According to a market report, published by Sheer Analytics and Insights, The global fuel cell forklift market was valued at $2.4 billion in 2021 and it is expected to reach $19.8 billion at a CAGR of 21.3% between 2022 and 2032. Future energy technologies like fuel cells have the potential to replace traditional energy sources like gasoline, diesel, LPG, and others in the next few decades. The material handling industry uses fuel cells because they are more effective than traditional technology. Refueling for fuel cell forklifts takes just two to three minutes. In addition, a green fuel that can be used in a variety of industries, including the automotive, medical, and electrical sectors, is the fuel cell. The amount of pollution is rising alarmingly, and greenhouse gases are beginning to harm the environment. The majority of nations are attempting to create and market clean fuels like hydrogen, which burns without releasing any toxic emissions. Material handling has always played a significant role in the GDP growth of all nations. These factors are driving the market growth over the forecast period from 2022 to 2032.
A time-consuming task that requires personnel and hoisting mechanisms is changing batteries. Compared to fuel cell forklifts, the cost of battery-powered forklifts is now higher. However, compared to battery-powered forklifts, fuel-cell forklifts will be the least expensive alternative for consumers after 10 years of operation. This research also includes a market analysis for nations where fuel cell forklift opportunities are attractive, including the U.S., China, Japan, and others. Moreover, significant amounts of hazardous gases are produced when nonrenewable fuels like LPG, diesel, and gasoline are used, which may have an impact on the health of people working in factories and warehouses. As a result, more forklift users are switching to battery-powered forklifts. Furthermore, productivity is the primary criterion for earning revenue in warehouses, retail establishments, plants, factories, and other establishments. Because fuel cell forklifts require less time to refuel and have overall lower costs over 10 years, forklift operators are becoming more interested in employing them.
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Furthermore, hydrogen fuel cell forklifts have some benefits over other forklift kinds. Fuel-cell forklifts, on the other hand, have the potential to have a steadier rate of production. Traditional electric forklifts' voltage diminishes as they discharge, which over time slows the forklift and reduces productivity. The majority of nations are attempting to create and market clean fuels like hydrogen, which burns without releasing any toxic emissions. Material handling has always played a significant role in the GDP growth of all nations.
On the other hand, several factors are expected to hamper the market in the future. Therefore, the factors that hinder market expansion are crucial because they can be recognized to create new strategies for seizing the profitable chances that are available in the constantly expanding industry.
Some new developments in the global fuel cell forklift market:
- On 12th October, 2022, the first hydrogen fuel cell-powered container handler is now being tested, according to the Hyster Company, a manufacturer and designer of lift trucks situated in Portland, Oregon. A container handler is a specialized forklift that can lift and move heavy-loaded containers as well as efficiently stack empty shipping containers.
- On 3rd November, 2022, one of the early adopters of alternative propulsion in the area was Al-Futtaim Automotive. With Al-Futtaim Toyota, they introduced hybrid electric vehicles in the UAE a few years ago. The corporation is also concentrating on offering a variety of alternative powertrains, including Volvo, Toyota, Lexus, and Polestar. With an excellent selection of hybrid and electric vehicles being brought into the region, from premium high-performance EVs to hybrid frontrunners, they are once again setting the standard for meeting the expanding customer demand for green mobility options.
- 12th October, 2022, Toyota Australia's head of sales and marketing doubled back on the company's view that drivers will need a choice in the future as to what powers their cars in an unscripted attack on electric-car extremists.
According to the study, key players dominating the global fuel cell forklift market are Air Liquide (France), Anhui Heli (China), Auriga Energy Ltd (U.K), Bloom Energy (U.S), Ballard Power Systems (Canada), Ceres Power Holdings (U.K), Cummins (U.S), Doosan (South Korea), Fuel Cell Energy (U.S), Johnson Matthey (U.K), Jungheinrich (Japan), KION Group (Germany), Mitsubishi Logisnext (Japan), Nel (Norway), Nedstack Fuel Cell Technology (Netherlands), NACCO Industries (U.S), Plug Power Inc (U.S), SFN CleanTech Investment Ltd (U.K), Toyota Group (Japan), among others.
The Global Fuel Cell Forklift Market Has Been Segmented Into:
The Global Fuel Cell Forklift Market – by Type:
- PEMFC Forklift
- DMFC Forklift
- Others
The Global Fuel Cell Forklift Market – by Application Type:
- Warehouse Logistics
- Dock Handling
- Others
The Global Fuel Cell Forklift Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/fuel-cell-forklift-market-21
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