Automated Forklift Trucks Market Demand and Growth Opportunities Detailed Analysis Report
Posted on Sep 21 2022 7:28 AM
"Automated Forklift Trucks Market Size, Share and Industry Analysis, By Type (Pallet Mover, Counterbalance, Outrigger, and Reach Truck), and Regional Forecast, 2019-2026 "
According to the latest report, titled “Automated Forklift Trucks Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast’ the India facility management market is expected to exhibit a Huge CAGR during the Forecast Period. The global automated forklift trucks market size stood at USD 416.7 million in 2018 and is projected to reach USD 786.9 million by 2026, exhibiting a CAGR of 8.3% during the forecast period.
This COVID-19 analysis of the report includes COVID-19 IMPACT on the production and, demand, supply chain. This report provides a detailed historical analysis of the global Automated Forklift Trucks Market by region/country and subsectors. The report covers the revenue, sales volume, price, historical growth, and future perspectives in the Automated Forklift Trucks Market.
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A few top players in the industry are-
- Seegrid Corporation
- KION GROUP AG
- Mitsubishi Caterpillar Forklift America Inc.
- TOYOTA INDUSTRIES CORPORATION
- E&K Automation GmbH
- Crown Equipment Corporation
- Hyster-Yale Materials Handling, Inc.
- Other key market players
The report gives a precise view of the future perspective and present market demands. The report also includes facts and statistics, tables & figures referred to in this report for strategic planning which leads to the success of the organizations. In this market report, the market share that various manufacturers hold in the global Automated Forklift Trucks Market and the market concentration is described in the report.
On the basis of Geography, the Global Automated Forklift Trucks Market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World (RoW). North America is expected to hold a considerable share in the global Automated Forklift Trucks Market. Due to increasing investment for research and development process and adoption of solutions in the region whereas Asia-Pacific is expected to grow at a faster pace during the forecasted period.
The growing number of Automated Forklift Trucks Market players across regions is expected to drive market growth further. Moreover, increasing investments by prominent vendors in product capabilities and business expansion is expected to fuel the market during the study period. Many market players are finding lucrative opportunities in emerging economies like China and India, where the large populations are coupled with new innovations in numerous industries.
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Expansion of E-commerce Industry to Boost Growth
Owing to the rising adoption of smartphones and internet service, the e-commerce industry across the globe is flourishing. It is, in turn, causing a rise in the unmatched demand for products. Hence, it is aiding in improving the performance of the fulfilment and distribution operations. Additionally, consumer demand is directly affecting the Ministry of Micro, Small & Medium Enterprises (MSME) as the agency is striving to push its production cycle backed by the rising manufacturing capacity. It is causing a surge in the flow of materials, thereby propelling the automated forklift trucks market growth in the coming years. However, high initial cost related to the product may hamper growth.
Rising Adoption in Several Industries to Drive Pallet Mover Segment
In terms of type, the market is segregated into reach truck, pallet mover, outrigger, and counterbalance. Out of these, the counterbalance segment is expected to procure the highest share in the coming years backed by its ability to deliver better storage capacity, control, and stability. Also, these trucks are offered in a wide range of features by several companies.
The pallet mover segment generated 28.5% automated forklift trucks market share in 2018. This growth is attributable to their rising adoption in various applications in industries, such as distribution, warehouse, manufacturing, supply chain and logistics, e-commerce, consumer goods, food and beverage, and automotive. They are mainly utilized for operations, namely, storage, shipping, loading and unloading. These are also cheaper than the counterbalance trucks.
An overview of the Automated Forklift Trucks Market’s regional outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). North America is further subdivided into countries such as the United States and Canada. The Europe region is further divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, South East Asia, and the rest of Asia Pacific are subdivided into Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, whereas the MEA region is divided into GCC, Turkey, South Africa, and the rest of MEA.
Presence of Well-established Manufacturing Industry to Accelerate Growth in Asia Pacific
Based on region, the market is grouped into Asia Pacific, North America, Europe, the Middle East and Africa, and Latin America. Amongst these, Asia Pacific held USD 150.3 million in terms of automated forklift trucks market revenue in 2018. The high concentration of manufacturing industries is one of the major contributors to the growth. Also, the increasing demand for products from the consumers would boost growth.
In North America, key enterprises are engaging in the development and installation of state-of-the-art technologies to create products that would not only offer risk-free operations, but also flexibility. Europe, on the other hand, is expected to be in the second position on account of the increasing initiatives by reputed companies to improve their promotional strategies by participating constantly in exhibitions and seminars.
- What is the driving factor for the growth of the Automated Forklift Trucks Market?
- How will the COVID-19 pandemic impact the demand and consumption of the Automated Forklift Trucks Market?
- What is the major application area of the Automated Forklift Trucks Market?
- Who are the Automated Forklift Trucks Market manufacturers across the globe?
- Which geographical location is dominant in the Automated Forklift Trucks Market?
- Which are the top industry players in the Automated Forklift Trucks Market?
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