Autonomous Forklift Market by Tonnage (<5, 5-10, >10), Navigation (Laser, Vision, Optical Tape, Magnetic, SLAM, Inductive Guidance, Others), Sales Channel, Application, End-use Industry, Forklift Type, Propulsion and Region - Global Forecast to 2028
[312 Pages Report] The autonomous forklift market is projected to grow from USD 4.6 billion in 2023 to USD 8.8 billion by 2028, at a CAGR of 13.8% from 2023 to 2028. The growth of the market is influenced by factors such as rising complexities for product handling, rising need for smart logistics, good return on investment, better space utilization, and growing consumerism through online platforms. Therefore, the autonomous forklift market is expected to grow significantly in the coming years.
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Market Dynamics
DRIVER: Increasing demand for automated warehouses and automated material handling equipment
Due to its low infrastructure requirements, autonomous forklift-driven automation is widely used. According to Conveyco Technologies, automated forklifts equipped with detection sensors can increase the operational efficiency of retail warehouses by 20%. According to a survey by Inbound Logistics, labor costs account for about 65% of the warehouse’s overall budget, along with employee attrition and low labor productivity. In addition, the warehouse automation market grew from USD 9.95 billion in 2016 to USD 15.59 billion in 2021 due to rising rents and supply chain disruptions.
Autonomous forklifts found applications in warehouses for material handling and storing during manufacturing, warehousing, and distribution of products. The growing complexities of manufacturing and warehousing processes, labor shortage, and rising concerns for safety and health in production and storage facilities require flexible and cost-effective material handling solutions. According to MarketsandMarkets analysis, the automated material handling equipment market increased from USD 32.9 billion in 2017 to USD 43.6 billion in 2021.
In intralogistics systems, autonomous forklifts are frequently used and are considered more effective for low-height racking systems. They are the best option for material handling operations due to their advantages, like compact size, high weight capacity, and capacity to lift and carry loads. Autonomous forklifts in manufacturing facilities can perform repetitive jobs like stocking and retrieving inventory. Furthermore, they can function independently thanks to sophisticated navigational technologies like SLAM and sensors. The autonomous version is thought to increase operational effectiveness and decrease errors and accidents.
RESTRAINT: High integration and switching costs due to AI and WMS
An autonomous forklift has a high initial investment cost. This equipment needs skilled labor to operate it. The ongoing prices for maintaining and updating various subsystems usually are very expensive for companies. Small and medium-sized businesses find it challenging to make such sizable investments. The starting costs for automated material handling systems, including autonomous forklifts, are quite high. The one-stop solution reduces the time and resources needed to analyze different parts. It saves money on testing the system’s compatibility, which in turn lowers the cost of implementation to some extent. However, due to their low cost-benefit ratio, only a few autonomous forklifts are currently used in various industries.
OPPORTUNITY:Development of IoT-integrated autonomous forklifts
Material handling operations have benefited from the advent of Industrialization of 4.0, the Internet of Things (IOT), big data analytics, and cloud computing, which have reduced human intervention in the supply chain and increased automation.
IOT is a closed-loop system that combines technology with actual physical operations and equipment for material handling. For the autonomous forklift, precise data-driven optimization is essential. Forklift health must be continuously monitored by a variety of sensors and encoders to reduce the risk of damage to the facility and equipment. IOT creates a closed ecosystem that enables a fleet management interface to be used by an operator to monitor the performance of autonomous forklifts. The autonomous forklift system has improved the plant's operational effectiveness while also reducing employee fatigue from physically taxing repetitive tasks. The use of IoT-driven autonomous forklifts in supply chain applications is anticipated to grow due to additional benefits like accurate mixed case picking, travel and lift speed optimization, and real-time location determination.
CHALLENGE: Technical challenges related to sensing elements
Any automated material handling system is a complex system that includes a number of sensors, motors, and software that guides the programming of the equipment. An entire operational process could be stopped by a technical problem with the sensing component of the system, adding time and money to the company's expenses. Any flaw in the software's programming can also result in the automated system's malfunction, which would delay the entire production process and lengthen downtime from a few minutes to several days. Therefore, system malfunctions have a negative impact on the procedure and lower profits.
Below 5-tons Tonnage Capacity to register as the fastest-growing segment in the market from 2023 to 2028.
