Dublin, Nov. 18, 2020 (GLOBE NEWSWIRE) -- The "Forklift IoT Solutions Market - Forecast (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The Global Forklift IoT Solutions Market is expected to reach $47.6 billion by 2025, rising at a CAGR of 12% during the forecast period 2020-2025.
Owing to the advantages of storing, picking and shipping the items in the warehouse smartly and efficiently. Internet of Things technology helps streamline warehouse procedures by bringing workers and forklifts together through the facility's enterprise resource planning, or ERP system. In addition to using warehouse space more efficiently, smart forklifts save time and money by completing routine tasks quickly, by holding down labour costs.
Moreover, increased demand from the various industry verticals such as retail, e-commerce, automotive, consumer goods and many other industries for loading and unloading of components and delivery of components from manufacturing area to assembly line and positioning of loads are analyzed to drive the market for forklift IoT solution in the forecast period 2020-2025.
The report covers an in-depth analysis of the following segments of the Forklift IoT Solution market:
- By Technology: GPS, Sensors, Driver Assistance System, Others (Data Analysis, Scan less Location ID)
- By Solution: Asset Management Solutions, Warehouse & Logistics Management Solutions, Real Time Monitoring Solutions, Others (Material Handling Solutions, RFID Solutions)
- By Industry Vertical: Construction, Warehouse & Logistics, Manufacturing, Pharmaceutical and Healthcare, Food and Beverage, Automotive, Aerospace and Defense, Chemicals, Others
- By Geography: North America, South America, Europe, APAC, RoW
Key Takeaways
- Pharmaceutical companies are increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs and this has led to deployment of IoT solutions such as embedded sensor packs on forklifts to track their location and utilization as well.
- The global market for Forklift IoT Solutions are likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels.
- Rising adoption of smart technologies in industries such as Construction, Warehouse & logistics, manufacturing, Automotive and other has been increasing the demand for forklift IoT solutions in North America
- Forklift IoT Solutions top 10 companies include Software AG, SAP, PTC, Cisco, Huawei, Bosch, Cognizant, Zebra Technologies, Sierra Wireless, Microsoft among others.
By Technology - Segment Analysis
Driver assistance is growing at a highest CAGR of 15.7% in the forecast period. Driver assistance systems and collision awareness systems immediately detects the risk if the vehicle comes close to personnel, infrastructure or other vehicles and also helps the drivers to carry out difficult and monotonous tasks effectively and efficiently.
Fork-lift truck manufacturers have developed driver assistance systems (DAS) that are intended to reduce substantially the risk of the truck tipping over to the side. Industrial trucks and forklifts particularly rely on driver assistance systems that increase convenience at work while minimizing the risk of accidents. This systems for forklifts are a sensible retrofitting option to create more protection on location. Especially where there are several drivers with forklifts on the road at the same time, as well as other people who are in the halls or zones.
With the rapid advancements in IoT, several companies have been developing driving assistance system with advanced features. For instance, SICK sensor intelligence have developed advanced Driver assistance systems and collision awareness systems to support drivers in critical situations and immediately detects the risk if the vehicle comes close to personnel, infrastructure or other vehicles. Similarly, STILL has developed driver assistance systems to support the driver in certain situations by elevating the degree of automation by assuming individual tasks freeing the operator respectively. Hence these advancements are analysed to drive the market for Forklift IoT solutions in the forecast period 2020-2025
By Industry Vertical - Segment Analysis
Pharmaceutical sector is growing at a CAGR of 15.4% in the forecast period. As IoT applications for supply chain management have become popular investment areas the pharmaceutical industry. Moreover inventory tracking and maintenance, along with forklift utilization tracking is the major application that is set to drive ioT in the pharmaceutical sector.
Pharmaceutical companies are increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs. This has led to deployment of IoT solutions such as embedded sensor packs on forklifts to track their location and utilization as well as other applications across the pharmaceutical and healthcare sector. The adoption of this solution effectively manages and reports on vehicle and operator performance while reducing operational costs and improving warehouse productivity.
Forklift IoT is typically adopted for safety applications in healthcare and pharmaceutical sector through a. motion sensor connected to a forklift. The motion sensor can detect the speed in relation to its proximity to a bin, send the information to the computer, analyze it, and issue a command to the forklift to either slow down, alert the driver, and/or block the movement
By Geography - Segment Analysis
North America dominated the market by a market share of more than 39% in 2019, Early adoption of advanced technologies has been driving the forklift IoT solutions in this region. Rising adoption of smart technologies in industries such as Construction, Warehouse & logistics, manufacturing, Automotive and other has been increasing the demand for forklift IoT solutions.
