What Strategic Imperatives Should Companies Focus on to Become Leaders in the Forklift Industry?
Electrification, autonomous vehicles, and business model transformation hold long-term potential
Overview
The forklift landscape in the industrial equipment industry has grown significantly in recent years, with a global industry size of OEMs reaching $65.5 billion in 2023. Unit sales in electric models reached 1,517,165 units in 2023; Frost & Sullivan projects the figure to increase to 2,599,553 units in 2030 at an 8% compound annual growth rate (CAGR). Factors driving the industry growth include transportation and warehouse industry growth, technological advancements including improved energy density and long lifecycle for batteries, regulations, and cost efficiency improvements in electric vehicles in upcoming years.
What best practices can be adopted to improve energy density and battery lifespan in electric forklifts?
What are the key factors driving the rapid growth of the forklift industry in North America and Europe?
How can manufacturers innovate to meet the rising demand for electric and autonomous equipment in the forklift industry?
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