Dublin, April 26, 2023 (GLOBE NEWSWIRE) -- The "Global Autonomous Forklift Market by Tonnage (<5, 5-10, >10), Navigation (Laser, Vision, Optical Tape, Magnetic, SLAM, Inductive Guidance, Others), Sales Channel, Application, End-use Industry, Forklift Type, Propulsion and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The autonomous forklift market is projected to grow from USD 4.6 billion in 2023 to USD 8.8 billion by 2028, at a CAGR of 13.8% from 2023 to 2028.
Growth in end-use industries and the adoption of automated material handling systems to improve material handling and logistics in Asia-pacific are projected to lead the autonomous forklift market.
The widening gap between supply and demand is driving up real estate prices in many developed nations. In Europe, the warehouse land is almost exhausted, but demand is still growing.
Maximizing space utilization in other developed nations in North America and Asia Pacific is important. This has become essential considering the rising population and consumer demand. Using an autonomous forklift helps maximize space utilization while cutting labor costs.
Growth of e-commerce, Logistics, and Warehousing Sector to trigger the adoption for autonomous forklifts.
Low cost of capital, fast return on investment (ROI), and a high degree of possibility of customization encourage manufacturing companies to invest more in factory automation and automated warehouses. Increasing demand for business-to-consumer(B2C), and business-to-business (B2B) products, due to which the e-commerce industry has resulted in tight deadlines and the need to procure and deliver a huge number of goods without errors. Thus, e-commerce companies have increased the adoption of automation in their facilities. The advantages of autonomous forklifts over conventional forklifts, such as reduced production time, fewer human errors, increased safety, high-volume production, and increased accuracy and repeatability, have spurred the adoption in e-commerce and other logistics hubs.
Warehouse automation allows for increased throughput, better resource utilization, reduced labor, less operational costs, decreased handling and storage costs, less human error, increased productivity, and efficiency. Hence, the warehouse automation market is growing.
The Indoor Type segment of autonomous forklift is expected to hold a dominant share throughout the forecast period as they are fast improving their ability to operate without human interventions.
The indoor segment is expected to hold a significant market share during the forecast period due to its application in the fast-moving goods industry. Indoor autonomous forklifts are swift and precise in order picking and storage, allowing their increased utilization in warehousing operations. They have enabled speedy response to the customization of orders, which was time-consuming with traditional forklifts.
E-commerce sales in the Asia Pacific region are increasing rapidly due to the growth of online shoppers driven by the rising adoption of the internet and smartphones. Increased growth of e-commerce in Asia Pacific resulted in the rising adoption of automated material handling equipment like autonomous forklifts by big e-commerce companies.
The big e-commerce companies in the Asia Pacific region prefer indoor autonomous forklifts to transport a pallet of 1.5 to 3 tons within the warehouse. Further, below 5-ton autonomous forklifts for indoor applications are the most efficient, compact material handling equipment in warehouses with a racking height of 10 meters or lower.
Further, with increasing demand for faster and more efficient order fulfillment, as well as the need to reduce labor costs and improve warehouse safety, the majority of e-commerce companies forming supply agreements with forklift manufacturers for autonomous forklifts. For instance, in 2019, Amazon entered a 7-year agreement with French company Baylo to supply autonomous forklifts at its facility centers.
Asia-Pacific is estimated to lead the autonomous forklift market in 2022.
Currently, Asia-pacific contributes a share of approximately >45% to the overall market. It is the largest market since high population growth and economic development with increasing domestic consumption have intensified the need for efficient logistics and warehousing. The Asia Pacific region is anticipated to lead the autonomous forklift market during the forecast period due to an increase in the adoption of automation technology for increased work efficiency. Further, the growth of autonomous forklifts in the region can be attributed to growing exports of FMCG, automotive, food & beverages, and pharmaceutical industries.
Rising consumption and product differentiation of consumer goods in China, South Korea, and India contribute to the growing use of automated intralogistics systems in the local e-commerce industry. China and India have robust export-oriented manufacturing industry and growing consumerism, which require them to consider automation to improve efficiency.
A shortage of labor and space drives the autonomous forklift market in Japan. South Korea's growing electronics and e-commerce industry has been investing in automated material handling systems. The region is expected to hold a dominant share in the autonomous forklift market for the forecast period.
- Increased Demand for Automated Warehouses and Material Handling Equipment
- Growth in E-Commerce, Logistics, and Warehousing Sectors
- High Integration and Switching Costs Due to AI and WMS
- Development of IoT-Integrated Autonomous Forklifts and 5G Connectivity
- Technical Challenges Related to Failure of Sensing Elements
|No. of Pages||313|
|Forecast Period||2023 - 2028|
|Estimated Market Value (USD) in 2023||$4.6 Billion|
|Forecasted Market Value (USD) by 2028||$8.8 Billion|
|Compound Annual Growth Rate||13.8%|
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Autonomous Forklift Market, by Navigation Technology
6.2 Laser Guidance
6.2.1 Directs Speed, Accuracy, Product Differentiation, and Complexities in Operations
6.3 Magnetic Guidance
6.3.1 Ease of Installation and Low Operation Cost
6.4 Inductive Guidance
6.4.1 Growing Application in Outdoor Environments
6.5 Optical Tape Guidance
6.5.1 Growing Applications in Non-Industrial Settings
6.6 Vision Guidance
6.6.1 Real-Time Path Optimization and Obstacle Detection
6.7 Simultaneous Localization and Mapping (Slam)
6.7.1 Easy Data Collection Approach and Accurate Object Detection
6.8 Other Navigation Technologies
7 Autonomous Forklift Market, by Application
7.2.1 Benefits Like Labor Cost Saving, Smaller Downtime, and Reduced Accidents
7.3.1 Used to Transport Goods
7.4 Material Handling
7.4.1 Increase in Data-Driven Automated Technology
7.5 Logistics and Freight
7.5.1 Reduction in Delivery Time with Forklifts
7.6 Other Applications
8 Autonomous Forklift Market, by Tonnage Capacity
8.2 Below 5 Tons
8.2.1 Easy Operational Flexibility in Compact Warehouses
8.3 5-10 Tons
8.3.1 Used for Heavy-Duty Operations
8.4 Above 10 Tons
8.4.1 Utilized for Outdoor Activities
9 Autonomous Forklift Market, by End-use Industry
9.2 Third-Party Logistics (3Pl)
9.2.1 Need for Safe and Speedy Storage
9.3 Food and Beverages
9.3.1 Need to Reduce Operational Costs from Pre-Production to Distribution
9.4.1 Need for Efficient Inventory Management
9.5 Paper and Pulp
9.5.1 Forklifts Encourage Optimum Efficiency
9.6 Metals and Heavy Machinery
9.6.1 Demand for Efficient and Safe Operations
9.7.1 Need to Optimize Warehousing Operations
9.8.1 Need to Optimize Manufacturing Process
9.9 Semiconductors and Electronics
9.9.1 Requirement of Energy-Saving Measures
9.10.1 Essential Workplace Safety and Management of Workflow
9.11.1 Demand for Automated Warehousing Operations
9.12 Other End-use Industries
10 Autonomous Forklift Market for Paper and Pulp Industry, by Tonnage Capacity
10.2 Below 5 Tons
10.2.1 Provides Better Mobility Solutions at Intricate Warehouses
10.3 Below 5 Tons
10.3.1 Growing Application in Material Handling for Paper and Pulp Industry
10.4 Above 10 Tons
10.4.1 Enables Damage-Free Movement of Heavy Paper Rolls
11 Autonomous Forklift Market, by Fuel Source
11.1.1 Industry Insights
11.2.1 Low Maintenance Cost and Lesser Emissions
11.3 Internal Combustion Engine (Ice)
11.3.1 Increased Use in Heavy-Duty Operations
11.4 Alternate Fuels
11.4.1 Provide High Power Output and Easier Refueling
12 Autonomous Forklift Market, by Type
12.2.1 Increased Adoption in E-Commerce Industry
12.3.1 Enables Automation in Logistics and Freight Sector
13 Autonomous Forklift Market, by Forklift Type
13.2 Pallet Jacks
13.2.1 Preferred for Long-Term Usage
13.3 Pallet Stackers
13.3.1 Increases Productivity and Lowers Manual Labor
14 Autonomous Forklift Market, by Sales Channel
14.2 In-House Purchase
14.2.1 Ideal Option for Long-Term Usage
14.3.1 Offers Flexibility and Tax Advantages
15 Autonomous Forklift Market, by Region
16 Competitive Landscape
17 Company Profiles
- Agilox Services GmbH
- Agve Ab
- Alta Material Handling
- Anhui Heli Co. Ltd.
