Seventeen innovative products and solutions from eleven providers have reached the nomination round of the IFOY Award 2025, an international competition that brings together the best new material handling products for warehouses and distribution center operations.
The nominees this year come from six different countries and will compete head-to-head during a Test Camp that will be held March 26 and 27 in Dortmund, Germany. The Test Camp allows hands-on evaluation and testing of products based on engineering and operational design. In contrast to the usual display of products at a trade show, The Test Camp also allows end-users and visitors to the event the opportunity to experience these technologies hands-on as they would operate in a facility.
Award categories include integrated solutions, counter-balanced forklifts, warehouse forklifts, mobile robotic solutions, other warehouse robotics, intralogistics software, and specialized solutions for controlling operations. A startup of the year is also recognized.
The finalists include entries from aluco, EP Equipment Germany, Exotec, Geekplus Europe, HUBTEX, Interroll, Jungheinrich, Logitrans, PLANCISE, STILL and Verity.
In the “IFOY Start-up of the Year” spin-off award, Blickfeld, ecoro, enabl and Filics are in the running. These finalists were selected from all entries following six weeks of intensive work by the IFOY organization, test teams, and a jury composed of journalists who cover the logistics market. DC Velocity’s David Maloney is one of the jurors, representing the United States. Winners will be recognized at a gala to be held July 3 in Dortmund's Phoenix des Lumières.
Shannon Curtis – Raymond: Consumers are clamoring for innovation in the food supply chain sphere in 2025. From a greater emphasis on convenience to a renewed desire for operational efficiency and security, new preferences call for a shift from tried-and-true procedures to innovative business models that champion modernization—the adoption of which can help organizations stand out as technological and cultural leaders in the new year and beyond.
Loren Swakow – Noblelift: I think it is still a strong and viable market—[there are] always new opportunities. When the new additional tariffs come in, we shall see how that affects the total market. I think the demand for used equipment will go up. Users will have X amount of dollars to invest in equipment, and if the Chinese, Canadian, and/or Mexican product [costs] gets pushed higher, the user does not necessarily have more money available. I am not sure sales of American-made lift trucks will increase.
Martin Boyd – Big Joe: It’s safe to say the industrial lift truck market has been somewhat volatile the last five years, with the market reaching all-time highs during the pandemic years, [then experiencing] massive swings downward these past two. While most lift truck OEMs enjoyed the spike in sales, the enormous demand put a significant strain on the supply chain, pushing leadtimes out to unprecedented levels while simultaneously driving up costs. The significant market decline is something no CEO in this industry would boast about. The fall we are experiencing today is better viewed as a normalization or correction to a market that was way overinflated.
With all the pent-up demand from the excessive orders due to the elongated pandemic leadtimes, we are now experiencing an abundance of stock on hand at both the OEM and distribution levels. On the surface, a market that’s quickly becoming half of what it was two years ago looks catastrophic. However, when you compare it to what’s happened over the past 15 years, today’s market still looks relatively healthy.
Q: WILL 2025 AND THE HOPES OF LOWER INTEREST RATES SPUR INVESTMENTS IN NEW INDUSTRIAL TRUCKS?
Loren Swakow – Noblelift: It will not hurt, but I do not think interest rates hinder sales. One point [in the interest rate] in either direction has a small impact on the payment. A rate reduction can be used as a marketing tool, though. If rates decline, dealers can go back over their outstanding quotes, refigure the payments, and present a new monthly cost to the user.
Martin Boyd – Big Joe: There are many factors, including interest rates, that play a role in the level of investment in industrial truck fleets. Most significant of those factors is consumer confidence. Logically, when consumers are confident, they buy more, which means manufacturers will have to make more and lift trucks will have to move more.
While inflation and high interest rates have surely stifled consumer confidence these past four years, there are signs that a new, more business-friendly administration will work in conjunction with lower interest rates to help drive up consumer confidence. Lower interest rates will work hand in hand with that resurgence in consumer confidence to help drive more investment in industrial equipment.
Q: WILL THE NEW ADMINISTRATION’S PROPOSED TARIFFS HURT OR HELP YOUR BRANDS?
