa Electric Forklift Market Outlook

8.1. Market Size & Forecast
- 8.1.1. By Value
8.2. Market Share & Forecast
- 8.2.1. By Class Market Share Analysis
- 8.2.2. By End Use Market Share Analysis
- 8.2.3. By Battery Type Market Share Analysis
- 8.2.4. By Country Market Share Analysis
  - 8.2.4.1. South Africa Electric Forklift Market Outlook
    - 8.2.4.1.1. Market Size & Forecast
      - 8.2.4.1.1.1. By Value
    - 8.2.4.1.2. Market Share & Forecast
      - 8.2.4.1.2.1. By Class Market Share Analysis
      - 8.2.4.1.2.2. By End Use Market Share Analysis
      - 8.2.4.1.2.3. By Battery Type Market Share Analysis
  - 8.2.4.2. Saudi Arabia Electric Forklift Market Outlook
    - 8.2.4.2.1. Market Size & Forecast
      - 8.2.4.2.1.1. By Value
    - 8.2.4.2.2. Market Share & Forecast
      - 8.2.4.2.2.1. By Class Market Share Analysis
      - 8.2.4.2.2.2. By End Use Market Share Analysis
      - 8.2.4.2.2.3. By Battery Type Market Share Analysis
  - 8.2.4.3. UAE Electric Forklift Market Outlook
    - 8.2.4.3.1. Market Size & Forecast
      - 8.2.4.3.1.1. By Value
    - 8.2.4.3.2. Market Share & Forecast
      - 8.2.4.3.2.1. By Class Market Share Analysis
      - 8.2.4.3.2.2. By End Use Market Share Analysis
      - 8.2.4.3.2.3. By Battery Type Market Share Analysis
  - 8.2.4.4. Turkey Electric Forklift Market Outlook
    - 8.2.4.4.1. Market Size & Forecast
      - 8.2.4.4.1.1. By Value
    - 8.2.4.4.2. Market Share & Forecast
      - 8.2.4.4.2.1. By Class Market Share Analysis
      - 8.2.4.4.2.2. By End Use Market Share Analysis
      - 8.2.4.4.2.3. By Battery Type Market Share Analysis

9. South America Electric Forklift Market Outlook

9.1. Market Size & Forecast
- 9.1.1. By Value
9.2. Market Share & Forecast
- 9.2.1. By Class Market Share Analysis
- 9.2.2. By End Use Market Share Analysis
- 9.2.3. By Battery Type Market Share Analysis
- 9.2.4. By Country Market Share Analysis
  - 9.2.4.1. Brazil Electric Forklift Market Outlook
    - 9.2.4.1.1. Market Size & Forecast
      - 9.2.4.1.1.1. By Value
    - 9.2.4.1.2. Market Share & Forecast
      - 9.2.4.1.2.1. By Class Market Share Analysis
      - 9.2.4.1.2.2. By End Use Market Share Analysis
      - 9.2.4.1.2.3. By Battery Type Market Share Analysis
  - 9.2.4.2. Argentina Electric Forklift Market Outlook
    - 9.2.4.2.1. Market Size & Forecast
      - 9.2.4.2.1.1. By Value
    - 9.2.4.2.2. Market Share & Forecast
      - 9.2.4.2.2.1. By Class Market Share Analysis
      - 9.2.4.2.2.2. By End Use Market Share Analysis
      - 9.2.4.2.2.3. By Battery Type Market Share Analysis

10. Market Dynamics

10.1. Drivers
10.2. Challenges

11. Key Market Disruptions

11.1. Pandemic
11.2. Trade Barriers
11.3. Conflicts

12. Market Trends & Developments

13. Porters Five Forces Analysis

14. Competitive Landscape

14.1. Company Profiles
- 14.1.1. Toyota Industries Corporation
  - 14.1.1.1. Company Details
  - 14.1.1.2. Product & Service Offerings
  - 14.1.1.3. Financials (As Per Availability)
  - 14.1.1.4. Key Market Focus & Geographical Presence
  - 14.1.1.5. Recent Developments
  - 14.1.1.6. Key Management Personnel
- 14.1.2. KION Group AG
- 14.1.3. Jungheinrich AG
- 14.1.4. Mitsubishi Logisnext Co., Ltd.
- 14.1.5. Crown Equipment Corporation
- 14.1.6. Hyster-Yale Materials Handling, Inc.
- 14.1.7. Clark Material Handling Company
- 14.1.8. Doosan Industrial Vehicle Co., Ltd.
- 14.1.9. Hangcha Group Co., Ltd.
- 14.1.10. Anhui Heli Co., Ltd.