Global Autonomous Forklift Market Insights Forecasts to 2033

• The Global Autonomous Forklift Market Size was Valued at USD 4.39 Billion in 2023
• The Market Size is Growing at a CAGR of 12.80% from 2023 to 2033
• The Worldwide Autonomous Forklift Market Size is Expected to Reach USD 14.64 Billion by 2033
• North America is expected to Grow the fastest during the forecast period.

The Global Autonomous Forklift Market Size is Anticipated to Exceed USD 14.64 Billion by 2033, Growing at a CAGR of 12.80% from 2023 to 2033.

Market Overview

An autonomous forklift is an autonomous mobile robot (AMR) that functions without a driver. SLAM can navigate an area on its own without assistance and can decide how to avoid obstacles. These are its salient features. The use of autonomous forklifts in a variety of industries, such as automotive, e-commerce, aviation, metals & heavy machinery, healthcare, electronics, and others, is driving the industry's expansion. Furthermore, autonomous device demand has surged due to the building and logistics sectors' explosive growth. The demand for autonomous forklifts is driven by the requirement to manage big loads in material handling and supply chains. The efficiency of industrial trucks has also grown due to technological advancements. Forklifts that are automated greatly aid in intralogistics process optimization. This guarantees that the appropriate portion is always present at the appropriate time and location. By determining the safest course of action in challenging circumstances, this technology assists drivers in avoiding possible problems. In addition, the thriving global e-commerce sector and suppliers' and distributors' inclination to utilize autonomous forklifts to expedite logistical procedures and increase productivity are two more factors that are expected to support the growth of the global market.

Report Coverage

This research report categorizes the market for the global autonomous forklift market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global autonomous forklift market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global autonomous forklift market.

Driving Factors

Autonomous forklifts are becoming increasingly popular since they can automate tasks like lifting, lowering, storing, and retrieving cargo without the need for a human operator. The market is expected to develop throughout the forecast period due to autonomous forklifts' ability to automate tasks that lower the cost of movement for each pallet and case. Additionally, the advent of cutting-edge material handling technologies that assist shippers in meeting consumer expectations while enhancing their operational productivity and profitability is spurring the rise of the autonomous forklift business. Moreover, the market is experiencing rapid growth due to the increasing demand for autonomous forklifts from manufacturers worldwide. These systems are often utilized for repetitive and routine tasks to achieve optimal productivity. Furthermore, nations all over the world have developed infrastructure to support the automation of automobiles and other pertinent industries, which has led to a rise in the use of autonomous forklifts globally. For example, automation in warehouses for the retail industry began to be integrated in the United States. Additionally, there is a greater need for autonomous forklifts in warehouses due to the explosive growth of the e-commerce sector within the US retail industry.

Restraining Factors

The market expansion for autonomous forklifts is significantly hampered by the high beginning price. Many organizations, especially smaller ones, are put off by the substantial investment needed to deploy these automated technologies and choose instead for more affordable manual operations. Furthermore, it is frequently necessary to make costly adjustments to fit the automation equipment due to limited infrastructure. Wider acceptance is impeded by this expensive barrier, which also limits market expansion and prevents autonomous forklifts from potentially being widely integrated.

Market Segmentation

The global autonomous forklift market share is classified into operation type, navigation technology, and application.

• The indoor segment is expected to hold the largest share of the global autonomous forklift market during the forecast period.    

Based on the operation type, the global autonomous forklift market is divided into indoor, and outdoor. Among these, the indoor segment is expected to hold the largest share of the global autonomous forklift market during the forecast period. Indoor autonomous forklifts are autonomous forklifts used for pallet moving indoors in distribution centers, warehouses, and other indoor material storage places. Indoor forklifts can operate even in smaller spaces because of their reduced turning radius.

• The vision guidance segment is expected to hold the largest share of the global autonomous forklift market during the forecast period.    

Based on the navigation technology, the global autonomous forklift market is divided into inductive guidance, laser guidance, magnetic guidance, vision guidance, optical tape guidance, and others. Among these, the vision guidance segment is expected to hold the largest share of the global autonomous forklift market during the forecast period. Autonomous forklifts guided by vision utilize cameras and sensors to identify their environment, facilitating more precise route planning and navigation. By performing this, the chance of collisions and material and equipment damage can be decreased.

• The logistics and freight segment is expected to grow at the fastest pace in the global autonomous forklift market during the forecast period.

Based on the application, the global autonomous forklift market is divided into manufacturing, logistics and freight, warehousing, material handling, and others. Among these, the logistics and freight segment is expected to grow at the fastest pace in the global autonomous forklift market during the forecast period. The main drivers of the segment growth are the increasing demand for automated systems and the introduction and development of e-commerce in logistics and freight operations. Furthermore, because autonomous forklift technology has several advantages over traditional forklifts, such as superior efficiency, accuracy, and precision, its increasing use in the warehouse sector is expected to spur industrial growth. The labor cost is significantly decreased, and these machines can operate continuously.

Regional Segment Analysis of the Global Autonomous Forklift Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia Pacific is anticipated to hold the largest share of the global autonomous forklift market over the predicted timeframe.

Asia Pacific is anticipated to hold the largest share of the global autonomous forklift market over the predicted timeframe. This is because adoption is rising in China and India. However, it's expected that other countries in the area, such as South Korea and Japan, will enhance their share through the modernization and modification of their current automated material handling machinery. International OEMs of autonomous forklifts are also relocating their businesses to this area. Because of the increased number of local players brought about by the technology transfer, the region is predicted to expand its share during the forecast period, which should lower the cost of adopting autonomous forklifts in the area.

North America is expected to grow at the fastest pace in the global autonomous forklift market during the forecast period. Automation and robots are finding their way into manufacturing operations more and more in North America. Autonomous forklifts can help these companies lower labor costs, improve productivity, and optimize their material handling and transportation procedures. In North America, the retail sector represents a sizable market for autonomous forklifts as businesses look to automate processes like order fulfillment, product replenishment, and inventory management.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global autonomous forklift market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• NITCO
• Hangcha
• Jungheinrich AG
• Linde Material Handling
• Kaup
• Doosan Corporation
• Hyster-Yale Materials Handling Inc.
• Toyota Industries Corporation
• Komatsu Ltd.
• Crown Equipment Corporation
• Mitsubishi Heavy Industries Ltd.
• MLE B.V.
• Hyundai Construction Equipment Europe
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Developments

• In March 2023, an automated high-rack stacker, the Jungheinrich EKX 516 ka / 516a, was released by Mitsubishi Logisnext Americas group. The company's newly released product has a retrieval system, full-pallet storage, an automated mechanism, and 24/7 operation to help achieve optimal productivity and efficiency.

• In September 2022, an autonomous lift truck was introduced by Toyota Industries Corporation's Toyota Material Handling Japan ("TMHJ") subsidiary. With the use of artificial intelligence (AI), the company's newly released vehicle can create autonomous travel routes and detect the location and orientation of trucks and goods. Additionally, it has position detection technology, guideless automatic driving employing 3D-LiDAR*3, and pallet localization capabilities.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global autonomous forklift market based on the below-mentioned segments:  

Global Autonomous Forklift Market, By Operation Type

• Indoor
• Outdoor

Global Autonomous Forklift Market, By Navigation Technology

• Inductive Guidance
• Laser Guidance
• Magnetic Guidance
• Vision Guidance
• Optical Tape Guidance
• Others

Global Autonomous Forklift Market, By Application

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

Global Autonomous Forklift Market, Regional

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa