The autonomous forklift market, in the past few years, has seen a tremendous surge. This is primarily due to the increased automation in the manufacturing units. The industry valuation is estimated to reach USD 5,300.9 million in 2024. With this trend gaining widespread adoption, the industry is very likely to report a CAGR of 8.9%, taking the overall valuation to USD 12,450 million by the end of 2034.
Manufacturing industries, in developed and developing countries like Germany, the United Kingdom, South Korea, China, etc., have been increasingly adopting automated forklifts. These units primarily use forklifts to improve warehouse operations, increase storage density, and reduce labor costs. They also help businesses save a substantial amount of financial capital by optimizing production flows.
The warehousing and distribution sector is also one of the largest consumers of self-directed forklifts. These industries, like the other ones, are also using these forklifts to automate loading and unloading processes.
They aim to enhance inventory management and improve overall supply chain efficiency. The booming eCommerce sector in countries like China, the United Kingdom, India, Japan, etc., is one of the key drivers for the growth of the autonomous forklift market.
The industry is also experiencing a surge due to the demand from the automotive sector. Countries like South Korea, Japan, and Germany, renowned for their automotive prowess worldwide, utilize these forklifts.
They streamline material handling operations in manufacturing plants and warehouses to improve efficiency. Even in the food and beverage industry, these forklifts are being used to handle and transport goods safely and efficiently.
The integration of collaborative robots, also known as, cobots, enables these forklifts to work alongside human operators. This not only enhances flexibility but also productivity in dynamic warehouse environments. With advancements in engineering, the future of this collaboration will bring a lot of industrial efficiency to the table. This, in turn, is going to increase the adoption of autonomous forklifts.
| Attributes | Description |
|---|---|
| Estimated Global Autonomous Forklift Market Size (2024E) | USD 5,300.9 million |
| Projected Global Autonomous Forklift Market Value (2034F) | USD 12,450 million |
| Value-based CAGR (2024 to 2034) | 8.9% |
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Integration of AI and Advanced Sensor Technology Augments the Adoption
Over the past few years, thanks to the advancements in mechanical engineering, there has been an influx of various new additions to autonomous forklifts. These additions have increased the sales of forklifts in industrial settings across sectors.
The syncing of AI and machine learning algorithms allows these forklifts to learn and adapt to their operating environment. This helps businesses improve efficiency and safety.
Autonomous Forklifts to Help Industries Automate
The Industry 4.0 drive in developed and developing countries has driven the adoption of these forklifts in the past few years. In European countries, especially in Germany and Italy, where the automotive sector has reached its zenith, these forklifts are being increasingly integrated into manufacturing and logistics operations. This integration aims to improve efficiency and productivity across various industries.
High Upfront Investments Still a Big Concern for Small Scale Businesses
The initial financial capital required to acquire autonomous forklifts is very high. This has kept a substantial number of small businesses away from the industry. Besides this, the investments needed to hire or train a skilled professional are also cost-intensive.
Businesses with limited financial resources find it difficult to afford them. This is one of the major hurdles hampering the adoption of these forklifts in the international marketplace.
The automated forklift market is heavily influenced by the performances of various industries such as eCommerce, manufacturing, automotive, packaging, etc.
This is mainly because these industries are some of the largest consumers of these forklifts, as they are used in warehouse management, order picking, and inventory handling. In the period between 2019 and 2023, the autonomous forklift market reported a CAGR of 6.2%.
In the past few years, the market has seen a series of ups and downs. During the pandemic, as the world faced sudden shutdowns, the demand for these forklifts also decreased. As economies closed, so did the production. The eCommerce sector, globally, also experienced a plunge in growth due to disrupted supply chains. All these factors led to negative growth of the autonomous forklift industry.
Things changed, however, when industries were opened again. Production soon picked up pace, and the warehousing sector also started to recover. This meant that the demand for these forklifts began to rise again.
Businesses got accustomed to the new normal and started investing in automation to improve efficiency and productivity. This led to the autonomous forklift industry gaining momentum again.
Current industrial trends and scenarios suggest that the industry is very likely to exhibit an 8.9% CAGR for the forecast period of 2024 to 2034.
Principal Consultant
The autonomous forklift industry is mainly categorized on the basis of tonnage, type, navigation type, sales channel, and application. The section below discusses the top two category insights in the industry.
On the basis of tonnage, autonomous forklifts are segmented into three: less than 5 tons, 5 tons to 10 tons, and more than 10 tons. Among these, forklifts with a capacity of 5 to 10 tons hold an industry share of 35.1% as of 2024.
| Segment | 5-10 Tons (Tonnage) |
|---|---|
| Value Share (2024) | 35.1% |
The clamor for autonomous forklifts with a capacity of 5 to 10 tons has touched the skies as they offer a balance between lifting capacity and maneuverability. This makes them suitable for a wide range of applications across different industries.
Besides this, their sales have also increased as they have the ability to handle a significant load while still being agile enough to navigate through warehouse environments efficiently.
