Automated Forklift Trucks Market to Exhibit 8.3% CAGR; Rising Adoption of Automated Transport Processes to Spur Growth

The global automated forklift trucks market size is projected to reach USD 786.9 million by 2026. It is set to gain traction from the rapid inclination of several manufacturing industries from conventional shipping methods to innovative and autonomous transport processes. This information is published by Fortune Business Insights™ in a recent report, titled, “Automated Forklift Trucks Market Size, Share and Industry Analysis, By Type (Pallet Mover, Counterbalance, Outrigger, and Reach Truck), and Regional Forecast, 2019-2026.” The report further states that the market stood at USD 416.7 million in 2018. However, it is set to exhibit a CAGR of 8.3% during the forecast period between 2019 to 2026.

Hyster-Yale Acquires 75% Share of Zhejiang Maximal to Strengthen Position

In June 2019, Hyster-Yale Materials Handling, Inc., a provider of material handling products, based in Ohio, acquired around 75% of the shares of Zhejiang Maximal Forklift Co., Ltd., a manufacturer and distributer of forklift products headquartered in China. The new deal was done through KNSN Pipe & Pile Company Limited and it was worth USD 90 million. On account of the acquisition, the latter has been renamed as Hyster-Yale Maximal Forklift (Zhejiang) Co., Ltd. It is considered to be a strategic action that is set to broaden Hyster-Yale’s cost-effective manufacturing capabilities, strengthen its standard and utility product portfolio, and develop access to competitive component sourcing.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/automated-forklift-trucks-market-102617

Rising Usage of Automated Process to Propel Growth

Material handling process tends to play a very crucial role in the efficient functioning of a particular industry. It helps in the movement of material and products from one place to another. Therefore, it is also a vital factor of concern for all the end users. As the population is upsurging across the world, the demand for products is also growing. To fulfil the unmet needs of the masses, manufacturers are adopting digitization and automation. It is further propelling the automated forklift trucks market growth.

Apart from that, with the help of digital data transfer process and automation, materials are being moved persistently. It never stops the manufacturing process. Therefore, a numerous industries are implementing just in time (JIT) manufacturing processes that are semi- or fully-automatic in nature. However, lack of skilled operators to work in the same ecosystem may obstruct market growth in the coming years.

Key Players Adopt the Strategy of Acquisition to Broaden Geographic Presence

The industry includes a large number of big, medium, and small enterprises that are trying to keep up with the latest automated forklift trucks market trends to provide suitable products to their huge consumer base. They are doing so by acquiring other reputed companies. Adopting such a strategy is not only helping them in gaining the maximum share, but is also expanding their geographic presence and operational segments.

Fortune Business Insights™ presents a list of companies operating in the automated forklift trucks market. They are as follows:

• Kollmorgen


• E&K Automation GmbH


• TOYOTA INDUSTRIES CORPORATION


• Crown Equipment Corporation


• JBT


• KION GROUP AG


• Seegrid Corporation


• Dematic


• Hyster-Yale Materials Handling, Inc.


• Mitsubishi Caterpillar Forklift America Inc.


• Other prominent companies

A Noteworthy Industry Development-

• June 2019: JBT Corporation, a food processing machinery and airport equipment company headquartered in Chicago, announced that it has successfully acquired the Prime Equipment Group, a manufacturer of water re-use and turnkey primary solutions based in the U.S. The total deal was worth USD 65 million. It would enable JBT in becoming one of the most renowned providers of full-line solutions for the poultry industry by adding the latter’s unique processing capabilities.

Further Report Findings-

• Asia Pacific generated USD 150.3 million in terms of automated forklift trucks market revenue in 2018 owing to the high concentration of manufacturing industries.


• Europe to be the second leading region backed by the rising adoption of promotional strategies, such as participation in seminars and exhibitions, by key companies.


• Based on type, the pallet mover segment procured 28.5% automated forklift trucks market share in 2018 on account of their higher adoption in industries, such as consumer goods, food and beverage, automotive, manufacturing warehouse and distribution, and supply chain & logistics.

The automated forklift trucks market can be segmented in the following way: