New York, United States , April 18, 2024 (GLOBE NEWSWIRE) -- The Global Autonomous Forklift Market Size is to Grow from USD 4.39 Billion in 2023 to USD 14.64 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.80% during the projected period.
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An autonomous forklift operating without a driver is called an autonomous mobile robot (AMR). Without assistance, SLAM is capable of autonomously navigating a space and determining how to avoid obstacles. These are its key characteristics. The expansion of the industry is being driven by the usage of autonomous forklifts in a range of industries, including automotive, e-commerce, aviation, metals & heavy machinery, healthcare, electronics, and others. In addition, the fast growth of the building and logistics sectors has resulted in a surge in demand for autonomous devices. Large load handling and supply chain requirements are what are driving the need for autonomous forklifts. The development of technology has also increased the efficiency of industrial trucks. Furthermore, because autonomous forklifts can automate operations like lifting, lowering, storing, and retrieving merchandise without the need for a human operator, they are growing in popularity. Because autonomous forklifts might automate duties that reduce the cost of movement for each pallet and case, the market is anticipated to grow during the projected period. However, due to restricted infrastructure, it is often required to make expensive alterations to match the automation equipment. This costly barrier not only restricts market expansion but also impedes the wider acceptability of autonomous forklifts and potentially inhibits their widespread integration.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Autonomous Forklift Market Size, Share, and COVID-19 Impact Analysis, By Operation Type (Indoor, Outdoor), By Navigation Technology (Inductive Guidance, Laser Guidance, Magnetic Guidance, Vision Guidance, Optical Tape Guidance, and Others), By Application (Manufacturing, Logistics and Freight, Warehousing, Material Handling, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The indoor segment is anticipated to hold the greatest share of the global autonomous forklift market during the projected timeframe.
Based on the operation type, the global autonomous forklift market is divided into indoor, and outdoor. Among these, the indoor segment is anticipated to hold the greatest share of the global autonomous forklift market during the projected timeframe. This is because indoor forklifts have a lower turning radius, they can function even in cramped areas.
The vision guidance segment is anticipated to hold the greatest share of the global autonomous forklift market during the projected timeframe.
Based on the navigation technology, the global autonomous forklift market is divided into inductive guidance, laser guidance, magnetic guidance, vision guidance, optical tape guidance, and others. Among these, the vision guidance segment is anticipated to hold the greatest share of the global autonomous forklift market during the projected timeframe. This is due to more accuracy of route planning and navigation made possible by autonomous forklifts driven by vision, which utilize cameras and sensors to recognize their surroundings. This can reduce the likelihood of collisions and damage to materials and equipment.
The logistics and freight segment are predicted to grow at the highest pace in the autonomous forklift market during the estimated period.
Based on the application, the global autonomous forklift market is divided into manufacturing, logistics and freight, warehousing, material handling, and others. Among these, the logistics and freight segment are predicted to grow at the highest pace in the autonomous forklift market during the estimated period. The introduction and growth of e-commerce in logistics and freight operations, along with the growing need for automated systems, are the primary factors propelling the segment's expansion. Furthermore, it is anticipated that the growing usage of autonomous forklift technology in the warehouse sector would promote industrial growth because it offers various advantages over traditional forklifts, including improved efficiency, accuracy, and precision.
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Asia Pacific is expected to hold the largest share of the global autonomous forklift market over the forecast period.
Asia Pacific is expected to hold the largest share of the global autonomous forklift market over the forecast period. This is attributed to the growing uptake in India and China. It is anticipated that other nations in the region, such as South Korea and Japan, will increase their participation by updating and modifying their existing automated material handling equipment. International manufacturers of self-balancing forklifts are also moving their operations to this region. The region is expected to increase its share throughout the projected period due to the increased number of local companies brought about by the technology transfer, which should lower the cost of adopting autonomous forklifts in this region.
North America is predicted to grow at the fastest pace in the global autonomous forklift market during the projected timeframe. In North America, automation and robotics are increasingly being used in manufacturing processes. These businesses might save labor expenses, increase productivity, and streamline their material handling and transportation processes with the use of autonomous forklifts. The retail industry in North America is a significant market for autonomous forklifts since companies are looking to automate tasks like inventory management, order fulfillment, and product replenishment.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Autonomous Forklift Market include NITCO, Hangcha, Jungheinrich AG, Hyster, Linde Material Handling, Kaup, Doosan Corporation, Hyster-Yale Materials Handling Inc., Toyota Industries Corporation, Komatsu Ltd., Crown Equipment Corporation, Mitsubishi Heavy Industries Ltd., MLE B.V., Hyundai Construction Equipment Europe, and Others.
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Recent Developments
- In March 2023, Mitsubishi Logisnext Americas group released the Jungheinrich EKX 516 ka / 516a, an automated high-rack stacker. To help achieve maximum productivity and efficiency, the company's recently announced product has a retrieval system, full-pallet storage, an automated mechanism, and 24/7 operation.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Autonomous Forklift Market based on the below-mentioned segments:
Global Autonomous Forklift Market, By Operation Type
- Indoor
- Outdoor
Global Autonomous Forklift Market, By Navigation Technology
- Inductive Guidance
- Laser Guidance
- Magnetic Guidance
- Vision Guidance
- Optical Tape Guidance
- Others
Global Autonomous Forklift Market, By Application
- Manufacturing
- Logistics and Freight
- Warehousing
- Material Handling
- Others
Global Autonomous Forklift Market, Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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