The autonomous forklifts below 5 tons are mostly used for indoor applications owing to its limited lifting capacity. The autonomous forklifts find applications in manufacturing, warehousing, material handling, logistics and freight. These small lifts accelerate safe and simple movement of goods within constrained warehouse floor spaces. Additionally, when used to transport hazardous materials in small warehousing spaces, these autonomous forklifts enable human resource safety.
The Electric Propulsion segment is predicted to grow the largest during the forecasted period.
The industrial automation sector's future lies in the electrification of the products. Because of benefits like decreased emissions, lower operating costs, and ease of maneuverability, the tendency to adopt equipment with electric propulsion is quickly rising in all regions. One of the main factors influencing the growth of the electric propulsion autonomous forklifts during the projected period is the expanding electric infrastructure, particularly in Asia Pacific, Europe, and North American countries, supportive government legislations, and simple integration with automotive software and hardware technologies.
The automated Pallet Jacks segment accounted for the largest market share during the forecast period.
Pallets of products and materials are moved around a warehouse or distribution center using automated pallet jacks. Unlike traditional pallet jacks, which require an operator to manually steer and control the movement of the equipment, it moves and navigates independently using sensors, cameras, and other technologies. They are typically battery-powered and can carry loads up to several tons. Autonomous pallet jacks are designed to improve the efficiency and safety of warehouse operations because they can operate continuously without pausing, maneuver through tight spaces, and avoid people and other objects. They are frequently integrated with warehouse management systems to enhance the movement of goods and minimize human error.
Automated pallet jacks hold the largest share as they are easy to deploy, don’t require any additional infrastructure modification, and can be included in the standard warehouse process without any change. These automated pallet jacks are mainly used for floor-to-floor applications. Further, these automated pallet jacks are suitable for sing-face pallets only due to their fork stabilizers.
Many companies focus on developing automated pallet jacks for warehouse and distribution operations. For instance, in 2021, Mobile Industrial Robotics and Logitrans A/S teamed up to create autonomous pallet jacks for warehouse applications. The Mobile Industrial Robotics will combine autonomous navigation and software capabilities with Logitrans A/S electric pallets. Thus, rising product development in pallet jacks and growing applications of pallet jacks within warehouses and distribution centers would drive the demand for automated pallet jacks in coming years.
Asia Pacific is projected to be the largest market by 2028.
By 2028, the autonomous forklift market is expected to be dominated by the Asia Pacific region due to growing adoption in China and India. While it is anticipated that other nations in the region, like Japan and South Korea, will increase their share by modernizing and modifying current automated material handling equipment. Additionally, international autonomous forklift OEMs are moving their operations to this region. The region is anticipated to increase its share during the forecast period because the technology transfer has increased the number of local players, which is expected to lower the cost of adopting autonomous forklifts in the region.
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Key Market Players & Startups
The autonomous forklift market is dominated by players such as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (France), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), Hangcha Group Co, Ltd (China), and Agilox Services GMBH (Austria). These companies offer autonomous forklift automation services and have strong distribution networks at the global level. These companies have adopted extensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing market for autonomous forklift market.
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Report Metric |
Details |
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Market size available for years |
2018–2028 |
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Base year considered |
2022 |
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Forecast period |
2023–2028 |
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Forecast volume |
Units |
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Forecast value |
USD Million/Billion |
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Segments Covered |
By Tonnage Capacity, Navigation Technology, Sales Channel, forklift type, paper and pulp by tonnage capacity, Application, End-Use Industry, Type, Propulsion, and Region |
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Geographies Covered |
Asia Pacific, Europe, North America, and the Rest of the World |
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Companies Covered |
Toyota Industries Corporation (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US). (Total of 25 companies) |
The study categorizes the autonomous forklift market based on tonnage capacity, navigation technology, sales channel, application, forklift type, paper and pulp by tonnage capacity, end-use industry, type, and propulsion, at regional and global levels.
