Autonomous Forklift Market Size, Share, Industry Trends, Outlook, Growth and Forecast 2023 - 2030

Global Autonomous Forklift Market is segmented By Capacity (Below 5 Tons, 5 to 10 Tons, Above 10 Tons), By Application (Manufacturing, Warehousing, Material Handling, Logistics and Freight, Others), By End-User (Food and Beverages, Automotive, Pulp and Paper, Aerospace, Semiconductor and Electronics, Healthcare, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023 - 2030

Autonomous Forklift Market Size

Global Autonomous Forklift Market reached USD 3.8 billion in 2022 and is expected to reach USD 10.4 bllion by 2030, growing with a CAGR of 13.5% during the forecast period 2023-2030. Due to the rising need for automation solutions across a variety of industries, decreased labor costs for companies and improvements in safety, accuracy and productivity, the market for autonomous forklifts is expected to increase significantly over the years to come.

To maintain their position as market leaders in the autonomous forklift sector, major competitors in Europe are launching their products in the product market.

For instance, in January 2022, The European market has been introduced to VisionNav's line of fully automated forklift trucks and intelligent operating systems. Driverless counterbalanced forklift trucks, reach trucks, stackers and tow tractors are all part of the VisionNav lineup. These driverless cars sense their surroundings using a camera that is installed on the vehicle. Therefore, Europe is accounting for more than 1/4th of the global market share.

Autonomous Forklift Market Scope

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Autonomous Forklift Market Dynamics

Growing Need in Material Handling for Automation and Safety 

Automation increases efficiency and precision in material handling processes, lowering the possibility of mistakes and boosting output. Companies can accomplish these efficiencies by using high-capacity forklift trucks with innovative automation features like autonomous navigation and inventory management systems. 

The demand for large forklift trucks with modern safety measures is rising as workplace safety becomes a bigger priority. Forklifts with automated speed reduction, collision detection sensors and other safety measures assist lower the possibility of mishaps and injuries at work. Therefore, as businesses look to increase efficiency, safety and flexibility in their operations, the demand for automation and safety in material handling is propelling the global market for autonomous forklift.

Rising Infrastructure Investment

Governments are spending money on infrastructure all around the world, particularly in developing nations. The demand for autonomous heavy-duty forklifts that can handle hefty and large loads is being driven by this investment. To handle bulk materials like massive precast concrete and other heavy objects, building companies need forklifts.

Forklifts not only support the need for new infrastructure but also drive the need for infrastructure that they themselves require. Companies must modernize their electrical infrastructure as they expand their inventory of electric forklifts. They require charging stations that can provide each truck with the 10- to 30-amp requirement. As a result, it fuels demand for autonomous forklifts on the global market. 

Higher Initial Investment

One of the main issues preventing the growth of the global market for autonomous forklift trucks is the high initial investment cost. Due to their specialized design, larger size and enhanced load capacity, high-capacity forklift trucks are expensive. The potential market size is constrained since it makes them less affordable for small and medium-sized businesses (SMEs) with limited financial constraints. 

Additionally, the lengthy payback periods brought on by the high initial investment cost can make it challenging for certain companies to justify the investment. Companies that only occasionally deploy autonomous forklift trucks may find it particularly difficult because the cost-benefit analysis may not support the expenditure.

Autonomous Forklift Market Segment Analysis

The global autonomous forklift market is segmented based on capacity, application, end-user and region.

The Importance of Autonomous Forklifts in Manufacturing and Logistics

The rise of logistics automation is irreversible as intelligent manufacturing and industrial automation become popular trends. Due to the epidemic, companies have encountered numerous challenges since 2020, including a low rate of project restarts, a lack of staff, the risk of staff concentration and a constrained number of project sites that may be deployed. These challenges have caused companies to accelerate the speed of automation. 

The autonomous forklift, one of the key pieces of transportation equipment in industrial automation, is capable of both end-to-end material handling and the logistics and transportation of several production connections. There are three key transfer scenarios for manufacturing lines and districts and it is vital in situations involving high loads and unique handling. Therefore, manufacturing application accounts for majority of the global segmental share.

