Global Autonomous Forklift Market - 2023-2030

Overview

Global autonomous forklift market reached US$ 3.8 billion in 2022 and is expected to reach US$ 10.4 bllion by 2030, growing with a CAGR of 13.5% during the forecast period 2023-2030.

The main aspects that are anticipated to present profitable chances for market expansion during the forecast period are growth in the e-commerce business and incorporation of Industry 4.0 to encourage growth. Logistics industry is very large in the Asia-Pacific market, therefore it requires the quick automation in the logistic industry in the region. Hence, manufacturers oin the region are focsuing on the launch of its products in the untapped Asian market.

In July 22, 2022, VisionNav debuted its renowned autonomous forklift for logistics automation and the Bright Eyes environment monitoring system with deep learning capabilities at CeMAT Australia 2022 as a significant component of its global tour, which attracted a lot of attention. "As the epidemic subsides and the Australian manufacturing and logistics sector experiences new growth, it is clear that there is an increasing need for intralogistics automation. Therefore, Asia-Pacific acquires near 1/3rd of the global market share.

Market Dynamics

The Cost-Effectiveness and Benefits of Autonomously Driven Forklifts in Industrial Settings

For excessively repetitive procedures, autonomously operated forklifts are substantially more cost-effective than human forklifts, whether in manufacturing, distribution centers or any hybrid. They can be included in nonstop operations that span multiple shifts. These self-regulating vehicles can properly synchronize their speed and route. This makes it possible for material flows to stay at their ideal levels while consuming the least amount of energy possible.

As they navigate more precisely and safely than manned forklifts, the additional benefit mentioned by facilities managers is far less damage to shelves, cargoes, pallets and other trucks. Therefore, above mentioned factors or benefits drives the growth of the global autonomous forklift market.

Increasing Demand in the Distribution and Warehousing Sectors

Forklifts are essential for warehouse and distribution companies globally to meet customer demand for moving more products. People's increased reliance on online purchasing as a result of the COVID-19 pandemic has altered the flow of inventory from the producer to the final consumer. To handle the demand for additional inventory, logistic organizations need more counterbalance forklifts, pallet stackers and narrow-aisle forklifts. To reach more inventory inside densely populated and heavily stacked shelving units, they need forklifts that can maneuver across confined locations.

Due to rising e-commerce and retail demands, autonomous forklifts must execute at a high level. Of course, there is a greater than ever need for training new forklift operators. The demand for storage and distribution, which is expanding quickly, also fuels the expansion of the product market.

Lack of Flexibility

Warehouse operations occasionally require flexibility, such as the capacity to undertake numerous activities. As they are trained to do so, autonomous forklifts are most useful in operations that include repetitive activities. A task can be completed by humans more effectively if it's not repeated. As a result, manually driven forklifts are more adaptable than autonomous ones.

For example, a forklift operator moves things using different formats and at different times. These jobs cannot be carried out by autonomous forklifts since they can be configured to carry out tasks that need a set working pattern. Therefore, it is projected that the lack of flexibility in autonomous forklifts will impede market expansion.

COVID-19 Impact Analysis

The demand for autonomous forklifts is rising from key manufacturers in the region, who want automation for a lot of repetitive and routine procedures. One of the most common applications for automated driverless product movement is when a product exits a production line in batches and is transported to a connected warehouse; this boosts productivity and throughput. Manufacturing and packaging for food and beverages are excellent examples of applications for autonomous forklifts.

Segment Analysis

The global autonomous forklift market is segmented based on capacity, application, end-user and region.

The Economic Value of Autonomous Forklifts in Warehousing

By using autonomous forklifts, warehousing costs can be reduced by 30% while gross profit can rise by 7%. Without human intervention, the autonomous forklift can be moved along predetermined routes and tasks. It can keep working continuously, greatly enhancing job efficiency and lowering personnel input.

Additionally, one person may manage the scheduling and operation of numerous forklifts at once, saving labor costs. Anyone can provide instructions to direct the process and work of the forklift at the same time. This is furthermore anticipated to boost this market segment's market growth in the years to come. Therefore, the warehouse segment is expected to grow at a highest CAGR during the forecasted period.

Geographical Analysis

Early Adoption Drives Growth in U.S. Market

In a number of sectors, including manufacturing, logistics and warehousing, U.S. has been an early adoption of automation and robotics. Due to this proactive attitude, a thriving market for autonomous forklifts has developed in the region.

Using autonomous forklifts in their operations has enhanced productivity, decreased costs and improved safety for several U.S.-based companies. Autonomous technology investments by companies like Amazon, Walmart and FedEx are well known for streamlining their supply chain operations. Hence, U.S. is contributing for more than 78.4% of the regional shares.

Competitive Landscape

The major global players include: Toyota Industries Corporation, Kion Group AG, Mitsubishi Logisnext Co Ltd, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Swisslog AG, Oceaneering International, Inc., Hyundai Construction Equipment Co., Ltd., Balyo SA and Agilox Services GmbH.

Why Purchase the Report?

• To visualize the global autonomous forklift market segmentation based on capacity, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of autonomous forklift market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global autonomous forklift market report would provide approximately 61 tables, 62 figures and 200 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies