Press release
Autonomous Forklift Market is expected to reach USD 10.4 billion by 2030
Autonomous Forklift Market - DataM Intelligence
Global Autonomous Forklift Market reached USD 3.8 billion in 2022 and is expected to reach USD 10.4 billion by 2030, growing with a CAGR of 13.5% during the forecast period 2023-2030.
The market for autonomous forklifts is poised for substantial growth in the coming years, driven by the increasing demand for automation solutions across diverse industries. Companies are drawn to the potential of decreased labor costs and improvements in safety, accuracy, and productivity offered by autonomous forklifts, contributing to the anticipated significant expansion of this market.
To maintain their prominence in the autonomous forklift sector, major competitors in Europe are actively introducing their products to the market. An example of this is VisionNav, which, in January 2022, unveiled its line of fully automated forklift trucks and intelligent operating systems in the European market. This comprehensive lineup includes driverless counterbalanced forklift trucks, reach trucks, stackers, and tow tractors, all equipped with the ability to sense their surroundings using installed cameras. With such initiatives, Europe currently commands over a quarter of the global market share in the autonomous forklift industry.
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Market Dynamics
The Surge in Infrastructure Investment
Governments worldwide, especially in developing nations, are directing significant funds towards infrastructure development. This extensive investment is a key driver in the growing demand for autonomous heavy-duty forklifts capable of handling substantial loads. The construction sector, in particular, is seeking forklifts equipped to manage large and heavy materials, such as massive precast concrete, essential for building projects associated with the expanding infrastructure.
Interestingly, the demand for forklifts not only aligns with the requirement for new infrastructure but also contributes to the necessity for infrastructure that supports these forklifts. As companies increase their inventory of electric forklifts, they must simultaneously modernize their electrical infrastructure. This includes the installation of charging stations capable of meeting the 10- to 30-amp requirements of each truck. This dual impact, both driving and responding to infrastructure needs, fuels the global demand for autonomous forklifts.
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Market Segmentation
By Capacity
Below 5 Tons
5 to 10 Tons
Above 10 Tons
By Application
Manufacturing
Warehousing
Material Handling
Logistics and Freight
Others
By End-User
Food and Beverages
Automotive
Pulp and Paper
Aerospace
Semiconductor and Electronics
Healthcare
Market Key Player
Major players are Toyota Industries Corporation, Kion Group AG, Mitsubishi Logisnext Co Ltd, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Swisslog AG, Oceaneering International, Inc., Hyundai Construction Equipment Co., Ltd., Balyo SA and Agilox Services GmbH.
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