Global Forklift IoT Solutions Market: A Study of Changing Market Dynamics, Growth, Future Prospects and Analysis, 2016 – 2028
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 10 years or so.
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 rapid adoption of advanced technology in logistics industry, Forklift IoT Solutions industry is expected to solid growth opportunity for the industry participants that worth 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, UK and France are leading Forklift IoT Solutions in Europe with over 50% share in 2021
Forklift IoT Solutions considerably increasing efficiency in warehousing activity and reduce the downtime
China is largest Market in Asia Pacific
Taiwan and Singapore are at the forefront of adopting Forklift IoT Solutions in 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. Autonomous driving is becoming better with each passing year. Forklifts will be among the first vehicles that will benefit from autonomous driving. This will decrease human error to zero and significantly reduce the forklift casualty rate.
GPS, Sensors, Driver Assistance System and Others are some of the major types of Forklift IoT Solutions. Smart 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 will be able to automate forklift truck operations so that human labor is no longer required for manning 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 important considerations in any industrial or warehouse facility. Since smart forklift IoT solutions mean that 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 labour-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 definitely 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 will be able to 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 key driving factor for the forklift IoT solutions market.
Forklift IoT solutions can help forklift vehicles avoid obstacles and prevent accidents. With the passage of time, as the technology continues to evolve, forklift IoT solutions will prove to be better than humans at anticipating and avoiding serious accidents. This can result in fewer worker compensation claims and thus save a lot of money. This will lead to better worker safety and less likelihood of litigation, which will help save 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 fulfilment.
High Initial Investment to Have Adverse Impact on Growth of Forklift IoT Solutions Industry
Despite of its large number of benefits, Forklift IoT Solutions are costly affaire. It requires huge initial investment coupled with highly skilled workforce to operate it. This in turn refraining 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 of the major players in global Forklift IoT Solutions market. Large chunk of global Forklift IoT Solutions market revenue is generated by aforementioned companies. Requirements of high level of technical know-how, ability to invest huge funds and strong R&D base for the development of Forklift IoT Solutions has been proved to be major hurdle for the growth of this industry. However, with the further evolution and lowering cost of technology can attract more and more companies to invest and venture into global Forklift IoT Solutions market in the years to come.
U.S. to Lead the Demand for Forklift IoT Solutions
Presence of large number of IT giants with capability to such a technical advanced solution for logistics industry, ability of end-users to invest in to such technology and higher receptiveness to technical advancement, need to reduce downtime in logistic activity and increasing efficiency resulted in to strong demand for Forklift IoT Solutions in U.S. U.S. alone hold almost 85% share in North America and over 30% share in global market. Europe is second largest market for Forklift IoT Solutions followed by Asia pacific. Asia Pacific has merged as a rapidly growing market for Forklift IoT Solutions with strong growth in deployment of Forklift IoT Solutions in China, Japan, Singapore, Taiwan and South Korea. Latin America, Middle East and Africa have little growth prospects in the next few years for the growth of Forklift IoT Solutions with exception of few economies such as Brazil, Israel, South Africa, etc.
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
