Autonomous Forklift Trucks Market By Product Type (Reach Forklift Truck, Counterbalance Forklift Truck, Others), By Engine Type (Electric, Diesel, Gasoline & LPG/CNG), By End-user (Manufacturing, Logistics, Food Industry, Wholesale & Retail, Mining & Construction, Others), By Vehicle Class (Class I, Class II, Class III, Class IV, Class V), By Automation Level (Level 1, Level 2, Level 3, Others) - Growth, Future Prospects, and Competitive Analysis, 2019 - 2027

Rising demand for autonomous material handling equipment will boost the market

The global autonomous forklift trucks market is rising competently, probable to grow at a CAGR of 11.5% during the estimated period from 2019 to 2027.

Growing demand for forklift trucks in various industries such as logistics, construction, infrastructural development, warehouse, and others will shortly drive the demand for autonomous forklift trucks. In addition, the development of technologically advanced products for increasing the efficiency of material handling equipment will boost the market demand. For instance, in April 2019, Hyundai Heavy Industries introduced its new autonomous forklift truck. The driverless forklift truck can determine optimal routes and can be remotely controlled.

Market Synopsis

The growing penetration of the e-commerce industry will drive the market growth

The rising retail industry globally and increasing penetration of e-commerce worldwide will be the major reasons for the fastest growth of the segment. As a result, the retail industry worldwide is expected to grow with a CAGR of around 5.5% during the forecast period. In addition, rapid technological advancements in the retail industry, such as virtual reality, Q.R. codes, artificial intelligence (A.I.), and others, are also boosting the retail industry. 

In the retail industry, the use of autonomous forklift trucks has increased due to its benefits over general forklift trucks, including ensure lower costs, efficiency increase, prevention of safety issues, fast & efficient shifting, and others. In addition, the aforementioned benefits of autonomous forklift trucks will also help segment growth.

Regional Analysis

Rising industries in the emerging economies will boost the demand in the Asia Pacific

In the global autonomous forklift trucks market, Asia Pacific will emerge as the fastest-growing region in years to come. The Asia Pacific will be the fastest-growing region due to rapid advancement in technology and the presence of major autonomous forklift manufacturers such as Hyundai Heavy Industries, Toyota Industries Corporation, and others. In addition, rising government investments in emerging economies such as India will also give a boost to the segment. For instance, on 1st December 2019, the government announced to invest the U.S. $ 1.39 Tn over the next five years for infrastructural development in the country.

Increased mergers & acquisitions and new product development by market players will boost the market. 

Major market players are focusing on new product developments and mergers & acquisitions to increase their market presence globally. 

List of Companies Covered:

  • Hyundai Heavy Industries
  • Jungheinrich AG
  • Linde Material Handling
  • Hyster Company
  • Teradyne Inc.
  • Hangcha Group Co., Ltd.
  • Toyota Industries Corporation
  • Hyster-Yale Materials Handling Inc.
  • Doosan Industrial Vehicle
  • Komatsu Ltd.
  • OTTO Motors 

Key Industry Development:

In September 2018, OTTO Motors launched a new self-driving forklift truck OTTO OMEGA. The forklift truck specializes in autonomous as well as semi-autonomous work. OTTO OMEGA is fully equipped with artificial intelligence (A.I.) and will do new jobs with every software update. 

Historical & Forecast Period

This study report represents analysis for each segment from 2017 to 2027, considering 2018 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

Segmentation Product Type (2017–2027; US$ Bn)

  • Reach Forklift Truck
  • Counterbalance Forklift Truck
  • Others (Rough Terrain, Side Loader, Telescopic Handler, etc.)

 Engine Type (2017–2027; US$ Bn)

  • Electric
  • Diesel
  • Gasoline & LPG/CNG

 End-user (2017–2027; US$ Bn)

  • Manufacturing
  • Logistics
  • Food Industry
  • Wholesale & Retail
  • Mining & Construction
  • Others (Agriculture, Natural Resources, etc.)

 Vehicle Class (2017–2027; US$ Bn)

  • Class I
  • Class II
  • Class III
  • Class IV
  • Class V

 Automation Level (2017–2027; US$ Bn)

  • Level 1
  • Level 2
  • Level 3
  • Others (Level 4, Level 5, etc.)

 Geography Segment (2017–2027; US$ Mn)

  • North America (U.S. and Rest of North America)
  • Europe (U.K., Germany, France, and Rest of Europe)
  • Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
  • Rest of World (Middle East & Africa (MEA), Latin America)

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities to understand the overall autonomous forklift trucks market better. The global report also represents the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

Frequently Asked Questions: 

The market for Autonomous Forklift Trucks is expected to reach US$ XX Bn in 2027.

The Autonomous Forklift Trucks market is expected to see significant CAGR growth over the coming years, at 11.5%.

The report is forecasted from 2019-2027.

The base year of this report is 2018.

Hyundai Heavy Industries, Jungheinrich AG, Linde Material Handling, Hyster Company, Teradyne Inc., Hangcha Group Co. Ltd., Toyota Industries Corporation, Hyster-Yale Materials Handling Inc., Doosan Industrial Vehicle, Komatsu Ltd. are some of the major players in the global market.

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Published Date:  Dec 2019
Category:  Industrial Goods
Report ID:   60134
Report Format:   PDF
Pages:   120
Rating:    4.4 (69)
Delivery Time: 24 Hours to 48 Hours   
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