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Yahoo
13-05-2025
- Business
- Yahoo
Forklift Market to Exhibit $154.99 Billion Revenue Opportunity by 2030 - Grand View Research, Inc.
SAN FRANCISCO, May 13, 2025 /PRNewswire/ -- The global forklift market size is estimated to reach USD 154.99 billion by 2030, expanding at a CAGR of 13.7% from 2025 to 2030, according to a new report by Grand View Research, Inc. The e-commerce industry has experienced significant growth due to factors such as increased disposable income, widespread internet access, and enhanced shopping convenience. This surge in online shopping, coupled with unpredictable shipping and shopping patterns, as well as direct-to-customer shipments, has led to a substantial increase in retail sales. Hence, this growth in retail sales has brought about a noticeable transformation in warehouse operations. Warehouses are tasked with fulfilling substantial orders for individual items. This shift necessitates greater efficiency among warehouse workers and forklifts in the processes of locating, selecting, and transporting goods within the warehouse space. Manufacturers such as Toyota Material Handling and Hyster-Yale Materials Handling, Inc. are focusing on investing heavily in R&D activities to manufacture technologically advanced autonomous forklifts. Hyster-Yale Materials Handling, Inc. integrates forklifts with systems such as Enterprise Resource Planning (ERP) and Warehouse Management System (WMS), offering employees a complete real-time view of the automated forklift. In addition, manufacturers aim to reduce the dependency of autonomous forklifts on guide wires, magnets, and lasers. Autonomous forklifts provide stable and consistent performance. These machines may reduce the cost of finding as well as onboarding a new workforce. They decrease product damage and reduce the ergonomic impact of physically demanding and monotonous work tasks for warehouse workers. Request a free sample copy or view report summary: Forklift Market Forklift suppliers are constantly upgrading the technologies used in forklifts to provide advanced features, such as operator assist, improved ergonomics, and onboard programming and diagnostics. For instance, in October 2022, Toyota Material Handling (TMH), a forklift manufacturer and warehousing solutions provider, launched an updated version of its 3-Wheel Electric Forklift featuring Toyota Assist's SEnS+ pedestrian detection technology to detect objects and pedestrians within the detection range. Other features included enhanced energy efficiency to allow for a 40% longer run time on a single charge, an auto power mode to detect slopes and automatically switch to a higher power mode to maintain speed, and a lithium-ion battery to minimize maintenance costs and reduce downtime for improved productivity. These enhancements were designed to enable operators to be more productive while incurring a lower cost of ownership over the forklift's lifespan. Forklift Market Report Highlights: The class 3 segment accounted for the largest market share of 44.2% in 2024. Due to the growing demand from small and medium-sized warehouses for material loading and unloading, the market is anticipated to gain momentum. The below 5 segment is expected to register the fastest CAGR over the forecast period. The segment growth is owing to their versatility, compactness, and cost-effectiveness, among others making them a valuable asset for end-use industries seeking flexible and efficient material handling solutions. The lithium-ion segment is anticipated to register the highest CAGR over the forecast period. These batteries are broadly used in electric forklifts as they provide longer lifespan, higher energy density, and faster charging capabilities. Retail & e-commerce is expected to register the highest growth rate over the forecast period. As businesses strive to optimize their supply chain operations and enhance productivity, they invest in advanced warehousing facilities. As a result, the need for efficient forklifts has grown substantially. The Asia Pacific forklift industry accounted for 48.4% share of the overall market in 2024. Companies in the region are incorporating smart technologies such as IoT sensors, telematics, and AI-driven fleet management systems into forklifts. These innovations enable real-time