Introduction
Electric forklifts have seen tremendous growth over the past decade as more and more companies adopt sustainable practices. Compared to their gas-powered counterparts, electric forklifts produce zero emissions, require less maintenance, and operate more quietly. The global electric forklift market was valued at $16.29 billion in 2021 and is projected to reach $33.34 billion by 2030, growing at a CAGR of 8.1% from 2022 to 2030.
Several factors are driving the popularity of electric forklifts. Many companies aim to lower their carbon footprint and reduce greenhouse gas emissions. Electric forklifts help achieve environmental goals and comply with emissions regulations. The falling cost of batteries also makes electric forklifts more affordable. Improved battery technology enables longer run times per charge. Electric forklifts can operate indoors without producing hazardous fumes or much noise pollution. With these benefits, more businesses are switching their materials handling operations to electric forklifts.
This article will examine the top electric forklift manufacturers expected to lead the market in 2024. The rankings are based on market share, revenue, reputation, product range, and technological innovation. As the electric forklift industry continues its rapid expansion, these are the manufacturers expected to shape the future with cutting-edge products.
#1 Toyota
Toyota is predicted to continue being the top electric forklift manufacturer in 2024. The company has maintained a leading global market share for over a decade due to its commitment to innovation and quality.
In 2023, Toyota controlled over 25% of the global electric forklift market. The company sold over 250,000 electric forklifts across its product range last year. Key factors driving Toyota’s dominance include:
- Massive manufacturing capacity and distribution network. Toyota operates factories and sales offices in every major region. This allows it to meet diverse customer needs.
- Continuous investment in R&D. Toyota spends over $1 billion annually improving its forklifts. Recent focus areas include energy efficiency, automation and ergonomics.
- Strong brand reputation. Toyota forklifts are known for performance, reliability and low maintenance costs. This commands customer loyalty and demand.
With multiple new electric forklift models set for release in 2024, Toyota is projected to sell over 300,000 units globally. Increased adoption in developing markets will also boost sales. Toyota’s market share is expected to reach 30% next year as competitors struggle to match its scale and resources.
#2 Kion
Kion Group is a German manufacturer of forklift trucks, warehouse equipment and supply chain solutions. The company was formed in 2006 after Kion acquired the materials handling division of Linde AG.
Kion is currently the second largest forklift manufacturer in the world, with a strong presence in Europe, North America and Asia Pacific. The company offers a wide range of electric forklifts, including counterbalance trucks, reach trucks and pallet trucks.
In 2024, Kion is projected to have a 15% share of the global electric forklift market. The company has invested heavily in R&D to develop energy-efficient and high-performance electric forklifts. New lithium-ion battery powered models like the EG20-5 and ETM214 have boosted Kion’s electric forklift sales.
Last year, Kion sold over 50,000 electric forklifts worldwide. This number is expected to grow steadily as demand increases for zero-emission warehouse vehicles. With its Dematic arm, Kion also provides automated guided vehicles (AGVs) and warehouse automation solutions that complement its electric forklifts.
Overall, Kion’s strong brand reputation, extensive dealer network and focus on innovation will see the company retain its position as a top electric forklift manufacturer over the next few years. The growth of e-commerce and sustainable supply chains will provide further opportunities for Kion’s electric forklift business.
#3 Jungheinrich
Jungheinrich is one of the world’s leading material handling equipment manufacturers. Based in Germany, the company has a strong focus on electric forklifts and automated solutions for warehouses and distribution centers.
In 2024, Jungheinrich is expected to be the third largest electric forklift manufacturer globally. The company currently has around a 15% market share for electric forklifts. Jungheinrich’s wide range of electric forklift trucks includes counterbalance trucks, reach trucks, pallet trucks, tow tractors, and stackers.
A key factor driving Jungheinrich’s growth in electric forklifts is its continued investment in lithium-ion battery technology. Compared to traditional lead-acid batteries, lithium-ion batteries offer longer runtimes, faster charging, and lower maintenance. Jungheinrich uses these advanced lithium-ion batteries across much of its electric forklift lineup.
