Hydrogen Fuel Cell Forklift Market Size, Share, Growth, and Industry Analysis, By Type (PEMFC Forklift, DMFC Forklift and Others), By Application (Warehouse Logistics, Dock Handling and Others) Regional Forecast to 2031

Updated On: 22 April 2024

Hydrogen Fuel Cell Forklift Market REPORT OVERVIEW

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The global hydrogen fuel cell forklift market size was USD 275.93 million in 2021. As per our research, the market is projected to touch USD 1683.2 million by 2027, exhibiting a CAGR of 35.17% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

A hydrogen fuel cell forklift is a type of forklift that runs its electric motor on hydrogen fuel cells. Because of their excellent efficiency and minimal emissions, these forklifts are becoming increasingly popular. They are also significantly quieter than standard gas-powered forklifts, making them perfect for usage indoors. The increasing demand for fuel cell forklifts in various applications such as warehouse logistics, dock handling, and others is driving market expansion. Furthermore, rising awareness of the benefits of using fuel cells is fueling the growth of this market.

COVID-19 Impact: Pandemic Caused Industrial Shutdown Resulted in Decreased Market Share

The epidemic also had an impact on hydrogen production. Due to decreased industrial activity, some hydrogen producing facilities restricted their operations or experienced difficulties. This could have an influence on the supply and cost of hydrogen fuel, which is essential for fuel cell forklifts. Because of the economic uncertainties caused by the epidemic, many firms prioritised cost-cutting measures and prudent spending. Hydrogen fuel cell forklifts are frequently seen as more expensive than traditional choices, which may have delayed adoption in some firms.

LATEST TRENDS

"Clean Energy Source and Sustainability to Soar Up Market Potentially"

The need for clean energy options to minimise emissions was becoming more widely recognised, and hydrogen was increasingly viewed as a feasible option. This understanding fueled interest in hydrogen fuel cell technology in a variety of industries, including material handling. For businesses, sustainability and carbon reduction targets were becoming increasingly crucial. Because it emits zero emissions at the time of use, hydrogen fuel cell technology was considered as a sustainable alternative, particularly when produced using renewable energy sources.

Hydrogen Fuel Cell Forklift Market SEGMENTATION

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By Type

Based on type the hydrogen fuel cell forklift market is classified as PEMFC forklift, DMFC forklift and others.

By Application

Based on application the hydrogen fuel cell forklift market is classified as warehouse logistics, dock handling and others.

DRIVING FACTORS

"Cost Effectivity and Applications Over the Lead-Acid Batteries to Boost the Market Growth"

The usage of hydrogen fuel cell forklifts in warehouse applications is predicted to boost productivity since they outperform lead-acid batteries and have been shown to increase lift vehicle uptime. Uptime is critical, especially in high-throughput operations where downtime can result in significant revenue loss. Warehouse facilities are expected to run at a higher efficiency thanks to the usage of hydrogen fuel cells, which benefits the organisation by protecting revenue. The fuel cell forklifts are cost-effective, especially when refilling time is considered.

Vehicles that use a power source may require multiple battery swaps in order to support a growing fleet, developing business, or sustainability objectives. When compared to charging lead-acid batteries, the time necessary to refuel the fuel cell forklifts is a fraction. Fuel cells save end users a lot of money, especially in multi-shift workplaces where batteries need to be changed several times a day. Hydrogen fuel cell forklifts are an ideal alternative for both local and large-scale material handling businesses. Because there is a great potential in the market for smaller material handling enterprises, industry participants are creating cost-effective fuel cell forklifts, which are lowering the cost of deploying hydrogen fuel cells.

"Several Advantages of the Forklift to Raise the Market Share"

There are various advantages hydrogen fuel cell forklifts have over other types of forklifts. The fuel cell forklifts emit no polluting fumes, making them an excellent choice for applications involving enclosed rooms, such as warehouses and food and beverage industries. Growth in the e-commerce business, as well as increased investment in the infrastructure industry, is driving the Global Hydrogen Fuel Cell Forklift Market. One of the major elements driving the expansion is rising demand for unconventional energy sources. The use of the fuel cell forklifts is now limited; however, with supportive government laws and increased industry research advancements, the market is likely to grow throughout the projection period.

RESTRAINING FACTORS

"Infrastructure, Supply Chain and the Efficiency to Obstruct the Market Growth"

One of the most significant constraints is the lack of a robust hydrogen infrastructure. In contrast to electric forklifts, which can be charged using regular electrical outlets, hydrogen forklifts must be refuelled at hydrogen refuelling stations. Establishing and maintaining these stations can be expensive and difficult logistically, restricting the locations where hydrogen forklifts can be utilised successfully. While hydrogen fuel cells are more efficient than internal combustion engines, they fall short of direct electrification. Because some energy is lost during hydrogen generation, delivery, and conversion, they are less energy-efficient than battery-electric forklifts. However the infrastructural cost and efficiency may have an effect on the overall utilization and hindering the hydrogen fuel cell forklift market growth.

Hydrogen Fuel Cell Forklift Market REGIONAL INSIGHTS

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"Asia Pacific Region to Dominate with High Demand from the End-Use Industries"

Asia Pacific is likely to be the fastest-growing market, rising at a significant CAGR over the forecast period. Because of the region's growing population and rising urbanisation, industrial activity has seen significant expansion. China and India are two of the main markets for H2FCLs in Asia Pacific. Increasing demand for hydrogen fuel cell forklift market share in countries such as Japan, South Korea, Taiwan, and others is also likely to drive regional market growth during the forecast period.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

The market is highly competitive, with both international and domestic players. Major players are involved in the launch of new and improved products, collaborations, mergers and acquisitions, joint ventures, and other tactics.The research is an in-depth examination of a list of market participants who promote market growth. The data is a compilation of the most recent manufacturing industry trends, mergers and acquisitions, market research, and technology breakthroughs. To comprehend market share, product growth, revenue growth, and other variables over the forecast period, additional criteria such as regional and segmental analysis are considered.

List of Market Players Profiled

• Hyster-Yale Materials Handling (U.S.A)
• STILL GmbH (Germany)
• Toyota (Japan)
• Linde Material Handling (Germany)
• Crown (U.S.A)
• Jungheinrich (Germany).

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points.The state of the market's components and its potential growth areas over the following years.