monitoring, predictive maintenance, and optimized route planning, driving better decision-making and cost savings for end-use industries. In August 2024, Crown Equipment Corporation opened a sales and service facility in New Albany, Ohio. This new facility is expected to offer material handling and warehouse solutions to customers in the area. The facility will also provide regional businesses with the necessary equipment and services to boost productivity and uptime, ensuring their material handling operations and supply chains remain efficient and effective. Read full market research report on Forklift Market with TOC - Forklift Market Size, Share & Trends Analysis Report By Class (Class 1, Class 2), By Power Source, By Load Capacity (Below 5 Ton, 5-15 Ton, Above 16 Ton), By Battery Type, By End Use, By Region, And Segment Forecasts, 2025 - 2030 Forklift Market Segmentation Grand View Research has segmented the global forklift market based on class, power source, load capacity, electric battery type, end use, and region: Forklift Market - Class Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030) Class 1 Class 2 Class 3 Class 4/5 Forklift Market - Power Source Outlook (Volume, Units; Revenue, USD Million, 2018 - 2030) ICE Electric Forklift Market - Load Capacity Outlook (Revenue, USD Million, 2018 - 2030) Below 5 Ton 5-15 Ton Above 16 Ton Forklift Market - Electric Battery Type Outlook (Revenue, USD Million, 2018 - 2030) Li-ion Lead Acid Forklift Market - End Use Outlook (Revenue, USD Million, 2018 - 2030) Industrial Logistics Chemical Food & Beverage Retail & E-Commerce Others Forklift Market - Regional Outlook (Revenue, USD Million, 2018 - 2030) North America Europe Asia Pacific Latin America Middle East & Africa (MEA) List of Key Players in the Forklift Market Anhui Heli Co., Ltd. Clark Material Handing Company, (Clark Equipment Company) Crown Equipment Corporation Doosan Corporation Hangcha Forklift Hyster-Yale Materials Handling, Inc. (Hyster-Yale Group, Inc.) Jungheinrich AG KION Group AG Komatsu Ltd. Mitsubishi Logisnext Co., Ltd. Toyota Motor Corporation (Toyota Material Handling) Check out more related studies published by Grand View Research: Electric Forklift Market - The global electric forklift market size is anticipated to reach USD 112.87 billion by 2030, growing at a CAGR of 14.4% from 2024 to 2030, according to a new report by Grand View Research, Inc. Developments in the e-commerce industry are fueling the demand for lift trucks across the economies. Australia Forklift Rental Market - The Australia forklift rental market size is expected to reach USD 197.3 million by 2030, registering a CAGR of 5.8% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. Australia's e-commerce and warehouse sector has experienced significant growth in recent years. Material Handling Equipment Telematics Market - The global material handling equipment telematics market size is estimated to reach USD 15.12 billion by 2030, registering a CAGR of 14.8% from 2025 to 2030, according to a new report by Grand View Research, Inc. Technological advancements in the field of telematics and improved connectivity services have resulted in increased integration of telematics solutions in off-highway equipment. Australia Forklift Market - The Australia forklift market size is expected to reach USD 2.12 billion by 2030, growing at a CAGR of 13.5% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. In Australia, there has been a notable shift toward the adoption of electric forklifts. This transition has gained significant momentum, driven by a heightened focus on sustainability and the urgent need to reduce carbon emissions. Browse Horizon Databook on Forklift Market – Global Forklift Market Size & Outlook Browse Latest Industry Research Blog – Global Industry Herald About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research. Gain insights from 30K+ Global & Regional Reports, 120K+ Country Reports, 1.2M+ Market Statistics, 200K+ Company Profiles, and 5 business solutions encompassing ESG and Sustainability Consulting, Procurement Intelligence, Pricing Index and Analysis, and Consumer Analytics. Contact:Sherry JamesCorporate Sales Specialist, USAGrand View Research, 1-415-349-0058Toll Free: 1-888-202-9519Email: sales@ Us: LinkedIn | Twitter Logo: View original content: SOURCE Grand View Research, Inc.
Yahoo
03-03-2025
- Automotive
- Yahoo
Global Electric Industrial Vehicles Market Set for US$ 55.5 Billion Growth by 2035, Powered by Automation and Smart Mobility
The electric industrial vehicles market is growing rapidly, driven by rising demand for sustainable transportation in logistics, manufacturing, and construction. Advancements in battery technology and government incentives are fueling adoption, reducing emissions and operational costs. Key players are investing in automation and AI integration, enhancing efficiency and performance. Wilmington, Delaware, United States, Transparency Market Research Inc. - , March 03, 2025 (GLOBE NEWSWIRE) -- The global electric industrial vehicles market was valued at US$ 23.3 Billion in 2024 and is projected to grow at a CAGR of 8.2% from 2025 to 2035, reaching US$ 55.5 Billion by 2035. The rising adoption of electric vehicles in industrial applications (Markt für Elektro-Industriefahrzeuge) , driven by sustainability goals and cost efficiency, is fueling this growth. Advancements in battery technology and automation are further accelerating the shift toward electric-powered industrial fleets. This surge is primarily driven by the increasing demand for automation across manufacturing, warehousing, and logistics sectors, as well as a global shift towards environmentally friendly transportation solutions. Unlock Key Market Insights – Request Your Sample PDF Now! Introduction: A Paradigm Shift in Industrial Transportation The Electric Industrial Vehicles Market is revolutionizing material handling, logistics, and factory operations by replacing traditional fuel-powered vehicles with sustainable, cost-efficient, and high-performance electric alternatives. As industries prioritize automation, environmental sustainability, and operational efficiency, the demand for electric industrial vehicles is accelerating. These vehicles, including electric forklifts, automated guided vehicles (AGVs), and electric tow tractors, are enhancing productivity in manufacturing plants, warehouses, ports, and distribution centers. With advancements in battery technology, fleet management solutions, and autonomous driving capabilities, the market is set for exponential growth. Company Profiles 1. Leading Players in the Market Toyota Material Handling – A pioneer in electric forklifts and autonomous warehouse solutions. Hyster-Yale Group – Specializes in electric heavy-duty forklifts and hybrid industrial vehicles. Jungheinrich AG – Innovates in battery-powered industrial vehicles with advanced lithium-ion technology. Crown Equipment Corporation – Focuses on electric forklifts and automated industrial vehicles. KION Group AG – A leader in electric and hybrid industrial vehicles for logistics and supply chain industries. 2. Key Distributors and Sellers Walnut Market – A major distributor of electric industrial vehicles, offering a wide range of battery-powered and hybrid solutions. Mitsubishi Logisnext – Distributes electric forklifts and warehouse automation solutions globally. Raymond Corporation – A leading seller of electric material handling vehicles. Komatsu Ltd. – Expanding its footprint in the electric heavy-duty vehicle segment. Tesla Industrial Vehicles – An emerging player focusing on high-efficiency electric drivetrains for industrial use. Latest Developments: In February 2024, Li Auto, known for its extended-range electric vehicles, announced plans to introduce an all-electric version of its L8 SUV. This strategic move aims to position Li Auto more competitively in the EV market, particularly against established players like Tesla. The announcement led to a 13.2% surge in Li Auto's stock, reflecting positive investor sentiment. Market Scope: The industrial electric vehicles market is witnessing widespread adoption across various sectors, including manufacturing, logistics, e-commerce, and warehousing. The versatility of IEVs in handling diverse materials and operating in various environments contributes to their broad appeal. Additionally, the integration of lithium-ion batteries has enhanced the performance and efficiency of these vehicles, further driving their adoption. Top Market Trends: Automation Integration: The seamless integration of IEVs with automated systems is enhancing operational efficiency and reducing human intervention. Sustainability Focus: There is a growing emphasis on adopting eco-friendly solutions, with IEVs offering zero-emission alternatives to traditional vehicles. Technological Advancements: Continuous improvements in battery technology, vehicle design, and navigation systems are expanding the capabilities of IEVs. E-commerce Growth: The surge in online shopping has increased the demand for efficient warehouse operations, boosting the adoption of IEVs. Regulatory Support: Government incentives and regulations promoting clean energy solutions are encouraging industries to transition to electric vehicles. Overall Industry Insight: The industrial electric vehicle market is at the forefront of a significant transformation in material handling and logistics. As industries strive for greater efficiency, sustainability, and compliance with environmental standards, IEVs offer compelling solutions that align with these objectives. The continuous evolution of technology and the expanding applications of IEVs suggest a dynamic and promising future for the industry. Have Any Query? Ask Our Experts: Market Segmentation By Vehicle Type Electric Forklifts – Leading adoption in warehouses and