Sales of advanced electric forklifts in North America to exceed 47,000 by 2025

A new report from Navigant Research examines the market opportunity for advanced lead-acid, lithium ion (Li-ion), and fuel cells in the North American electric forklift market through 2025.

According to the report, electric forklifts are capturing an increasing share of the North American materials handling market as the industry continues to shift away from propane, diesel, and other fossil fuels in favor of advanced lead-acid batteries, Li-ion batteries, and fuel cells. While conventional lead-acid batteries are a mature and well-entrenched technology in this market, limitations related to the length of charge time, runtime, and low cycle life are helping to spur interest in alternative technologies. According to the report, sales of advanced lead-acid, Li-ion, and fuel cell forklifts in North America are expected to reach over 47,000 units by 2025, up from approximately 10,000 units in 2016.

“The use of lead-acid batteries for Class 1, 2, and 3 forklifts trucks often presents a lower first cost price point for materials handling decision-makers,” said Ian McClenny, research associate with Navigant Research. “However, the emergence of Li-ion and fuel cell technologies present a lower total cost of ownership advantage, especially where forklifts are used for multiple shifts per day or for cold storage operations.”

According to the report, while advanced electric technologies for forklifts may have higher upfront prices, they can reduce operating costs through longer runtime and reduced fueling. These technologies also increase efficiency by eliminating the need for spare lead-acid batteries, warehouse space needed to store them, and the labor hours devoted to charging and managing them.

The report, Advanced Electric Forklift Technologies in North America, analyzes the market opportunity for advanced lead-acid, Li-ion, and fuel cells in the North American electric forklift market. The study discusses the key market drivers and the types of warehouse operations where advanced electric technologies provide a good return on investment. Forecasts for electric forklift sales by technology and country in North America extend through 2025. The report also reviews the significant challenges each technology faces in further penetrating the North American electric forklift market and provides brief profiles of major industry players. An executive summary of the report is available for free download on the Navigant Research website.