Martin Boyd – Big Joe: The industrial lift truck market is one that is very global in nature, with a complex supply chain and operations scattered throughout the world. The tariffs that are being proposed on countries like Canada, Mexico, and China will undoubtedly have an impact on the industrial market, depending on the manufacturer. All lift truck manufacturers will experience varying levels of impact due to the tariffs, but tariffs are designed to incentivize companies to re-evaluate their supply chains and bring more manufacturing capacity back to the United States, which is a good thing.
Loren Swakow – Noblelift: As we represent a Chinese manufacturer, the tariff increase will have an effect. We are currently paying 25%. An additional 10% (as of the last reports) is manageable. It is a world economy. Adding the tariff just adds cost to the product here in the U.S. China does not pay it; the dealers do. We have no choice but to pass on this added cost. To reduce the costs of tariffs, manufacturers will move production to a country that does not have a tariff. Even though labor costs will be higher, it will not add more than the proposed tariff to the cost of the machine.
The factory will look for new countries to manufacture in as well. If tariffs had come in at 60% per campaign promises, it would have been disastrous. We probably would have moved manufacturing to Vietnam or another Asian country immediately.
Q: THE MARKET HAS BEEN MOVING TO ELECTRIC VEHICLES IN RECENT YEARS. DO YOU THINK THIS WILL CONTINUE, OR WILL THE ADVENT OF A MORE FOSSIL FUEL-FRIENDLY ADMINISTRATION DRIVE MORE DEMAND FOR INTERNAL COMBUSTION (IC) TRUCKS?
Loren Swakow – Noblelift: The states have a bigger say in this than the federal government. Look at California as an example. With the advent of lithium as a safe and effective power solution, and with the price of lithium batteries coming down, I think [the use of] electric vehicles will continue to expand. Total cost of ownership is already much lower on electric when compared to IC product.
We continue to see electric product increasing every year. It is more sustainable, and it has now reached a point where cost is not a barrier to entry. Power and force have been overcome; we produce an electric rough-terrain lift truck that has a 50-degree gradeability.
Users will look at their own requirements, costs, etc., before deciding on IC or electric. I do not think the new administration will be able to justify the additional cost needed to use IC products. Electric is the future of material handling.
Martin Boyd – Big Joe: As anyone involved with the industrial lift truck market knows, California has been the driving force behind the electrification of the market, forcing organizations that operate in that state away from lift trucks that run on fossil fuels. While there have been no changes in the stringent regulations being imposed by the California Zero Emission Forklift Initiative, which essentially prohibits the sale of most spark-ignited internal combustion forklifts starting in 2026, there are many that expect an easing of such regulations.
Yet, aside from the legislative pressures, there continues to be a strong value proposition for making the switch to electric. Technological advancements in lift truck systems, battery technology, and charging platforms have all combined to make moving to electric more feasible than ever before; we are one of the only westernized nations who still use combustion engine equipment indoors. This is a welcome change for both warehouse employees and the environment.
Shannon Curtis – Raymond: The industry is embracing alternative fuel and energy sources. One viable option is lithium-ion batteries (LIBs) with certification from Underwriters Laboratories. While lithium-ion technology is already a proven solution in the industry, offering superior performance and longer life spans than traditional lead-acid batteries, The Raymond Corporation sees UL-compliant LIBs playing a pivotal role in meeting new regulatory standards. These batteries not only help reduce emissions but also improve the operational efficiency of the material handling, manufacturing, and warehousing industries.
Q: LIFT TRUCKS ARE USED FOR MANY TASKS, BUT ARE THERE ANY APPLICATIONS THAT ARE OF PARTICULAR INTEREST TO CUSTOMERS?
Shannon Curtis – Raymond: Today, organizations are aiming innovations in lift truck technologies to increase uptime, improve speed and mobility, streamline diagnostic procedures, and lower operating and energy costs—dramatically cutting consumption without reducing productivity. And it’s not just the forklift technologies that are evolving. The systems that warehouse managers rely on to manage and maintain their trucks—including operator-assist and data collection technologies—are also growing increasingly advanced.
