Portland, OR, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global autonomous forklift market size garnered $3.5 billion in 2021, and is estimated to generate $10.5 billion by 2031, manifesting a CAGR of 11.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $3.5 billion |
| Market Size in 2031 | $10.5 billion |
| CAGR | 11.9% |
| No. of Pages in Report | 345 |
| Segments covered | Tonnage, navigation technology, end-use, application, and region |
| Drivers | Surge in demand for automation solution in various industries, Reduction of labor cost in organizations Increase in safety, accuracy & productivity |
| Opportunities | Growth in e-commerce industry |
| Restraints | Lack in flexibility of autonomous forklift High initial investment cost |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global autonomous forklift market, owing to implementation of global lockdown which resulted to temporary closure of beverage factories.
- According to the International Labor Organization (ILO), in March 2020, it was estimated that factory closures in Europe and North America caused around 2.5 million vehicles to be removed from production schedules, at a cost of $77.7 billion in lost revenue for automotive and related services manufacturing companies.
- For instance, initially in the pandemic, Amazon was forced to limit the amount of inventory suppliers that were sent to its warehouses. E-commerce order volumes increased by 50% compared to 2019, and shipping times for products such as furniture became doubled in March 2020, hitting distribution centers hard. This had created demand for autonomous forklift market.
The research provides detailed segmentation of the global autonomous forklift market based on tonnage, navigation technology, end-use, application, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on navigation technology, the laser segment held the highest share in 2021, accounting for nearly two-fifths of the global autonomous forklift market, and is expected to continue its leadership status during the forecast period. However, the vision segment is expected to register the highest CAGR of 14.6% from 2022 to 2031.
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Based on end use, the retail and wholesale segment accounted for the highest share in 2021, contributing to around two-fifths of the global autonomous forklift market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the food industry segment is expected to manifest the highest CAGR of 14.7% from 2022 to 2031.
Based on application, the indoor segment accounted for the highest share in 2021, holding more than two-thirds of the global autonomous forklift market, and is expected to continue its leadership status during the forecast period. However, the outdoor segment is estimated to grow at the highest CAGR of 12.8% during the forecast period.
Based on region, Asia-Pacific held the largest share in 2021, contributing to more than two-fifths of the global autonomous forklift market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 15.0% during the forecast period. The research also analyzes regions including North America and Europe.
Leading market players of the global autonomous forklift market analyzed in the research include Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, Jungheinrich AG, BALYO, KION GROUP AG, Oceaneering International, Inc., AGILOX Services GmbH, Swisslog Holding AG, Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd.
The report provides a detailed analysis of these key players of the global autonomous forklift market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
