Electric Forklift Market Share Research By Applications, Growth, And Emerging Technology Till 2026
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Forklifts
or powered industrial trucks have become the workhorses of
cutting-edge warehouse and distribution operations. Use of forklifts
to swiftly move pallets of products and materials has streamlined
the operation and has fueled the productivity. The major selling
point for companies operating in powered industrial trucks has been
efficiency and speed. The elimination of issues such as wasted time
and space has translated into cross docking operations and better
warehousing.
Forklifts
have brought a paradigm shift in the way warehouse functions make it
possible for a person to transport weight at a single go. When it
comes to achieving efficient and effective warehousing operation,
identification of the right crop of warehouse assets, optimal
layout, and apt use of these assets has become indispensable.
There is
no denying that inapt forklift-use can significantly add a toll by
wasting travel time and derailing the operation of warehouse.
Several leading companies such as Amazon have found that the key to
an ideal warehousing culture can be achieved through flexibility.
While some are looking for a leased forklift equipment, others are
eyeing to use current equipment in an innovative or different way.
Warehousing has become an invaluable part in supply chain industry
as ineffective operations can invite backlogs and put a break on the
operation. In a bid to keep up with the market demand fluctuation,
use of powered industrial trucks (PITs) in warehouse will continue
to soar by leaps and bounds in the ensuing period.
Forklifts have set the trend in unit-load warehouses that are common in bulk
storage areas warehousing operations. These warehouses tend to
receive, store and ship products in unit-load and use forklifts to
transport them. Upsurge in the volume of imported products by
countries such as India, the U.S., China and the U.K. has signified
the importance of forklifts in industrial warehouses and
distribution centers.
Electric
forklifts
In recent
years, electric forklifts have become a top-notch powered industrial
truck for warehouses, having strong presence in the material
handling and lift truck environment. A battery of companies is
counting on electric forklifts which have become a realistic
alternative to diesel-powered industrial trucks and are equally
potent, economical to operate, safer, cleaner, quieter, and easier
to maintain.
Electric
warehouse forklifts have been able to reduce fuel costs and can
boost efficiency. Here are some of the major takeaways from electric
forklifts:
·
Lower emission:
At the time when greenhouse gas emissions have been plaguing the
world like never before, electric forklifts have become the apt
alternative to reduce the impact of emissions and keep associates
healthy in the warehouse.
·
Less noise: While there is no denying that use of multiple forklifts creates
cacophony in the warehouse, electric forklifts minimize noise level
and enable easier communication and less fatigue.
·
Operating cost:
Even though gasoline forklifts can be stronger than electric
forklifts, they tend to add the overhead costs. The cost of
electricity can be considerably lower than gasoline.
Electric
forklifts have become an apt choice to boost productivity and
increase ROI. Manufacturing ergonomically designed forklifts with
super design to bolster overall uptime, dependability and low cost
of ownership are boosting forklift’s lateral stability. In April
2018,
Toyota
had rolled out Traigo80 heavy duty electric forklift which the
company claims can excel in efficiency, performance and
maneuverability.
Driverless forklifts have come to the fore and have moved beyond the
novelty stage and are profoundly being deployed in warehouses. Some
of the leading forklift OEMs such as Crown Equipment, Toyota, Yale
and Hyster are introducing driverless or robotic forklifts.
Moreover, countries such as the U.S. are grappling with dearth of
qualified employees, automation may aid in filling the gap by
providing continuous service 24/7. OSHA have issued several
guidelines pertaining to the use of forklifts.
A peek at
OSHA guidelines
Quoting OSHA,
anyone under 18 years of age operating a forklift and anyone over 18
years of age who is not properly trained and certified to do so will
be a clear violation of Federal Law. For instance, the
National Safety Council offers an OSHA
compliant training to develop safer forklift operators. It is worth
noting that OSHA is looking for update
of powered industrial trucks standard. Besides, e-commerce giants
such as Amazon are providing
training on using forklift safely and securely.
Business
strategies
With some
of the leading companies vying to boost their portfolios and ROIs,
Crown Equipment undertook a
strategic collaboration
with JBT in April 2019. While in September 2018, Crown Equipment
acquired three sales, service
locations in South Carolina to boost its material handling
technologies such as forklifts.
In June
2018,
Hyster-Yale Material Handling, Inc.
announced the acquisition of 75% of the outstanding shares of, and a
controlling interest in Zheijang Maximal Forklift Co., Ltd. The
strategic acquisition will help the company boost its low-cost, and
manufacturing capabilities and product portfolio.
Forklifts
are poised for a breakthrough in warehouse with the advent of
electric and driverless technologies. Forward-looking forklift OEMs
are paying more heed to OSHA guidelines and are offering training to
associates/employees. With electric forklifts offering upsides
abound, more and more companies are switching to the advanced
forklifts.
Global Market Insights, Inc. has predicted forklift
market size to be hovering around 100 bn by 2026.
Author details:
Vinisha Joshi
A
qualified Engineering graduate, Vinisha Joshi takes pride in playing
with words. Presently, she pens down insightful articles on
business, core industry, technology, and the like. Creativity comes
naturally to her, and Vinisha makes sure to effectively combine the
same with her technical expertise in the articles she writes. |
