Autonomous Forklift Market worth $8.8 billion by 2028 - Exclusive Report by MarketsandMarkets™

1. Autonomous Forklift Market worth $8.8 billion by 2028 - Exclusive Report by MarketsandMarkets™ NEWS PROVIDED BY MarketsandMarkets 13 Apr, 2023, 05:00 ET  CHICAGO, April 13, 2023 /PRNewswire/ -- Autonomous Forklift Market size is projected to grow from USD 4.6 billion in 2023 to USD 8.8 billion by 2028, at a CAGR of 13.8%, according to a new report by MarketsandMarkets™. The growth of the autonomous forklift market is in?uenced 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 forklift market is expected to witness signi?cant growth in the future. Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp? id=194636851 Browse in-depth TOC on "Autonomous Forklift Market". 285 - Tables 60 – Figures 280 - Pages Autonomous Forklift Market Scope: 

2. Report Coverage Details Market Size USD 8.8 billion by 2028 Growth Rate 13.8% of CAGR Largest Market Asia Pacific Market Dynamics Drivers, Restraints, Opportunities & Challenges Forecast Period 2023-2028 Forecast Units Value (USD Billion) Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends Navigation (Laser, Vision, Optical Tape, Magnetic, SLAM, Inductive Guidance, Others), Sales Channel, Application, End-use Segments Covered Industry, Forklift Type, Propulsion and Region Geographies Covered Asia Pacific, Europe, North America, and RoW Report Highlights Updated financial information / product portfolio of players Key Market Opportunities Development of IoT-integrated autonomous forklifts Key Market Drivers Increasing demand for automated warehouses and automated material handling equipment E-commerce is predicted to be the fastest-growing industry for autonomous forklifts. The demand for automated ful?llment centers in the e-commerce sector has increased due to the rapidly shifting customer demands, growing preference for online shopping, surging demand for faster delivery times, and intensifying competition among online retailing companies. China, the US, and the UK accounted largest market share in 2021 as China held ~50-55% of total e-commerce retail sales followed by the US with ~18-22% and the UK with ~4-6% in 2021. Growing sales of e-commerce in many countries will require building multiple warehouses to store and deliver goods in less time. To increase the ef?ciency and productivity of these warehouses, different automated material handling equipment is required. Autonomous forklifts play crucial roles in e-commerce warehouses for loading and unloading goods, and transportation of pallets from one place to another. It can streamline warehouse operations, reduce product delivery time, reduce labor costs, improve ef?ciency, and enhance safety. Below 5-ton autonomous forklifts are majorly preferred forklifts because the average pallet size in an e-commerce warehouse is 1-2.5 tons. Global companies are adopting various growth strategies to boost their business. For instance, Seegrid Corporation declared in March 2021 that it is looking for acquisitions to keep up with the rapidly expanding e-commerce market as manufacturers and retailers rush to automate their facilities to meet demand. Kion Group AG (Germany), Toyota Material Handling (Japan), and Jungheinrich AG (Germany) are the major suppliers who offer below 5-ton autonomous forklifts for e-commerce warehouses. Material Handling applications are expected to be the largest growing segment for autonomous forklifts. 

