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Global Autonomous Forklift Market Size was valued at USD 4.4 Billion in 2022. The Autonomous Forklift market industry is projected to grow from USD 4.7 Billion in 2023 to USD 13.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.40% during the forecast period (2023 - 2032). increasing complexity of handling products, growing demand for smart logistics, growing customer dependency on online platforms, and high return on investment, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Automation powered by autonomous forklifts is often employed because it needs no infrastructure. According to Conveyco Technologies, automated forklifts equipped with detecting sensors might increase operating productivity in retail warehouses by 20%. According to a survey by Inbound Logistics, labour costs account up about 65% of the warehouse's overall budget, along with employee turnover and low labour productivity. In addition, the warehouse automation market grew from USD 9.95 billion in 2016 to USD 15.59 billion in 2021 as a result of rising rents and supply chain disruptions. Autonomous forklifts have found work in warehouses for material handling and storage throughout product manufacturing, warehousing, and delivery. Due to the increasing complexity of manufacturing and warehousing operations, the shortage of skilled labour, and the rising concerns over worker health and safety in production and storage facilities, flexible and cost-effective material handling solutions are required. The market for automated material handling equipment is predicted to increase from USD 32.9 billion in 2017 to USD 43.6 billion in 2021, according to MarketsandMarkets research.
In intralogistics systems, autonomous forklifts are frequently used and are believed to be more effective in low-height racking systems. They are the best option for material handling activities because of their advantages, such as their small size, high weight capacity, and capacity for lifting and transporting objects. Autonomous forklifts can be used by manufacturing companies to complete repetitive operations like stocking and retrieving inventory. They can also function independently because of sophisticated navigational technology like SLAM and sensors. The autonomous version is thought to increase operating effectiveness while reducing errors and accidents.
Defects brought on by human involvement in warehouse operations can be easily handled with the introduction of autonomous forklifts. The increasing growth of the logistics and construction industries has increased demand for autonomous devices. The need to handle large loads in supply chains and material handling is driving the need for autonomous forklifts. Due to technical developments, industrial trucks are now more effective. Automated forklifts play a vital role in streamlining intralogistics processes. Because of this, the right part is always at the right place at the right time. This system helps drivers avoid potential issues by determining the safest maneuver to make in difficult situations. Accidents will be considerably reduced as a result.
Additionally, autonomous material handling systems reduce costs associated with labor, training, healthcare, and forklift-related harm to structures, equipment, and unsold goods. Traditional forklift operators incur additional labor expenses that machines cannot automate and can be replaced by innovative, value-added jobs that can be spread more effectively. Due to variables like increased labor costs, a lack of full-time employees, changing workforce demographics, and others, businesses may find it difficult to retain experienced forklift operators. High turnover is a factor in a market-wide labor shortage, along with costly training programmes for new hires and retiring operators, since the need for competent staff keeps rising. Thus, driving the Autonomous Forklift market revenue.
The global Autonomous Forklift market segmentation, based on Sales Channel, includes in-house purchase and leasing. Leasing segment dominated the global Autonomous Forklift market in 2022. This is because the industry is using more autonomous forklifts to keep up with the surge in e-commerce demand for the products and services that the forklifts are rented out for.
The global Autonomous Forklift market segmentation, based on Type, includes indoor and outdoor. Outdoor segment dominated the global Autonomous Forklift market in 2022. This can be attributed to elements including rising labour costs, a lack of full-time workers, changing workforce demographics, and unfavourable working environments.
The global Autonomous Forklift market segmentation, based on Tonnage Capacity, includes Below 5 tons, 5-10 tons, and Above 10 tons. 5-10 tons segment dominated the global market in 2022. Autonomous forklifts under 5 tonnes are mainly used indoors due to their low lifting capacity. Autonomous forklifts are used in manufacturing, warehousing, material handling, logistics, and freight.
The global Autonomous Forklift market segmentation, based on Application, includes manufacturing, warehousing, logistics and freight, and others. Logistics and freight segment dominated the global market in 2022. The key factors influencing category growth include the introduction and growth of e-commerce in logistics and freight activities, as well as the rising demand for automated systems.
The global Autonomous Forklift market segmentation, based on Navigation Technology, includes laser guidance, magnetic guidance, vision guidance, inductive guidance, optical tape guidance, slam, and others. Laser guidance segment dominated the global Autonomous Forklift market in 2022. This is because automated forklift technology is being used more frequently in the warehouse sector. This technology is expected to increase the business because of its high levels of efficiency, accuracy, and precision, among other benefits.
The global Autonomous Forklift market segmentation, based on Industry, includes 3PL, food and beverages, automotive, paper and pulp, metals and heavy machinery, e-commerce, semiconductors and electronics, healthcare, others, and paper and pulp. E-commerce segment dominated the global Autonomous Forklift market in 2022. Due to the e-commerce sector's quick growth and increased sales, demand for the industry is anticipated to climb.
The global Autonomous Forklift market segmentation, based on Forklift Type, includes pallet jacks and pallet stackers. Pallet jacks segment dominated the global Autonomous Forklift market in 2022. The demand for the sector is predicted to rise as a result of the e-commerce sector's rapid expansion and rising sales.