In addition, Jungheinrich’s automated guided vehicles (AGVs) and automated solutions for warehouses and factories are boosting its sales. By integrating automation and fleet management software, Jungheinrich provides complete material handling systems to customers seeking to optimize efficiency.
Industry analysts predict Jungheinrich’s sales of electric forklifts to grow steadily over the next few years. The increasing adoption of lithium-ion batteries and warehouse automation is expected to further increase Jungheinrich’s market share in the electric forklift segment to approximately 17% by 2024. With its continued focus on innovation, Jungheinrich is positioned to remain a top manufacturer of electric forklifts.
#4 Hyster-Yale
Hyster-Yale is one of the leading global lift truck manufacturers, offering a full line of electric forklifts. The company has a long history in the materials handling industry, dating back to 1929.
In 2024, Hyster-Yale continues to be a top manufacturer of electric forklifts due to its focus on innovation and technology. The company invests heavily in R&D to develop advanced power solutions and drive train technologies for its electric trucks.
Key factors that position Hyster-Yale as a top electric forklift producer:
- Significant market share in North America and Europe. Hyster-Yale has an extensive dealer network and large installed base at customer sites.
- Continued development of AC power and lithium-ion battery technologies. Hyster-Yale’s trucks utilize high-performance AC motors and opportunity charging systems for maximum productivity.
- Vertical integration and manufacturing capacity. Hyster-Yale produces major components in-house, including motors, controllers, and drive axles. This ensures quality and reliability.
- Diverse product line from 3,000 to 36,000 lbs capacities. Hyster-Yale offers electric lift trucks in walkie, rider seat, and stand-up configurations to suit all applications.
- Focus on connected truck technologies. Hyster-Yale’s trucks utilize telematics and fleet management tools to optimize performance.
In 2024, Hyster-Yale maintains a strong position among the top electric forklift producers with its significant market presence and continued technology innovation in electric trucks. The company is poised for continued success.
#5 Crown
Crown is one of the world’s largest material handling companies with over 16,000 employees across the globe. The company designs, manufactures, sells and services a broad line of lift trucks as well as technology solutions for material handling operations.
When it comes to electric forklifts, Crown has seen steady growth in demand over the last decade. The company currently offers over 85 electric forklift models ranging in capacity from 3,000 to 36,000 lbs. Crown’s electric counterbalance forklifts, including the award-winning Crown FC 5200 Series, are known for their reliability, efficiency and low cost of ownership.
In 2024, Crown is expected to have a global electric forklift market share of around 8%. The company’s advanced electric forklift technologies like Access 1 2 3 Comprehensive System Control and eGENTM electric regen system make their trucks highly productive while reducing long-term costs for customers. Crown’s investments in lithium-ion battery technology are also paying dividends as customers seek alternatives to lead-acid batteries.
Overall unit sales of Crown’s electric forklifts are forecasted to reach over 60,000 by 2024 as more customers transition their fleets to electric. With its strong brand reputation and continued innovation in electric lift trucks, Crown is poised to maintain its position as a top electric forklift manufacturer.
#6 Mitsubishi Logisnext
Mitsubishi Logisnext is a leading manufacturer of electric forklifts and other material handling equipment. The company, which is part of the Mitsubishi Heavy Industries group, has seen steady growth in electric forklift sales over the past several years.
In 2023, Mitsubishi Logisnext sold over 50,000 electric forklifts worldwide. The company has benefited from the overall industry trend toward electrification and currently commands around 5% of the global electric forklift market.
Key factors driving Mitsubishi Logisnext’s electric forklift success include:
- Investment in R&D to develop high-performance lithium-ion batteries and electric motors
- Focus on ergonomic design and operator comfort
- Strong distribution network in Asia, Europe and the Americas
- Vertical integration from components to finished forklifts
- Industry-leading warranty and service programs
With continued focus on technological innovation, Mitsubishi Logisnext is poised for further growth in the electric forklift segment over the coming years. The company aims to leverage its expertise to increase market share and solidify its position as a top manufacturer of electric material handling equipment.
