Rising investments in construction projects, the expanding
e-commerce and warehousing sector in the region, and growing
industrial activities contribute to the demand for autonomous
forklifts in Asia-Pacific. These
forklifts are extensively deployed on-site for transporting
materials and loading/unloading products and commodities.
NEWARK,
Del., June 25, 2024 /PRNewswire/
-- Automation trends in industries across sectors all over the
world, especially in developed countries like Germany and Italy, have fuelled the adoption of autonomous
forklifts. The autonomous forklift market is valued at a
staggering USD 5,300.9 million
in 2024. Advancements in engineering technology and artificial
intelligence (AI) have further made these forklifts more efficient,
reliable, and affordable so that even small businesses can afford
them.
The adoption of autonomous forklifts has also been driven by the
Industry 4.0 drive in various economies that rely on manufacturing
industries such as automotive, engineering, and construction. Owing
to the current market trends, the autonomous forklift industry is
very likely to register a CAGR of 8.9% through 2034. These
units utilize the full potential of autonomous forklifts for
improving efficiency and productivity.
The cost of acquiring these forklifts, however, is substantial,
which has made it difficult for smaller businesses with limited
financial resources to enter the industry. The investments needed
to train or hire skilled professionals to operate these machines
are also cost-intensive, making it challenging for businesses to
afford them. Despite these challenges, the market valuation is
slated to surpass USD 12,450
million by the end of 2034.
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"Companies in the autonomous forklift market should focus
on enhancing safety features, improving navigation systems, and
integrating advanced AI technology for better efficiency and
productivity," says Nikhil
Kaitwade (Associate Vice President at Future
Market Insights, Inc.)..
Key Takeaways from the Market Study:
- The indoor segment dominates the autonomous forklift market,
with a share of 69.2% in 2024.
- Based on tonnage, the 5 to 10-ton segment leads the autonomous
forklift market, with a share of 35.1% in 2024.
- The autonomous forklift market in India is anticipated to grow at a CAGR of 9.3%
through 2034.
- The autonomous forklift market in Japan is estimated to rise at a 9.3% CAGR
through 2034.
- The autonomous forklift market in South Korea has the potential to increase at
9.5% CAGR through 2034.
- The United States autonomous
forklift market is predicted to rise by 8.6% CAGR through
2034.
- The autonomous forklift market in the United Kingdom is very likely to grow at a
CAGR of 9.2% through 2034.
Competitive Landscape
The autonomous forklift market is highly competitive with,
several companies vying for international dominance.
- Established companies with vast experience have gained a loyal
consumer base and have a marketing reach across borders.
- Collaborations with local manufacturers have enabled these
companies to expand their products and technology to developing and
underdeveloped countries.
- The industry is currently dominated by prominent players such
as Amazon Robotics, Toyota Industries Corporation, Hyster-Yale
Materials Handling, Inc., KION Group AG, and Daifuku Co., Ltd.
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Leading Autonomous Forklift Brands
- Amazon Robotics
- Toyota Industries Corporation
- Hyster-Yale Materials Handling, Inc.
- KION Group AG
- Daifuku Co., Ltd.
- Seegrid Corporation
- Vecna Robotics
- BlueBotics SA
- Balyo Inc.
- AGV International
- Clearpath Robotics Inc.
- E&K Automation GmbH
- Fetch Robotics, Inc.
- Geek+ Robotics
- Hyundai Heavy Industries Co., Ltd.
- JBT Corporation
- Kollmorgen Corporation
- Locus Robotics Corporation
- Mobile Industrial Robots (MiR)
- Swisslog Holding AG
Recent Developments:
- In May 2024, KION North America
and Fox Robotics partnered to manufacture FoxBot autonomous trailer
loader/unloaders in South
Carolina. FoxBot enhances safety and productivity with
automation.
- In April 2024, Walmart
successfully deployed 19 autonomous forklifts across four
distribution centers developed by Fox Robotics, complementing their
automated storage and retrieval system.
- In March 2024, ArcBest deployed
Nvidia's AI technology on its autonomous forklifts, improving
object recognition and safety in freight handling. Isaac Perceptor
enhances efficiency with 3D mapping.
Key Segments of Market Report:
By Tonnage:
Based on tonnage, the industry is trifurcated into less than 5
tons, 5 to 10 tons, and more than 10 tons.
By Navigation Technology:
Depending on the navigation technology, the industry is
segmented into three categories: laser, vision, and magnetic.
By Type:
By type, the industry is bifurcated into indoor and outdoor
categories.
By Sales Channel:
Autonomous forklifts are sold through multiple sales channels
including in-house purchase and leasing.
By Application:
The segmentation by application includes four categories:
manufacturing, warehousing, material handling, and logistics &
freight.
By Region:
As per region, the industry is divided into North America, Latin
America, Europe,
Asia Pacific, and the Middle East and Africa.
Report Preview:
Author by:
Nikhil Kaitwade (Associate Vice President at Future Market
Insights, Inc.) has over a decade of experience in market research
and business consulting. He has successfully delivered 1500+ client
assignments, predominantly in Automotive, Chemicals, Industrial
Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research
methodology, creating a unique analysis framework, statistical data
models for pricing analysis, competition mapping, and market
feasibility analysis. His expertise also extends wide and beyond
analysis, advising clients on identifying growth potential in
established and niche market segments, investment/divestment
decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in
Mechanical Engineering. Nikhil has authored several publications
and quoted in journals like EMS Now, EPR Magazine, and EE
Times.
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