Autonomous Forklift Market – Global Industry Analysis by Component, Tonnage, Application, Level of Autonomy, Region and Forecast (2022-2029)

Autonomous Forklift Market size was valued at US$ 4.03 Bn. in 2022. Warehousing technology is expected to dominate the post COVID era for Autonomous Forklift Market.
Autonomous Forklift Market Overview:
For excessively repetitive procedures, autonomously operated forklifts are far more cost-effective than human forklifts, whether in distribution centers, manufacturing, or a hybrid.

They can be integrated into operations that run 24 hours a day, seven days a week and cover multiple shifts. These self-contained trucks can flawlessly coordinate their path and speed. This allows material flows to remain at ideal levels while consuming the least amount of energy possible. Facilities managers also note that they cause significantly less damage to shelves, loads, pallets, and other trucks since they navigate more accurately and safely than manned forklifts. Autonomous Forklift Market is expected to register CAGR od 7.1% furing the forecast period owing to high mobility of autonomous forklifts.To know about the Research Methodology :- Request Free Sample Report
Autonomous Forklift Market Dynamics:
Driverless industrial vehicles are gaining a lot of interest right now as a way to automate tasks like carrying, lifting, lowering, putting away, or retrieving cargo without the need for a human operator. Although automated forklifts account for less than 2% of all forklifts sold in North America, there has never been a greater need for this technology. Many manufacturers are looking to automate material handling operations since limiting human interaction minimizes the risk of COVID-19 exposure. COVID-19 has made autonomous forklifts a reality for small footprint industrial companies, despite being acknowledged years ago. Automated guided vehicles (AGVs) include autonomous forklifts, however the word is most generally used to designate conveyances that don't have forks and only provide horizontal movement.

Due of a constrained labour market in the United States, significant growth for this product category was projected prior to the pandemic. The apparent solution to filling that labour gap was automation, which provided continuous, constant performance 24 hours a day, seven days a week while lowering the expense of recruiting and onboarding new employees.

Comparison Matrix of Fuel Operated and Automated Forklifts:

"Some of the key advantages of autonomous forklifts are crucial during pandemics," according to Survey by Global AGV in 2022. A single unit provides dynamic flexibility, scalability, and reliability that could help meet safety criteria while preventing contamination. In today's extremely complex industrial operations, automation reduces product damage and alleviates the ergonomic impact of repetitive, physically demanding jobs. During the epidemic, important manufacturers are increasingly requesting autonomous forklifts to automate primarily repetitive and regular activities. One of the most effective uses of automated driverless product movement is when product comes off a manufacturing line in batches and moves into a connected warehouse; this results in increased productivity and throughput. Manufacturing and packaging of food and beverages are excellent examples of autonomous forklift applications.

In reality, a small firm with a few forklifts needs to replace one every 5–7 years. In 2022, a manufacturer with only a few units will replace the next purchase with an autonomous forklift to see how much value automation can add to the operation. On the other hand, high cost of production of autonomous vehicles and cyber security threats in the system are the factors hampering the market growth. More restraints and challenges for the market are comprehensively pointed out in the report along with 2022 scenario analysis. Autonomous forklifts cut movement expenses per pallet and each case by automating the process. Many manufacturers use automation data as a metric to measure their success (KPIs). These machines easily connect with humans, often collaborating to achieve large productivity gains while also addressing predicted difficulties such as the pandemic, competitiveness, and rising operating expenses.
Autonomous Forklift Market Segment Analysis:
Warehouse applications segment is dominating the Autonomous Forklift Market:

The introduction and development of e-commerce has nearly completely altered logistics and warehousing services. Since the number of deliveries has increased significantly, the number of employees and their costs have also increased significantly. As a result, warehouse automation operations have increased. Thousands of workplace incidents have been blamed on manual forklift drivers, including numerous injuries, leaks, slips, and resource waste. Autonomous forklifts appear to be a blessing with numerous advantages. Offering great levels of efficiency, precision, and accuracy, these robots can work at a steady rate, are safer than human workers, and labour costs are significantly decreased, all of which benefit the organization.

A warehouse with uneven or discordant wooden pallets, for example, should not stall or hold up a human-operated forklift. However, these inconsistencies could cause an automated forklift to lose control, so a warehouse manager must be well-prepared to both incorporate autonomous forklifts and ensure that the warehouse floor is constant enough for a machine to navigate in the silo. Simultaneously, fuel costs may have an impact on the type of forklift available. For regular forklifts, options of gas, electric, and diesel are always available, however forklifts with robotics technology may only be available with an electric power source.

Artificial Intelligence and Big Data are taking the autonomous Forklift Market by Storm:

Many firms are harvesting Big Data and utilizing AI and Machine Learning techniques to incrementally enhance the efficiency and uptime of automation systems in order to produce more intuitive and useful software. Many of these strategies necessitate processing power and storage, therefore cloud solutions provide the raw infrastructure needed to make real-time modifications. 5G promises to overcome bandwidth limits and sporadic latencies, allowing cloud-based solutions to impact a process or machine in real-time for maximum value. To set up machine learning algorithms, one needs some advanced software and, in most cases, a cloud-based solution. In today's society, many manufacturers are opposed to share their data. Small firms will continue to rely on the practicality of effective product flow on the plant floor until IT departments overcome their aversion to sharing data and breaches become less common. According to EU Cyber security Informatics, Human safety must be ensured when using an AGV in a collaborative environment. Removing a forklift controlled by a driver reduces danger and improves safety.

