The autonomous forklift market size is projected to reach USD 8.8 billion by 2028 from an estimated USD 4.6 billion in 2023, at a CAGR of 13.8% from 2023 to 2028. The market is projected to expand because of rising demand for automated storage and retrieval systems (ASRS), rising acceptance of automated material handling equipment and warehouses, particularly in the e-commerce sector, industrial expansion in emerging economies, and rising demand for third-party logistics services.
With the growing popularity and usage of autonomous forklifts, the vision guidance navigation technology segment is expected to register a growth rate of 13.4% from 2023 to 2028. Vision guidance navigation technology is a major contributor to the working of autonomous forklifts. The laser guidance navigation technology is estimated to have a market share of ~30% in 2023. The possibility of errors is reduced using this navigation technology during the material handling process, which makes autonomous forklifts more compatible with fast operations. The ongoing R&D in the application of AI and IoT in navigation technologies will eliminate further risks of errors for highly efficient operations. The growth of the vision guidance navigation segment can be attributed to factors such as quick and easy installation and accuracy & precision.
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The market for autonomous forklifts is being driven by the segment with tonnage capacities under 5 tons. In end-use industries like consumer goods, e-commerce, pharmaceuticals, retail, and wholesale, it is better suited for handling lighter loads. Nearly 60–65% of the autonomous forklift market is anticipated to be dominated by autonomous forklifts with a capacity of fewer than 5 tons in 2021, according to MarketsandMarkets statistics. Due to the rising demand, several major global market players, including Toyota Industries Corporation (Japan), Kion Group AG (Germany), and Jungheinrich AG (Germany), are concentrating on developing products for autonomous forklifts with tonnage capacities below five. The below 5-tons autonomous forklifts include battery-operated and ICE autonomous forklifts. Battery-electric forklift penetration in this segment is the highest and contributes approximately 90% to the overall market. Also, the growth of battery-electric forklifts in the below 5 tons segment is expected to grow due to stringent emission norms for diesel forklifts and focus on a green environment.
According to MarketsandMarkets Statistics, the application of autonomous forklifts in the Food and beverage end-use industries is estimated to be the largest in 2023. The growing trend of consuming processed food and packaged eatables is driving the need for advanced manufacturing and warehousing solutions among manufacturers. Murata Machinery (US) has developed a full range of customizable driverless forklifts like Premex Series and A Series AGVs to support all temperature ranges and conditions across the food and beverage industry supply chain, from pre-production to distribution, for greenfield and brownfield sites.
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Asia Pacific is estimated to be the fastest-growing market due to significant growth in the adoption of automated material handling equipment in China, Japan, and India. The region is expected to lead the market by 2028. The Asia Pacific autonomous forklift market is witnessing impressive growth due to the growing localization of global layers and the emergence of local integrators and turnkey solution providers. The e-commerce industry in the region has been a major user of autonomous forklifts due to the need for fast and efficient order processing and handling of large volumes of goods. In addition, the increasing focus on safety and reducing human error in the workplace has also led to the adoption of autonomous forklifts. Countries like China and India which has significant demand for the e-commerce industry owing due to the presence of major companies such as JD.com, Alibaba, and Amazon among others. These players would deploy autonomous forklifts at their warehouses for efficient logistics flow. Companies such as Toyota Industries Corporation (Japan), Hyundai Construction Equipment Co Ltd (South Korea), Anhui Heli Co Ltd (China), Multiway Robotics (Shenzhen) Company (China), and Scott Automation (China) are swiftly rising to occupy the niche market.
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