Autonomous Forklift Market worth $6.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 5, 2022 /PRNewswire/ -- According to the new market research report "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", published by MarketsandMarkets™, 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.
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The growth of the Autonomous Forklift Market is influenced by factors such as rising complexities for product handling, rising need for smart logistics, good return on investment, better space utilization, and growing consumerism through online platforms. Therefore, the autonomous forklifts market is expected to witness significant growth in the future.
E-commerce end use industry segment is predicted to be the fastest-growing market during the forecast period.
Rapidly changing customer demands, increasing preference for online shopping, surging demand for shorter delivery times, and growing fierceness of competition among online retailing companies have raised the demand for automated fulfillment centers in E-commerce industry. Factors such as the ability to reclaim unused vertical space, increased throughput, increased accuracy, and reduction in returns contribute to the growth of the e-commerce industry. In March 2021, autonomous forklift maker Seegrid Corporation announced that they are searching for acquisitions to keep up with an e-commerce market that has been growing fast as manufacturers and retailers scramble to automate their facilities to keep up with the demands. The E-commerce industry is growing in rapidly throughout the globe. For instance, in Asia Pacific region, India has become home to major e-commerce giants such as Amazon, Flipkart, and Myntra, which are competing to gain market share in the country. Thus, the autonomous forklifts allow the easy movement pallets, achieve more picks per hour, reduce product damage, minimize labor cost, improve order accuracy, and reduce shipping time creating increased efficiency and adding to the development of the E-commerce industry.
Material handling application segment is expected to be the largest growing segment from 2021 to 2027.
The material handling segment is expected to hold the largest market share during the forecast period due to advantages such as adaptation to variability of demand and supply. Material handling forms a basic part during the movement of goods whether it be for Indoor or Outdoor type use that is in closed warehouses or open fields. Thus, its application in all the industries also makes material handling application segment as the fastest growing segment during the forecasted period. Apart from this, following the material handling application segment, warehousing application segment is estimated to have the second largest market share during the forecasted period. Post pandemic situation, the demand for stocking and contact less fast delivery of goods has increased to a great extent. Therefore, autonomous forklifts and other automated material handling systems are playing major role in the material handling operations in warehouses. Also, increasing product differentiation and reduction in pallet sizes will drive the demand for autonomous forklifts in warehouse applications during the forecasted period.
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Asia-Pacific is estimated to lead the Autonomous Forklift Market in 2021.
Currently, Asia-pacific contributes a share of approximately 41% to the overall market. It is the largest market since high population growth and economic development with increasing domestic consumption have intensified the need for efficient logistics and warehousing. The Asia Pacific region is anticipated to lead the Autonomous Forklift Market during the forecast period due to increase in adoption of automation technology for increased work efficiency. Further, growth of autonomous forklifts in the region can be attributed to growing exports of FMCG, automotive, food & beverages, and pharmaceutical industries. Rising consumption and product differentiation of consumer goods in China, South Korea and India contribute to the growing use of automated intralogistics systems in the local e-commerce industry. China and, India has a strong export-oriented manufacturing industry and growing consumerism, which require them to consider automation to improve efficiency. The autonomous forklifts market in Japan is driven by a shortage of labor and space. South Korea has a growing electronics and e-commerce industry, which has been investing in automated material handling systems. The region is expected to hold a dominant share in the Autonomous Forklift Market for the forecast period.
Key Market Players:
The Autonomous Forklift Market is dominated by a few global and several regional players. Some of the manufacturers in the Autonomous Forklift Market are Toyota Industries Corporation (Japan), Hyundai Construction Equipment Co Ltd (South Korea), Kion Group AG (Germany), Mitsubishi Logisnext Co Ltd (France), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), Agilox Services GMBH (Austria), Anhui Heli Co Ltd (China), Multiway Robotics (Shenzhen) Company (China), and Scott Automation (China).
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