The Global Autonomous Forklift Market size is expected to reach $9.5 billion by 2029, rising at a market growth of 13.0% CAGR during the forecast period.
Autonomous forklifts refer to self-propelled forklifts that are capable of lifting goods without the need for human intervention. The management of storage facilities can be performed on an individual basis. The implementation of this technology results in the elimination of human labor for the management of warehouses. Integrating automated forklifts in warehouse operations provides a convenient solution for managing defects that may arise due to human intervention. The escalating expansion of the logistics as well as construction sectors has resulted in a surge in the requirement for self-governing apparatus. The increasing demand for automated forklifts is driven by the need to handle heavy loads in supply chains and material handling.
The efficiency of forklift trucks has been enhanced by technological advancements. Implementing automated forklifts has proven to be a valuable asset in enhancing intralogistics procedures. The implemented system guarantees the accurate placement of the appropriate component at the designated location within the specified timeframe. The technology facilitates the prevention of potential hazards for drivers by computing the most secure maneuver in challenging circumstances.
The primary requirement for a forklift to be autonomous is for the system to execute autonomous navigation, also known as natural navigation. Implementing natural navigation technology eliminates the need for any infrastructure or hardware, such as reflectors or magnetic tapes, to facilitate the localization and navigation of forklifts. The autonomous technology umbrella encompasses several technologies, including Ultra-Wide Band (UWB), Vision Guided Vehicles (VSG), and LiDAR sensor-based contour navigation vehicles. The second requirement for autonomy is the ability to independently determine various guide paths and incorporate obstacle avoidance capabilities.
Due to the execution of worldwide lockdowns that caused a temporary closure of manufacturing plants, the COVID-19 pandemic had a detrimental effect on the development of the autonomous forklift market. Since eliminating human touch lowered the risk of COVID-19 exposure, many manufacturers attempted to automate material handling activities. Therefore, autonomous forklifts became an option for manufacturing operations with small footprints, which was possible because of COVID-19. However, e-commerce order volumes surged significantly in comparison to 2019. This increased demand for autonomous forklifts.
Automation driven by autonomous forklifts is popular because of its minimal infrastructure needs. Autonomous forklifts with detecting sensors may significantly boost retail facilities' operational effectiveness. The cost of labor, employee turnover, and low labor productivity make up most of the warehouse's overall budget. In addition, rising rents and supply chain disruptions contribute to the warehouse automation trend’s growth. During product manufacturing, warehousing, and distribution, autonomous forklifts were used in warehouses for storage and material handling. Warehouses demand flexible and affordable material handling solutions because of the expanding complexity of manufacturing and warehousing operations and the growing concern for worker and customer safety. Therefore, all these elements will lead to the market's growth throughout the forecast.
Forklifts are intended for use in a variety of material-handling tasks. However, the needs of every customer are unique. Customers who use their forklifts as well as own them, for instance, demand a cabin that is more roomy and opulent. A more traditional steering system is needed for clients who steer more during operations. However, it is not practical to mass-produce forklifts with such specialized needs. As a result, autonomous forklifts are gaining more popularity. With autonomous forklifts, customers can be provided with modular solutions tailored to their needs to maximize productivity as a way to get around this.
The initial expenditure for an autonomous forklift is substantial. To operate this machinery, qualified personnel are required. In addition, companies typically pay high continuing costs for repairing and updating various subsystems. It might be difficult for small and medium-sized firms to make such significant investments. Autonomous forklifts have the highest initial costs among automated material handling technologies. The one-stop solution saves time and money by eliminating the need to analyse various components separately. Furthermore, the cost of installation is somewhat reduced as a result of the money saved on verifying the system's compatibility. A small number of autonomous forklifts are deployed in different industries at the moment because of their poor cost-benefit ratio.
On the basis of type, the autonomous forklift market is bifurcated into pallet jacks and pallet stackers. The pallet jacks segment procured the largest revenue share in the autonomous forklift market in 2022. Most of the market is occupied by automated pallet jacks, which are simple to install, don't require any extra infrastructure modifications, and can be seamlessly integrated into the regular warehouse process. Floor-to-floor applications are where these automatic pallet jacks are most frequently used.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market is Product Launches and Product Expansion.
On the basis of application, the autonomous forklift market is classified into manufacturing, warehousing, material handling, logistics & freight, and others. The manufacturing segment recorded a significant revenue share in the autonomous forklift market in 2022. The segment is growing because of the expanding manufacturing sector. Manufacturing plants use forklifts to move these commodities while considering workplace productivity and employee wellness.
