DUBLIN--(BUSINESS WIRE)--The "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" report has been added to ResearchAndMarkets.com's offering.
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.
Growth of E-commerce, Logistics and Warehousing Sector to trigger the adoption for automated material handling equipment such as autonomous forklifts
Low cost of capital, fast return on investment (ROI), and a high degree of possibility of customization encourage manufacturing companies to invest more in factory automation and automated warehouse. Factors such as the enforcement of social distancing norms, lockdowns, and other measures have led consumers to opt for online shopping. This has led to the growth of business-to-consumer (B2C) sales and business-to-business (B2B) e-commerce.
However, the growth in the e-commerce industry has resulted in tight deadlines and the need to procure and deliver a huge number of goods without errors. Thus, e-commerce companies have increased the adoption of automation in their facilities. The advantages of autonomous forklifts over conventional forklifts such as reduced production time, fewer human errors, increased safety, high-volume production, and increased accuracy and repeatability have spurred the adoption in e-commerce and other logistics hubs.
The warehouse automation allows for increased throughput, better resource utilization, reduced labor, lesser operational costs, decreased handling and storage costs, lesser human error, increased productivity, and efficiency. Hence, the warehouse automation market is growing.
The Indoor Type segment of autonomous forklift is expected to hold a dominant share throughout the forecast period as they are fast improving their ability to operate without human interventions
The indoor segment is expected to hold a significant market share during the forecast period due to its application in the fast-moving goods industry. Indoor autonomous forklifts are swift and precise in order picking and storage, allowing their increased utilization in the warehousing operations. They have enabled swift response to customization of orders, which was time-consuming with traditional forklifts. An autonomous forklift eliminates the idle time and unnecessary movements through pre-calculation with the help of a warehouse management system. Thus, the user can improve the capacity and efficiency of their warehouse with the same floor space.
Europe is anticipated to be the second largest market for autonomous forklifts in 2021
According to the publisher's statistics, Europe is projected to hold the second largest share of the autonomous forklift market by 2027 because of the increased inclination towards the automation technology. Europe has been the most developed market in terms of implementation of automation in warehousing and material handling processes. High labor costs, shortage of space, and stringent worker safety rules are some of the primary factors leading to the high penetration of automation technologies in the European material handling ecosystem.
European regulations related to AGVs include EN 1525 and EN 1526, which lay down safety standards for AGVs in the region. These regulations are expected to support the growth of AGVs and related AMH equipment in this region. The growing electrification infrastructures along with large logistics industry in Germany and France support the development of the electric propulsion autonomous forklift segment. Furthermore, global autonomous forklift OEMs are relocating their operations in the region. The technology transfer has led to growth in the number of local players which is expected to reduce the cost of autonomous forklift adaptation in the region. Hence the region is expected to increase its share during the forecast period.
Market Dynamics
Drivers
- Increasing Demand for Automated Warehouses and Automated Material Handling Equipment
- Growth in E-Commerce, Logistics, and Warehousing Sectors
Restraints
- High Integration and Switching Costs Due to Ai and Wms
Opportunities
- Usage of 5G Connectivity in Future for Warehouse Operations
- Development of IoT Integrated Autonomous Forklifts
Challenges
- Technical Challenges Related to Sensing Elements
- Susceptibility of Autonomous Forklifts and Automated Warehouses to Cyberattacks
Companies Mentioned
- Agilox Services Gmbh
- Agve Ab
- Anhui Heli Co. Ltd
- Autonomous Forklift Market - Additional Players
- Balyo Sa
- Crown Equipment Corporation
- Elettric80 S.P.A
- Hyster-Yale Materials Handling
- Hyundai Construction Equipment Co. Ltd.
- Jungheinrich Ag
- Kion Group Ag
- Mitsubishi Logisnext Co. Ltd
- Movigo Robotics Bv
- Multiway Robotics (Shenzhen) Company
- Oceaneering International, Inc
- Otto Motors
- Scott Automation
- Seegrid Corporation
- Shenzhen Wellwit Robotics Co. Ltd
- Swisslog Ag
- Toyota Industries Corporation
- Vecna Robotics
For more information about this report visit https://www.researchandmarkets.com/r/2wk1wf