3. Material handling equipment is predicted to be the largest application market for autonomous forklifts. Material handling is a fundamental component of the movement of goods, whether they are being used indoors or outdoors, in enclosed warehouses or open ?elds. As a result of its use across all industries, the material handling application segment is expected to grow at the fastest rate during the forecast period. In addition, it is anticipated that the warehousing application segment will have the second-largest market share during the projected period, right behind the material handling application segment. The need for stocking and contactless, quick delivery of goods has signi?cantly increased after the pandemic. Autonomous forklifts and other automated material-handling equipment becomes signi?cant in warehouse material-handling operations. Additionally, during the anticipated period, the demand for autonomous forklifts in warehouse applications will be fueled by growing product differentiation and shrinking pallet sizes. Europe accounted for the second largest market share in the autonomous forklift market in 2023. Europe is the second largest market for the autonomous forklift market from 2023-2028. Traditionally, Europe has been the region with the advanced warehousing and material handling automation implementation. High labor costs, a lack of available space, and strict worker safety regulations are some of the main causes of the European material handling ecosystem's high adoption of automation technologies. The EN 1525 and EN 1526 regulations, which deal with automated technologies, establish safety requirements for regional AGVs. This region's adoption of AGVs and related automated material handling equipment is anticipated to bene?t from these regulations. Automated material handling warehouse automation systems were ?rst used in Europe. The market is expanding due to things like strict worker safety regulations, high wages, and rising real estate prices. Brexit has made localized distribution centers more necessary. For example, post-Brexit warehouse availability has been at an all-time low, between 15% and 2% in some locations. Due to an increase in e-commerce sales, there is also a greater need for prompt order ful?llment. Also, the pharmaceutical industry would drive the adoption of autonomous forklifts in Europe. Autonomous forklifts in the pharmaceutical segment are used for the applications such as the transportation of raw materials & ?nished goods, inventory management through forklift scanners & sensors, quality control using autonomous forklift cameras and

4. sensors, and environment monitoring. Most pharmaceutical companies use below 5-ton autonomous forklifts for ?oor-?oor operations. Thus, rising applications of autonomous forklifts in the pharmaceutical segment with increased ef?ciency and reduced labor cost will drive the demand for autonomous forklifts. Inquire Before Buying: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=194636851 Key Market Players: The Autonomous Forklift Market is dominated by several global and 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 (Japan), Jungheinrich AG (Germany), Hyster-Yale Materials Handling (US), Agilox Services GMBH (Austria), Anhui Heli Co Ltd (China), Hangcha Group Co. Ltd (China) Multiway Robotics (Shenzhen) Company (China), and Scott Automation (China). Recent Developments: 

5. In November 2022, Linde Material Handling Equipment launched the R-Matic autonomous reach truck. Reach trucks are developed as a hybrid solution, allowing the driver to take over at any time and shift the truck into manual mode. Automated industrial trucks travel independently to the charging station for recharging because they are out?tted with fast-charging batteries. In September 2022, Toyota Industries Corporation developed an autonomous lift truck with the world's ?rst AI-based feature. It automatically recognizes the position and location of trucks and loads and creates automated travel routes for loading operations. This allows for the automation of loading procedures in addition to the traditional ?xed-position loading, even when the truck's halting location and load position is not ?xed. In March 2022, Linde Material Handling Equipment, a subsidiary of KION Group AG, launched autonomous mobile robots called C-Matic. The company is expanding its product line-up in automated solutions with small, quick, and adaptable logistic helpers. In July 2021, Jungheinrich AG and TRUMPG announced they entered into an intralogistics partnership. AG announced it would provide TRUMPG with driverless vehicles to transport sheet metal parts between different machine tools and storage locations. In contrast, TRUMPF will offer its Fab production-control software, which will assist manufacturers in improving their logistics. In June 2021, AGILOX Services GmbH and Carlyle Group entered into an investment agreement. With this agreement the AGILOX Services GmbH can improve its geographic reacg and product development. In November 2020, Swisslog AG and e-commerce order ful?llment specialist further strengthened their leadership position in Australia by opening an automated Micro- Ful?llment Centre (MFC) in Sydney. In September 2020, Jungheinrich AG has acquired stakes in robotics startup Magazino and formed a strategic collaboration and intent to combine skill setrs to develop mobile automation. Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp? id=194636851 Browse Adjacent Market: Automotive and Transportation Market Research Reports & Consulting 

6. Related Reports: Industrial Vehicles Market - Global Forecast to 2028 Construction Equipment Market - Global Forecast to 2027 Forklift Market - Global Forecast to 2027 Cargo Handling Equipment Market - Global Forecast to 2025 About MarketsandMarkets™: MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us pro?cient in co-creating supernormal growth for clients. The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing. Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry. To ?nd out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook. 

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