The global Autonomous Forklift market segmentation, based on Propulsion, includes electric, ICE, and alternate fuels. Electric segment dominated the global Autonomous Forklift market in 2022. The future of the industrial automation industry depends on the electrification of the products. All countries are seeing a rapid rise in the use of machinery with electric propulsion due to benefits including lower emissions, lower operating costs, and ease of transportation.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Autonomous Forklift Market dominated this market in 2022 (45.80%). Innovative advanced gadget use, rising technological advancements, and new product offerings are the main factors driving the region's expanding demand for the industry. Further, In the North American area, the U.S. Autonomous Forklift market had the biggest market share, while the Canada Autonomous Forklift market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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Europe Autonomous Forklift market accounted for the healthy market share in 2022. It is anticipated that the region's share will increase throughout the forecast period since the technology transfer has increased the number of local companies and is projected to reduce the cost of adopting autonomous forklifts in the region. Further, In the European region, the German Autonomous Forklift market had the biggest market share, and the U.K. Autonomous Forklift market had the quickest rate of growth.
The Asia Pacific Autonomous Forklift market is expected to register significant growth from 2023 to 2032. This is due to rising usage in China and India. While it is anticipated that other nations in the region, like Japan and South Korea, will increase their participation by modernising and modifying the current automated material handling gear. Moreover, In the Asia-Pacific region, the Indian Autonomous Forklift market had the quickest rate of growth while China's Autonomous Forklift market had the greatest market share.
Autonomous Forklift Key Market Players & Competitive Insights
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Autonomous Forklift market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Autonomous Forklift sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Autonomous Forklift sector. Major players in the Autonomous Forklift market, including BALYO, Oceaneering International, Inc., Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Logisnext Co., Ltd., AGILOX Services GmbH, KION GROUP AG, Toyota Industries Corporation, Swisslog Holding AG, and Hyundai Construction Equipment Co., Ltd., are attempting to increase market demand by investing in research and development Tonnage Capacitys.
Linde plc (Linde), a provider of engineering and industrial gas. It offers industrial, process, and specialty gases. The corporation not only manufactures atmospheric gases like oxygen, nitrogen, and argon, but also industrial gases like carbon dioxide, helium, hydrogen, electronic gases, and acetylene. In addition to planning, manufacturing, and building technology that produces gases for internal use, Linde also offers a variety of gas production and processing services. In November 2022, Linde Material Handling Equipment unveiled the R-Matic autonomous reach truck. Toyota is an auto manufacturing corporation. The company designs, manufactures, and sells sport utility vehicles, minivans, trucks, buses, specialty vehicles, and recreational vehicles. Customers and dealers can utilise it to obtain financing for leasing or purchasing automobiles. In September 2022, Toyota Industries Corporation developed the first autonomous lift truck with an Al-based feature.
· BALYO
· Oceaneering International, Inc.
· Jungheinrich AG
· Hyster-Yale Materials Handling, Inc.
· Mitsubishi Logisnext Co., Ltd.
· AGILOX Services GmbH
· KION GROUP AG
· Toyota Industries Corporation
· Swisslog Holding AG
· Hyundai Construction Equipment Co., Ltd.
March 2022: The autonomous mobility robot line C-Matic was introduced by the KION Group AG subsidiary Linde Material Handling Equipment.
· Below 5 tons
· 5-10 tons
· Above 10 tons
· Manufacturing
· Warehousing
· Logistics and Freight
· Others
· Laser Guidance
· Magnetic Guidance
· Vision Guidance
· Inductive Guidance
· Optical Tape Guidance
· SLAM
· Others
· 3PL
· Food and Beverages
· Automotive
· Paper and Pulp
· Metals and Heavy Machinery
· E-commerce
· Semiconductors and Electronics
· Healthcare
· Others
· Paper and Pulp
· Pallet Jacks
· Pallet Stackers
· Electric
· ICE
· Alternate Fuels
· In-House Purchase
· Leasing
· Indoor
· Outdoor
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
Report Scope
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 4.4 Billion |
|
Market Size 2023 |
USD 4.7 Billion |
|
Market Size 2032 |
USD 13.8 Billion |
|
Compound Annual Growth Rate (CAGR) |
14.20% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Tonnage Capacity, Application, Navigation Technology, Industry, Forklift Type, Propulsion, Sales Channel, Type, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
BALYO, Oceaneering International, Inc., Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Logisnext Co., Ltd., AGILOX Services GmbH, KION GROUP AG, Toyota Industries Corporation, Swisslog Holding AG, and Hyundai Construction Equipment Co., Ltd. |
|
Key Market Opportunities |
Development of IoT-integrated autonomous forklifts |
|
Key Market Dynamics |
Rising complexities for product handling, rising need for smart logistics, good return on investment, better space utilization, and growing consumerism through online platforms |
The global Autonomous Forklift Market was valued at USD 4.4 billion in 2022, and it is estimated to reach USD 13.8 billion by 2032.
The global market is projected to grow at a CAGR of 14.20% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are BALYO, Oceaneering International, Inc., Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Mitsubishi Logisnext Co., Ltd., AGILOX Services GmbH, KION GROUP AG, Toyota Industries Corporation, Swisslog Holding AG, and Hyundai Construction Equipment Co., Ltd.
The 5-10 tons Tonnage Capacity dominated the market in 2022.
The Logistics and Freight Application had the largest share in the global market.
Report Code :
RL65126
Published on :
Sep 2023
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