There are several factors that are supporting the growth of the electric forklift market. Here are a few of the most significant:
· Favourable Government Policies:
The Saudi government has implemented several policies to encourage the adoption of electric forklifts in the country. Here are a few examples:
Investment in infrastructure: The Saudi government has invested in the development of charging infrastructure for electric vehicles, including forklifts. This includes the construction of charging stations and the installation of high-voltage electrical lines to support the deployment of electric forklifts.
Tax incentives: The Saudi government offers tax incentives to businesses that invest in electric vehicles, including forklifts. This includes a reduction in the Value Added Tax (VAT) rate for electric vehicles and a reduction in customs duties for imported electric vehicles.
Support for research and development: The Saudi government has supported research and development in the field of electric vehicles, including forklifts. This includes funding for research projects aimed at improving the efficiency and reliability of electric forklifts, as well as funding for the development of new battery technologies.
Training programs: The Saudi government has implemented training programs for workers who operate electric forklifts. These programs provide workers with the knowledge and skills they need to safely and effectively operate electric forklifts, which can help to increase the adoption of electric forklifts in the country.
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· Recent Investments:
Recent investments in the Electric forklift market have been focused on the development of the necessary infrastructure to support the adoption of EVs, as well as research and development to advance the technology. Here are some examples:
2020:
In January 2020, Toyota Industries announced plans to invest $100 million in the development of electric forklifts and other electric vehicles.
In April 2020, Linde Material Handling announced plans to invest $300 million in the development of electric forklifts and other electric vehicles.
In August 2020, Daimler Trucks announced plans to invest $1.2 billion in the development of electric and hybrid trucks and buses, including electric forklifts.
2021:
In January 2021, KION Group announced plans to invest USD1.09 billion in the development of electric and hybrid trucks and forklifts.
In February 2021, Crown Equipment Corporation announced plans to invest $100 million in the development of electric and hybrid forklifts and other materials handling equipment.
In March 2021, Yale Materials Handling Corporation announced plans to invest $100 million in the development of electric and hybrid forklifts and other materials handling equipment.
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· Startups:
There have been several recent startups in the electric forklift market. Here are a few examples:
EmpowerForks: This startup designs and manufactures electric forklifts for use in warehouses and distribution centres. Empower Forks' forklifts are designed to be energy-efficient, easy to use, and cost-effective.
FlexiFleet: This startup offers a flexible rental model for electric forklifts, allowing businesses to rent forklifts on a short-term basis without the need to make a long-term commitment. FlexiFleet's rental model makes it easier for businesses to adopt electric forklifts, as they can try out the technology without making a large upfront investment.
Electrify America: This startup is focused on the deployment of electric vehicle charging infrastructure, including focentresr electric forklifts. Electrify America has installed charging stations for electric forklifts at several warehouses and distribution centers across the United States.
ElectraForce: This startup offers a range of electric forklift solutions, including the design and installation of charging infrastructure, the sale of electric forklifts, and the provision of maintenance and repair services. Electra Force’s solutions are designed to help businesses transition to electric forklifts and reduce their carbon footprint.
In conclusion, the electric forklift market is poised for significant growth in the coming years. There are several factors that are supporting this growth, including increasing demand for sustainable materials handling, growing government support, improving technology, reduced operating costs, and improved safety. As concerns about sustainability and operating costs continue to grow, and as battery and electric motor technology continue to improve, we can expect to see even more adoption of electric forklifts in the coming years. According to the UnivDatos Market Insights analysis, the rising awareness of environmental concerns and the surge in the adoption of electric vehicles will drive the Middle East Electric forklift vehicle sales. As per their “Middle East Electric Forklift Market” report, the Middle East market was valued at USD1.25 million in 2022, growing at a CAGR of 21% during the forecast period from 2023 - 2030 to reach USD billion by 2030.
