Get Ready to Grow Your Business by Tapping into the US$23.9 Billion Opportunity for Forklift
The global market for Forklift is projected to reach US$23.9 billion by 2025 driven by the strong focus shed on automation and production efficiency in the era of smart factory and industry 4.0. Smart manufacturing is the new revolution that will mark the next generation of production and warehousing.
Global Industry Analysts, Inc. (GIA) launches comprehensive analysis of industry segments, market trends, growth drivers, market share, size and demand forecasts on the global Forklift market. Report segmentation include Fuel Type (Diesel, Electric, Gasoline & LPG/CNG); and Application (Manufacturing, Wholesale & Retail Distribution, Freight & Logistics, Other Applications).
10 June 9:05 A.M., California/Marketwire/ - According to the new market research report, the global market for Forklift is projected to reach US$23.9 billion by 2025 driven by the strong focus shed on automation and production efficiency in the era of smart factory and industry 4.0. Smart manufacturing is the new revolution that will mark the next generation of production and warehousing. The market is expected to decline in the year 2020 before recovering to reach a revised market size and reset to a new normal which going forwards in a post COVID-19 era will be continuously redefined and redesigned. Self-aware, self-optimized, self-configured equipment with the ability to wirelessly communicate with each other; advanced networking; real-time controls; more closer alignment of business management and plant floor activities and supply chains; additive manufacturing are few of the disruptive smart factory trends currently underway. Among these, "automation" lies at the heart of the smart factory concept. Almost like the beating heart, automation provides the foundation for the creation of knowledge-embedded manufacturing operations. Automating labor intensive operations is the starting point for automation, and as the most labor intensive process in manufacturing and warehousing, material handling is at the bottom of the automation pyramid.
Defined as the movement of products and materials throughout the manufacturing process, material handling is labor intensive and expensive. Benefits of automating material handling include reduced human role in unproductive, repetitive and labor intensive tasks and the ensuing freeing up of resources for other core activities; greater throughput capability; better space utilization; increased production control; inventory control; improved stock rotation; reduced operation cost; improved worker safety; reduced losses from damage; and reduction in handling costs. Forklifts are an essential piece of material handling equipment. They are powered industrial trucks used for moving large quantities of materials around the plant floor and assembly lines and also for loading goods onto delivery trucks. Used in the manufacturing industry for over 50 years, demand for forklifts will benefit in the midst of concepts like industry 4.0 and lights-out manufacturing and the significant capital earmarked for 'smart' machinery. Innovations like driverless forklifts and autonomous forklifts will bring in the highest gains in the market in the coming years. Autonomous forklift eliminates need for human supervision and accomplishes tasks in a cost and time effective manner. Developments in sensors (Lidar) and intelligent sensing, sensor fusion, robotics and artificial intelligence are all helping automate driving and operation of forklifts in industrial complexes. Continuous technology advancements in the future will likely witness these machines become completely self-reliant, marking the first step in the much fantasized scenario where automation continues 24/7 even when the factory lights go out. Faced with new and changing economic forces, the Chinese government through this initiative is stepping up investments in cutting edge robotics, automation and digital IT technologies to competitively integrate into the global manufacturing chain dominated by industrialized economies such as EU, Germany and the United States and move from being a low cost competitor to a direct added-value competitor.
Key Competitors Covered in the Report
Anhui Heli Co. Ltd.
CLARK Material Handling International (CMHI)
Combilift Material Handling Solutions
Crown Equipment Corporation
Godrej Material Handling
HANGCHA GROUP CO. LTD
Hyster-Yale Materials Handling Inc.
KION Group AG
Lonking Holdings Limited
Mitsubishi Logisnext Co. Ltd.
Toyota Industries Corporation
Geographies Analyzed in the Report
Europe (France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of Europe)
Asia-Pacific (Australia, India, South Korea, and Rest of Asia-Pacific)
Latin America (Argentina, Brazil, Mexico, and Rest of Latin America)
Middle East (Iran, Israel, Saudi Arabia, United Arab Emirates, and Rest of Middle East)
This latest edition of the research study is conducted and published by Global Industry Analysts, Inc., in close collaboration with senior executives in the industry driving strategy, business development, marketing, sales, product management, technology and operations. All analysis and findings published in the report are based on validated engagements from a total executive pool size of 906. Among this pool, 181 direct interactions with domain experts were carried out via our proprietary market research platform, MarketGlass. Among the 36 unique participations, a total of 16 validated responses were received as part of this report's primary research outreach program. We are unique in the industry to provide our clients with the validated list executive engagements and the complete project data stack.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) (www.strategyr.com) is the world's only influencer driven AI powered market research company. Serving more than 41,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for 33 years, offering the widest coverage of topics, geographic markets, competitive brands, and companies profiled.
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Global Industry Analysts, Inc.