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The autonomous forklift market size is projected to reach USD 8.8 billion by 2028 from an estimated USD 4.6 billion in 2023, at a CAGR of 13.8% from 2023 to 2028. The base year for the report is 2022, and the forecast period is from 2023 to 2028. The key factors contributing for the growth of autonomous forklift market includes rising demand for automated storage and retrieval systems (ASRS), growing popularity about automated material handling equipment and warehouse espicailly in e-commerce industry, industrial growth in emerging economies, rising demand for third-party logistics services are some of the driving factors for the market.

The autonomous forklift market is dominated by major players such as Toyota Industries Corporation (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (France), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US). These companies have adopted expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the growing autonomous forklift market.

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Toyota Industries Corporation is one of the leading global players in material handling solutions and provides a variety of products and services for robots and material handling machinery. Toyota Industries places a priority on spending money on R&D initiatives for modernizing factories, supply chains, and products. For instance, the company spent USD 1.4 billion on R&D for its material handling division in 2021. Early in 2018, the company acquired Vanderlande and Bastian, two of the top North American logistics system integrators. To increase its market share in these regions, the company has taken advantage of the distribution network of its local subsidiaries, including Toyota Industry (Kunshan) Co., Ltd, Toyota Industries Europe AB, Toyota Material Handling Manufacturing France S.A.S., and others. The company has operational presence in more than 30 countries worldwide.

The KION Group AG is one of the leading manufacturers of industrial trucks and supply chain management systems. Its product line includes industrial trucks such warehouse and forklift trucks as well as integrated automation technologies and software solutions for supply chain optimization and all associated services. The company operates through three segments namely: Industrial trucks and Services, Supply Chain Solutions, and Corporate Services.  The company produce and sells autonomous forklifts under industrial trucks and services. The Industrial Trucks & Services segment includes forklift trucks, warehouse technology, and related services, including complementary financial services. The supply chain solutions segment (Dematic) is one of the largest global solution providers in revenue. Its portfolio addresses the need for manual and automatic solutions for all functions along the supply chain, including multi-shuttle warehouse systems to automated palletizing and automatic guided vehicles. With 11 production faculties and in-house experts, Dematic can deliver complex logistics solutions worldwide. Kion Group AG is also a leading vendor in AGV and AMR segments. The company has strong operational presence in Asia Pacific, Americas and Europe and Middle east Africa region.

Jungheinrich AG is engaged in design and manufacturing of products for material handling equipment, warehouse, and material flow engineering sector. The company has been advancing the development of products and solution for material flows for 70 years. The company’s product portfolio includes material handling equipment, automated systems, digital solutions, and matching services. The company offers products under 5 divisions: new truck business, short-term rental and used equipment, after-sales sservices, intralogistics, and financial services. Autonomous forklifts are provided under the new truck business. It is represented in 40 group-owned sales and service companies worldwide. Its sales regions include Europe, the Americas, and Asia. Germany and other European countries contribute most to its revenue. The company has 13 production sites around the world.  Further, the company has strong focus on acquisition strategy to strengthen its product portfolio in new markets. For instance, in January 2023, Jungeheinrich AG has acquired Indiana based stronage solution group, a provider of racking and warehouse automation solutions in US. The company will acquire Storage Solution Group at a price of approximately USD 375 million.

Hyster-Yale Materials Handling manufactures lift trucks, attachments, and hydrogen power. It has a strong presence in all major global markets such as Europe, Asia, North America, South America, and Africa. Its offerings include solutions aimed to meet the specific material handling needs of customer applications. For instance, in January 2021, the company developed a new autonomous reach truck for high-density, high-throughput warehouse environments with a weight capacity range of 1,800-2,000 kg to increase operability efficiency and reduce cycle time. Its operating subsidiary, Hyster-Yale Group Inc. designs, engineers, manufactures, sells, and services a comprehensive line of lift trucks and aftermarket parts marketed globally, primarily under the Hyster and Yale brand names. The company manufactures lift trucks and parts in the US, China, Northern Ireland, Mexico, the Netherlands, the Philippines, Italy, Vietnam, Japan, and Brazil.

Related Reports:

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

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