Electric Forklift Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Class (Class 1, Class 2, Class 3, Class 4, Class 5, Others), By End Use (Retail & Wholesale, Logistics, Automotive, Food Industry, Others), By Battery Type (Li-Ion, Lead Acid), By Region & Competition, 2020-2030F

Market Overview

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 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.

Rising Infrastructure Development Projects

Expanding infrastructure across emerging and developed economies is fueling demand for material handling equipment in construction supply depots, steel yards, and logistics hubs. Electric forklifts are being used for transporting raw materials and finished products due to their operational efficiency and reduced environmental impact. Governments and private developers are increasingly choosing electric variants to align with green construction mandates and emission reduction targets. As public infrastructure investments increase, so will the need for efficient, safe, and eco-friendly equipment like electric forklifts. For instance, Global capital project and infrastructure spending is set to exceed $9 trillion by 2025, a significant rise from $4 trillion in 2012, with annual growth rates expected to rebound to 6% in 2014 and 7.5% by 2016. This growth, however, may ease slightly as the decade progresses, but is projected to remain above 6.5% annually in the medium term, though subject to global disruptions. Developing economies, particularly China and Asia, now account for nearly half of global infrastructure spending, a rise of more than 10% since 2006, while Western Europe’s share has shrunk from 20% to just 12%, expected to fall below 10% by 2025. 

Environmental Regulations and Sustainability Initiatives

Governments worldwide are implementing stringent environmental regulations to reduce carbon emissions and promote sustainability. Electric forklifts, with their zero-emission operation, align with these regulations, making them an attractive choice for businesses aiming to comply with environmental standards. This regulatory push is accelerating the adoption of electric forklifts across various industries. For instance, Germany’s BAFA subsidy program supports companies switching from LPG or diesel forklifts to electric models, offering up to 33% funding for micro and small enterprises. The program promotes energy-efficient, low-emission operations, with eligibility tied to achieving at least 15% energy savings. New electric forklifts powered by lithium-ion, lead-acid, or fuel cells are eligible, along with costs for energy consulting. Forklifts must remain on-site for three years and cannot be rented, used, or already ordered.

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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.

Weight Limitations

Electric forklifts typically have lower lifting capacities compared to their internal combustion engine counterparts. This limitation may restrict their usage for heavy-duty applications in certain industries, necessitating the development of more powerful electric forklift models to meet diverse operational needs. While advancements in battery technology have been substantial, the need for more efficient and cost-effective energy storage solutions persists. Additionally, integrating electric forklifts into existing warehouse systems may pose compatibility issues, requiring businesses to invest in infrastructure upgrades to fully leverage the benefits of electric forklifts.

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.

Integration of Telematics and IoT

The adoption of telematics and IoT in electric forklifts is transforming them into smart, connected machines. Telematics systems collect real-time data on parameters such as battery usage, route optimization, operating hours, and fault diagnostics. This information helps fleet managers make informed decisions regarding equipment utilization, preventive maintenance, and operational scheduling. IoT connectivity also enables remote monitoring, alerts, and diagnostics, reducing the likelihood of unexpected downtime. In larger fleets, these tools facilitate better coordination, track driver behavior, and contribute to safety compliance by identifying risky patterns.

Growing E-Commerce and Warehouse Applications

The explosion of e-commerce globally is significantly driving the demand for electric forklifts. As online retail giants expand their logistics and fulfillment networks, the need for fast, efficient, and environmentally sustainable material handling equipment is growing rapidly. Electric forklifts are particularly suited to indoor operations due to their zero emissions and quieter operation. Their use is increasing in warehousing and inventory management tasks such as order picking, pallet movement, and goods reception, particularly in automated or semi-automated e-commerce fulfillment centers where speed and accuracy are critical. For instance, Ecommerce sales in the U.S. surged 140% over the past five years and are projected to grow by another $1.5 trillion globally, creating a need for 330 million square feet of additional warehousing space in the U.S. and 1.5 billion square feet worldwide, including 100 million square feet for cold storage. Ecommerce warehouses require 1.2 million square feet per $1 billion in sales three times more than traditional retail—due to a higher SKU count and the complexity of handling individual items, returns, and fulfillment.