Autonomous Forklift Market Geographical Share

Growing Technological Innovation Drives the Regional Growth

Due to early adoption of the advanced technologies in the region supplemnets the growth of the regional market. The demand for these forklift in the region in manufacturing ansd storage is growing and the higher presence of the autonomous forklift manufacturers in the region bolsters the demand in the North America. Mnaufacturers in the region are focusing on the innovation of the forlift.

For instance, in March 17, 2023, The Apex C1500-L is the newest autonomous forklift from ForwardX Robotics. With a greater payload capacity and the ability to use both GMA and Euro pallets, the new forklift expands ForwardX's capabilities in pallet moving operations. Customers will be able to witness the Apex C1500-L in person for the first time at ProMat 2023, which will take place March 20–23 at McCormick Place in Chicago, Illinois. Therefore, North America dominates the North American autonomous forklift market with majority of the market share.

Autonomous Forklift Market Companies

The major global players include Toyota Industries Corporation, Kion Group AG, Mitsubishi Logisnext Co Ltd, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Swisslog AG, Oceaneering International, Inc., Hyundai Construction Equipment Co., Ltd., Balyo SA and Agilox Services GmbH.

COVID-19 Impact Analysis

The COVID-19 pandemic epidemic has had a favorable effect on the global market for autonomous forklifts. However, the physical separation experienced during the pandemic led to an increase in demand for the sector. The global industry was suffering an economic crisis as a result of COVID-19's extensive distribution.

Although automation is only used in less than 2% of forklift sales in North America, there has never been a higher demand for this technology. Automation of material handling procedures is looked after by many manufacturers because it lowers the risk of COVID-19 exposure by minimizing human touch. Despite being anticipated for a while, COVID-19 has made autonomous forklifts a reality right away for manufacturing plants with relatively small footprints.

AI Impact Analysis

Currently, automated guided vehicles (AGV) are employed in factories and warehouses all over the world, but especially in Europe. Forklifts in particular are crucial pieces of machinery that make moving big items from point A to point B so much simpler and safer for the user. 

Artificial intelligence will only increase the effectiveness of these devices. Since conventional forklifts are operated manually, mistakes made by people are possible. Human error is the main source of work downtime, especially in the manufacturing and construction industries. Self-driving forklifts and artificial intelligence may improve company efficiency by accelerating workflow and possibly boosting profit margins.

By Capacity

• Below 5 Tons
• 5 to 10 Tons
• Above 10 Tons

By Application

• Manufacturing
• Warehousing
• Material Handling
• Logistics and Freight
• Others 

By End-User 

• Food and Beverages
• Automotive
• Pulp and Paper
• Aerospace
• Semiconductor and Electronics
• Healthcare
• Others 

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• In June 15, 2023, According to Cyngn Inc., it has made "significant progress" towards transforming its DriveMod artificial intelligence-driven technology into self-driving forklifts. An electric forklift from BYD Motors LLC now has autonomous vehicle capabilities owing to an ongoing arrangement with a customer in the building materials sector.
• In March 17, 2023, The Apex C1500-L is the newest autonomous forklift from ForwardX Robotics. With a greater payload capacity and the ability to use both GMA and Euro pallets, the new forklift expands ForwardX's capabilities in pallet moving operations. Customers will be able to witness the Apex C1500-L in person for the first time at ProMat 2023, which will take place March 20–23 at McCormick Place in Chicago, Illinois.
• In January 2022, VisionNav Robotics, a specialist in driverless, vision-guided industrial vehicles, has announced that it will enter the European market with a line of fully automated, vision-guided forklift trucks and intelligent operating systems.

Why Purchase the Report?

• To visualize the global autonomous forklift market segmentation based on capacity, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous data points of autonomous forklift market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global autonomous forklift market report would provide approximately 61 tables, 62 figures and 200 Pages.