The Global Autonomous Forklift Market Size is valued at 4.41 billion in 2022 and is predicted to reach 12.76 billion by the year 2031 at a 12.7% CAGR during the forecast period for 2023-2031.
Autonomous forklifts are motorized vehicles that can move big loads from one location to another. They are made to be capable of supporting the heaviest weight loads possible in the warehouses. They can load and unload without the need for any human assistance. Hence, autonomous forklifts reduce human mistakes and the likelihood of workplace accidents. The two main drivers promoting an increase in the market for autonomous forklifts are rapid modernization and the expansion and growth of construction projects.
Moreover, the need for equipment that can load and unload large objects from vehicles in warehouses is increasing, fueling the development of autonomous forklifts. The market is expanding due to more warehouse accidents and human blunders. Another aspect projected to contribute to the expansion of the global market is the booming e-commerce industry worldwide, along with distributors' and suppliers' propensity to use autonomous forklifts to speed up productivity and logistical processes. Additionally, distributors concentrate on boosting productivity due to growing competition and increasingly fragmented commodities flow.
Autonomous forklifts often function as competent workers, completing crucial tasks with high reliability and no human involvement. Another factor anticipated to promote the growth of the target market is the manufacturers' attitude to strategic company expansion through mergers and acquisitions to enlarge the client base and enrich the product range.
Competitive Landscape:
Some of the Autonomous Forklift market players are:
- Hyundai Heavy Industries Group
- AB Volvo
- Jungheinrich AG
- Linde Material Handling
- KION Group AG
- Toyota Material Handling Group
- OTTO Motors
- Balyo Robotic
- Crown equipment
- Mitsubishi Logisnext Co., Ltd.
- BALYO
- Oceaneering International, Inc.
- AGILOX Services GmbH
- Swisslog Holding AG
- Hyster-Yale Materials Handling, Inc.
- Hyundai Construction Equipment Co., Ltd.
Market Segmentation:
The Autonomous Forklift market is segmented based on application, navigation technology, tonnage, end-user, and forklift type. Based on navigation technology, the market is studied across inductive guidance, laser guidance, magnetic guidance, optical tape guidance, and vision guidance. Based on tonnage, the autonomous forklift market is segmented into below 5 tons, 5-10 tons and more than 10 tons. End-user segments include Food & Beverages, Automotive, Paper & Pulp, Metals & Heavy Machinery, E-commerce, aviation, semiconductors & electronics, healthcare, and others. By forklift type, the market is segmented into pallet jacks and pallet stackers. Application segments include Indoor and Outdoor.
Based On Forklift Type, The Pallet Jacks Segment Is A Major Contributor To The Autonomous Forklift Market
The pallet jacks category will hold a major share of the global Autonomous Forklift market in 2022. A pallet jack is a tiny, manual tool used to raise big things off the ground and move them. Elevating or lowering the item being moved typically comprises a platform with wheels at either end that may be raised or lowered. The rise in demand for electric and manual pallet jacks from various end-use industries, including industrial, supermarkets, and others, is responsible for expanding the pallet jack market. The pallet jack industry is expanding due to growing awareness of safety precautions when handling heavy objects.
The Warehousing Segment Witnessed Growth At A Rapid Rate
The warehousing segment is projected to grow rapidly in the global Autonomous Forklift market. Logistics and warehousing services have undergone a nearly complete transformation due to the introduction and growth of e-commerce. As there have been many more deliveries, there is also a lot more personnel, which raises the cost of labour. Services for automating warehouses have grown as a result. Manual forklift drivers have been held responsible for thousands of workplace mishaps, including countless injuries, leaks, slips, and resource waste. For many reasons, autonomous forklifts are a blessing. These robots provide the organization with high efficiency, accuracy, and precision. They can work steadily, are safer than human workers, and labour expenses are greatly reduced.
The North America Autonomous Forklift Market Holds A Significant Revenue Share
The North American autonomous forklift market is expected to register the highest market share in revenue due to rising consumption from various sectors with end-users, including construction, automotive, food, and beverages. New product offerings and the necessary infrastructure to support the adoption of advanced devices are further anticipated to help the target market's expansion. In addition, Asia Pacific is projected to grow rapidly in the global autonomous forklift market. Due to the region's preference for using rail and the sea to transport goods, Asia-Pacific is the market's dominant region for autonomous forklifts. The need for additional maritime and airport facilities is rising, and the region's autonomous forklift market is benefiting from the increasing e-commerce sector and other factors.
Autonomous Forklift Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 4.41 Bn |
|
Revenue forecast in 2031 |
USD 12.76 Bn |
|
Growth rate CAGR |
CAGR of 12.7 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (Unit) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Application, Navigation Technology, Tonnage, End-User, And Forklift Type |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Hyundai Heavy Industries Group, AB Volvo, Jungheinrich AG, Linde Material Handling, KION Group AG, Toyota Material Handling Group, OTTO Motors, Balyo Robotic, Crown equipment, Mitsubishi Logisnext Co., Ltd., BALYO, Oceaneering International, Inc., AGILOX Services GmbH, Swisslog Holding AG, Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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