The new report by Expert Market Research titled, ‘Global Automated Forklift Trucks Market Size, Share, Price, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automated forklift trucks market, assessing the market based on its segments like types and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Forecast CAGR (2023-2028): 7.9%
Technological advancements and benefits afforded by automated forklift trucks, including increased handling volume, decreased accidents and errors, and reduced wastage, is expected to propel the market growth. The growing importance of automated forklift trucks in warehouse processes is expected to drive the global automated forklift trucks market. The e-commerce industry is booming all over the world, owing to the increasing adoption of smartphones and internet services. Thus, there is an increase in unmatched demand for forklift trucks, which are used for assisting in the improvement of fulfilment and distribution processes, consequently propelling the global automated forklift trucks market forward. Automated forklift trucks offer solutions to labour-related problems such as unavailability of skilled workers, labour absenteeism and turnover, inconsistency in performance, and the cost of hiring new workers. These advantages offered are expected to contribute to the growth of the global automated forklift trucks market.
Industry Definition and Major Segments
Automated forklift trucks are becoming increasingly important in manufacturing and warehouse environments, where procedures are highly standardised, repetitive, and can be completed without human intervention. The cargo can be moved horizontally and/or vertically using automated forklift trucks. These devices can also be set up to stack cargo in racks; automated forklift trucks are commonly used in warehouses for efficient rack management.
By type, the market is segmented into:
- Pallet Mover
- Reach Truck
On the basis of region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
One of the key drivers of growth is the high concentration of industrial sector. The development and installation of state-of-the-art technologies to create products that would offer risk-free operations and flexibility, along with the increasing initiatives by reputed companies to improve their promotional strategies by constantly participating in exhibitions and seminars, are expected to bolster the market growth globally. With several other advantages, like zero-emission, low noise, better visibility, and the knack of virtually performing every task that an IC forklift can do, automated forklift trucks are expected to gain higher market share, and it is expected to be the fastest-growing forklift sector over the forecast period.
Key Market Players
The major players in the market are Toyota Industries Corporation, Mitsubishi Caterpillar Forklift America Inc., Crown Equipment Corporation, Seegrid Corporation, Kollmorgen, Kion Group AG, and Hyster-Yale Materials Handling, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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