Electric forklifts have higher upfront costs but can reduce operating costs
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.
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. Click to tweet: According to a new report from @NavigantRSRCH, 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,” says 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.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, Advanced Electric Forklift Technologies in North America, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.