Battery electric lift trucks ensure cost efficiency and improved productivity and, as environmental concerns grow, offer a zero-carbon emissions alternative to traditional lead acid battery forklifts.

As lift truck manufacturers look to meet evolving customer requirements, gain a competitive advantage in the market and increase their customer base, many will look to expand their electric lift truck offering.

“The electric lift trucks market will witness growth, which is attributed to the increasing focus of manufacturers on improving their product portfolio,” the report said.

It explained that “increased environmental concern for reducing carbon emissions have encouraged manufacturers to offer environmentfriendly forklift trucks”.

“With zero carbon emissions and less dependence on natural resources to produce, fuel cells are a feasible source of sustainable energy to power forklifts for the near future.”

Likewise, fuelling further industry growth, existing “companies in the electric lift trucks market are highly focusing on expanding their business operations to accelerate the annual growth rate,” the report said.

Increased awareness around electric vehicles across the material handling industry will also create further growth opportunities for revenue generation for electric lift truck manufacturers, it added.

An expanding retail and e-commerce sector will further boost demand for electric lift trucks for lifting pallets with minimum noise.

In the report, the electric lift truck industry is split across product, class, application and region.

Based on product, the market landscape is divided into warehouse and counterbalance. Among these, the warehouse segment surpassed $20bn in 2021, said the report.

By class, the industry is divided into class 1 to 4 and others. Class 4 refers to internal combustion engine trucks designed for moving pallets from the loading dock to the storage area or vice-versa. According to the report, the electric lift truck market share from class 4 trucks is set to surpass $3bn by 2030.

Regarding shipment volume, the logistics application segment is projected to reach 700,000 units by 2030. A surge in manufacturing activities has resulted in the expansion of logistics operations by key players such as Deutsche Post DHL and FedEx, which will complement industry growth.