Will Technological Integrations Lift the Autonomous Forklift Market: Here's what Future Market Insights, Inc. has to say

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Jun 25, 2024, 10:01 ET

Rising investments in construction projects, the expanding e-commerce and warehousing sector in the region, and growing industrial activities contribute to the demand for autonomous forklifts in Asia-Pacific. These forklifts are extensively deployed on-site for transporting materials and loading/unloading products and commodities.

NEWARK, Del., June 25, 2024 /PRNewswire/ -- Automation trends in industries across sectors all over the world, especially in developed countries like Germany and Italy, have fuelled the adoption of autonomous forklifts. The autonomous forklift market is valued at a staggering USD 5,300.9 million in 2024. Advancements in engineering technology and artificial intelligence (AI) have further made these forklifts more efficient, reliable, and affordable so that even small businesses can afford them.

The adoption of autonomous forklifts has also been driven by the Industry 4.0 drive in various economies that rely on manufacturing industries such as automotive, engineering, and construction. Owing to the current market trends, the autonomous forklift industry is very likely to register a CAGR of 8.9% through 2034. These units utilize the full potential of autonomous forklifts for improving efficiency and productivity.

The cost of acquiring these forklifts, however, is substantial, which has made it difficult for smaller businesses with limited financial resources to enter the industry. The investments needed to train or hire skilled professionals to operate these machines are also cost-intensive, making it challenging for businesses to afford them. Despite these challenges, the market valuation is slated to surpass USD 12,450 million by the end of 2034.

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"Companies in the autonomous forklift market should focus on enhancing safety features, improving navigation systems, and integrating advanced AI technology for better efficiency and productivity," says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)..

Key Takeaways from the Market Study:

The indoor segment dominates the autonomous forklift market, with a share of 69.2% in 2024.
Based on tonnage, the 5 to 10-ton segment leads the autonomous forklift market, with a share of 35.1% in 2024.
The autonomous forklift market in India is anticipated to grow at a CAGR of 9.3% through 2034.
The autonomous forklift market in Japan is estimated to rise at a 9.3% CAGR through 2034.
The autonomous forklift market in South Korea has the potential to increase at 9.5% CAGR through 2034.
The United States autonomous forklift market is predicted to rise by 8.6% CAGR through 2034.
The autonomous forklift market in the United Kingdom is very likely to grow at a CAGR of 9.2% through 2034.

Competitive Landscape

The autonomous forklift market is highly competitive with, several companies vying for international dominance.

Established companies with vast experience have gained a loyal consumer base and have a marketing reach across borders.
Collaborations with local manufacturers have enabled these companies to expand their products and technology to developing and underdeveloped countries.
The industry is currently dominated by prominent players such as Amazon Robotics, Toyota Industries Corporation, Hyster-Yale Materials Handling, Inc., KION Group AG, and Daifuku Co., Ltd.

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Leading Autonomous Forklift Brands

Amazon Robotics
Toyota Industries Corporation
Hyster-Yale Materials Handling, Inc.
KION Group AG
Daifuku Co., Ltd.
Seegrid Corporation
Vecna Robotics
BlueBotics SA
Balyo Inc.
AGV International
Clearpath Robotics Inc.
E&K Automation GmbH
Fetch Robotics, Inc.
Geek+ Robotics
Hyundai Heavy Industries Co., Ltd.
JBT Corporation
Kollmorgen Corporation
Locus Robotics Corporation
Mobile Industrial Robots (MiR)
Swisslog Holding AG

Recent Developments:

In May 2024, KION North America and Fox Robotics partnered to manufacture FoxBot autonomous trailer loader/unloaders in South Carolina. FoxBot enhances safety and productivity with automation.
In April 2024, Walmart successfully deployed 19 autonomous forklifts across four distribution centers developed by Fox Robotics, complementing their automated storage and retrieval system.
In March 2024, ArcBest deployed Nvidia's AI technology on its autonomous forklifts, improving object recognition and safety in freight handling. Isaac Perceptor enhances efficiency with 3D mapping.

Key Segments of Market Report:

By Tonnage:

Based on tonnage, the industry is trifurcated into less than 5 tons, 5 to 10 tons, and more than 10 tons.

By Navigation Technology:

Depending on the navigation technology, the industry is segmented into three categories: laser, vision, and magnetic.

By Type:

By type, the industry is bifurcated into indoor and outdoor categories.

By Sales Channel:

Autonomous forklifts are sold through multiple sales channels including in-house purchase and leasing.

By Application:

The segmentation by application includes four categories: manufacturing, warehousing, material handling, and logistics & freight.

By Region:

As per region, the industry is divided into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa.

Report Preview:

Author by:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About Future Market Insights Inc. (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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SOURCE Future Market Insights