Electric Forklift Market Expansion Across East Asia and South Asia
The global electric forklift market is undergoing a transformative phase, driven by the rapid electrification of industrial equipment, heightened focus on sustainability, and the accelerating adoption of automation across warehousing and logistics operations. In 2024, the electric forklift market value was estimated at approximately US$53.4 billion, reflecting strong penetration across developed and emerging industrial economies. Over the forecast period from 2024 to 2031, the market is expected to demonstrate sustained expansion, reaching a projected valuation of US$137.0 billion by 2031. This growth trajectory represents a steady and compelling compound annual growth rate (CAGR) of 14.4% during the forecast timeframe.