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3. Autonomous Forklift Market Size & Share - Future Growth Expectations

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 poised for substantial growth in the coming years, driven by several key factors:

• Increasing Demand for Automation in Material Handling
• Technological Advancements in Autonomous Systems
• Focus on Safety and Risk Reduction
• Need for Flexibility and Scalability
• Efficiency and Productivity Gains
• Cost Reduction and Operational Savings
• Industry 4.0 and Smart Manufacturing Initiatives
• Regulatory Support and Standards Adoption

These key factors collectively indicate a positive outlook for the Autonomous Forklift Market, with substantial growth opportunities anticipated in the coming years as businesses increasingly recognize the value proposition of autonomous material handling solutions in improving efficiency, safety, and competitiveness.

To know about the assumptions considered for the study download the pdf brochure

• Increasing Demand for Automation in Material Handling: The market for autonomous forklifts is being driven by the increasing need for automation in material handling operations due to reasons like labor shortages, rising labor prices, and the requirement for operational efficiency. Autonomous forklifts are being used by businesses in a variety of sectors, such as manufacturing, shipping, e-commerce, and warehousing, to improve efficiency, lower labor costs, and streamline processes.
   
• Technological Advancements in Autonomous Systems: Autonomous forklifts are becoming more and more capable thanks to the quick development of technology like computer vision, sensor fusion, artificial intelligence, and machine learning. The market is expanding as a result of these developments, which allow autonomous forklifts to carry out operations more precisely and effectively, avoid obstacles, optimize routes, and negotiate complicated situations.
   
• Focus on Safety and Risk Reduction: When it comes to material handling operations, safety is the first priority. When compared to typical manually driven forklifts, autonomous forklifts provide a number of major safety benefits. Safety-conscious enterprises are adopting autonomous forklifts because to features like real-time monitoring capabilities, obstacle detection sensors, and collision avoidance systems that reduce hazards and improve worker safety.
   
• Need for Flexibility and Scalability: There is an increasing need for adaptable and scalable material handling systems as organizations deal with changing client expectations, shifting market conditions, and seasonal variations in demand. The ability of autonomous forklifts to adjust to changing needs, manage dynamic workflows, and scale up or down operations as necessary is what makes them so popular in supply chains that are quick to respond.
   
• Efficiency and Productivity Gains: Compared to manual forklift operation, autonomous forklifts provide notable increases in productivity and efficiency. They can operate nonstop without becoming tired or making mistakes due to human error, which results in quicker cycle times, more throughput, and increased operational efficiency. Autonomous forklifts are becoming a wise investment for boosting productivity as businesses look to streamline their material handling procedures and satisfy expanding client needs.
   
• Cost Reduction and Operational Savings: Although there may be a substantial upfront cost associated with autonomous forklift technology, businesses can benefit from long-term cost reductions and improved operational effectiveness. Over time, autonomous forklifts provide a strong return on investment (ROI) by lowering labor costs, minimizing product damage and inventory shrinkage, optimizing space use, and lowering total operating expenses.
   
• Industry 4.0 and Smart Manufacturing Initiatives: The integration of autonomous forklifts into digitally enabled and networked production settings is being propelled by the implementation of Industry 4.0 principles and smart manufacturing projects. In order to build intelligent and interconnected supply chain ecosystems, autonomous forklifts are essential for facilitating the smooth integration of other automated systems, such as enterprise resource planning (ERP) software, IoT platforms, and warehouse management systems (WMS).
   
• Regulatory Support and Standards Adoption: The industry's standards and regulatory backing for autonomous forklifts are changing to meet demands for performance, safety, and interoperability. Businesses feel more comfortable implementing autonomous forklifts as regulatory frameworks become clearer and more uniform, which propels market expansion and encourages industry adoption on a larger scale.

Autonomous Forklift Market Share - Global Industry Landscape

• 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)
• Agilox Services GMBH (Austria)

These companies, along with others in the Autonomous Forklift market, compete based on factors such as product innovation, technology integration, reliability, and customer service to maintain and expand their market share in the global industry landscape.

• Toyota Industries Corporation (Japan): Toyota Industries Corporation is a prominent participant in the material handling equipment sector, specializing in automation systems and forklifts. Toyota has been investing in autonomous forklift technologies thanks to its sophisticated research and development skills. As a result, it offers a variety of automated guided vehicles (AGVs) and autonomous forklift solutions for different applications.
   
• Kion Group AG (Germany): Leading the way in the material handling sector globally, Kion Group AG provides a wide range of automation systems, warehouse equipment, and forklift trucks. Kion increases its market position in the autonomous forklift category by offering integrated automation systems and autonomous mobile robots (AMRs) for warehouses and distribution centers through its subsidiary Dematic.
   
• Mitsubishi Logisnext Co Ltd (France): A well-known leader in the material handling industry, Mitsubishi Logisnext Co Ltd is a division of Mitsubishi Heavy Industries Group and provides a comprehensive selection of forklifts, warehouse equipment, and automation systems. Advanced technology including artificial intelligence (AI), sensors, and navigation systems are incorporated into the company's autonomous forklift solutions to facilitate safe and effective material handling operations.
   
• Jungheinrich AG (Germany): One of the top suppliers of intralogistics solutions is Jungheinrich AG, which also offers automation technology, warehousing systems, and forklifts. Under the Jungheinrich PROFISHOP brand, the company serves customers in the logistics, manufacturing, and e-commerce sectors by providing autonomous forklifts and AGVs.
   
• Hyster-Yale Materials Handling (US): With its headquarters located in the US, Hyster-Yale Materials Handling, Inc. is a multinational manufacturer of material handling equipment including forklifts. Through its subsidiary Yale Materials Handling Corporation, the company provides autonomous forklift solutions, emphasizing innovation and technology to satisfy changing customer demands across multiple industries.
   
• Hangcha Group Co., Ltd (China): China-based Hangcha Group Co., Ltd. is among the world's biggest producers of warehouse equipment and forklift trucks. The company offers automated forklift solutions that boost productivity and operational efficiency in material handling applications by integrating cutting-edge technologies and automation features.
   
• Agilox Services GMBH (Austria): Technology business Agilox Services GmbH specializes on autonomous mobile robots (AMRs) for material handling and intralogistics applications. The company's self-navigating, cooperative Agilox Intelligent Guided Vehicles (IGVs) provide adaptable, scalable automation solutions for manufacturing plants, warehouses, and distribution centers.

Related Report

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