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autonomous forklift market

Autonomous Forklift Market Share, Size, Trends, Industry Analysis Report, By Tonnage Capacity (Below 5 Tons, 5-10 Tons, Above 10 Tons), By Application (Manufacturing, Warehousing, Material Handling, Logistics & Freight, Others); By Industry; By Region; Segment Forecast, 2022 - 2030

  • Published Date: Jun 2022
  • Pages: 114
  • Format: PDF
  • Report ID: PM2456
  • Base Year: 2021
  • Historical Data: 2018 - 2020

Report Summary

The global autonomous forklift market was valued at USD 3.12 billion in 2021 and is expected to grow at a CAGR of 12.5% during the forecast period. Technological advancements, along with the rising application of autonomous forklifts across several industries including automotive, e-commerce, aviation, metals & heavy machinery, healthcare, electronics, and many others, are responsible for driving the growth of the industry.

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Furthermore, the growing incorporation of Automated Guided Vehicles (AGVs) for various material handling tasks is anticipated to fuel the growth of the autonomous forklift industry. Automated guided vehicles are widely used to provide solutions that enable lower labor costs and improved scalability.

The outbreak of the covid-19 pandemic had a positive impact on the global autonomous forklift market. The widespread of the COVID-19 has led the global industry to battle an economic crisis; however, physical distancing during the pandemic led to the increased demand for the industry. Furthermore, there are many manufacturers that are looking to automate material handling processes as it reduces the chance of COVID-19 exposure by reducing human contact. The pandemic has made autonomous forklifts an immediate reality for small-footprint manufacturing facilities.

Industry Dynamics

Growth Drivers
The use of autonomous forklifts is gaining traction as they are widely used to automate the process of transporting, lifting, lowering, putting away, or retrieving loads without a human operator. Since autonomous forklifts provide automation that leads to the reduced cost of movement per pallet and per case, as a result of which, the demand for the market is projected to grow during the forecast period.

In addition, the growth of the autonomous forklift industry is stimulated by the introduction of innovative material handling technologies that are helping shippers in order to fulfill customers’ expectations while improving their own operational productivity and profitability.

Furthermore, the significant growth of the market is further accelerated by the rising need for autonomous forklifts by the manufacturers present across the globe, where these systems are extensively used for the largely repetitive and routine processes to gain the efficient productivity.

Report Segmentation

The market is primarily segmented on the basis of tonnage capacity, application, industry, and region.

By Tonnage Capacity

By Application

By Industry

By Region

  • Below 5 tons
  • 5-10 tons
  • Above 10 tons
  • Manufacturing
  • Warehousing
  • Material handling
  • Logistics & Freight
  • Others
  • 3PL
  • Food & Beverages
  • Automotive
  • Paper & Pulp
  • Metals & Heavy Machinery
  • E-commerce
  • Aviation
  • Semiconductors & Electronics
  • Healthcare
  • Others
  • North America (U.S., Canada)
  • Europe (France, Germany, UK, Italy, Spain, Netherlands, Russia)
  • Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
  • Latin America (Brazil, Mexico, Argentina)
  • Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

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Insight by Application

The logistics & freight segment is projected to hold a significant revenue share in the global autonomous forklift market. The surging need for automated systems, along with the introduction and advancements of e-commerce in logistics & freight activities, are the primary factors responsible for the segment growth.

Furthermore, the rising application of autonomous forklift technology across the warehouse sector is likely to stimulate the growth of the industry owing to the several benefits associated with it including high-end efficiency, accuracy, and precision. These machines can continue working at a constant pace, and the cost of labor is considerably reduced.

Insight by Industry

The e-commerce sector is expected to account for a significant market share in the global autonomous forklift market. The rapid proliferation of the e-commerce sector along with a surge in sales is anticipated to augment the demand for the industry. There has been an increased use of autonomous forklifts by the industry players to meet the growing e-commerce demand for products & services. The paradigm shifts to e-commerce platforms and push for ever-faster deliveries has facilitated the development of better and more efficient robots of all types.

Geographic Overview

Asia Pacific market is anticipated to exhibit the highest share in the global market over the forecast period. The high market share is stimulated by the rising demand for the technology from emerging economies across the region, such as China, India, and Japan. The rising investment in research & development, as well as the increasing government initiatives to encourage the use of advanced technology in order to facilitate better operational productivity, is anticipated to propel the growth of the industry.

In addition, North America is expected to account for a significant share in the global autonomous forklift market. The rising technological advancements, adoption of innovative advanced devices as well as new product offerings are the factors responsible for the increased demand for the industry in the region.

Competitive Insight

Some of the major players operating in the global market include Agilox Services Gmbh, Agve AB, Anhui Heli Co., Ltd, Balyo SA, Crown Equipment Corporation, Hyster-Yale Materials Handling, Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, Kion Group AG, Mitsubishi Logisnext Co. Ltd, Oceaneering International, Inc, Scott Automation, Seegrid Corporation, Swisslog AG, and Toyota Industries Corporation.

The manufacturers are focusing on strategic business development through partnerships, product development, and acquisitions in order to increase the customer base and enhance the product portfolio. For instance, in May 2021, Mitsubishi Logisnext Americas Group entered into a partnership with Phantom Auto Partners, a leading provider of interoperable remote operation software to scale up remote operation.

Autonomous Forklift Market Report Scope

Report Attributes

Details

Market size value in 2021

USD 3.12 Billion

Revenue forecast in 2030

USD 8.71 Billion

CAGR

12.5% from 2022 - 2030

Base year

2021

Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative units

Revenue in USD Billion and CAGR from 2022 to 2030

Segments covered

By Tonnage Capacity, By Application, By Industry, By Region

Regional scope

North America, Europe, Asia Pacific, Latin America, Middle East & Africa

Key companies

Agilox Services Gmbh, Agve AB, Anhui Heli Co., Ltd, Balyo SA, Crown Equipment Corporation, Hyster-Yale Materials Handling, Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, Kion Group AG, Mitsubishi Logisnext Co. Ltd, Oceaneering International, Inc, Scott Automation, Seegrid Corporation, Swisslog AG, and Toyota Industries Corporation.

 

Key Take-Away
Polaris Market Research
Autonomous Forklift Market Size Report, 2022 - 2030