In 2022, the automated material handling (AMH) equipment market was worth $57.15 billion globally. It's expected to grow at a value of 9.4% until 2030. Additionally, robotics led this market in 2022 with a 24% revenue share. Machine learning (ML) and artificial intelligence (AI) capabilities are driving the robotics segment growth within the AMH market.

Businesses are seeking ways to automate industrial processes to lower labor costs and improve productivity. Autonomous forklifts are a significant step in this direction. There's a variety of automated material handling solutions on the market that LiftOne can provide, including:

• Robotic reach trucks
• Robotic pallet trucks
• Robotic tow tractors
• Counterbalanced stackers

More robotic solutions can be provided through our partners at BlueSkye Automation.

4. Increase in Forklift Rentals

According to data from GlobeNewswire, the global forklift rental market is projected to reach $8.17 billion by 2028 with a compound annual growth rate (CAGR) of 4.78%. Renting forklifts is becoming a more mainstream option for various reasons, such as:

Cost

Due to the high initial price tag of a new forklift, many businesses and contractors are pursuing rental options as a more affordable route. Renting makes equipment more attainable as you can use units on a temporary basis instead of spending a hefty sum upfront.

Storage expenses also factor into equipment ownership. Many businesses lack the space and budget to store a full fleet of forklifts. Forklift rental demand has also risen due to market variables like high maintenance costs, depreciation, taxes and insurance requirements for new equipment.

Small startups, contractors entering the market and businesses with capital limitations can easily access the equipment they need when they need it. They can also defend themselves against financial instability.

Seasonal Industry Trends

In today's dynamic business landscape, various industries often face fluctuating demands driven by seasonal peaks and troughs. Renting equipment for seasonal demand allows for optimizing resource utilization, minimizing overhead costs and maintaining agility in an ever-changing business environment.

Renting allows businesses to efficiently scale their operations, accommodating increased production during peak seasons without committing to long-term investments that may become underutilized during off-peak periods. Additionally, renting ensures access to the latest technology and models without the financial burden of purchasing new. While also providing the flexibility to quickly adapt to changing market conditions and adjust their fleet size accordingly.

5. Training and Safety Requirements

According to the Occupational Safety and Health Administration (OSHA), over 96,000 forklift incidents occur annually. To prevent accidents in the workplace, businesses are pursuing more rigorous safety, training and certification requirements for their forklift operators. Below are some forklift safety trends to note in 2024:

• Robust training and certification programs: Businesses are implementing more stringent training requirements to verify all of their operators are trained on proper equipment use. Comprehensive operator training ensures your organization meets OSHA reporting requirements and general staff safety standards. You can also customize these training programs to your company and equipment. In addition to new hire certification classes, current operators can receive annual refreshers on these safety concepts.
• Telematics: As mentioned earlier, a telemetry system is a great way to surveil your fleet, prevent forklift misuse and encourage safer operation.
• Automation: AMRs and robotic forklifts can promote safety in the workplace since they minimize reliance on human operators and manual labor.
• Safety accessories: Companies are opting for forklift safety add-ons to prevent operator accidents, equipment damage and costly downtime. Some of these safety features include blind spot cameras, alarms and warning systems, flashing lights, speed limiters, seatbelts and fall protection.
• Operator assist safety technology: This solution empowers operators to maintain control while remaining acutely aware of their surroundings, including factors such as travel speed, load stability and object detection, fostering a safer and more productive working environment.