Forklift Truck Safety Solutions Market is Segmented By Product Type (Proximity Sensors, Camera Systems, Safety Lighting, Speed Control Systems, Driver Assist Systems, Telematics).
Industry: Automotive
Published Date: May-2023
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 268
Report ID: PMRREP33441
According to Persistent Market Research, the global forklift truck safety solutions market is forecasted to surge at a CAGR of 13.4%, thereby increasing from a valuation of US$ 5.55 billion in 2023 to US$ 19.55 billion by the end of 2033. Software solutions account for 69.2% share of the market in 2023 owing to continued demand for logistics and distribution centers across several end-use industries.
Forklift safety truck solutions involve the development and implementation of technologies and strategies to enhance the safety and efficiency of forklift operations in various industries. Increasing focus on workplace safety, rising demand for automated material handling equipment, and strict government regulations are the primary factors driving the growth of the market.
Key solutions offered by market players include proximity detection systems, camera systems, fleet management software, and collision avoidance systems. The forklift truck safety solutions market is expected to continue its growth trajectory due to the rising adoption of forklift safety truck solutions across various end-use industries, such as manufacturing, logistics, and warehousing.
| Attribute | Key Insights |
|---|---|
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Forklift Truck Safety Solutions Market Size (2018A) |
US$ 3.18 Billion |
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Estimated Market Value (2023E) |
US$ 5.55 Billion |
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Projected Market Value (2033F) |
US$ 19.55 Billion |
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Global Market Growth Rate (2023 to 2033) |
13.4% |
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Collective Value Share of Top 3 Countries (2023E) |
83.4% |
Demand for forklift truck safety solutions rose at 7.6% CAGR from 2018 to 2022 and is expected to increase even faster at 13.4% CAGR from 2023 to 2033. This surge in demand is mainly attributed to the steady expansion of the e-Commerce industry worldwide.
Demand for warehouse space has grown due to consumers’ rising demand for a variety of products and the increasing need for safe delivery of products through advanced warehouse technologies and distribution techniques.
The COVID-19 pandemic had a negative impact on industrial activities worldwide. Challenges such as the temporary closure of production facilities for forklift truck safety solutions and restrictions on sales and value chains hindered the expansion of the market. Despite these obstacles, the market made a V-shaped recovery in 2021, and a similar trend of growth is expected to continue into 2022.
Increased government and private sector investments, coupled with technological advancements, are expected to drive demand for forklift truck safety solutions. Forklift truck systems are used to organize inventory efficiently and save time and space in warehouses.
Rapid expansion of e-Commerce and logistics industries across major countries, including the United States, India, and China, is pushing the demand for a more modern distribution network, which, in turn, is likely to increase the demand for forklift truck safety solutions across the globe.
AI is advancing at a rapid pace and the fast pace of technological advancements in computing is remarkable. Components have become smaller, more efficient, and more affordable. AMRs (autonomous mobile robots) are being combined with AI to increase their capacity for interacting with people. In a warehouse, they can recognize traffic patterns and learn to avoid busy areas. They can discover and select the most effective routes to get from Point A to Point B. With AI, operators can easily monitor the performance of their equipment and quickly respond to any changes or problems.
Use of data analytics and sensor technology in the industry has enabled forklift truck safety solution providers to collect data and gain valuable insights into their operations, leading to informed decision-making. This connectivity also allows companies to optimize their forklift fleet by using telematics systems that enable remote monitoring and control of equipment, and improved communication and coordination. Moreover, it helps detect the location of the forklifts and calculate maintenance requirements.
The connectivity between vehicles facilitates the transfer of significant amounts of data, improving coordination between drivers and supervisors.
With more businesses shifting towards e-commerce and online sales, the warehouse and logistics industry is projected to expand substantially in the coming years, driving up the demand for forklift truck safety solutions.
Automation is expected to be a significant trend in the forklift truck safety solutions industry. Advancements in technology, such as artificial intelligence and telematics, are expected to lead to more sophisticated forklift truck safety solutions that can communicate with other machines and systems, resulting in increased productivity, efficiency, and safety for workers.
