The Global Forklift IoT Solutions Market generated revenue of around USD 8,731.96 million in 2021 and is anticipated to grow a CAGR of over -12.58% during the forecast period from 2022 to 2028 to reach around USD 20,630.32 million in 2028. While, cumulative growth opportunity presented by the global Forklift IoT Solutions is around USD 103.9 billion during 2022 to 2028.
Global Forklift IoT Solutions Market, 2021 – 2028 (USD Million)
Forklift IoT Solutions Sensor to Grow at Rapid Pace
GPS, Sensors, Driver Assistance System and Others are some of the important types of Forklift IoT Solutions produced and consumed across different region. However, sensors Forklift IoT Solutions is growing in demand and held significant share in total revenue generation with over 55% in 2021. While, GPS & Driver Assistance System held over 40% share in total revenue generation in 2021 and poised to play important role in growth of Forklift IoT Solutions in the years to come.
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Growing Demand from Aluminum Anode and Artificial Graphite Electrode is Driving the Growth of Forklift IoT Solutions
Construction, Warehouse & Logistics, Automotive and Others are major application markets for the global Forklift IoT Solutions industry. Warehouse & Logistics segment held the largest share of global Forklift IoT Solutions industry in 2021 with over 35% contribution to revenue generated by Forklift IoT Solutions market. While, Construction, Automotive applications are also expected to grow at a significant CAGR which in turn likely to drive demand for Forklift IoT Solutions.
North America is Leading Market for Forklift IoT Solutions
North America is leading the Forklift IoT Solutions industry with over 35% share in 2021. U.S. alone held over 30% share in global market. While, China, India, South Kore and Japan dominate demand of Forklift IoT Solutions in Asia Pacific. Germany, UK, France, Italy and Spain are major economies for the growth of Forklift IoT Solutions industry in Europe. Strong growth of U.S. can be attributed to higher spending power of end-users in the country coupled with high level pf penetration of Forklift IoT Solutions companies. However, Latin America, Middle East and Africa will hold meager share in revenue generation for the next few years.
Prominent Players to Dominate Global Forklift IoT Solutions Market
Major players operating in the Forklift IoT Solutions industry include Bosch, Cisco, Cognizant, Huawei, PTC, SAP, Sierra Wireless, Software AG, Zebra Technologies and Others. Difficulties in acquiring technical know-how, high initial investment and lack of skilled manpower to restrict new entrants to enter this industry. However, over the forecast period, with decline in cost of technology and growing demand, the global Forklift IoT Solutions market can witness considerable new entrants via. Mergers & acquisitions, collaborations and licensing agreements.
Market Segmentation
Global Forklift IoT Solutions Market by Type, 2016 – 2028
- GPS
- Sensors
- Driver Assistance System
- Others
Global Forklift IoT Solutions Market by Application, 2016 – 2028
- Construction
- Warehouse & Logistics
- Automotive
- Others
Global Forklift IoT Solutions Market by Company, 2016 – 2028
- Bosch
- Cisco
- Cognizant
- Huawei
- PTC
- SAP
- Sierra Wireless
- Software AG
- Zebra Technologies
- Others
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