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Revolutionizing Warehousing: Autonomous Forklift Market Trends 2024
Autonomous Forklift Market Dreivers
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According to The Business Research Company's, The autonomous forklift market size has grown rapidly in recent years. It will grow from $6.53 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to need for warehouse automation, labor shortages in material handling, increasing demand for efficient logistics, cost savings through automation in industrial settings, growing consumerism through online platforms.
The autonomous forklift market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to expansion of e-commerce and fulfillment centers, growing emphasis on safety in material handling operations, shift towards interoperability in autonomous forklift systems, rising complexities for product handling, rising need for smart logistics. Major trends in the forecast period include integration of artificial intelligence in autonomous forklifts, development of collaborative and swarm robotics in forklift fleets, adoption of 5g technology for enhanced connectivity and communication, implementation of lidar and computer vision for precise navigation, customization and adaptability of autonomous forklifts for various industries.
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Market Drivers and Trends:
The increasing demand for automated warehouses is expected to drive the growth of the autonomous forklift market going forward. Automated warehouses refer to the systems used for warehouse operations with automated material handling equipment integrated with artificial intelligence and robotics. Manufacturers are adopting autonomous forklifts for their operations as they offer a significant improvement in productivity, reduce product damage, improve safety and efficiency, and reduce labor costs. These benefits have encouraged industries to embrace the use of autonomous forklifts, thereby increasing their demand. For instance, in December 2021, according to Conveyco, a UK-based material handling equipment supplier, at least 6,20,000 shipments of various warehouse automation technologies were shipped worldwide. Therefore, the increasing demand for automated warehouses is driving the demand for autonomous forklifts.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Hangcha Group Co. Ltd., Hyundai Heavy Industries Group, KAUP GmbH & Co., Kion Group AG, Lonking Machinery Co. Ltd., Toyota Industries Corporation, Linde Material Handling GmbH, Crown Equipment Corporation, Doosan Corporation, Konecranes Oyj, Clark Construction Group LLC, Seegrid Corporation, Balyo Robotic SA, Agilox Services GMBH, Clearpath Robotics Inc., Mitsubishi Logisnext Co. Ltd., Manitou BF S. A, Jungheinrich AG, Anhui Heli Co. Ltd., Anhui Yufeng Equipment Co. Ltd., Komatsu Ltd., EP Equipment Co. Ltd., Godrej & Boyce Manufacturing Co. Ltd., Clark Material Handling Company, Combilift Ltd., Hyster-Yale Material Handling Inc., Still GmbH, AutoGuide Mobile Robots, BYD Company Ltd., Hubtex Australia Pty Ltd.
Autonomous Forklift Market 2024 Key Insights:
• The autonomous forklift market size is expected to see rapid growth in the next few years. It will grow to $11.32 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• Growing Demand For Automated Warehouses Fuels Autonomous Forklift Market
• New Autonomous Forklift Products With Advanced Features In The Market
• Asia-Pacific was the largest region in the autonomous forklift market share in 2023
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