Pune, April 13, 2020 (GLOBE NEWSWIRE) -- The global automated forklift trucks market is likely to gain momentum from the rising implementation of Industry 4.0. It consists of the integration of physical and cyber systems, internet of systems, and internet of things (IoT). It is further aiding in the enhancement of the complete production process that is upsurging productivity and enabling persistent manufacturing. Apart from that, it is reducing waste generation owing to the flow of information and connected data. This information is given by Fortune Business Insights™ in a recent report, titled, “Automated Forklift Trucks Market Size, Share and Industry Analysis, By Type (Pallet Mover, Counterbalance, Outrigger, and Reach Truck), and Regional Forecast, 2019-2026.” The report further mentions that the 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.
What Does This Report Contain?
- In-depth analysis of all the growth drivers and obstacles that the market would come across during the forecast period.
- Elaborate information about the automated forklift trucks market trends, challenges, and opportunities.
- List of all the segments present in the market.
- Extensive analysis of the organizations and the suitable strategies that they are adopting to boost sales.
- Information about the region that is set to lead in terms of revenue.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
To get the short-term and long-term impact of COVID-19 on this Market.
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Drivers & Restraints-
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.
Segment-
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.
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Regional Analysis-
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.
Competitive Landscape-
Key Companies Aim to Strengthen Position by Signing New Agreements or Purchasing Other Organizations
The market includes enterprises of small, medium, and big sizes. They are working tirelessly to gain a competitive edge and strengthen their positions. Thus, they are either signing new agreements or are purchasing other local players. Below are a couple of the latest 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 the Key Companies Operating in the Automated Forklift Trucks Market. They are as follows:
- 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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Detailed Table of Content
- Introduction
- Definition, By Segment
- Research Approach
- Sources
- Executive Summary
- Market Dynamics
- Drivers, Restraints and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Key Technological Developments
- Consolidated SWOT Analysis of Key Players
- Global Automated Forklift Trucks Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- 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
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