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Autonomous Forklift Market Insights, Growth, Key Players And Outlook By 2033
Autonomous Forklift Market Size
As per the report, the autonomous forklift market size has grown rapidly in recent years. It will grow from $6.53 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The autonomous forklift market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
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Growing Demand For Automated Warehouses Fuels Autonomous Forklift Market
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 Autonomous Forklift Products With Advanced Features In The Market
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.
The autonomous forklift market covered in this report is segmented -
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
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Major companies operating in the autonomous forklift market report are Hangcha Group Co. Ltd., Hyundai Heavy Industries Group, KAUP GmbH & Co., Kion Group AG, Lonking Machinery Co. Ltd., Toyota Industries Corporation, Linde Material Handling GmbH, Crown Equipment Corporation, Doosan Corporation, Konecranes Oyj, Clark Construction Group LLC, Seegrid Corporation, Balyo Robotic SA, Agilox Services GMBH, Clearpath Robotics Inc., Mitsubishi Logisnext Co. Ltd., Manitou BF S. A, Jungheinrich AG, Anhui Heli Co. Ltd., Anhui Yufeng Equipment Co. Ltd., Komatsu Ltd., EP Equipment Co. Ltd., Godrej & Boyce Manufacturing Co. Ltd., Clark Material Handling Company, Combilift Ltd., Hyster-Yale Material Handling Inc., Still GmbH, AutoGuide Mobile Robots, BYD Company Ltd., Hubtex Australia Pty Ltd.
Contents of the report:
1. Executive Summary
2. Autonomous Forklift Market Report Structure
3. Autonomous Forklift Market Trends And Strategies
4. Autonomous Forklift Market - Macro Economic Scenario
5. Autonomous Forklift Market Size And Growth
…..
27. Autonomous Forklift Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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