Press release
Autonomous Forklift Market expected to Witness Huge Revenue Growth to 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 are increasingly recognized as reliable and efficient machines capable of performing critical tasks without human intervention. Advances in technology, along with rising adoption across various industries such as automotive, aerospace, metals and construction equipment, sports, and electronics, are driving the growth of the autonomous forklift market.
These forklifts are particularly valued for their ability to automate essential operations such as transporting, lifting, placing, storing, and retrieving goods-functions that traditionally required manual labor. By reducing the cost per pallet movement, autonomous forklifts contribute significantly to operational efficiency, thereby fueling market demand over the forecast period. Additionally, the growing implementation of Automated Guided Vehicles (AGVs) for a range of material handling applications further supports the market expansion.
List of Prominent Players in the Autonomous Forklift Market:
• Hyundai Heavy Industries Group
• AB Volvo
• 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.
Market Dynamics:
Drivers-
Technological advancements and the increasing adoption of autonomous forklifts across a broad range of industries-including automotive, aerospace, metals and construction equipment, sports, and electronics-are key drivers propelling market growth. These forklifts are widely utilized for automating tasks such as transporting, lifting, lowering, storing, and retrieving materials without the need for human intervention.
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Challenges:
Despite their benefits, the high initial investment required for acquiring and implementing autonomous forklift systems is a significant barrier to market expansion. Additionally, the ongoing costs associated with maintenance and operation, along with the volatility in raw material prices needed for component manufacturing, further constrain market growth.
Regional Trends:
North America is expected to hold a substantial share of the autonomous forklift market. This dominance is attributed to the region's economic growth and increased demand for advanced technologies. Government initiatives aimed at promoting innovation and enhancing operational efficiency, coupled with rising investments in research and development, are anticipated to further accelerate market development. The Asia Pacific region also represents a significant portion of the market, driven by the rapid deployment of advanced technologies, continuous technological progress, and frequent product innovations that are stimulating demand in the region.
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.
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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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