Loren Swakow – Noblelift: E-commerce has fueled growth in the last few years. I believe it is here to stay. If anything, it will expand. All these products come from warehouses that need material handling machines. Every product we touch, including food, is probably moved at one point by a lift truck. We need to move products from one location to another, and trucks must be loaded and then unloaded at their destination. Lift trucks perform this function.
We are seeing continued expansion of Class III product [electric hand trucks and hand/rider trucks]. Walkie products move material but cannot stack it. Companies are realizing most of their need is for movement. For example, [a company may] have always used three lift trucks [that can both move and stack product] in its warehouse, when it only needs to have one truck [that’s capable of both moving and stacking product] along with two trucks [that just] move material, which includes loading and unloading at the dock.
Martin Boyd – Big Joe: Labor constraints today have been a significant challenge for operations that require the use of lift trucks. With the massive movement to e-commerce, there is a much higher need for lift truck operators in warehousing and distribution environments. The lack of skilled labor has really pressured companies to invest in technologies that help operations accomplish more with less. As a result, more and more operations are looking to [incorporate] various levels of automation into their industrial lift truck fleets.
Q: DO YOU SEE ROBOTICS SOLUTIONS AS COMPETITIVE WITH FORKLIFTS OR COMPLEMENTARY TO THEM?
Martin Boyd – Big Joe: For many years, the industrial lift truck manufacturers viewed automation and AGV [automatic guided vehicle] companies as competitors, but we’ve experienced a significant change in thinking over the past decade. What was a threat has now become a strength for the lift truck manufacturers. Almost all lift truck manufacturers today have expanded their technology capabilities to such a level that they are now able to offer automated versions of their standard equipment with improved ROI [return on investment] calculations.
Loren Swakow – Noblelift: They are complementary. Most AGV solutions are based on a forklift of some type. We will just be building different types of forklifts. The goal of robotics is to take out the labor cost of the driver. The operator is by far the most expensive component of material handling.
Support of your AGV will determine the success of the project. Dealer networks will be the key here. There are more and more companies getting into the AGV market, but can they support it after the sale?
Repetitive moves or long distances are the easiest [places] to remove the driver from the equation. If the unit goes down because of programming or mechanics, you must be able to get it back up operating as soon as possible. Dealer network and aftersales support should be a major component of the decision to take advantage of the benefits of AGV material handling.
Shannon Curtis – Raymond: Robots have been used in warehouses for decades, but in recent years, “cobots” have become even more complementary in the warehouse and instrumental in providing great levels of efficiency. From improved security and increased productivity to increased accuracy and lower costs, cobots are becoming an increasingly important part of warehouse operations.
Q: TODAY’S INDUSTRIAL TRUCKS OFFER MORE SAFETY FEATURES THAN EVER BEFORE. WHAT DO YOU SEE AS THE MOST SIGNIFICANT SAFETY DEVELOPMENTS OF THE PAST FIVE YEARS?
Shannon Curtis – Raymond: One of the most significant advancements in warehouse operations involves the implementation of virtual reality (VR) simulators. The technology can help new forklift operators develop the skills they need to succeed on the warehouse floor without impacting day-to-day operations, while also serving as a reinforcement tool for experienced operators. VR simulators serve as flexible, scalable teaching tools that rely on advanced technology to help workforces become more efficient and expand operator skills, creating optimized conditions for all employees.
In addition, training reinforcement offerings—like integrated equipment detection and notification systems and operator tether systems—can similarly help warehouse operators improve their work environment. Systems like these use intelligent speed limitations, real-time object detection, operator notifications, and more to improve employee awareness of their environment even in high-traffic areas.
Martin Boyd – Big Joe: With advancements in technology, all lift truck manufacturers are playing their part in developing new technologies that allow for the safe operation of their equipment. While there are various means in which manufacturers have applied these technologies, there is no substitute for a sound operator safety training program. [Ensuring that your operators receive the proper training] will always be the number-one way to reduce the likelihood of workplace incidents involving lift trucks. In addition to having fully trained operators, many manufacturers offer optional operator-assistance systems that may improve workplace safety for both the operator and those working around lift trucks.
