The electric revolution isn’t coming – it’s already here! All over the world, electric-powered machinery and vehicles have surged ahead as an integral part of operations and daily life – establishing itself through innovation, performance and impact. And the forklift industry is not one to miss out!
The electric forklift market has sparked a global revolution within the material handling industry – proving that smarter, cleaner and more efficient operations aren’t just possible, but can be just as high-performing as internal combustion (IC) forklifts.
In 2023, the global electric forklift market was valued at $56.1 billion, and is projected to skyrocket to $146.5 billion by 2033, with a global Compound Annual Growth Rate (CAGR) of 10.2%.
And Australia? We’re not just keeping up – we’re surging ahead. Aussie businesses are also hopping on the electric forklift wagon, with a rise in the adoption of electric forklifts. In 2023, the electric forklift market saw a revenue of $1,175.7 million with a forecast of $2,992.6 million and CAGR of 14.3%.
This significant growth is driven by smart Australian businesses making the switch for their operational needs, industry requirements and regulations, budget, and environmental impact. If you’re interested in being a part of this growth and want to know how an electric forklift can benefit you and your operations, keep reading!
What is an Electric Forklift?
Electric forklifts are powered by rechargeable batteries, such as lithium-ion or lead-acid. Compared to traditional IC forklifts like LPG-Petrol and Diesel, electric powered forklifts can be a more convenient option with quick charging capabilities and battery swaps to get back to work in a flash.
While IC forklifts are known for their robust performance in demanding applications, electric forklifts are rising to the challenge. Modern brands like Enforcer now offer a wide variety of electric alternatives, including articulated forklifts, reach forklifts, and even rough terrains. These machines are ideal for industries such as warehousing, manufacturing, retail and logistics. The evolution of today’s electric forklift technology gives businesses smarter ways to power their operations, while also considering their team and impact.
Operational Needs
Electric forklifts can handle your challenging demands, keep your operations humming along smoothly. These units offer precise control and have consistent engine output – meaning better load stability, reduced safety risks and inventory damage, and less operator fatigue during shifts.
Unlike the rumbling of IC forklifts, electric forklifts also run much quieter and produce zero exhaust fumes – protecting employee health in indoor spaces, and boosting morale and productivity.
Plus, you won’t need to worry about the logistics of refuelling – electric forklifts can simply be plugged in anywhere (just like charging your phone!) or easily have their battery swapped out.
With an electric forklift, get all the power you need – without the traditional headaches.
Industry Requirements and Regulations
For some industries, meeting government Work Health and Safety (WHS) standards isn’t just best practice – it’s the law. Luckily, thanks to their zero-emissions output, electric forklifts come to the rescue!
Operations that handle sensitive inventory like food, beverages and pharmaceuticals are likely required to follow strict hygiene and emissions requirements under regulations like the FSANZ code and HACCP Food Safety Programs. With zero-emissions, electric forklifts help reduce the risk of product contamination that can come from traditional IC forklifts.
Luckily though, Australians also have support from the government – so you can be a part of this growth of the electric forklift market. Government incentives – such as rebates, tax write-offs or energy-efficient and circular procurement grants – are often available at both federal and state levels to support Australian businesses.
Budget and Cost-Effectiveness
Let’s be real, running a business is expensive enough without unpredictable operating costs adding to the pressure. That’s why electric forklifts are an increasingly popular choice for businesses looking for a budget-friendly solution.
Unlike IC forklifts, electric models don’t rely on fluctuating fuel prices which have seen a steady rise over recent years. Instead, they offer more consistent and affordable energy costs so you can know what to expect and plan ahead.
Additionally, electric forklifts have fewer moving parts, generally requiring less maintenance and repairs in comparison to IC forklifts. This means lower servicing costs and reduced downtime – keeping your operations moving without delay.
This combination of lower energy costs and lower maintenance expenses brings you long-term value and savings, helping you protect your bottom line and boost your business’ profits.
Environmental Impact
Sustainability is no longer a nice-to-have – it’s becoming a key part of how businesses operate and grow. Businesses are increasingly exploring opportunities to reduce their environmental impact – one of which is by transitioning to electric forklifts.
Traditional IC forklifts, while reliable, produce fumes that contribute to carbon dioxide (CO2) and other greenhouse gas emissions. For businesses trying to balance operational needs with a genuine commitment to sustainability – it’s a pickle!
Electric forklifts have bridged this gap for environmentally-conscious businesses looking to invest not just in their business and operations, but the planet. Electric models produce zero emissions when in operation, significantly reducing their carbon footprint. Additionally, charging electric-powered forklifts can be a more resource-efficient process compared to its IC counterparts.
Going electric for sustainable operations can also help your business align with Environmental, Social and Governance (ESG) goals – a bonus if you want to show your customers, partners and stakeholders that you’re committed to making a positive impact.
The growth of the electric forklift market isn’t just a trend – it’s a future-focused shift towards smarter, more sustainable and more cost-effective operations. Whether your business is looking to support operational needs, complying with industry regulations and standards, cutting long-term costs, or meeting sustainability targets, electric forklifts offer real, lasting benefits for Australian businesses.
If you’re considering an electric forklift for your operations, now is the perfect time to make the switch. By choosing electric, you’re not just investing in your equipment – you’re future-proofing your business, empowering your team, and making a difference.
Ready to charge ahead? Get in touch with our friendly team at 1300 423 675 to see what electric forklifts can do for you!
Need a forklift solution? Fork Force offers short-term hire (under 3 months), long-term hire, and our exclusive Rent-To-Own Program. With over 4,000 forklifts in our fleet and nationwide support, including Brisbane, Sydney, Melbourne, Adelaide, Perth, and beyond; we are ready to help you find the perfect solution.
Call us on 1300 423 675 or request a quote today to discuss your needs and keep your forklifts moving!