New Product Launches by Key Players in the Autonomous Forklift Market:

• Seegrid launched new Seegrid Pallion Lift AMR on 20 October 2022. The product comes with 3D perception technology in the industry. Palion Lift adds unique automated workflows to address customer pain points around securely improving operations during a period of high demand and workforce limitations. For a complete, end-to-end solution, the lift truck AMR automates the movement of palletized items in workflows that entail transferring payloads across the client operation, retrieving and depositing them at heights of up to six feet.

• Toyota Forklift has presented two new autonomous warehouse vehicles on 15th may 2022 which was developed in collaboration with Bastian Solutions, a subsidiary of Toyota Advanced Logistics. The "Center-Controlled Rider" and "Core Tow Tractor Automated Forklifts" were created for use in manufacturing and distribution centres where jobs are highly standardised, repetitive, and simple to complete without the use of advanced human management. BlueBotics' ANT software is used by the cars. ANT functions as an operating system for self-driving mobile robots and automated guided vehicles. Although the two new Toyota vehicles are labelled as AGVs, they appear to have self-driving capabilities.

• Vecna Robotics, a firm that specialises in autonomous mobile robots and workflow orchestration, has released its autonomous counterbalanced fork truck, which the company defines as "a highly versatile, safe, intelligent, and integrated pallet-handling solution." This next-generation autonomous mobile robot, the first in the company's Silverback Series of counterbalanced fork trucks, has a vertical lift of up to 72 inches to help distribution, warehousing, and manufacturing organisations move a wider range of payloads and pallet types, lift inventory to and from equipment, and work seamlessly alongside other materials handling vehicles and human workers to improve efficiency and throughput.

• Fetch, a robotics startup based in San Jose, revealed its newest robot this morning. The PalletTransport1500 is a self-driving robot that was created to take the position of forklifts in warehouses. The systems, which are intended to pick up and transport pallets, can carry payloads of up to 2,504 pounds. The robot forklift joins a number of other robotic forklift options from firms such as Toyota. Though Amazon's Kiva Systems-produced robots are still the most well-known pallet-moving robotics on the market.
Autonomous Forklift Market Regional Insights:
Owing to rising demand from numerous end-use industries such as the wood industry, construction, automotive, food and drinks, and others, North America is likely to account for a significant revenue share. Furthermore, the availability of essential infrastructure to assist the adoption of advanced technologies, as well as new product offerings, are likely to help the Autonomous forklift market growth.

During the forecast period, Asia Pacific is projected to register faster growth rate. Because of the booming e-commerce industry and increased demand from distributors and suppliers. Another element likely to encourage regional market traction is big businesses' preference for emerging countries in order to increase profit margins.

The objective of the report is to present a comprehensive analysis of the Autonomous Forklift market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Autonomous Forklift market dynamics, structure by analyzing the market segments and project the Autonomous Forklift market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Autonomous Forklift market make the report investor’s guide.
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Global Autonomous Forklift Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 4.03 Bn.


Forecast Period 2023 to 2029 CAGR:
7.1%
Market Size in 2029:
US $ 6.52 Bn.


 Segments Covered:
by Component
• Software
• Hardware
• Services


by Application
• Freight and Logistics
• Manufacturing
• Warehousing
• Others


by level of Autonomy
• Level 1
• Level 2
• Level 3
• Level 4
• Level 5


by Tonnage
• <5 tons
• 5-10 tons
• >10


by Sales Channel
• Leasing
• In house purchasing



Autonomous Forklift Market, by Region
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Autonomous Forklift Market, Key Players are:
• Caterpillar
• Hangcha
• Hyster
• Jungheinrich AG
• Kaup
• Linde Material Handling
• Hyster-Yale Materials Handling Inc.
• Doosan Corporation
• Komatsu Ltd.
• Toyota Industries Corporation
• Mitsubishi Heavy Industries Ltd.
• STILL GmbH
• Crown Equipment Corporation
• Doosan Corporation.
• Hyundai Construction Equipment Europe
• MLE B.V.
• NITCO
• Anhui Heli Co., Ltd.
• Anhui Yufeng Equipment Co., Ltd.
• BHS Corrugated Maschinen
• Anlagenbau GmbH
• AB Volvo
• Baylo

1] What segments are covered in the Autonomous Forklift Market report?
Ans. The segments covered in the Autonomous Forklift Market report are based on Component, Application, Tonnage, level of autonomy and sales channel

2] Which region is expected to hold the highest share in the Autonomous Forklift Market?
Ans. Asia Pacific Region is expected to hold the highest share in the Autonomous Forklift Market.

3] What is the market size of the Autonomous Forklift Market in 2022?
Ans. The market size of the Autonomous Forklift Market in 2022 is US $ 4.03 Bn.

4] Who are the top key players in the Autonomous Forklift Market?
Ans. Caterpillar, Hangcha, Hyster, Jungheinrich AG, Kaup, Linde Material Handling, Hyster-Yale Materials Handling Inc., Doosan Corporation, Komatsu Ltd., Toyota Industries Corporation, Mitsubishi Heavy Industries Ltd., STILL GmbH, Crown Equipment Corporation, Doosan Corporation., Hyundai Construction Equipment Europe, MLE B.V., NITCO, Anhui Heli Co., Ltd., Anhui Yufeng Equipment Co., Ltd., BHS Corrugated Maschinen, Anlagenbau GmbH, AB Volvo, Baylo

5] What will be the market size of the Autonomous Forklift Market in 2029?
Ans. The market size of the Autonomous Forklift Market is expected to be 6.52 Bn. By 2029