Loren Swakow – Noblelift: When I started in this business, we were selling used trucks without overhead guards. They were produced without them. The load backrest was not a given. Seat belts were nonexistent.
There have been so many great advancements in safety, it is hard to pick just one. We are incorporating AI [artificial intelligence] into our equipment now. This will recognize a person in the area and warn the driver. Besides changing the physical attributes of the lift truck to make it safer for the operator, we will see more and more technology and AI in the pursuit of making it safer for the pedestrian.
Q: WHAT ARE THE ADVANTAGES OF LEASING VERSUS BUYING FOR COMPANIES LOOKING TO ACQUIRE NEW TRUCKS?
Loren Swakow – Noblelift: This is an age-old question. It really depends on the user. It is a function of cash flow and cash balances in each company. Leases can be expensed, while purchases need to be capitalized. Not only are we looking at the cash position, but we also now need to review our profit position. The user needs a lift truck, but does he need to capitalize it because profit is low, or does he need to expense it to decrease his profit and reduce the taxes on the company?
Every company is different, [but either way,] you will have outflow of cash and a new lift truck on the floor producing for you. The question is which method benefits the organization the most.
Shannon Curtis – Raymond: Today’s electric forklifts offer performance that meets the needs of the most common lift truck applications, but with dramatically reduced maintenance requirements and with data collection capabilities that are quickly becoming essential to facility and resource optimization. Although the total cost of ownership of electric products is typically lower than for internal combustion products, the higher upfront initial purchase cost of switching to electric-powered equipment may have been a barrier in the past. Currently available governmental incentives and supplier programs, like leasing, make battery power—specifically, the traditionally more expensive lithium-ion power—even easier to justify.
Martin Boyd – Big Joe: When it comes to the lease vs. buy decision, each organization needs to evaluate several factors when considering what’s right for their application and company.
In leasing, you enjoy a lower cost per month and can be flexible on the terms of the lease. If you have a high-use environment, where you may need to renew equipment more often, leasing clearly has its advantages. In addition, a lease is often treated as an operating expense on the income statement, while a financed forklift is considered an asset on the balance sheet with depreciation expense recorded each period.
On the other hand, if you are using the asset less often and plan to keep it over the life of a typical lease (five years), then the benefits of a straight purchase or finance would outweigh those of a lease.
The autonomous forklift vendor Cyngn has raised $33 million in funding to accelerate its growth and proliferate sales of its industrial autonomous vehicles, the Menlo Park, California-based firm said today.
As a publicly traded company, Cyngn raised the money by selling company shares through the financial firm Aegis Capital in three rounds occurring in December. According to forms filed with the U.S. Securities and Exchange Commission (SEC), the move also required moves to reduce corporate spending for three months, including layoffs that reduced staff from approximately 80 people to approximately 60 people, temporarily suspended certain non-essential operations, and reduced or eliminated all discretionary expenses.
In the company’s view, autonomous vehicles are playing a critical role in transforming industrial operations by enhancing productivity and safety.
“This capital infusion strengthens our ability to fund operations, drive commercialization, and continue investing in groundbreaking autonomous vehicle technologies,” Lior Tal, chairman and CEO of Cyngn, said in a release. “With increasing demand for automation solutions, especially in the automotive, heavy machinery and logistics industries, this funding allows us to build on recent momentum, including our upcoming autonomous forklift launch and other strategic advancements.”
Editor's note:This article was revised on January 14 to include information from Cyngn on its finances.
He replaces Loren Swakow, the company’s president for the past eight years, who built a reputation for providing innovative and high-performance material handling solutions, Noblelift North America said.
Pedriana had previously served as chief marketing officer at Big Joe Forklifts, where he led the development of products like the Joey series of access vehicles and their cobot pallet truck concept.
According to the company, Noblelift North America sells its material handling equipment in more than 100 countries, including a catalog of products such as electric pallet trucks, sit-down forklifts, rough terrain forklifts, narrow aisle forklifts, walkie-stackers, order pickers, electric pallet trucks, scissor lifts, tuggers/tow tractors, scrubbers, sweepers, automated guided vehicles (AGV’s), lift tables, and manual pallet jacks.
