How big is the Autonomous Forklift Market?

The Autonomous Forklift Market size is expected to reach USD 5.12 billion in 2024 and grow at a CAGR of 12.25% to reach USD 9.12 billion by 2029. Read More

What is the current Autonomous Forklift Market size?

In 2024, the Autonomous Forklift Market size is expected to reach USD 5.12 billion. Read More

Who are the key players in Autonomous Forklift Market?

Toyota Industries Corporation, Jungheinrich AG, Hyster-Yale Group, Inc., Hangcha Group Co., Ltd. and HD Hyundai Construction Equipment are the major companies operating in the Autonomous Forklift Market. Read More

Which is the fastest growing region in Autonomous Forklift Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Autonomous Forklift Market?

In 2024, the Europe accounts for the largest market share in Autonomous Forklift Market. Read More

What years does this Autonomous Forklift Market cover, and what was the market size in 2023?

In 2023, the Autonomous Forklift Market size was estimated at USD 4.49 billion. The report covers the Autonomous Forklift Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Autonomous Forklift Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Autonomous Forklift Market Size & Share Analysis - Industry Research Report

AUTONOMOUS FORKLIFT MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2024 - 2029)

The Autonomous Forklift Market Report is Segmented by Tonnage Capacity (Below 5 Tons, 5-10 Tons, and Above 10 Tons), Navigation Technology (Laser Guidance, Vision Guidance, Optical Tape Guidance, Magnetic Guidance, Inductive Guidance, and Others), Application (Logistics and Warehousing, Manufacturing, Material Handling, and Others), Propulsion Type (Electric, Diesel, and Others), Type (Pallet Trucks/Movers/Jacks, Pallet Stackers, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World).

Autonomous Forklift Industry Overview

The autonomous forklift market is fragmented and highly competitive due to the presence of various international and domestic players operating in the ecosystem. Some of the major players include Toyota Industries Corporation, Jungheinrich AG, Hyster-Yale Group Inc., Hangcha Group Co. Ltd, HD Hyundai Construction Equipment, Balyo, Vecna AFL, Otto Motors, and Kion Group AG. These players are investing hefty sums to offer innovative automated forklift products to gain a competitive edge in the ecosystem.

In February 2024, ArcBest announced the launch of autonomous forklifts and reach trucks equipped with software that allows human operators to control them remotely. Further, the company stated that its product utilizes sensors and cameras to navigate a warehouse floor to load and stack pallets and move other goods. The model is designed for its extensive usage at existing warehouses, distribution centers, and manufacturing facilities.
In June 2023, Cyngn Inc. announced its partnership with BYD to facilitate the development of an autonomous forklift that will feature flexible pallet detection, which uses proprietary AI and computer vision to detect and analyze pallet dimensions in real-time, creating flexibility to work with standard, non-standard, and custom pallet sizes. As per the agreement, the forklift manufactured by BYD will be developed in conjunction with Cyngn's autonomous technology, DriveMod.

The market is anticipated to witness the integration of several new entrants in the industry who will offer advanced autonomous forklift products equipped with technologies such as telematics to enhance the convenience of fleet operators.