Autonomous Forklift Global Market Report 2023

“Autonomous Forklift Global Market Report 2023 ” 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.

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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.

Scope

Markets Covered:

1) By Type: Indoor; Outdoor

2) By Component: Hardware; Software; Service

3) By Navigation Technology: Laser Guidance; Magnetic Guidance; Vision Guidance; Inductive Guidance; Optical Tape Guidance; Other Navigation Technology

4) By Application: Manufacturing; Warehousing; Material handling; Logistics and Freight; Other Applications

Companies Mentioned: Hangcha Group Co; Hyster-Yale Material Handling Inc; Jungheinrich AG; KAUP GmbH & Co; Linde Material Handling

Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

Time series: Five years historic and ten years forecast.

Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

Delivery Format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the autonomous forklift market are: Hangcha Group Co, Hyster-Yale Material Handling Inc., Jungheinrich AG, KAUP GmbH & Co, Linde Material Handling, Toyota Industries Corporation, Komatsu Ltd., Crown Equipment Corporation, Doosan Corporation, Mitsubishi Logisnext Co Ltd., CLARK, Combilift Material Handling Solutions, OTTO Motors, Balyo Robotic, Agilox Services GMBH, STILL GmbH, ONECRANES, Manitou Group, Lonking Machinery Co. Ltd., Hyundai Heavy Industries Group, Anhui Heli Co, and Anhui Yufeng Equipment Co.

The global autonomous forklift market grew from $5.85 billion in 2022 to $6.51 billion in 2023 at a compound annual growth rate (CAGR) of 11.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The autonomous forklift market is expected to grow to $9.47 billion in 2027 at a CAGR of 9.8%.

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.

Autonomous forklifts are driverless forklifts that utilize automated guided vehicles and systems technology. These forklifts can be used for various operations such as lifting, transporting, putting away, or carrying loads in warehouses and other locations. In addition, this equipment reduces operating costs and improves work efficiency in warehouses.

Asia-Pacific was the largest region in the autonomous forklift market in 2022. 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 and Africa.

The main types of autonomous forklift are indoor and outdoor. The term indoor autonomous forklift refers to autonomous forklifts that are used indoors for pallet movement in warehouses, distribution centers, and other indoor material storage places. Indoor forklifts have a smaller turning radius, which makes them suitable for movement even inside smaller facilities. The different components include hardware, software, and services and involve several navigation technologies such as laser guidance, magnetic guidance, vision guidance, inductive guidance, optical tape guidance, and others. It is used in manufacturing, warehousing, material handling, logistics & freight, and other applications.

The increasing demand for automated warehouses is expected to drive the growth of the autonomous forklift market going forward. Automated warehouses refer to the systems used for warehouse operations with automated material handling equipment integrated with artificial intelligence and robotics. Manufacturers are adopting autonomous forklifts for their operations as they offer a significant improvement in productivity, reduce product damage, improve safety and efficiency, and reduce labor costs. These benefits have encouraged industries to embrace the use of autonomous forklifts, thereby increasing their demand. For instance, in December 2021, according to Conveyco, a UK-based material handling equipment supplier, at least 6,20,000 shipments of various warehouse automation technologies were shipped worldwide. Therefore, the increasing demand for automated warehouses is driving the demand for autonomous forklifts.

New product innovation is the key trend gaining popularity in the autonomous forklift market. Major companies operating in the autonomous forklift market are focused on developing technologically advanced products to strengthen their market position. For instance, in March 2022, OTTO Motors, a US-based self-driving technology company, introduced the OTTO Lifter, the smartest autonomous forklift on the market. This new technology is designed to automatically pick up and drop off pallets. In complex contexts, the OTTO Lifter can make real-time decisions and can find a pallet if it is tilted, modify behavior in extremely dynamic surroundings, and determine the optimal route on its own, unlike other autonomous forklifts on the market. The OTTO Lifter smoothly navigates traffic and obstacles with dynamic path planning, lane tending, intelligent pallet detection, and stretch-wrap piercing to deliver products to the right place, at the right time.

In December 2021, ZAPI GROUP, an Italy-based manufacturing company that offers products for vehicle electrification, acquired BlueBotics for an undisclosed amount. BlueBotics' acquisition was a key strategic move for ZAPI GROUP to further strengthens its position in the rapidly growing automated vehicle market. Additionally, it would allow ZAPI GROUP to expand the range of solutions to a combined customer base. BlueBotics is a Switzerland-based company providing autonomous navigation technology and expert support for AGVs, automated forklifts, and mobile robots.

The countries covered in the autonomous forklift market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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.

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.