The rapidly growing global e-commerce sector is expected to bring about significant gains for the forklift truck safety solutions market. Due to several technological developments, increased accessibility, and an increase in internet and smartphone usage, e-commerce is expanding quickly. Several companies working in this sector are making significant investments in the efficient and cost-effective management of their logistics operations.
Increasing awareness of the risks of forklift truck accidents has given rise to the need for safety precautions to avoid them in recent years. Many companies have made investments in safety solutions to safeguard their workers and machinery. Safety rules and guidelines are being introduced and implemented by governments as well as industrial organizations all over the world to raise workplace safety standards. This is boosting demand for forklift truck safety solutions options that can assist companies in complying with these rules.
What Makes the United States a Lucrative Market for Providers of Forklift Truck Safety Solutions?
The United States accounted for 12.1% share of the global forklift truck safety solutions market in 2022 and is anticipated to hold a significant share of the North American market during the forecast period.
The United States has established strict safety regulations and standards for forklift truck safety solutions, which manufacturers must comply with to ensure product safety. The country has a well-developed infrastructure for promoting and enforcing forklift truck safety solutions, including OSHA regulations that require employers to provide safe working environments and training on the proper operation of forklifts.
The United States is known for having some of the world's top forklift truck safety solutions, which are often viewed as a benchmark for other countries seeking to improve their forklift truck safety standards.
How is Demand for Forklift Truck Safety Solutions Shaping Up in Emerging Markets?
Demand for automated distribution and warehouse systems is rising in emerging markets. This is partly a result of e-commerce becoming more and more popular, which has raised the demand for logistics services.
The maneuverability of electric forklift trucks in small spaces with heavy loads is expected to drive demand for both standard and utility-priced forklift trucks in the coming years.
Demand for forklift truck safety solutions is expected to grow at a substantial rate in emerging markets such as China, India, and Brazil during the forecast period due to the increasing need to manage in-house logistics arising from increased inventory levels and growing trades.
Which Technologies are in High Demand for Improving Workplace Safety?
Demand for forklift safety truck solutions has grown rapidly in recent years as new technologies have been introduced to increase forklift operators' safety and productivity. Among these technologies, proximity detection systems are in high demand. Forklifts are equipped with proximity detection systems to help avoid damaging collisions with pedestrians and other objects. These systems monitor the area around the forklift and send an alert to the driver if they detect any obstacles. Other safety solutions, such as audible alarms or automatic braking systems, can be integrated with them to further increase safety.
The need to ensure workplace safety and adhere to strict government regulations has contributed to a rise in the popularity of proximity detection systems, as forklift accidents and injuries have been increasing. Other technologies besides proximity detection systems, such as camera systems, fleet management software, and collision avoidance systems, have generated significant interest in the market.
These technologies offer additional safety features, such as real-time monitoring, tracking, and analysis of forklift operations, that can assist in identifying potential hazards and increasing productivity.
The global forklift truck safety solutions market is fiercely competitive, with several 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.
Market participants are also expanding their product portfolios to boost their revenue share. Some of the significant developments in the industry include:
Similarly, more developments related to companies providing forklift truck safety solutions have been tracked by the team at Persistence Market Research, which are available in the full report.
| Attribute | Details |
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Forecast Period |
2023 to 2033 |
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Historical Data Available for |
2018 to 2022 |
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Market Analysis |
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Key Regions Covered |
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Key Segments Covered |
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Key Companies Profiled |
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Report Coverage |
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Customization & Pricing |
Available upon Request |
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The global forklift truck safety solutions market was valued at US$ 4.93 billion in 2022.
Worldwide sales of forklift truck safety solutions are estimated at US$ 5.55 billion in 2023.
Hyundai, TCM (Fleet Management System), Godrej Material Handling System, Manitou Group, Sharp Eagle, Uni Carrier, Nissan Motor, Mitsubishi Logisnext co ltd, Grainger, Fastenal, and Siera Ai enjoy 55% to 60% share of the global market.
Europe, North America, and South Asia & Pacific generate high demand for forklift truck safety solutions.
Warehousing and logistics account for a dominant share of the market in 2023.
Demand for forklift truck safety solutions is expected to reach a market valuation of US$ 19.55 billion by 2033.
Revenue from forklift truck safety solutions is predicted to increase at 13.4% CAGR through 2033.
