Europe Electric Forklift Industry Overview
The Europe electric forklift market size was valued at USD 15.30 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 13.0% from 2022 to 2030. Increasing demand for electric forklifts from the chemical, food beverage, and logistics sectors for material handling operations is expected to fuel the growth. Stringent government regulations for curbing GHG emissions from ICE forklifts are driving the demand for electric power forklifts from the industrial and construction sectors. This is expected to positively impact the target market growth.
Lift trucks help retailers store and distribute products in huge volumes, allowing them to gain a competitive advantage in their respective sectors. Thus, growing demand from several end-use industries is anticipated to drive market growth. The COVID-19 outbreak caused a slight slump in the industry’s growth. The government implemented a strict lockdown in the country which resulted in a shutdown of manufacturing facilities and even disruption in the supply chain of raw materials.
Gather more insights about the market drivers, restrains and growth of the Europe Electric Forklift market
However, in 2021, there was a sudden increase in demand for forklifts due to the resumption of construction activity for halted and new projects, which directly increased the demand for electric forklifts. The market is expected to witness growth similar to the pre-pandemic period in 2022 due to the release of backlog orders resulting from the pandemic and the rapid increase in demand from various industrial sectors such as food beverages, retail, and construction. The developed economies such as the U.K. Germany, and France are investing heavily in infrastructure development projects which is augmenting the construction activities. For instance, the U.K. government published a document “National Infrastructure and Construction Pipeline” announcing a USD 899.0 billion infrastructure plan for the next 10 years.
The documents stated that USD 41.29 billion is allocated to social economic projects, the transportation sector has been allocated USD 89 billion, and energy projects with USD 65 billion. Similarly, the government of the Netherlands allocated USD 704 million to boost economic growth. Owing to such infrastructure projects the demand for forklifts is expected to witness a rise over the forecast period. Government inclination toward attaining net-zero emission has been witnessing traction. Implementing various rules and regulations to lower pollution levels caused by ICE engines. This implementation of the net-zero strategy from the government is forcing auto manufacturers to shift toward developing electric power vehicles. For instance, in October 2021, the U.K. government set out a new Net Zero Strategy to eliminate harmful emissions by 2050.
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Europe Electric Forklift Market Segmentation
Grand View Research has segmented the Europe electric forklift market based on product, battery type, end-use, and region:
Europe Electric Forklift Product Outlook (Revenue, USD Billion, 2018 - 2030)
- Counterbalanced
- Pallet Trucks
- Reach Trucks
- Pallet Stackers
- Others
Europe Electric Forklift Battery Type Outlook (Revenue, USD Billion, 2018 - 2030)
- Li-ion
- Others (Lead-acid and hydrogen fuel cell)
Europe Electric Forklift End-use Outlook (Revenue, USD Billion, 2018 - 2030)
- Chemical
- Food Beverage
- Industrial
- Logistics
- Retail E-commerce
- Others
Europe Electric Forklift Regional Outlook (Revenue, USD Billion, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa (MEA)
Market Share Insights:
- July 2021: Hangcha Group Co., Ltd. launched an electric forklift truck with a 2.0-3.5 ton weight capacity, equipped with high voltage lithium-ion batteries (309 V). This truck series is expected to charge fully within one hour and have a running capacity of up to 12 hours.
Key Companies profiled:
Some prominent players in the Europe electric forklift market include:
- Anhui Heli Co., Ltd.
- Clark
- Crown Equipment Corporation
- Hangcha Group Co., Ltd.
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- KION Group AG
- Komatsu Ltd.
- Mitsubishi Logisnext Co., Ltd.
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