There are huge number companies in the region which have been manufacturing Forklifts with advanced features. For instance, Toyota Material Handling Group has collaborated with Microsoft Azure for innovating forklifts in order to help industries meet the global rise in e-commerce and move goods quickly, frequently, accurately and safely. In addition to this huge number of accidents have been happening due to manual process involved in Forklifts.
According to the report given by OHSA, 85 people are killed and 34,900 are seriously injured in forklift accidents every year. In addition to this, it also said that number of accidents would drop by 70 per cent if companies were to provide more training programmes and adopt more stringent safety measures. Moreover investments made by several companies in the form of expansion and infrastructure replacements is driving the market.
In 2019, German-based logistics giant DHL will expand its gateway into Canada with a new $100-million facility. Similarly, Ford has planned to invest $850 million by 2023 by opening a new manufacturing plant in Mexico by 2020. Additionally, the government of the country have been providing several funding's and initiatives for the expansion and development of the manufacturing facilities in these regions. Hence these expansions accelerate the usage of forklift, there by accelerating the market for Forklifts IoT solutions in the forecast period 2020-2025.
Drivers - Forklift IoT Solutions Market
Increasing Trend in e-Commerce and Warehouse Segment
The global market for Forklift IoT Solutions are likely to benefit enormously from the rapidly growing e-commerce industry around the world with technological advances and economic levels. e-Commerce is growing rapidly due to various technological advancements, accessibility and rise in the usage of internet and smart phones.
Several companies in this sector are heavily investing towards efficient and economical management of their logistics operations. For instance, Amazon operates through robots in its warehouses, which helps the e-commerce giant with a flexible and smooth flow of its supply chain.
The emergence of forklifts integrated with IoT and AI solutions is further driving the e-Commerce industry towards the adoption of autonomous forklifts. For instance, GEEK+ INC., an advanced robotics and AI technologies provider, offers with driverless forklift along with supply chain automation solutions that is built on AI. These autonomous forklifts are being heavily adopted by the e-commerce industry, since it provides flexible, reliable and highly efficient solutions to warehouses, factories and supply chain management.
Thereby contributing towards the growth of global autonomous forklifts market. Forklift trucks which are widely deployed in these industries for various applications are likely to get benefited from this and thereby increasing the demand for the market in the forecast period.
Advancement in technologies
The Internet of Things (IoT) is being increasingly adopted to help improve the efficiency of manufacturing processes and equipment across a variety of industries. Adding to this, Several industries such as Automotive, manufacturing, Aerospace, Food manufacturers and other are also increasingly seeking areas for improvement within their operations and are turning to technology to boost efficiencies and reduce costs, For instance, Tetra Pak, a food processing and packaging solutions company has launched a new plant management service that uses cutting-edge technology like Forklift IoT solutions to audit all the equipment and systems across a customer's value chain and identify opportunities for improvements.
Increasing adoption of IoT solutions in these trucks is helping industries reduce downtown time and improve productivity over long distance barriers. With the expansion of warehouse spaces, usage of electric forklifts that can transfer heavy goods and reduce mishandling is increasing. These vehicles are being majorly used in warehouses to speed up processes, such as order picking, transporting, and loading products, driving market growth.
Challenges - Forklift IoT Solutions Market
High initial investments and maintenance cost
Forklift IoT solutions market is analyzed to grow at a significant rate, the high initial investments and maintenance costs are set to hamper the growth of the market. The high cost is majorly attributed to the deployment of Forklift IoT solutions, high cost sensor, GPS trackers, and other integrated circuits. Hence these high initial investments and maintenance cost hinder the market in the forecast period.
Market Landscape
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the LATAM LMS-Frontline worker training market. In 2019, the market of Forklift IoT Solutions industry outlook has been fragmented by several companies. Forklift IoT Solutions top 10 companies include Software AG, SAP, PTC, Cisco, Huawei, Bosch, Cognizant, Zebra Technologies, Sierra Wireless, Microsoft among others.
Acquisitions/Technology Launches
- In April 2019, Microsoft and Toyota has collaborated for enhanced solutions range from connected forklift and field service systems to AI-powered concepts that pave the way for intelligent automation and logistics simulation - all designed with Toyota's standards for optimizing efficiency, operation assistance and kaizen, or continuous improvement.
- In June 2019, Sierra Wireless, Inc. the leading provider of fully integrated device-to-cloud solutions for the Internet of Things (IoT), completed the acquisition of Numerex Corp.
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