Selbyville, Delaware, Oct. 19, 2022 (GLOBE NEWSWIRE) --
The electric lift truck market is expected to record a valuation of USD 130 billion by 2030, according to a new research report by Global Market Insights Inc.
Rapid expansion in the logistics sector will fuel the demand for advanced material-handling equipment. The world has witnessed a significant rise in domestic and international trade lately. Since countries are relying heavily on industrial and manufacturing sectors for economic growth, the application scope of electric equipment could surge in the logistics sector.
Large logistic companies are heavily investing in infrastructure development to improve the packing, storage, and delivery of goods. For instance, in March 2021, XPO Logistics, a global leader in freight transportation partnered with Balyo to integrate the latter’s autonomous lift trucks. The partnership aimed at determining the environmental impact of the equipment as a part of the pilot program initiated by XPO Logistics.
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The report estimates a significant rise in demand for electric warehouse forklifts in the industrial sector. The equipment can handle heavy materials and hazardous chemicals while ensuring worker safety. The electric forklift market from the warehouse lift truck segment surpassed USD 20 billion in 2021. A wide variety of businesses in the food, healthcare, electronics, and automotive sector build warehouses to stack critical components and end products. Remotely operated lift trucks make it easier for operators to handle harmful substances more efficiently. The need to maintain air quality standards across working environments could also trigger the demand for electrically powered lift trucks.
In terms of shipment volume, the electric lift truck market from class III segment reached over 500 thousand units in 2021. The equipment is often referred as an electric motor hand or rider truck and is extensively used in small warehouses and facilities for short runs. Class 3 equipment comprises pallet trucks and electric stackers which help in inventory management. Increasing efforts by electric lift truck manufacturers to launch product variants fitted with advanced features will favor segment growth.
In terms of applications, the retail and e-commerce segment accounted for 25% share of the electric lift truck market in 2021. The fast-paced penetration of internet and related technologies has driven substantial growth in the e-commerce sector. The need for efficient product management and deliver has led to the expansion of fulfillment centers and warehouses, creating new business opportunities for electric lift truck manufacturers. For instance, in April 2022, Amazon announced plans to infuse a USD 1 billion fund to support companies in building fulfillment and logistics technologies.
Latin America electric forklift market size is projected to expand at a CAGR of over 5% through 2030. The industrial sector has experienced a considerable influx of capital from both private and public entities. A rise in foreign direct investments (FDI) in LATAM could complement the industry growth. According to the World Bank, Brazil is the second-largest western economy following the U.S. In 2019, the country reported FDI worth USD 72 billion and became the sixth-largest investment landscape.
Top players operating in the electric lift truck market are Toyota Industries Corporation, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster Yale Material Handling Inc. KION Group AG, and Jungheinrich AG. These leaders are enhancing their technological expertise and developing innovative parts for high-performance electric lift trucks.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Electric Lift Truck Market Insights
3.1 Introduction
3.2 Impact of coronavirus (COVID-19) pandemic
3.3 Impact of the Russia-Ukraine war
3.4 Industry ecosystem analysis
3.5 Technological & innovation landscape
3.6 Profit margin analysis
3.7 Price trend analysis, 2018 - 2030
3.8 Patent analysis
3.9 Key initiatives and news
3.10 Regulatory landscape
3.11 Investment portfolio
3.12 Industry impact forces
3.12.1 Growth drivers
3.12.1.1 Expanding e-commerce sectors in North America
3.12.1.2 Growing focus on reducing emission from vehicles in Europe
3.12.1.3 Increasing R&D investment from manufacturers
3.12.1.4 Rising emphasize on implementing Industry 4.0 practices
3.12.1.5 Developing logistics sector in Mexico
3.12.2 Industry pitfalls & challenges
3.12.2.1 High initial investment & maintenance costs
3.12.2.2 Lack of trained operators
3.13 Growth potential analysis
3.14 Porter’s analysis
3.15 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