By Tonnage Capacity
- Below 5 tons
- 5-10 tons
- Above 10 tons
By Application
- Manufacturing
- Warehousing
- Material Handling
- Logistics and Freight
- Others
By Navigation Technology
- Laser Guidance
- Magnetic Guidance
- Vision Guidance
- Inductive Guidance
- Optical Tape Guidance
- SLAM
- Others
By Industry
- 3PL
- Food and Beverages
- Automotive
- Paper and Pulp
- Metals and Heavy Machinery
- E-commerce
- Aviation
- Semiconductors and Electronics
- Healthcare
- Others
Paper and Pulp By Tonnage Capacity
- Below 5 tons
- 5-10 tons
- Above 10 tons
By Forklift Type
- Pallet Jacks
- Pallet Stackers
By Propulsion
- Electric
- ICE
- Alternate Fuels
By Sales Channel
- In-House Purchase
- Leasing
By Type
- Indoor
- Outdoor
By Region
- Asia Pacific
- Europe
- North America
- Rest of the World
Recent Developments
- In November 2022, Linde Material Handling Equipment launched the R-Matic autonomous reach truck. Reach trucks are developed as a hybrid solution, allowing the driver to take over at any time and shift the truck into manual mode. Automated industrial trucks travel independently to the charging station for recharging because they are outfitted with fast-charging batteries.
- In September 2022, Toyota Industries Corporation developed an autonomous lift truck with the world’s first AI-based feature. It automatically recognizes the position and location of trucks and loads and creates automated travel routes for loading operations. This allows for the automation of loading procedures in addition to the traditional fixed-position loading, even when the truck's halting location and load position is not fixed.
- In March 2022, Linde Material Handling Equipment, a subsidiary of KION Group AG, launched autonomous mobile robots called C-Matic. The company is expanding its product line-up in automated solutions with small, quick, and adaptable logistic helpers.
- In July 2021, Jungheinrich AG and TRUMPG announced they entered into an intralogistics partnership. AG announced it would provide TRUMPG with driverless vehicles to transport sheet metal parts between different machine tools and storage locations. In contrast, TRUMPF will offer its Fab production-control software, which will assist manufacturers in improving their logistics.
- In June 2021, AGILOX Services GmbH and Carlyle Group entered into an investment agreement. With this agreement the AGILOX Services GmbH can improve its geographic reacg and product development.
- In November 2020, Swisslog AG and e-commerce order fulfillment specialist further strengthened their leadership position in Australia by opening an automated Micro-Fulfillment Centre (MFC) in Sydney.
- In September 2020, Jungheinrich AG has acquired stakes in robotics startup Magazino and formed a strategic collaboration and intent to combine skill setrs to develop mobile automation.
Frequently Asked Questions (FAQ):
What is the current size of the global autonomous forklift market?
The current autonomous forklift market size is USD 4.6 billion in 2023.
Which are the adjacent market which will be impacted due to autonomous forklift?
Sensor Manufacturers, Hardware and software developer, and camera manufacturers will get benefited from the growth of autonomous forklifts.
Who are the winners in the global autonomous forklift market?
The autonomous forklift market is dominated by players such as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (Japan), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), and Agilox Services GMBH (Austria).
What are the key applications of autonomous forklifts?
Material handling, and warehousing are the major applications of autonomous forklifts.
Below 5-tons Tonnage Capacity, autonomous forklifts are expected to change the dynamics of the automated material handling equipment market. How will this transform the overall market?
The below 5-tons tonnage capacity autonomous forklifts are autonomous pieces of equipment that will lead to warehouse optimization. Their application will improve operations by a reduction in the need for laborers, warehouses can operate 24/7 and the possibility of errors will be as small as 0.01%.
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The study involved four major activities in estimating the current size of the autonomous forklift market. Exhaustive secondary research was carried out to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The bottom-up and top-down approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
In the secondary research process, various secondary sources such as company websites, press releases, industry association publications, Intralogistics magazine articles, directories, technical handbooks, World Economic Outlook, trade websites, and technical articles were used to identify and collect information useful for an extensive commercial study of the autonomous forklift market.
Primary Research
Extensive primary research has been conducted after understanding the autonomous forklift market scenario through secondary research. Several primary interviews have been conducted with market experts from both the demand- (OEMs) and supply-side (autonomous forklift provider) across major regions, namely, North America, Europe, and Asia Pacific. Approximately 20% and 80% of primary interviews have been conducted from the demand and supply sides, respectively. Primary data has been collected through questionnaires, emails, and telephonic interviews. In the canvassing of primaries, we have strived to cover various departments within organizations, such as sales, operations, design, and marketing, to provide a holistic viewpoint in our report.
After interacting with industry participants, we conducted brief sessions with highly experienced independent consultants to reinforce the findings from our primaries. This, along with the opinions of the in-house subject-matter experts, led us to the findings described in this report.
