New York, May 09, 2023 (GLOBE NEWSWIRE) -- Worldwide sales of forklift truck safety solutions are estimated to be valued at US$ 5.55 billion in 2023. Forklift Truck Safety Solutions Market is expected to reach US$ 19.55 billion by the end of 2033, according to the latest insights by Persistence Market Research. The report estimates the market to expand at a CAGR of 13.4% from 2023 to 2033. Rapidly growing demand for forklift truck safety solutions from the warehouse and logistics industries is driving market expansion.
The swiftly expanding global e-Commerce sector will bring about significant gains for forklift truck safety solution providers. Due to several technological developments, increased accessibility, and an increase in internet and smartphone usage, the e-Commerce sector is expanding rapidly across the world.
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Several companies working in this sector are making significant investments in the efficient and cost-effective management of their logistic operations.
- For instance, Amazon uses robots in its warehouses, which helps the e-Commerce giant in maintaining a flexible and efficient supply chain.
The adoption of autonomous forklifts in the e-Commerce sector is being accelerated by the emergence of forklifts that are integrated with IoT and AI solutions.
Key Takeaways from Market Study
- The global forklift truck safety solutions market is forecasted to surge ahead at 13.4% CAGR and reach US$ 19.55 billion by the end of 2033.
- The software segment is estimated to occupy 69.2% of the market in 2023 and create an absolute dollar opportunity of US$ 11.31 billion from 2023 to 2033.
- Demand for forklift truck safety solutions in Europe is projected to grow at a CAGR of 13% through 2033. The region accounts for 37.8% share of the global market in 2023.
“The market for forklift truck safety solutions is fragmented and relies on several end-use industries such as warehousing, logistics, airports, and ports & shipping. An increase in warehousing projects worldwide is driving the demand for advanced machinery that complies with safety standards, which is driving the demand for forklift truck safety solutions,” says a PMR analyst.
Competitive Landscape
The global forklift truck market is fiercely competitive, with numerous manufacturers vying for dominance in the industry. Major companies have expanded their operations to capture a larger market share. In recent years, market players have implemented various growth strategies such as acquisitions, mergers, and collaborations, to stay ahead in the market. These participants are also expanding their product portfolios to boost their revenue share.
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Top Key players in the market include AME- Advance microwave Engineering Srl, Ubiquicom, Seen Safety ltd., Siera AI, Rombit, Toypta Material Handling, Kion Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Heavy Industries, Crown Equipment Corporation, Anhui Heli Co., Ltd., Elokon, Linde Material Handling, Komatsu Ltd., Trio Mobil, Doosan Industrial vehicle Co.Ltd., Manitou Group, Hyundai Construction Equipment Co. Lt. (Material Handling), EP Equipment, Godrej & Boyce (Godrej Material Handling), Combilift Ltd.
Some of the significant developments in the industry include:
- In December 2021, Wolter Group LLC acquired AD Lift Truck, a family-owned material handling and forklift company, expanding the company’s range of gas and electric forklifts.
- In February 2019, Toyota Industries North America purchased Hoist Liftruck, a Chicago-based company, to improve its brand image and develop high-quality products.
Similarly, more developments related to companies providing forklift truck safety solutions are being tracked by the team at Persistence Market Research, which will be available in the full report.
More Valuable Insights on Offer
Persistence Market Research, a research and consulting firm, has released a market research report on the global forklift truck safety solutions market. The report provides industry analysis for 2018 to 2022 and opportunity assessment for 2023 to 2033.
The report provides an in-depth analysis of the market through different segments, namely product type, end-use industry, and region. The report also provides supply and demand trends along with an overview of the parent market.
For additional insights on how the global forklift truck safety solutions market will shape up over the decade, write to media@persistencemarketresearch.com
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