Autonomous Forklift Market

Market Leadership - Autonomous Forklift Market

The autonomous forklift market size is projected to reach USD 6.4 billion by 2027 from an estimated USD 3.1 billion in 2021, at a CAGR of 12.7% from 2021 to 2027. The base year for the report is 2020, and the forecast period is from 2022 to 2027. The increased demand for automated storage and retrieval systems (ASRS), rising popularity of automated material handling equipment and warehouses especially in e-commerce industry, industrial growth in emerging economies, and increasing 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 prominent global player in material handling solutions and offers a wide range of products and solutions related to material handling equipment and robots. Toyota industries has a focus on investment in R&D activities for upgrading plants, distribution networks and products. For instance, in 2021, the company invested USD 1.4 billion in R&D of its material handling segment. The company, in early 2018, acquired Vanderlande and Bastian, who are leading logistics system integrators in North America. the company has leveraged the distribution network of its local subsidiaries such as Toyota Industry (Kunshan) Co., Ltd, Toyota Industries Europe AB, Toyota Material Handling Manufacturing France S.A.S, and others to improve its market share in these regions

Kion Group AG’s Dematic is another key player in the autonomous forklift market. The company has always been at the forefront of material handling systems and intralogistics solutions. The solutions offered include standardized equipment and amalgamation of ideas and equipment customized for unique requirements. For example, to address rising e-commerce material handling requirements, Kion Group has brought out a Kion Group Micro-Fulfilment System that can be customized with AGV and AMR solutions as per requirements. This will improve the sales and distribution network of Kion AG in Asia-pacific. Moreover, the company operates through manufacturing facilities in North America, Europe, China, and Australia.

Mitsubishi Logisnext Co., Ltd is an autonomous forklift supplier and offers a wide range of customization in AGVs. The company has been in the AGV market since 1983 and has commissioned more than 7,000 AGVs in more than 1,000 projects. It focuses on partnerships and acquisition for technology transfer and product development. For instance, in July 2019, Mitsubishi Logisnext Co. Ltd acquired Equipment Depot, Inc. (US), a leading distributor of forklifts and AGVs, which is expected to expand its access to the customer base in North America. The company has manufacturing centers in Pamplona, Spain; Almere, Netherlands; Järvenpää, Finland; Houston, Texas; Ômihachiman, Japan; and Dalian, China. In addition, it has several sales offices, warehouses, and technical centers.

Jungheinrich AG is a major player in designing, production, and commissioning electric material handling equipment and automation systems. The company follows a courageous policy of climate neutrality and sustainable management to realize the policy that more than 90% of existing trucks are driven by Li-ion battery packs. It has an extensive network of sales executives and dealers, leading to its significant presence in the global market. For instance, in April 2020, for expanding its Logistics Facility, Jungheinrich AG announced the opening of a spare parts logistics center in Singapore. This will benefit all the customer of Jungheinrich AG all over Southeast Asia, Australia, and New Zealand for increased spare parts availability. As the company manufactures end-to-end products and components for its customers, its supply chain risk is reduced significantly, which has led the company to acquire a sizable market share.

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 Capacity (<5, 5-10, >10), Navigation Technology (Laser, Vision, Optical Tape, Magnetic, Inductive Guidance), Sales Channel, Application, End-Use Industry, Type, Propulsion and Region - Global Forecast to 2027

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Autonomous Forklift Market Size,  Share & Growth Report
Report Code
AT 8069
RI Published ON
3/31/2022
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