- Balyo SA
- Bastian Solutions
- Clark Material Handling Company
- Crown Equipment Corporation
- E80 Group Spa
- Hyster-Yale Materials Handling, Inc.
- Hyundai Construction Equipment Co. Ltd.
- Jungheinrich AG
- Kion Group AG
- Manitou Group
- Mitsubishi Logisnext Co. Ltd.
- Movigo Robotics Bv
- Multiway Robotics (Shenzhen) Company
- Oceaneering International, Inc.
- Otto Motors
- Scott Automation
- Seegrid Corporation
- Shenzhen Wellwit Robotics Co. Ltd.
- Swisslog AG
- Toyota Industries Corporation
- Vecna Robotics
For more information about this report visit https://www.researchandmarkets.com/r/fffhz1
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- Global Autonomous Forklift Market
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An autonomous forklift is a driverless forklift, a type of autonomous mobile robot (AMR). It's main features are that it can navigate in a given space on its own without any infrastructure, thanks to SLAM, and that it makes decisions on how to avoid obstacles.Which company is the leader in autonomous driving? ›
Mobileye. Mobileye, a pioneer in ADAS and other life-saving technologies, is the market leader in self-driving enablement. Using its skillsets in active driver safety and machine vision, Mobileye has created a world-class autonomous vehicle platform.Who is the world's largest forklift manufacturer? ›
Toyota developed its first lift truck in 1955 and has produced over 700,000 forklifts since. Today, the Columbus, Indiana-based Toyota Material Handling is the largest forklift manufacturer in the world and the top-selling brand in the United States.What are the 3 types of forklifts? ›
- Class I: Electric motor rider trucks.
- Class II: Electric motor narrow aisle trucks.
- Class III: Electric motor hand trucks or hand/rider trucks.
- Class IV: Internal combustion engine trucks (solid/cushion tires)
- Class V: Internal combustion engine trucks (pneumatic tires)
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The Future is Now
New forklifts can work without a human operator. Artificial intelligence and guidance technologies are improving rapidly. Automated forklifts can already do a lot of tasks in a warehouse that even a few years ago were hard to see happening so soon.
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Moreover, of the 16 companies recently ranked by research and consulting firm Guidehouse Insights (which ranks some of the biggest names working on automated-driving technology each year), Tesla came in last. Tesla ranked last in similar lists in 2021 and 2020.
E-commerce's Surprise Winner: Little-Known Crown Equipment Supplies Forklifts To Amazon, Target, Home Depot. hen Amazon needs to move a pallet of Alexa devices from its warehouse shelves to its delivery trucks, workers often grab an RC-series stand-up forklift, made by Crown Equipment.What industry uses forklifts most? ›
- Construction. Construction sites need a suitable means of transporting pallets of steel, bricks, wood, and other building materials. ...
- Manufacturing. Manufacturing facilities are widespread, excelling in the production of various goods. ...
- Shipping. ...
|Manufacturer||Headquarters||Type of Equipment|
|Guss Automation||Kingsburg, Calif.||GUSS (global unmanned spray system) & Herbicide Guss|
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|Monarch Tractor||Livermore, Calif.||MK-V|
|Manterra||York, UK||XAG R150 Fully Autonomous Utility Vehicle|
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Top 7 Autonomous Vehicle Stocks to Buy Now.
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Deere & Company is the most popular, largest, and among the oldest agricultural equipment manufacturer.Who is the largest farm equipment manufacturer? ›
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As of the beginning of 2023, L2 driver support systems include Tesla's Autopilot with “Full Self-Driving”, Audi's Traffic Jam Assist, GM's Super Cruise, BMW's Extended Traffic Jam Assistant, Ford's Blue Cruise, Hyundai's autonomous driving package, and many more.What is the outlook for autonomous vehicles? ›
Autonomous driving's future: Convenient and connected. By 2035, autonomous driving could create $300 billion to $400 billion in revenue. New research reveals what's needed to win in the fast-changing passenger car market.
Autonomous Car Market Analysis
The autonomous (driverless) car market was valued at USD 22.22 billion in 2021, and it is expected to reach USD 75.95 billion by 2027 while registering a CAGR of 22.75% during the forecast period 2022-2027.
A Forklift Operator, or Material Handler, is a certified warehouse or manufacturing associate responsible for controlling heavy machinery to move materials around a work site.