Forklift Truck Market: Impact of Automated Manufacturing Facilities

First developed in the early 20th century by companies such as Clark and Yale & Towne Manufacturing, forklifts are powered industrial trucks used to lift and move materials across short distances. The two power-operated prongs at the front of the vehicle can slide under heavy loads and then be raised for stacking and moving objects in shipping depots, warehouses, and more. According to Inkwood Research, the global forklift truck market is set to grow with a CAGR of 6.60% over the forecast years of 2023 to 2032. The market is set to capture a revenue share of $130.75billion, reaching a volume of 2546.21thousandunits by 2032.

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The automation of manufacturing facilities has revolutionized logistics and supply chain management.Keyadvantagesofautomationinmanufacturingfacilities include:

● Moreefficient useofmaterials

● Higherproductionratesandincreasedproductivity

● Improvedsafetyandreducedcosts

● Reducedfactoryleadtimes

● Shorterworkweeksforlabor

● Betterproductquality

With increased automation in warehouses and factories, the demand for efficient and smart material handling solutions has surged. Forklift trucks have proven to be optimal in this automated landscape, facilitating seamless movement of goods, optimizing processes, and ensuring safety. Technological advancements in automated forklift trucks have made them significant assets in material handling, especially in large facilities where human workers may need to cover long distances for hauling, picking, and putaway functions. The adoption of energy retrofit systems, including energy-efficient technology, HVAC retrofit, and LED retrofit solutions,hasalsobecomeintegralinthesefacilities toenhanceenergyefficiency.

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AutomationMeetsManufacturingEfficacy|TheIndispensableRoleofForkliftTrucks

The demand for automation, particularly in the form of smart and autonomous forklifts, in the manufacturing industry is influenced by several key factors, including the need for increased operational efficiency and the ability to handle complex and heavy loads. Advancements in forklift technology and the subsequent rise in production capacities have led to the following developments:

● DiverseEnd-UserApplications: Forklifts play a pivotal role in various manufacturing industries such as retail & e-commerce, construction, mining, and manufacturing. Warehouses heavily rely on these versatile vehicles for the efficient lifting and transportationofcargo.Notably,retail&e-commerceissettobethefastest-growingand dominating end-user during the forecast period. The adoption of energy retrofit technologies in these sectors has further optimized operations.

- Retail&E-commerce: The e-commerce sector's growth has led to warehouses adapting to smaller aisles and taller shelves to optimize inventory visibility and facilitate faster delivery, increasing demand for compact and efficient forklifts tailored to this industry.

- MiningSector: Utilizes heavy-duty, high-capacitylift truckstohandle demanding operations.Theadoptionofenergyretrofitsystemsformininghasalsoenhanced energy efficiency in these challenging environments.

- Construction Sector: Forklifts are essential for transporting heavy building materials across challenging terrains, acting as both lifting equipment and

vehicles. Energy-efficient systems in construction sites have improved operational efficiency and sustainability.

● ProminenceofICEPoweredForklifts: Internalcombustion(IC)enginescontinuetobe favored for high-throughput applications, outdoor tasks, and environments requiring multiple shifts. ICE-powered forklift trucksfind extensive application in industries suchas iron, steel, automobile manufacturing, and shipbuilding. As these manufacturing sectors grow, so will the adoption and expansion of ICE-powered forklifts.

● High Adoption in Food & Beverage and Pharmaceuticals: In the manufacturing industry, electric forklifts play a pivotal role, especially in sectors such as food & beverage and pharmaceuticals. Electric lift trucks enable efficient and precise handling of products. The advanced ergonomics and minimal emissions of forklift trucks make them suitable for applications in the food industry, where energy-efficient buildings and deep energy retrofits are becoming more prevalent.

● Asia-Pacific’sStrongFoothold: Countries acrossAsia-Pacific, including China, Japan, and India, are highly engaged in manufacturing and construction activities. These projects generate significant demand for forklift trucks for handling goods. The AsiaPacific forklift truck market is projected to grow with the highest CAGR of 6.83%, with China capturing a dominant revenue share of 46.31% by 2032. China's manufacturing sector is poised for growth with government initiatives promoting new projects in areas such as manufacturing, packaging, and public health, further driving the demand for forkliftsandenergyretrofitsolutions.

Automation is revolutionizing the future of material handling operations, offering significant cost savings and seamless integration with existing operations. Automating fleets of forklifts can add substantial value to manufacturing operations. With the notable presence of leading companies such as Toyota Industries Corporation, KION AG, Hyster-Yale Materials Handling Inc, and others, the global forklift truck market is set to witness lucrative growth prospects during the forecast period. Additionally, the adoption of energy retrofit systems, including energy-efficient technology and energy-efficient buildings, will continue to drive innovation and efficiency in materialhandlingandmanufacturingoperations.

FrequentlyAskedQuestions(FAQs)–

1. What is the difference between forklifts and trucks?

A: While trucks are better suited for lifting lighter materials to increased elevations, forklifts areoptimalformovingheavierobjectsatlower heights.

2. What are the main types of forklift engines?

A: Forklift engines can be separated into two main categories, namely, electric engines and

internal combustion (IC) engines. According to our experts, electric powered is expected to be the fastest-growing engine type during the forecast period.