Autonomous forklifts mainly come in two types: indoor and outdoor. The indoor segment, among these, holds a share of 69.2% in 2024.
| Segment | Indoor (Type) |
|---|---|
| Value Share (2024) | 69.2% |
Indoor forklifts are in excellent demand as they are specifically designed to operate in enclosed spaces such as warehouses, distribution centers, and manufacturing facilities. Their demand is also attributed to their ability to maneuver through narrow aisles and tight spaces with precision. This reduces the risk of accidents and damage to goods and infrastructure.
Asian countries are experiencing increased industrialization, thanks to hefty government investments aimed at modernizing existing industries. The growth prospects of South Korea, India, and Japan have been mentioned below. Along with this, there is also a mention of the United States and the United Kingdom in terms of the autonomous forklift industry.
| Countries | CAGR 2024 to 2034 |
|---|---|
| South Korea | 9.5% |
| India | 9.3% |
| Japan | 9.3% |
| United Kingdom | 9.2% |
| United States | 8.6% |
The South Korea autonomous forklift market is slated to report a CAGR of 9.5% through 2034. South Korea, in the last few years, has experienced robust growth in its manufacturing sector, especially the automotive, electronics, and shipbuilding industries.
These industries generate a huge demand for these forklifts to improve productivity, efficiency, and competitiveness. Besides this, the government has also been promoting the adoption of autonomous forklifts as part of its 'Smart Factory' initiative.
The United States also is a promising country in this industry. The country is home to some of the world’s most sophisticated and advanced robotics companies. This presence of a multitude of companies has, on a regular basis, driven innovations in autonomous forklift technologies.
This also means that businesses and even individuals can avail these forklifts at affordable prices. Besides this, the rapid eCommerce boom in the country has also facilitated the increasing demand for forklifts in warehouses, storage facilities, and factory outlets. Hence, over the next ten years, demand for autonomous forklifts is projected to rise at 8.6% CAGR in the United States.
The United Kingdom is also one of the most lucrative countries in the European autonomous forklift market. In the past few decades, the United Kingdom, thanks to the close vicinity of some of the most modern and technologically advanced countries like Germany and Italy, has experienced a watershed moment in its warehousing sector.
The emphasis on automation and reducing the labor force has made companies involved in this industry heavily reliant on these forklifts. This has made the United Kingdom one of the largest consumers of automated forklifts in the world. Therefore, the autonomous forklift market in the United Kingdom is anticipated to exhibit a CAGR of 9.2% through 2034.
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Several companies in the autonomous forklift market are fighting for international dominance. Due to their prolonged presence and vast experience, they have gained a loyal consumer base.
These companies have a marketing reach across borders, and they are already making their presence felt in developing and underdeveloped countries by collaborating with local manufacturers. In this way, they are able to transfer their products and technology to these countries.
Industry Updates
Based on tonnage, the industry is trifurcated into less than 5 tons, 5 to 10 tons, and more than 10 tons.
Depending on the navigation technology, the industry is segmented into three categories: laser, vision, and magnetic.
By type, the industry is bifurcated into indoor and outdoor categories.
Autonomous forklifts are sold through multiple sales channels including in-house purchase and leasing.
The segmentation by application includes four categories: manufacturing, warehousing, material handling, and logistics & freight.
As per region, the industry is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.
The global valuation is USD 5,300.9 million as of 2024.
The market is expected to reach USD 12,450 million by 2034.
The market is growing at a CAGR of 8.9% from 2024 to 2034.
Amazon Robotics, Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., KION Group AG, and Daifuku Co., Ltd., are some of the major players.
In 2023, the global market was valued at USD 4,670 million.
1. Executive Summary 2. Industry Introduction, including Taxonomy and Market Definition 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections 5. Pricing Analysis 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034 6.1. Tonnage 6.2. Navigation Technology 6.3. End Use 6.4. Application 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Tonnage 7.1. Below 5 Tons 7.2. 5 to 10 Tons 7.3. Above 10 Tons 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Navigation Technology 8.1. Laser 8.2. Vision 8.3. Optical Tape 8.4. Magnetic 8.5. Inductive Guidance 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By End Use 9.1. Retail and Wholesale 9.2. Logistics 9.3. Automotive 9.4. Food Industry 9.5. Others 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application 10.1. Indoor 10.2. Outdoor 11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region 11.1. North America 11.2. Latin America 11.3. Western Europe 11.4. South Asia 11.5. East Asia 11.6. Eastern Europe 11.7. Middle East & Africa 12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 15. South Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 16. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 17. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 18. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries 19. Sales Forecast 2024 to 2034 by Tonnage, Navigation Technology, End Use, and Application for 30 Countries 20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard 21. Company Profile 21.1. Hyster-Yale Materials Handling, Inc 21.2. Toyota Industries Corporation 21.3. AGILOX Services GmbH 21.4. KION GROUP AG 21.5. Hyundai Construction Equipment Co., Ltd. 21.6. BALYO 21.7. Jungheinrich AG 21.8. Swisslog Holding AG 21.9. Mitsubishi Logisnext Co., Ltd 21.10. Oceaneering International, Inc.
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