The global shift toward electric forklifts is accelerating, driven by sustainability mandates and operational efficiency. According to Mordor Intelligence, the electric forklift market is projected to grow at a CAGR of 11.2% from 2024 to 2029, significantly outpacing internal combustion models. Key factors include:
Regulatory Pressure: Over 30 countries have implemented carbon neutrality targets, incentivizing zero-emission equipment adoption. The EU’s Stage V emission standards further restrict diesel alternatives.
Lower TCO: Electric models now offer 30% lower lifetime costs in high-usage scenarios (BloombergNEF), with lithium-ion batteries reducing charging downtime by 50%.
Warehouse Expansion: E-commerce growth fuels demand for electric warehouse equipment, comprising 85% of new North American warehouse forklift orders (Interact Analysis 2023).
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