"As part of Noblelift’s focus on delivering exceptional customer experiences, we are excited to have Bill Pedriana join us in this pivotal leadership role," Wendy Mao, CEO at Noblelift Intelligent Equipment Co. Ltd., the China-based parent company of Noblelift North America, said in a release. “His passion for the industry, proven ability to execute innovative strategies, and dedication to customer satisfaction make him the perfect leader to guide Noblelift into our next phase of growth.”
Hyster-Yale Materials Handling today announced its plans to fulfill the domestic manufacturing requirements of the Build America, Buy America (BABA) Act for certain portions of its lineup of forklift trucks and container handling equipment.
That means the Greenville, North Carolina-based company now plans to expand its existing American manufacturing with a targeted set of high-capacity models, including electric options, that align with the needs of infrastructure projects subject to BABA requirements. The company’s plans include determining the optimal production location in the United States, strategically expanding sourcing agreements to meet local material requirements, and further developing electric power options for high-capacity equipment.
As a part of the 2021 Infrastructure Investment and Jobs Act, the BABA Act aims to increase the use of American-made materials in federally funded infrastructure projects across the U.S., Hyster-Yale says. It was enacted as part of a broader effort to boost domestic manufacturing and economic growth, and mandates that federal dollars allocated to infrastructure – such as roads, bridges, ports and public transit systems – must prioritize materials produced in the USA, including critical items like steel, iron and various construction materials.
Hyster-Yale’s footprint in the U.S. is spread across 10 locations, including three manufacturing facilities.
“Our leadership is fully invested in meeting the needs of businesses that require BABA-compliant material handling solutions,” Tony Salgado, Hyster-Yale’s chief operating officer, said in a release. “We are working to partner with our key domestic suppliers, as well as identifying how best to leverage our own American manufacturing footprint to deliver a competitive solution for our customers and stakeholders. But beyond mere compliance, and in line with the many areas of our business where we are evolving to better support our customers, our commitment remains steadfast. We are dedicated to delivering industry-leading standards in design, durability and performance — qualities that have become synonymous with our brands worldwide and that our customers have come to rely on and expect.”
Global forklift sales have slumped in 2024, falling short of initial forecasts as a result of the struggling economy in Europe and the slow release of project funding in the U.S., a report from market analyst firm Interact Analysis says.
In response, the London-based firm has reduced its shipment forecast for the year to rise just 0.3%, although it still predicts consistent growth of around 4-5% out to 2034.
The “bleak” figures come as the European economy has stagnated during the second half of 2024, with two of the leading industry sectors for forklifts - automotive and logistics – struggling. In addition, order backlogs from the pandemic have now been absorbed, so order volumes for the global forklift market will be slightly lower than shipment volumes over the next few years, Interact Analysis said.
On a more positive note, 3 million forklifts are forecast to be shipped per year by 2031 as enterprises are forced to reduce their dependence on manual labor. Interact Analysis has observed that major forklift OEMs are continuing with their long-term expansion plans, while other manufacturers that are affected by demand fluctuations are much more cautious with spending on automation projects.
At the same time, the forklift market is seeing a fundamental shift in power sources, with demand for Li-ion battery-powered forklifts showing a growth rate of over 10% while internal combustion engine (ICE) demand shrank by 1% and lead-acid battery-powered forklift fell 7%.
And according to Interact Analysis, those trends will continue, with the report predicting that ICE annual market demand will shrink over 20% from 670,000 units in 2024 to a projected 500,000 units by 2034. And by 2034, Interact Analysis predicts 81% of fully electric forklifts will be powered by li-ion batteries.
The reasons driving that shift include a move in Europe to cleaner alternatives to comply with environmental policies, and a swing in the primary customer base for forklifts from manufacturing to logistics and warehousing, due to the rise of e-commerce. Electric forklift demand is also growing in emerging markets, but for different reasons—labor costs are creating a growing need for automation in factories, especially in China, India, and Eastern Europe. And since lithium-ion battery production is primarily based in Asia, the average cost of equipping forklifts with li-ion batteries is much lower than the rest of the world.