To know about the assumptions considered for the study, download the pdf brochure
Market Size Estimation
The bottom-up approach was used to estimate and validate the size of the autonomous forklift market by tonnage capacity, and region. Whereas the top-down approach was used to derive market size by navigation technology, type, application, forklift, propulsion, sales channel, paper & pulp industry, by tonnage capacity, and end-use industry. To determine the market size by tonnage capacity, the country-level estimated value share of autonomous forklifts for each tonnage capacity was multiplied by the average selling price (below 5 tons, 5-10 tons, above 10 tons).
The country-level market sizes were summed up to arrive at the regional market size, which was further added to derive the autonomous forklift market size.
Autonomous Forklift Market: Bottom-Up Approach
Autonomous Forklift Market: Top-Down Approach
The top-down approach was followed to determine the market size by application, end-use industry, type, sales channel, fuel source, forklift type, paper & pulp industry by tonnage capacity, and navigation technology in terms of volume and value for autonomous forklifts. The region-wise autonomous forklift market volume and value by region (Asia Pacific, North America, Europe, Rest of the World) was derived from the global market. The percentage share of autonomous forklifts by application, industry, type, sales channel, fuel source, forklift type, paper & pulp by tonnage capacity, and navigation technology was derived from secondary sources and validated through primaries. It was further multiplied to region-wise market volume and value. Through this, the market volume and value for autonomous forklifts by application, industry, type, sales channel, fuel source, forklift type, paper & pulp by tonnage capacity, and navigation technology were derived. The summation of all region-wise markets was carried out to obtain the total market for autonomous forklifts by type and industry in terms of volume (units) and value (USD million)
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Data Triangulation
All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources. All parameters that are expected to affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data. This data was consolidated, supplemented with detailed inputs and analysis from MarketsandMarkets, and presented in the report.
Market Definition:
As per the Toyota Industries Corporation (Japan), an autonomous forklift is a driverless forklift with unique autopilot technology that provides reliable and accurate driverless operation for transporting, stacking, or picking. The autopilot system can function independently and alongside manually operated equipment systems.
Key Stakeholders:
- Design Manager
- Sales Head
- End User Purchase Manager
- Logistic Manager
- R&D Manager
Report Objectives
- To define, describe, and forecast the autonomous forklift market in terms of value (USD million) and volume (thousand units) based on the following segments:
- By Tonnage Capacity (below 5 tons, 5-10 tons, and above 10 tons)
- By Application (manufacturing, warehousing, material handling, logistics, and freight, and others)
- By Navigation Technology (laser guidance, magnetic guidance, vision guidance, inductive guidance, optical tape guidance, SLAM, and others)
- By Industry (3PL, food and beverages, automotive, paper and pulp, metals and heavy machinery, e-commerce, aviation, semiconductors and electronics, healthcare, and others)
- By Fuel Source (electric, ICE, and alternate fuels)
- By Sales Channel (In-house purchase and leasing)
- By Forklift Type (Pallet Jacks, and Pallet Stackers)
- By Type (indoor and outdoor)
- Paper and Pulp by Tonnage Capacity (below 5 tons, 5-10 tons, and above 10 tons)
- By Region (Asia Pacific, Europe, North America, and the Rest of the World)
Available Customizations
Along with the market data, MarketsandMarkets offers customizations per company-specific needs.
The following customization options are available for the report:
Autonomous Forklift Market, By Level Of Autonomy
- Level 1
- Level 2
- Level 3
- Level 4
Autonomous Forklift Market, By Type And Country
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Asia Pacific
- China
- Japan
- South Korea
- India
-
Europe
- Germany
- France
- UK
- Italy
- Spain
- Russia
-
North America
- US
- Canada
- Mexico
-
Rest Of The World
- Africa
- Australia And Oceania
Note: This Will Be Further Segmented By Region.
Autonomous Forklift Market, By End-Use Industry, By Tonnage Capacity
- 3PL
- Food & Beverages
- Paper & Pulp
- Automotive
- Metals and Heavy Machinery
- E-Commerce
- Aviation
- Semiconductors and Electronics
- Healthcare
- Semiconductors and Electronics
Generating Response ...
Growth opportunities and latent adjacency in Autonomous Forklift Market
We would like to know more about Autonomous Forklift Market by level of autonomy (level1, level2, level3).