Automated Forklift Trucks Market to See High Growth in Upcoming Year by 2028

Posted on May 10 2022 7:41 AM

"Automated Forklift Trucks Market Size, Share and Industry Analysis, By Type (Pallet Mover, Counterbalance, Outrigger, and Reach Truck), and Regional Forecast, 2019-2026 "

The Global “Automated Forklift Trucks Industry Share “is expected to grow steadily in the coming years. The report illustrated latest insights into market drivers, restraints, risks and opportunities in the global market. The Automated Forklift Trucks Market report shows the credible direction of the market in the coming years along with its estimates. A precise study aims to understand the market price. By analyzing the competitive landscape, the authors of the report have made excellent efforts to help the readers understand the key business strategies that large companies employ to maintain market stability.

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.

The report focuses on the Automated Forklift Trucks Market size, segment size (mainly covering product type, application, and geography), competitor landscape, recent status, and development trends. Furthermore, the report provides detailed cost analysis, supply chain. Technological innovation and advancement will further optimize the performance of the product, making it more widely used in downstream applications. Moreover, Consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides crucial information for knowing the .

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Highlights of the Report:

While making the Automated Forklift Trucks Market Analysis report, we segmented the market on the basis of product, type, consumption, distribution channel, and region. Based on the segmentation, we made a list of companies and conducted a detailed analysis of their financial positions, product portfolios, and growth strategies. Our next step included the study of core competencies of key players and their market share to anticipate the degree of competition. The bottom-up procedure was conducted to arrive at the overall size of the market.

Key Industry Developments:

  • August 2019: Linde Material Handling EMEA signed an agreement with Panattoni Europe for building a new manufacturing facility in Poland. It is anticipated to be done by the end of 2021.
  • April 2019: Mitsubishi Logisnext Americas Inc. successfully bought Pon Material Handling NA, Inc. to continue its material handling services in nine operational states that are under the latter.

List of Key Companies Operating in Automated Forklift Trucks Market Include:

  • Seegrid Corporation
  • JBT
  • KION GROUP AG
  • Mitsubishi Caterpillar Forklift America Inc.
  • TOYOTA INDUSTRIES CORPORATION
  • E&K Automation GmbH
  • Crown Equipment Corporation
  • Dematic
  • Hyster-Yale Materials Handling, Inc.
  • Kollmorgen
  • Other key market players

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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.

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.

Market Segment Analysis -

  • Market Sizing Estimations and Forecasts – By Type (Value)
    • Pallet Mover
    • Counterbalance
    • Outrigger
    • Reach Truck
  • Market Analysis, Insights and Forecast – By Region (Value)
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • Latin America

Impact of COVID-19 Pandemic on Automated Forklift Trucks Market

According to latest report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The crisis is hindering the industries worldwide and the global economy is also witnessing a downturn. Due to lockdown, the production volume is decreasing for many sectors. Thus, decline in the operations of industries is restraining the development.

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