The global autonomous forklift market is projected to grow at a CAGR of 13.8% from 2023 to 2028, reaching a market size of USD 8.8 billion. Factors driving this growth include the increasing complexities of product handling, the need for smart logistics, a favorable return on investment, efficient space utilization, and the rising popularity of online shopping.
The e-commerce industry is expected to be the fastest-growing sector for autonomous forklifts. The demand for automated fulfillment centers in e-commerce has risen due to changing customer preferences, the surge in online shopping, the need for faster delivery times, and the intense competition among online retailers. Major e-commerce markets such as China, the US, and the UK have witnessed significant growth. To meet the demand and improve efficiency, e-commerce warehouses require automated material handling equipment, with autonomous forklifts playing a crucial role in loading, unloading, and transporting goods. The use of autonomous forklifts streamlines warehouse operations, reduces delivery time, cuts labor costs, enhances efficiency, and improves safety.
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In terms of applications, material handling is expected to be the largest growing segment for autonomous forklifts. The movement of goods is a fundamental aspect of various industries, making material handling essential. The warehousing application segment is also anticipated to have a significant market share, driven by the need for efficient stocking and contactless delivery of goods, which has increased post-pandemic.
Europe holds the second largest market share in the autonomous forklift market. The region has been at the forefront of implementing advanced warehousing and material handling automation due to factors such as high labor costs, limited space availability, and strict safety regulations. European regulations governing automated technologies further support the adoption of autonomous forklifts and related equipment. The pharmaceutical industry, in particular, is driving the adoption of autonomous forklifts in Europe, where they are used for transportation, inventory management, quality control, and environment monitoring.
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Key players in the autonomous forklift market include Toyota Industries Corporation, Hyundai Construction Equipment Co Ltd, Kion Group AG, Mitsubishi Logisnext Co Ltd, Jungheinrich AG, Hyster-Yale Materials Handling, Agilox Services GMBH, Anhui Heli Co Ltd, Hangcha Group Co. Ltd, Multiway Robotics (Shenzhen) Company, and Scott Automation. These companies are actively involved in manufacturing and providing autonomous forklift solutions to meet the growing market demand.
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