Industrial automation and e-commerce driving electric forklift demand globally

The global electric forklift market is entering a phase of unprecedented expansion, with the market size projected to grow from US$54.2 billion in 2026 to an estimated US$139.5 billion by 2033. This growth reflects a compound annual growth rate (CAGR) of 14.46% over the forecast period. The accelerating adoption of electric forklifts is primarily driven by increasing industrial automation, heightened environmental awareness, and the shift toward sustainable material handling solutions. As companies across logistics, warehousing, manufacturing, and retail sectors strive to improve operational efficiency while minimizing carbon footprints, electric forklifts are emerging as a preferred choice over traditional internal combustion engine (ICE) counterparts. The ongoing push for eco-friendly solutions, coupled with stringent emissions regulations in major markets such as Europe and North America, is further reinforcing the market’s growth trajectory. Businesses are increasingly recognizing the long-term benefits of electric forklifts, including lower maintenance costs, reduced energy consumption, and compliance with sustainability goals. Additionally, advancements in battery technology, such as lithium-ion batteries with faster charging and longer life cycles, are making electric forklifts more practical and cost-effective for diverse industrial applications.