By navigation technology, the autonomous forklift market is divided into laser guidance, magnetic & inductive guidance, vision guidance, optical tape guidance, SLAM, and others. The vision guidance segment witnessed the maximum revenue share in the autonomous forklift market in 2022. Vision-guided autonomous forklifts use cameras and sensors to detect their surroundings, allowing for more accurate navigation and path planning. This can help reduce the risk of collisions and damage to materials and equipment.
Based on tonnage capacity, the autonomous forklift market is characterized into below 5 tons, 5-10 tons, and above 10 tons. The above 10 tons segment procured a considerable growth rate in the autonomous forklift market in 2022. The above 10 tons capacity forklifts are usually Class 5 of autonomous forklift classification. Pneumatic tires on Class 5 forklifts allow them to lift very big loads weighing anything up to more than 25 tons. They can be used indoors or outdoors and are fueled by liquid propane, natural gas, or gasoline.
On the basis of operation type, the autonomous forklift market is categorized into indoor and outdoor. The indoor segment acquired largest revenue share in the autonomous forklift market in 2022. In distribution centers, warehouses, and other indoor locations utilized for material storage, autonomous forklifts used for pallet moving indoors are called indoor autonomous forklifts. Because indoor forklifts have a lower turning radius, they can be used to move even within smaller facilities.
Based on propulsion type, the autonomous forklift market is fragmented into electric and ICE & others. The electrification of the items is essential for the industrial automation industry's future. The adoption of machinery with electric power is quickly increasing across all geographies due to advantages including reduced emissions, fewer operation expenses, and ease of movement. Growing electric infrastructure, supportive government regulations, and straightforward integration with automotive software and hardware technologies are some of the key factors influencing the growth of electric propulsion autonomous forklifts during the projected period.
Based on vertical, the autonomous forklift market is segmented into 3PL, food & beverages, automotive & aviation, paper & pulp, retail & e-commerce, semiconductors & electronics, healthcare, and others. The retail and e-commerce segment recorded a substantial revenue share in the autonomous forklift market in 2022. The e-commerce industry's need for automated fulfillment centers has grown due to the quickly changing client needs, increasing popularity of online shopping, rising demand for shorter shipping times, and escalating competition among e-commerce organizations.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 4.1 Billion |
| Market size forecast in 2029 | USD 9.5 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2029 |
| Revenue Growth Rate | CAGR of 13% from 2023 to 2029 |
| Number of Pages | 442 |
| Number of Table | 774 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Navigation Technology, Tonnage Capacity, Operation Type, Propulsion Type, Vertical, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region wise, the autonomous forklift market is analysed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed the maximum revenue share in the autonomous forklift market in 2022. The growth is a result of China and India's expanding usage. In contrast, it is projected that other countries in the region, such as Japan and South Korea, would raise their share by updating and changing their existing automated material handling machinery. In addition, many International autonomous forklift OEMs are also relocating their businesses to this region. Due to the increased number of local companies brought about by the technology transfer and the anticipated reduction in adoption costs, the region is predicted to grow its share throughout the forecast period.
Free Valuable Insights: Global Autonomous Forklift Market size to reach USD 9.5 Billion by 2029
The major strategies followed by the market participants are Product Launches. Based on the Analysis presented in the Cardinal matrix; Toyota Industries Corporation is the forerunner in the Autonomous Forklift Market. Companies such as Mitsubishi Logisnext Co., Ltd., Jungheinrich AG, and Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.) are some of the key innovators in Autonomous Forklift Market.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, Oceaneering International, Inc., Kuka AG (Swisslog Holding AG), Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.), Jungheinrich AG, Balyo, KION GROUP AG and AGILOX Services GmbH
By Type
By Application
By Navigation Technology
By Tonnage Capacity
By Operation Type
By Propulsion Type
By Vertical
By Geography
The Market size is projected to reach USD 9.5 billion by 2029.
Optimizing client efficiency with modular solutions are driving the market in coming years, however, High switching and integration costs along with technical challenges restraints the growth of the market.
Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, Oceaneering International, Inc., Kuka AG (Swisslog Holding AG), Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.), Jungheinrich AG, Balyo, KION GROUP AG and AGILOX Services GmbH
The Electric market acquired maximum revenue in the Global Autonomous Forklift Market by Propulsion Type in 2022; thereby, achieving a market value of $7.1 billion by 2029.
The Material Handling market is leading the segment in the Global Autonomous Forklift Market by Application in 2022; thereby, achieving a market value of $3.0 billion by 2029.
The Asia Pacific market dominated the Market by Region in 2022; thereby, achieving a market value of $3.7 billion by 2029.
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