Global autonomous forklift market is set to witness a stable CAGR in the forecast period of 2019- 2026: AB Volvo, Automatic Guided Vehicles, Clearpath Robotics, HYUNDAI HEAVY INDUSTRIES GROUP and others

Forklift is a machine that is used to lift items from one place to another at short distance and autonomous forklift are those which work on their own without any human assistance. These new forklifts are useful as they have the ability to make decisions on their own. They are usually equipped with obstacle avoidance, access control identification, target guidance etc. for the better functioning. Increasing logistics industry worldwide is the major factor fuelling the market growth.

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Market Analysis:
Global autonomous forklift market is set to witness a stable CAGR in the forecast period of 2019- 2026. The report contains data of the base year 2018 and historic year 2017. Advancement in smart cities and more favourable government regulations are the major factor for the growth of this market.

Key Players: Global Autonomous Forklifts Market
Few of the major competitors currently working in the global autonomous forklift market are
• AB Volvo
• Automatic Guided Vehicles
• Clearpath Robotics, Inc
• HYUNDAI HEAVY INDUSTRIES GROUP
• BALYO
• The Raymond Corporation
• Seegrid Corporation
• Toyota
• IAM Robotics
• KION GROUP AG
• Cranoist Engineers
• SINKOBE CO., LTD.
• Anhui Yufeng Equipment Co.,Ltd.
• Dematic
• UniCarriers Corporation
• Jungheinrich AG.

Key Developments in the Market:
• In October 2018, BYD and Asian engineering giant ST Engineering announced the launch of their new electric forklift – universal loader which is specially designed for airports, warehouses, docks and other industrial purposes. This new electric forklift also has features like obstacle avoidance, access control identification, target guidance, unloading and loading operations etc. The main aim is provide new technologies for public, private and industrial use.
• In September 2018, OTTO Motors announced the launch of their first self-driving forklift truck which is specially designed for factories and warehouses. The main aim of the launch is to increase the safety and enhance the productivity. It will also help them to reduce the material handling cost. This new autonomous forklift can do floor- to- floor deliveries and can do difficult loading and unloading tasks.

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Market Drivers:
• Rising connected infrastructure is driving the market growth
• Technological advancement and development is another factor driving the growth of this market
• Growth in the logistics industry is factor driving the market
• Rising safety awareness among population is another important factor driving the market growth.

Market Restraints:
• High production cost is restraining the market growth
• Increasing problems related to data management is restraining market

Segmentation: Global Autonomous Forklifts Market
By Product
• Electric Motor Rider Forklifts
• Electric Motor Narrow Aisle Forklifts
• Hand Rider Forklifts
• IC Engine Forklifts,
• Electric and IC Engine Tractors
• Rough Terrain Forklifts

By Component
• Hardware
• Ultrasonic
• Lidar
• Radar
• Vision System
• GPS Receiver
• Others
• Software
• Service

By Level of Automation
• Level 3
• Level 4
• Level 5

By End- Users
• Retail Sector
• Transportation & Logistics
• Automotive Sector
• Manufacturing Sector
• Food and Beverages
• Others
• Wood Industry
• Paper Industry

Competitive Analysis:
Global autonomous forklift market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of autonomous forklift market for global, Europe, North America, Asia-Pacific and South America.

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This release was published on openPR.