Global Forklift Industry

Global Forklift Industry

  • September 2020 •
  • 478 pages •
  • Report ID: 5798622 •
  • Format: PDF
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. 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. The United States and Europe represent large markets worldwide with a combined share of 49.8% of the market. China ranks as the fastest growing market with a CAGR of 3.8% over the analysis period supported by the Made in China (MIC) 2025 initiative that aims to bring the country’s massive manufacturing and production sector into the forefront of global technology competitiveness. 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.