PUBLISHER: The Business Research Company | PRODUCT CODE: 1392502
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392502
“Autonomous Forklift Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on autonomous forklift market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for autonomous forklift? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The autonomous forklift market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Autonomous forklifts are driverless forklifts equipped with automated guided vehicles and systems technology. These forklifts are designed to perform a variety of tasks, including lifting, transporting, putting away, or carrying loads, particularly in warehouse and other operational settings. The implementation of autonomous forklifts not only enhances operational efficiency but also contributes to reducing operating costs in warehouse management.
The primary types of autonomous forklifts are categorized as indoor and outdoor. Indoor autonomous forklifts are specifically designed for tasks within indoor environments, such as pallet movement in warehouses, distribution centers, and other indoor material storage facilities. These forklifts feature a smaller turning radius, making them well-suited for movement within confined spaces, even in smaller facilities. Key components of autonomous forklifts include hardware, software, and services, with various navigation technologies employed. These navigation technologies encompass laser guidance, magnetic guidance, vision guidance, inductive guidance, optical tape guidance, and other advanced methods. Autonomous forklifts find applications across multiple industries, including manufacturing, warehousing, material handling, logistics and freight, and various other operational domains.
The autonomous forklift market research report is one of a series of new reports from The Business Research Company that provides autonomous forklift market statistics, including global market size, regional shares, competitors with an autonomous forklift market share, detailed autonomous forklift market segments, market trends and opportunities, and any further data you may need to thrive in the autonomous forklift industry. This autonomous forklift market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The autonomous forklift market size has grown rapidly in recent years. It will grow from $6. 53 billion in 2023 to $7. 25 billion in 2024 at a compound annual growth rate (CAGR) of 11. 0%. The growth observed in the historical period can be attributed to several factors. These include the increasing need for warehouse automation, challenges posed by labor shortages in material handling, a rising demand for efficient logistics solutions, cost-saving opportunities through automation in industrial settings, and the expanding trend of consumerism through online platforms. These elements collectively contributed to the expansion and development of the market for autonomous forklifts during the specified historic period.
The autonomous forklift market size is expected to see rapid growth in the next few years. It will grow to $11. 32 billion in 2028 at a compound annual growth rate (CAGR) of 11. 8%. The anticipated growth in the forecast period can be attributed to several key factors. These include the expansion of e-commerce and fulfillment centers, a growing emphasis on safety in material handling operations, a shift towards interoperability in autonomous forklift systems, increasing complexities in product handling, and a rising need for smart logistics solutions. Notable trends expected in the forecast period encompass the integration of artificial intelligence in autonomous forklifts, the development of collaborative and swarm robotics in forklift fleets, the adoption of 5G technology for enhanced connectivity and communication, the implementation of LiDAR and computer vision for precise navigation, and the customization and adaptability of autonomous forklifts to cater to various industries.
The autonomous forklift market is poised for growth due to increased demand for automated warehouses, representing systems employing AI and robotics in warehouse operations. These autonomous forklifts offer heightened productivity, minimized product damage, enhanced safety, efficiency, and reduced labor costs, contributing to their escalating adoption across industries. As revealed by Conveyco in December 2021, the global shipment of warehouse automation technologies amounted to at least 620,000, highlighting the burgeoning need for automated warehouse solutions and consequently, the rising demand for autonomous forklifts.
The expansion of the e-commerce sector is a significant driver propelling the autonomous forklift market forward. Autonomous forklifts play a pivotal role in streamlining e-commerce logistics, facilitating accurate and timely movement of goods, and optimizing the delivery of online orders. For instance, in September 2022, the growing prominence of e-commerce, as illustrated by the International Trade Administration's data on the UK's e-commerce making up 30% of the retail sector and the United Nations Conference on Trade and Development's insight into the rising share of online retail sales, emphasizes the integral role of autonomous forklifts in supporting the expanding e-commerce industry. Consequently, the growth trajectory of the autonomous forklift market is closely tied to the continued evolution of e-commerce.
Product innovation stands as a key trend within the autonomous forklift market. Companies are prioritizing the development of cutting-edge products to bolster their market presence. A notable example is OTTO Motors' introduction of the OTTO Lifter in March 2022, touted as the most advanced autonomous forklift available. This technology demonstrates exceptional capabilities, such as automated pallet pickup and drop-off, real-time decision-making in complex environments, dynamic path planning, intelligent pallet detection, and adaptive behavior in highly dynamic settings. Such innovations redefine efficiency and autonomy in the movement of goods, setting new standards in the autonomous forklift market.
Major companies in the autonomous forklift market are placing increased emphasis on introducing AI-powered autonomous forklifts, aiming to secure a competitive advantage. These AI-enabled autonomous forklifts are self-driving vehicles integrated with sophisticated artificial intelligence technology. This technology enables these forklifts to autonomously navigate, perform operational tasks, and make informed decisions within warehouse or industrial environments, chiefly focusing on material handling activities. A significant development in this area is demonstrated by Gideon, a US-based robotics and AI solutions company, which unveiled Trey in April 2022. Trey is an autonomous forklift specialized in trailer loading and unloading, showcasing advanced AI-powered 3D vision autonomy technology. This innovation significantly optimizes workflow processes, saving over 80% of manual labor time, while featuring intelligent software for seamless workflow orchestration.
In a strategic move, ZAPI GROUP, an Italian manufacturing company specializing in vehicle electrification products, made a notable acquisition in December 2021 by purchasing BlueBotics, a Switzerland-based company providing expertise in autonomous navigation technology. This acquisition was a pivotal step for ZAPI GROUP in consolidating its presence within the rapidly expanding automated vehicle market. The acquisition of BlueBotics significantly augmented ZAPI GROUP's capabilities and solutions, extending its product range and expertise to a wider customer base. BlueBotics specializes in offering autonomous navigation technology and professional guidance for Automated Guided Vehicles (AGVs), automated forklifts, and mobile robots, thereby aligning strategically with ZAPI GROUP's objectives and amplifying its market position in the realm of autonomous mobility solutions.
Major companies operating in the in the autonomous forklift market report are Hangcha Group Co. Ltd., Hyundai Heavy Industries Group, KAUP GmbH & Co., Kion Group AG, Lonking Machinery Co. Ltd., Toyota Industries Corporation, Linde Material Handling GmbH, Crown Equipment Corporation, Doosan Corporation, Konecranes Oyj, Clark Construction Group LLC, Seegrid Corporation, Balyo Robotic SA, Agilox Services GMBH, Clearpath Robotics Inc., Mitsubishi Logisnext Co. Ltd., Manitou BF S. A, Jungheinrich AG, Anhui Heli Co. Ltd., Anhui Yufeng Equipment Co. Ltd., Komatsu Ltd., EP Equipment Co. Ltd., Godrej & Boyce Manufacturing Co. Ltd., Clark Material Handling Company, Combilift Ltd., Hyster-Yale Material Handling Inc., Still GmbH, AutoGuide Mobile Robots, BYD Company Ltd., Hubtex Australia Pty Ltd.
Asia-Pacific was the largest region in the autonomous forklift market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the autonomous forklift market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the autonomous forklift market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The autonomous forklifts market consists of sales of diesel powered forklift, LPG or petrol powered forklift and electric powered forklift. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.