logistics hubs. Automated Guided Vehicles (AGVs) – Smart solutions for automated material transport. Electric Tow Tractors – Essential for airport baggage handling, industrial logistics. Electric Utility Vehicles – Used in factories, construction sites, and ports. By Battery Type Lithium-Ion Batteries – Preferred for fast charging and high efficiency. Lead-Acid Batteries – Cost-effective but limited lifespan. Hydrogen Fuel Cells – Emerging for heavy-duty and long-range applications. By End-Use Industry Manufacturing & Industrial Plants – Demand for sustainable material movement. Warehousing & Distribution Centers – Growth driven by automated storage solutions. Airports & Seaports – Adoption of electric cargo and baggage handling vehicles. Retail & Logistics – Investments in sustainable supply chain solutions. By Region North America – Early adoption driven by automation and sustainability mandates. Europe – Leading in carbon-neutral industrial operations. Asia-Pacific – Fastest-growing market with booming e-commerce and smart logistics. Latin America & MEA – Increasing investment in industrial infrastructure. Future Outlook – The Electric Industrial Vehicles Market is poised for significant growth, driven by technological advancements, sustainability goals, and increasing automation. Companies investing in Battery-Powered Industrial Vehicles Market, Electric Heavy-Duty Vehicles Market, Electric Forklift Market, Hybrid Industrial Vehicles Market, and Autonomous Electric Industrial Vehicles Market will be at the forefront of industry transformation. Distributors and sellers like Walnut Market are crucial in expanding the reach of these innovative solutions, ensuring widespread adoption across industrial sectors. Key Market Drivers Sustainability Goals and Emission Reduction Industries are adopting zero-emission electric fleets to align with green regulations. Government policies and corporate sustainability initiatives are promoting the transition from diesel-powered equipment to electric alternatives. Advancements in Battery Technology Lithium-ion batteries are improving energy efficiency, charging speed, and lifespan. Hydrogen fuel cells are emerging as a viable solution for heavy-duty industrial applications. Growth of E-Commerce and Smart Warehousing The expansion of e-commerce is driving the need for automated warehouses with electric material-handling vehicles. Robotics and IoT-powered AGVs are reshaping warehouse operations with seamless inventory movement. Lower Total Cost of Ownership (TCO) Reduced fuel and maintenance costs make electric industrial vehicles a cost-effective long-term investment. Longer lifespan and fewer mechanical parts lead to higher operational efficiency. Government Incentives and Regulatory Push Tax benefits and subsidies are encouraging businesses to adopt electric fleets. Stringent carbon emission norms and workplace safety regulations are driving the transition. Electrifying Industrial Operations for a Sustainable Future The Electric Industrial Vehicles Market is redefining industrial mobility, offering sustainable, efficient, and intelligent solutions for modern logistics and manufacturing. Why This Report Matters Market Trends & Revenue Forecasts – Gain insights into emerging opportunities in industrial EV adoption. Competitive Analysis & Key Players – Understand strategies of industry leaders. Technology & Innovation Trends – Explore cutting-edge advancements in battery and automation technologies. Regulatory & Sustainability Insights – Stay ahead of compliance requirements and emission standards. Buy this Premium Research Report: Frequently Asked Questions (FAQs) What is the size of the industrial electric vehicle industry market? The global electric industrial vehicles market was valued at US$ 23.3 Billion in 2024 and is projected to grow at a CAGR of 8.2% from 2025 to 2035, reaching US$ 55.5 Billion by 2035. Who is leading the industrial electric vehicle industry? As of early 2025, the industrial electric vehicle (EV) industry is witnessing significant competition among leading manufacturers, notably China's BYD Auto and Tesla. How will industrial electric vehicles affect the economy of global? Industrial electric vehicles will boost the global economy by reducing reliance on fossil fuels, lowering operating costs, and driving innovation in battery technology. Their adoption will also create new jobs in manufacturing, infrastructure, and sustainable energy sectors. What industries are driving demand for Electric Industrial Vehicles? Manufacturing, warehousing, airports, seaports, and logistics companies are rapidly adopting electric forklifts, AGVs, and electric tow tractors. What is the future outlook for the Electric Industrial Vehicles Market? The market is expected to see strong growth due to advancements in automation, AI-powered fleet management, and hydrogen-based energy solutions. Explore Latest Research Reports by Transparency Market Research: Automotive DC-DC Converter Market (Markt für Kfz-DC-DC-Wandler) is expected to reach the value of US$ 25.53 Billion by the end of 2034. Automotive Solenoid Market (Markt für Kfz-Magnetventile) is estimated to grow at a CAGR of 6.3% from 2024 to 2034 and reach US$ 9.8 Billion by the end of 2034. About Transparency Market Research Transparency Market Research, a global registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information. Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports. 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