Forklift market expanding

According to a market research study published by Custom Market Insights, the demand analysis of Global Forklift Market size & share revenue was valued at approximately USD 70.5 Billion in 2023 and is expected to reach USD 72.9 Billion in 2024 and is expected to reach around USD 168.6 Billion by 2033, at a CAGR of 13.8% between 2024 and 2033. The rising preference for electric forklifts is due to their environmental friendliness, cheaper operating costs, and technical improvements that improve battery efficiency. By power source, IC engine powered segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033.

This article was first published in the February 15th 2025 issue of Warehouse & Logistics News, subscribe to the magazine by clicking here.

After two successful decades supplying sustainable lead-acid traction batteries and chargers for a variety of materials handling applications, Espex is now preparing to provide starter batteries for IC engine powered forklifts as well as the automotive industry. Amit Ghosal, chief executive of Espex Batteries Ltd, commented “Espex is a household name in the world of forklift batteries, helping to keep the UK’s logistics industry running for over twenty years. Due to repeated demand from our customers and taking advantage of our unique position as a supplier of CEIL battery products, we’ve decided now is the time to start supplying a range of starter batteries, too.”

Faced with increasing demands, logistics company NX Logistics Europe had to expand its charging station and introduce a new and improved concept for battery replacement, especially for large batteries. Hoppecke installed the trak | Xchange BS charging station including a busbar with 11 spaces. The station consists of several charger pedestals that are mounted on the wall with a plug holder.

With the growth of lithium-ion powered trucks, the rise of AGVs, and the increasing need to reduce operating costs, Fronius has risen to the challenge with cutting-edge technology. Solutions like Charge & Connect, TagID, and PV Connect, when paired with the company’s battery chargers, provide Operations and Warehouse Managers with a comprehensive understanding of their MHE usage, availability, and the energy costs associated with these vehicles. Armed with this data, managers can make informed and empowered decisions to manage their fleet more effectively and reduce energy costs.

Having access to expert insight and proven experience has become a need, not a luxury. Hyster Power Match is that essential resource – a team of industry experts, all committed to partnering with you to pinpoint the trucks and power sources that can help address your specific materials handling needs. Hyster Power Cellect, a one-of-a-kind, flexible power solution allows you to install one battery source into your lift truck, then have the flexibility to change that battery source at any time.

As the global forklift market continues to grow, there will be a corresponding growth in the power sources needed to make those forklifts run.

George Simpson

Features EditorThe post Forklift market expanding first appeared on Warehouse & Logistics News.