Forklift Truck Market: Impact of Automated Manufacturing Facilities

1
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
as well as moving objects in shipping depots,
warehouses, etc. As per 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 130.75 billion, reaching a volume of
2546.21 thousand units by 2032.

• Request a FREE sample report of the Forklift
  Truck Market
• How Automation is Restructuring the Production
  Space
• The automation of manufacturing facilities has
  been a game-changer in the avenue of logistics
  and supply chain management.
• Accordingly, some of the key advantages of
  automation in manufacturing facilities
• include
• More efficient use of materials
• Higher production rates and increased
  productivity
• Improved safety and reduced costs
• Reduced factory lead times
• Shorter workweeks for labor
• Better product quality

2

• With increased automation in warehouses and
  factories, the demand for efficient and smart
  material handling solutions has surged. Forklift
  trucks have proven to be the optimal solution in
  this automated landscape, facilitating seamless
  movement of goods, optimizing processes, and
  ensuring safety.
• Technology improvements in automated forklift
  trucks have also made them significant assets in
  material handling, especially in large facilities
  where human workers may be expected to walk
  longer distances for hauling, picking, and
  putaway functions. Given the prevalence of
  automation in manufacturing, the demand for
  forklifts is on the rise across end-users,
  especially due to the continual innovative
  technical improvements in conventional automation
  systems.
• Automation Meets Manufacturing Efficacy The
  Indispensable Role of Forklift Trucks
• The demand for automation, particularly in the
  form of smart and
• autonomous forklifts, in the manufacturing
  industry is influenced by several key factors.
  These include the need for increased operational
  efficiency, coupled with the ability to handle
  complex and heavy loads. Accordingly,
  advancements in forklift technology and the
  subsequent rise in production capacities have
  resulted in the following developments
• Diverse End-User Applications 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 transportation of cargo. On
  that note, here are the diverse end-user
  applications of automated forklifts
• As the e-commerce sector experiences significant
  growth, warehouses are adapting to accommodate
  smaller aisles and taller shelves in order to
  optimize inventory visibility and facilitate
  faster delivery. This shift has led to an
  increased demand for compact and efficient
  forklifts specifically tailored to meet the
  requirements of the e-commerce industry.
• Moreover, retail e-commerce is set to be the
  fastest-growing
• and dominating end-user during the forecast
  period.
• The mining sector utilizes heavy-duty,
  high-capacity lift trucks to handle the demanding
  nature of their operations. Likewise, the
  logistics sector entails production, labor,
  equipment, and regulatory costs, which further
  impact the core of the mining and warehouse
  industries.
• Forklifts are essential equipment in the
  construction sector for the transportation of
  heavy building materials across challenging
  terrains. Forklifts also serve a dual purpose in
  construction operations, acting as both lifting
  equipment and vehicles. Their versatility is
  demonstrated in operations such as unloading
  pallets of blocks, bricks, steel joists, and
  construction equipment and materials.

3

• Prominence of ICE Powered Forklifts While the
  demand for lift trucks equipped with diesel and
  LPG engines remains stable, internal combustion
  (IC) engines continue to be favored for their
  suitability in high-throughput applications,
  outdoor tasks, and environments that require
  multiple shifts.Particularly well-suited for
  outdoor use, ICE powered forklift trucks find
  extensive application in industries such as iron,
  steel, automobile manufacturing, and
  shipbuilding. As these manufacturing sectors are
  anticipated to experience growth, the adoption
  and expansion of the ICE powered forklifts are
  expected to rise, as a result. Furthermore, as
  per Inkwood Researchs analysis, the ICE powered
  segment, under the engine type category, is set
  to record the highest revenue share of around
  53.83 by 2032.
• High Adoption in Food Beverage and
  Pharmaceuticals In the manufacturing industry,
  which encompasses sectors such as food beverage
  and pharmaceuticals, electric forklifts play a
  pivotal role. In the pharmaceutical sector,
  electric lift trucks enable operators to handle
  products efficiently and with precision.
  Similarly, in the food beverage industry,
  forklift trucks are used to lift and transport
  food packets to designated locations.Forklift
  trucks are available in various lift capacities
  and power types, allowing them to carry different
  weights of food packets and parcels while
  ensuring proper organization within the facility.
  Moreover, the advanced ergonomics and minimal
  emissions of forklift trucks make them
  particularly suitable for applications in the
  food industry. As the demand for packaged food
  and products continues to grow, driving
  manufacturing and sales, the deployment of
  forklift trucks in warehouses is expected to
  increase, further bolstering automation in the
  manufacturing industry.
• Asia-Pacifics Strong Foothold Countries across
  Asia-Pacific, including China, Japan, India etc.,
  are highly engaged in manufacturing and
  construction activities. These projects, in turn,
  generate significant demand for the use of
  forklift trucks for handling goods in the region.
  Inkwood Research estimates that the Asia-Pacific
  forklift truck market is projected to grow with
  the highest CAGR of 6.83, with China capturing a
  dominant revenue share of 31 by 2032.
• China has emerged as a prominent global
  manufacturing hub, driven by several key factors.
  These include easy access to resources, a large
  and cost-effective workforce, and favorable
  government policies.
• The nations manufacturing sector is poised for
  growth with the introduction of government
  initiatives aimed at promoting new projects in
  areas such as manufacturing, packaging, and
  public health. These measures are expected to
  provide a significant boost to Chinas
  construction operations and the demand for
  forklifts, further solidifying its position as a
  thriving manufacturing powerhouse in the global
  forklift truck market.

4

• Automation is revolutionizing the future of
  material handling operations, offering a
  multitude of advantages. From significant cost
  savings to seamless integration with existing
  operations, automating fleets of forklifts can
  add substantial value to manufacturing
  operations. Moreover, 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.
• FAQs
• What is the difference between forklifts and
  trucks?
• A While trucks are better suited for lifting
  lighter materials to increased elevations,
  forklifts are optimal for moving heavier objects
  at lower heights.
• 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.