#7 Anhui Heli
Anhui Heli is a leading Chinese manufacturer of forklifts and electric industrial vehicles. Based in Hefei, Anhui province, the company has grown rapidly in recent years to become one of the top 10 manufacturers of electric forklifts globally.
According to industry estimates, Anhui Heli accounts for around 5% of the global electric forklift market as of 2024. The company sold over 50,000 electric forklift units in 2023, representing a 15% increase from the previous year. Its electric forklift sales and market share have been rising steadily over the past decade.
A key factor driving Anhui Heli’s growth in electric forklifts is the expanding domestic market in China. With rapid industrialization and warehouse/logistics development, demand for electric forklifts in China has boomed. Anhui Heli has leveraged its local manufacturing base and distribution networks to capitalize on this trend. The company offers a wide range of electric counterbalance and warehouse forklifts tailored to the Chinese market.
In addition to China, Anhui Heli has made inroads into international markets in Southeast Asia, South Asia, the Middle East and South America. The company is expanding its overseas sales and distribution reach to grow exports of its electric forklift models. With a strong R&D team and strategic investments, Anhui Heli aims to continue innovating and improving its electric forklift offerings to customers globally.
#8 Komatsu
Komatsu is a major Japanese manufacturer of construction and mining equipment, as well as utility equipment like forklifts. The company has made major investments in developing electric forklift models to meet the growing demand for eco-friendly lift trucks.
Komatsu currently captures around 5% of the global electric forklift market. Their most popular electric forklift model is the FB25-12E, which can lift up to 2.5 tons.
In 2022, Komatsu reported strong growth in electric forklift sales, with units sold increasing by 15% over the previous year. The company credits its partnership with battery suppliers to develop high-performance lithium-ion batteries for powering the electric lifts.
Komatsu aims to continue growing its electric forklift business in the coming years. The company has set a target to achieve 10% market share of electric forklifts globally by 2025. With expanded production capacity and new lift truck models in development, Komatsu is positioning itself as a major player in eco-friendly materials handling equipment.
#9 Hangcha Group
Hangcha Group is currently the 9th largest electric forklift manufacturer in the world. The company was founded in 1956 in China and has grown to become a major player in the material handling equipment industry.
Hangcha specializes in electric forklifts and other electric industrial vehicles. The company has invested heavily in R&D to develop advanced AC technology for its forklifts. This allows Hangcha electric forklifts to have excellent performance in terms of energy efficiency, driving comfort and reliability.
In recent years, Hangcha has rapidly expanded its global footprint as a leading Chinese forklift brand. The company now has operations and sales networks in over 100 countries across Asia, Europe, Africa and the Americas.
Hangcha currently has around 5% global market share for electric forklifts. The company sold over 60,000 electric forklift units in 2021. Key markets for Hangcha include China, Europe, North America and Southeast Asia.
With continued investment in technology and global expansion, Hangcha Group aims to increase its electric forklift sales to over 100,000 units annually by 2024. The company is positioning itself to remain as a top 10 electric forklift manufacturer worldwide.
#10 Xlforklift
As one of the leaders in the global electric forklift industry, Xlforklit has a strong R&D team with over 50 experienced professionals dedicated to constantly innovating and improving our products. We have more than 120 patented technologies covering various aspects from battery technology to drive systems, earning us widespread recognition and praise in the industry.
In Hebei Province, China, we have already achieved a leading market share. Our products are widely used in various industries such as logistics, manufacturing, and warehousing. We have established close cooperative relationships with local customers, providing them with high-performance and reliable electric forklift solutions, adding significant value to their business.
Through continuous innovation and a focus on environmental practices, Xlforklit is committed to becoming a leader in the global electric forklift industry and striving to create a greener and more efficient future. We look forward to working with you to create a new chapter in the industry!