Will Start-ups Can Disrupt the Market with Innovative Solutions - Lift Trucks

In August 2021, Third Wave Automation, a California-based start-up founded in 2018, raised US$ 40 million in a Series B round to bring its autonomous forklifts to warehouses. The round was led by Norwest Venture Partners. In January 2022, Vecna Robotics, a Massachusetts-based company focused on automating forklifts and pallet lift trucks, raised US$ 65 million in a Series C funding round led by Tiger Global Management. Upcoming market players are raising funds to advance their research and development capabilities and also fast-track the launch of innovative automated material handling equipment. New market entrants can also focus on forming strategic partnerships to advance their business scope. Electric order pickers, electric pallet lifts, and battery-operated lift trucks are products that new companies are expected to focus on more over the coming years. “Europe & Asia Pacific to Provide Highly Rewarding Business Opportunities” The market for lift trucks in Europe accounts for a revenue total of US$ 17.66 billion in 2022 and holds a significant market share of 36.4% in the global landscape. Increasing establishment of warehouses and the flourishing e-Commerce industry in this region are expected to be prominent factors driving demand for lift trucks over the coming years. Increasing industrial activity is also expected to favour lift trucks market growth. Rising construction activities, supportive government initiatives to promote the manufacturing sector, and rising demand for warehousing are significant prospects that are projected to drive lift truck shipments in the Asia Pacific region over the coming years. China is expected to be a highly lucrative market for lift truck manufacturers in this region owing to high industrial and manufacturing activity in the country. Currently, the lift trucks market in China holds a major market share of 18.9% and stands at a valuation of US$ 9.17 billion.

mstephenmorrison ∙

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∙ 2y ago