IoT solutions are changing the industrial landscape at a breath-taking rate. IoT solutions will introduce a paradigm shift in factory operations and even change how forklifts function. Many factors will drive the forklift IoT market. One of the most important is safety considerations. As a result, the forklift IoT market is expected to record double-digit growth over the next ten years. Forklifts happen to be one of the most hazardous pieces of equipment in any industrial facility. Wherever there are forklifts, there are concerns that people may get injured at some point. But IoT for forklifts will change that.
Powered by the rapid adoption of advanced technology in the logistics industry, the Forklift IoT Solutions industry is expected to create a solid growth opportunity for the industry participants that will be worth a whopping USD 103.9 billion between 2022 and 2028. Growing at a CAGR of over 12.5%, the global Forklift IoT Solutions market revenue will reach nearly USD 20,630.32 million in 2028 from USD 8,731.96 million in 2021.
Interesting Facts about Forklift IoT Solutions Industry
S. leads the Forklift IoT Solutions industry with over 30% contribution in revenue generation
Germany, the UK, and France are leading Forklift IoT Solutions in Europe, with over 50% share in 2021
Forklift IoT Solutions considerably increases efficiency in warehousing activity and reduce the downtime
China is the largest Market in the Asia Pacific
Taiwan and Singapore are at the forefront of adopting Forklift IoT Solutions in the Asia Pacific
Increasing Speed of Operations with High Level of Precision to Drive the Demand for Forklift IoT Solutions
Construction, Warehouse & Logistics, Automotive, and Others are major application markets for Forklift IoT Solutions. IoT for forklifts will make these vehicles smarter and better equipped to avoid collisions. In addition, autonomous driving is becoming better with each passing year. As a result, forklifts will be among the first vehicles to benefit from autonomous driving. This will decrease human error and significantly reduce the forklift casualty rate.
GPS, Sensors, Driver Assistance Systems, and Others are some significant types of Forklift IoT Solutions. In addition, intelligent forklifts of the future will have cutting-edge and sophisticated radio frequency identification devices, intelligent processing systems, and sensors. As a result of these technologies, forklifts can automate forklift truck operations so that human labor is no longer required for crewing these vehicles.
Forklift IoT Solutions Can Effectively Reduce the Labor Cost
This will prove to be another major driving factor behind forklift IoT solutions. Labor costs are among the most critical considerations in any industrial or warehouse facility. Since innovative forklift IoT solutions mean fewer laborers will be required, companies adopting these vehicles will benefit from lower operational costs. This will fuel the forklift IoT market.
Picking and sorting are labor-intensive and slow operations. Forklift IoT solutions can leverage sophisticated equipment and technology to boost the efficiency of such operations. As a result, this will be one of the key driving factors for the forklift IoT solutions market.
Forklift IoT Solutions Can Reduce Downtime Significantly
Thanks to forklift IoT solutions, these vehicles can alert users about maintenance as soon as it becomes due. This will reduce the breakdown rate and the downtime that follows. This will be a crucial driving factor for the forklift IoT solutions market.
Forklift IoT solutions can help forklift vehicles avoid obstacles and prevent accidents. With time, as the technology continues to evolve, forklift IoT solutions will prove to be better than humans at anticipating and avoiding severe accidents. This can result in fewer worker compensation claims and thus save a lot of money. In addition, this will lead to better worker safety and less likelihood of litigation, which will help keep costs.
Forklift IoT solutions will also be able to expedite operations. Unlike human workers, robots do not get tired and can perform at the same high rate for several hours. For example, forklift IoT solutions will lower the forks quickly and more safely than human beings, which will lead to quicker operations and faster customer facilitation and order fulfillment.
High Initial Investment to Have Adverse Impact on Growth of Forklift IoT Solutions Industry
Despite its large number of benefits, Forklift IoT Solutions are costly affaire. It requires a substantial initial investment coupled with a highly skilled workforce to operate it. This, in turn, refrains end-users from adopting Forklift IoT Solutions, especially in emerging or underdeveloped economies.
Limited Players to Dominate the Forklift IoT Solutions Industry
Bosch, Cisco, Cognizant, Huawei, PTC, SAP, Sierra Wireless, Software AG, Zebra Technologies, and Others are some major players in the global Forklift IoT Solutions market. The companies mentioned above generate a large chunk of global Forklift IoT Solutions market revenue. However, requirements of the high level of technical know-how, ability to invest huge funds, and solid R&D base for developing Forklift IoT Solutions have proved to be a significant hurdle for this industry's growth. However, the further evolution and lowering of the technology cost can attract more companies to invest and venture into the global Forklift IoT Solutions market in the coming years.
The U.S. to Lead the Demand for Forklift IoT Solutions
The presence of a large number of IT giants with the capability to such a technologically advanced solution for the logistics industry, the ability of end-users to invest in such technology, and higher receptiveness to technical advancement, need to reduce downtime in logistic activity
Frequently asked questions about global Forklift IoT Solutions industry
Like other industries, Forklift IoT Solutions market also suffered from COVID 19 pandemic which resulted into decline of over 9.58% in revenue generated in 2020
North America is the largest regional market with highest share in the total volume of Forklift IoT Solutions consumed in 2021
Growing popularity of e-commerce and increasing warehousing activity to drive the demand for forklifts and in turn Forklift IoT Solutions
Sensor’s segment dominated the Forklift IoT Solutions market in 2021 with over 35% share
Warehouse & Logistics segment was the largest application of Forklift IoT Solutions in 2021 with over 40% share
