Press release
Automating Warehouses: The Autonomous Forklift Market Poised for Explosive Growth (2024-2031)
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Autonomous Forklift Market Size, Share & Trends Analysis Report By Forklift Type (pallet jacks and pallet stackers), Navigation Technology (inductive guidance, laser guidance, magnetic guidance, optical tape guidance, and vision guidance),
Tonnage (below 5 tons, 5-10 tons and more than 10 tons), Application (Indoor, Outdoor), End-User (3PL, Food & Beverages, Automotive, Paper & Pulp, Metals & Heavy Machinery, E-commerce, aviation, semiconductors & electronics, healthcare)- Market Outlook And Industry Analysis 2031"
The Global Autonomous Forklift Market is estimated to reach over USD 12.76 billion by 2031, exhibiting a CAGR of 12.7% during the forecast period.
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Autonomous Forklifts: Streamlining Efficiency and Safety
Autonomous forklifts are revolutionizing material handling by functioning as reliable, human-free workers. Advancements in technology and their growing adoption across diverse industries, including automotive, aerospace, and electronics, are fueling significant industry expansion.
These intelligent machines are gaining traction for their ability to automate tasks like moving, lifting, and storing materials without human intervention. This automation translates to a lower cost per pallet moved, a key driver for market growth throughout the forecast period. Additionally, the increasing use of Automated Guided Vehicles (AGVs) for various material handling applications is expected to further propel the autonomous forklift market.
Note: Autonomous underwater vehicles (AUVs) are a separate technology used for underwater exploration and tasks. They are not interchangeable with autonomous forklifts (AGVs) used in warehouses and factories.
List of Prominent Players in the Autonomous Forklift Market:
• Jungheinrich AG
• Linde Material Handling
• KION Group AG
• Toyota Material Handling Group
• OTTO Motors
• Balyo Robotic
• Crown equipment
• Mitsubishi Logisnext Co., Ltd.
• BALYO
• Oceaneering International, Inc.
• AGILOX Services GmbH
• Swisslog Holding AG
• Hyster-Yale Materials Handling, Inc.
• Hyundai Construction Equipment Co., Ltd.
• Hyundai Heavy Industries Group
• AB Volvo
Market Dynamics:
Drivers-
Technology advances and the growing use of autonomous forklifts in various sectors, including the automobile, t s aerospace, metals & construction equipment, sports, electronics, and many more, propel the industry's expansion. Due to their widespread use in automating moving,
lifting, dropping, storing, or returning items without a human operator, autonomous forklifts are gaining popularity. Since Autonomous forklifts offer automation that lowers the cost of moving per pallet, and in each case, the market's demand is anticipated to increase for the projection period.
Challenges:
The significant initial investment will impede market expansion. High expenses for upkeep and operation will also hinder market expansion. The cost fluctuations of the raw materials required to make components will add to the difficulties.
Regional Trends:
The North America autonomous forklift market is expected to register a major market share. The significant market share results from the region's expanding economies which are driving up demand for the technology. The federal governments developing attempts to promote cutting-edge technology to support greater operational productivity, along with increased funding for research and development, are expected to fuel the industry's growth.
Similarly, Asia Pacific had a notable share of the market. The drivers for the region's expanding demand for the industry are the deployment of cutting-edge technology, rising technological breakthroughs, and new product introductions.
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Recent Developments:
• In May 2021-To expand the remote operation, Mitsubishi Luminex Americas Group partnered with Phantom Auto Partners, a top supplier of interoperable remote operation software.
• In July 2021-A 2.0-3.5-ton weight capacity electric forklift truck with high voltage lithium-ion batteries was introduced by Hangchow Group Co., Ltd. (309 V). This line of trucks should be able to operate for up to 12 hours and charge entirely in under an hour.
Segmentation of Autonomous Forklift Market-
By Forklift Type
• Pallet Jacks
• Pallet Stackers
By Tonnage
• Below 5 tons
• 5-10 tons
• Above 10 tons
By Navigation Technology
• Laser Guidance
• Magnetic Guidance
• Vision Guidance
• Inductive Guidance
• Optical Tape Guidance
• SLAM
• Others
By Application Type
• Indoor
• Outdoor
By End-user
• 3PL
• Food and Beverages
• Automotive
• Paper and Pulp
• Metals and Heavy Machinery
• E-commerce
• Aviation
• Semiconductors and Electronics
• Healthcare
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions.
Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses.
We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products.
Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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