Segmental Insights

Class Insights

In 2024, Class 1 electric forklifts emerged as the dominant segment in the global electric forklift market. These trucks, characterized by their counterbalanced design and electric motor operation, are widely used in indoor warehouse environments due to their zero-emission output and quiet performance. Class 1 forklifts typically operate on either three-wheel or four-wheel configurations, offering a strong balance of maneuverability and load capacity. Their adaptability across a wide range of material handling tasks, from pallet movement to heavy stacking, has led to increased adoption in sectors such as logistics, retail distribution, and general manufacturing. Their compatibility with advanced battery technologies like lithium-ion, combined with improvements in charging infrastructure, has further accelerated demand. As businesses focus on electrifying their equipment fleets to meet sustainability and cost-efficiency goals, Class 1 forklifts offer an optimal combination of power, efficiency, and environmental compliance. Their widespread availability in both sit-down and stand-up operator formats provides operational flexibility across diverse warehouse layouts.

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Regional Insights

Asia-Pacific dominated the electric forklift market in 2024 due to rapid industrialization, e-commerce growth, and automation in manufacturing. Government incentives and emission norms boosted adoption, while local lithium-ion battery production reduced costs. Demand surged in automotive and electronics sectors, and electric forklifts became central to warehouse upgrades and sustainability goals.

North America saw strong electric forklift uptake fueled by decarbonization efforts, tax incentives, and labor cost pressures. Warehouses and manufacturing sites adopted electric models with IoT features and fleet tracking. Reshoring and supply chain optimization further supported market growth.

Europe’s electric forklift demand was driven by strict emission policies and a strong focus on ESG. Industries like automotive and pharma adopted clean, low-noise forklifts. Efficient EV infrastructure, battery tech, and training programs helped accelerate the shift toward sustainable material handling solutions.

Recent Developments

• In September 2023, Toyota Material Handling introduced a new line of electric pneumatic forklifts in 48V and 80V models. These forklifts are designed for outdoor applications such as lumberyards, home centers, and landscaping, offering durability to withstand various weather conditions. The integration of cutting-edge technologies aims to enhance work efficiency for operators while promoting environmental sustainability.
• In February 2024, KION Group announced that Saturn Petcare, a pet food manufacturer in the Netherlands, had converted its entire intralogistics fleet to lithium-ion-powered forklifts. This transition aligns with Saturn Petcare's sustainability goals, reducing CO₂ emissions by approximately 30 tonnes annually. The move underscores the growing trend towards energy-efficient and low-maintenance electric forklifts in industrial operations.
• In June 2024, Jungheinrich's EJC 112i electric pallet stacker won the prestigious IFOY Award in the "Warehouse Truck Highlifter" category. Noted for its compact design and high residual load capacity of 650 kg, the EJC 112i sets a new benchmark in its segment. The integration of lithium-ion technology and optimized center of gravity enhances stability and performance, making it ideal for narrow aisles and high-density storage areas.
• In 2025, Hyster introduced upgraded electric forklifts to boost green logistics. Key features include onboard chargers compatible with standard outlets and generator power, CCS fast charging (90 kW), and lithium-ion battery packs up to 280 kW. These upgrades target ports, warehouses, and rental fleets seeking flexible, sustainable operations.

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:

o    Class 1

o    Class 2

o    Class 3

o    Class 4

o    Class 5

o    Others

•           Electric Forklift Market, By End Use:

o    Retail & Wholesale

o    Logistics

o    Automotive

o    Food Industry

o    Others

•           Electric Forklift Market, By Battery Type:

o    Li-Ion

o    Lead Acid

•           Electric Forklift Market, By Region:

o    North America

§  United States

§  Canada

§  Mexico

o    Europe & CIS

§  Germany

§  France

§  U.K.

§  Spain

§  Italy

o    Asia-Pacific

§  China

§  Japan

§  India

§  South Korea

o    Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

o    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:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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