PUBLISHER: Market Research Future | PRODUCT CODE: 1503272
PUBLISHER: Market Research Future | PRODUCT CODE: 1503272
Global Autonomous Forklift Market Research Report Information By Tonnage Capacity (Below 2 Tons, 2-4 Tons, and Above 4 Tons), Navigation Technology (Laser Guidance, Vision Guidance, Inductive Guidance, Magnetic Guidance, Optical Tape Guidance, and Others), By Application (Manufacturing, Material Handling, Warehousing, Logistics & Freight, and Others), By Power Source (Electric and ICE), By Vertical (Food & Beverages, Automotive, 3PL, Paper & Pulp, Metals & Heavy Machinery, E-Commerce, Aviation, Semiconductor & Electronics, Healthcare, and Others), By Region- Industry Forecast to 2030
In 2022, the autonomous forklift market was estimated to be worth USD 3,345.34 million. Over the course of the forecast period, the autonomous forklift market is expected to increase at a compound annual growth rate (CAGR) of 11.4%. The main factors propelling the growth of the autonomous forklift market are the rising need for automated material handling equipment and warehouses, as well as the quick expansion of the e-commerce, warehousing, and logistics industries.
The creation of increasingly sophisticated sensor technologies is one area of innovation. Autonomous forklifts would not function without their sensors, which give them real-time environmental data for safe and effective operation. In order to increase the precision and dependability of sensing technology, manufacturers are investing in the development of novel sensors, such as sophisticated radar systems and three-dimensional cameras.
The creation of increasingly complex software and algorithms is another area of innovation. Software is used by autonomous forklifts to interpret sensor data and make judgments on task execution and navigation. Manufacturers are devoting resources to the creation of increasingly sophisticated algorithms that can process data more quickly and produce more precise results. For instance, several producers are working on machine learning techniques that may eventually enhance the autonomous forklift's performance and increase the precision of item recognition.
Insights on Market Segments
The market segmentation for autonomous forklifts is divided into three categories based on tonnage capacity: below 2 tons, 2-4 tons, and above 4 tons.
The market is divided into segments according to navigation technology, which includes magnetic, optical tape, inductive, laser, vision, and vision guidance.
The Autonomous Forklift Market is segmented based on application, with manufacturing, material handling, warehousing, logistics & freight, and other industries included.
The market is divided into electric and ICE segments according to the power source.
Food & beverage, automotive, 3PL, paper & pulp, metals & heavy machinery, e-commerce, aviation, semiconductor & electronics, healthcare, and other industries are included in the market segmentation based on end-user.
Regional Perspectives
Due to the region's significant manufacturing and logistics sectors, as well as the growing use of automation and robotics in these fields, the Asia Pacific Autonomous Forklift market accounted for over 44% of the market in 2022. In the upcoming years, it is anticipated that the use of autonomous forklifts will increase dramatically as businesses look to increase productivity, safety, and efficiency in their material handling and transportation operations.
The significant industrial sector in the Asia Pacific area is one of the main reasons propelling the need for autonomous forklifts in the region. Autonomous forklifts can help businesses optimize their material handling and transportation processes, lower labor costs, and enhance productivity. Automation and robotics are being used in manufacturing operations more and more.
Due to the region's robust manufacturing and logistics sectors, as well as the growing use of automation and robots in these fields, Europe has the second-largest market share. In the upcoming years, it is anticipated that the use of autonomous forklifts will increase dramatically as businesses look to increase productivity, safety, and efficiency in their material handling and transportation operations. Europe's robust manufacturing sector is one of the main drivers of the need for autonomous forklifts on the continent.
Over the course of the research period, the autonomous forklift market in North America is anticipated to grow at the fastest rate. In the upcoming years, it is anticipated that the use of autonomous forklifts will increase dramatically as businesses look to increase productivity, safety, and efficiency in their material handling and transportation operations. The robust manufacturing sector in North America is one of the main reasons propelling the need for autonomous forklifts in the region. Autonomous forklifts can help businesses optimize their material handling and transportation processes, lower labor costs, and enhance productivity. Automation and robotics are being used in manufacturing operations more and more.
Principal Players
Jungheinrich AG, Swisslog Holding AG, E & K Automation GmbH, Teradyne Inc., Hyster-Yale Materials Handling, Inc., JBT Corporation, Dematic GmbH & Co. KG (Kion Group), Seegrid Corporation, KUKA AG, Clearpath Robotics Inc., Murata Machinery, Ltd., Balyo, GreyOrange, Jungheinrich AG, Teradyne Inc., Kivnon, Hammerhead, and Stages Cycling are some of the leading companies in the market.