Incorporation of AI and IoT Leading to Production of High-Performance Forklift Truck Safety Solutions
Rockville , Feb. 29, 2024 (GLOBE NEWSWIRE) — As per a new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global forklift truck safety solution market is estimated at a value of US$ 6.65 billion in 2024 and is projected to reach US$ 22.37 billion by 2034-end. The market is witnessing high growth driven by increasing emphasis on workplace safety, stringent regulatory standards, and advancements in technologies.
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Telematics systems are gaining prominence, offering insights into forklift movements, usage patterns, and maintenance needs. Data analytics derived from telematics are contributing to informed decision-making and the optimization of fleet management. The market is also experiencing a paradigm shift with the integration of advanced technologies, including IoT (Internet of Things), AI (artificial intelligence), and ML (machine learning), into safety solutions. These technologies provide real-time monitoring, predictive analytics, and intelligent responses to enhance overall forklift safety.
Implementation of stringent safety regulations, particularly by occupational health and safety authorities, is fueling sales of forklift truck safety solutions. Several end-use industries are facing increasing pressure to comply with standards, leading to a high demand for safety solutions.
| Report Attribute | Details |
| Value Projection (2034) | US$ 22.37 Billion |
| Growth Rate (2024-2034) | 12.9% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 25 Tables |
| No. of Figures | 132 Figures |
Key Takeaways from Market Study
- Global demand for forklift truck safety solutions is forecasted to increase at a CAGR of 12.9% through 2034.
- The United States market is estimated at US$ 1.99 billion in 2024.
- Germany, with its high focus on precision and quality in manufacturing, is exhibiting high demand for high-performance forklift truck safety solutions.
- Sales of forklift truck safety solutions in Japan are forecasted to reach US$ 2.22 billion by 2034-end.
- Demand for proximity sensors is projected to increase at a CAGR of 13% from 2024 to 2034.
- Sales of camera systems are projected to reach US$ 4.34 billion by 2034-end.
“Desire to minimize accidents and associated liabilities in manufacturing facilities is boosting the adoption of advanced forklift truck safety technologies,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Hyster-Yale Materials Handling, Inc.
- Mitsubishi Heavy Industries
- Crown Equipment Corporation
- Rombit
- Toyota Material Handling
- Kion Group AG
- Ubiquicom
- Seen Safety Ltd.
- Siera.AI
- Komatsu Ltd.
- Trio Mobil
- Doosan Industrial Vehicle Co. Ltd.
- Manitou Group
- Jungheinrich AG
- EP Equipment
- Godrej & Boyce (Godrej Material Handling)
- Combilift Ltd.
- Anhui Heli Co., Ltd.
- Elokon
- Linde Material Handling
- Hyundai Construction Equipment Co. Ltd.
Competitive Analysis
Leading forklift truck safety solution providers include Mitsubishi Heavy Industries, Crown Equipment Corporation, Rombit, Toyota Material Handling, and Kion Group AG. Key market players are leveraging strategies such as innovative product development, strategic partnerships, global expansion, and technological advancements to earn more.
Key market players are allocating resources to continuous research and development activities, ensuring that their safety solutions remain at the forefront of technological advancements. This commitment to innovation is allowing them to offer state-of-the-art products.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global forklift truck safety solution market, presenting historical demand data for 2018 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights on the market based on product (proximity sensors, camera systems, safety lighting, speed control systems, driver assist systems, telematics) and end-use industry (manufacturing, warehousing, distribution centers, logistics, ports and shipping, airports), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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