Europe Electric Forklift Market Projected To Expand At A CAGR 13.0% From 2022 To 2030
Posted by Neha Bora on August 12th, 2022
San Francisco, 12 Aug 2022: The Report Europe Electric Forklift Market Size, Share & Trends Analysis Report By Product (Counterbalanced, Pallet Trucks, Reach Trucks, Pallet Stackers), By Battery Type, By End Use, By Region, And Segment Forecasts, 2022 - 2030
The Europe electric forklift market size is anticipated to reach USD 44.24 billion by 2030, according to a new study by Grand View Research Inc. It is expected to register a CAGR of 13.0% from 2022 to 2030. Exponential growth in the construction and logistics sector and the increasing demand for eco-friendly, efficient & smart material handling machines are the major factors expected to drive the market growth.
Countries such as the U.K. and Germany are witnessing rapid growth majorly due to increasing investments by the government and private players to support infrastructure development in the countries. Thames Tideway Tunnel, Hinkley Point C, and Stonehenge Road Tunnel are some major infrastructure projects in the U.K. Such increasing infrastructure development activities are responsible for increasing the demand for electric forklifts in the region.
Manufacturers are inclining toward automating the production facilities resulting in increasing demand for smart material handling equipment that ensure the safe transaction of goods without human interference. For instance, Toyota Material Handling Sweden, considering the high demand for electric forklift trucks increased the production at the manufacturing facility. To enable the expansion, the company adopted automation on the production line and also installed automated vehicles to optimize the goods flow.
Forklifts such as pallet trucks, reach trucks, and pallet stackers streamline the supply chain distribution channel and enhance the operational efficiency at the facility. These factors are expected to positively impact the market growth. However, fluctuating raw material prices and the high cost of batteries are factors expected to hamper the growth. In addition, a lack of skilled labor is expected to challenge the target market growth.
The COVID-19 outbreak had a slight slump in the industrial and logistics sector in 2020, which directly impacted the electric forklift market. The high spread of COVID-19 contaminations caused an immediate drop-off in production activities due to a temporary lockdown worldwide. The market witnessed growth post the second quarter of 2021, due to the reopening of production facilities with minimum labor count ultimately supporting the demand for forklifts. However, in 2022 and 2023 the market is expected to witness exponential growth as the players are focused on enhancing the business through acquisition and partnerships.
Since the outbreak of COVID-19, key players operating in the market have been focused on enhancing their businesses through partnerships and new product launches. For instance, in October 2021, Jungheinrich re-launched its series 2 and series 3 battery-powered counterbalanced trucks. The series 2 and 3 include 12 different models of trucks, available in three and four-wheeled versions, with a load-carrying capacity between 1,300 to 2,000 kg. The company upgraded the trucks’ safety, software, and hydraulics, which enhanced the trucks’ performance by 20%.
Access Research Report of Europe Electric Forklift Market @ https://www.grandviewresearch.com/industry-analysis/europe-electric-forklift-market-report
Europe Electric Forklift Market Report Highlights
List of Key Players in the Europe Electric Forklift Market
Access Press Release of Europe Electric Forklift Market @ https://www.grandviewresearch.com/press-release/europe-electric-forklift-market-analysis
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About the AuthorNeha Bora
Joined: September 16th, 2019
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