Dublin, May 18, 2023 (GLOBE NEWSWIRE) -- The "Autonomous Forklift Market by Tonnage, Navigation Technology, End-use, Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The Autonomous Forklift Market is expected to experience a significant growth rate of 11.9% from 2022 to 2031 owing to the increasing trend for automated guided vehicles to be used in different industries across the globe.
Key Market Players
- 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.
Autonomous forklifts are also known as self-propelled forklifts that lift goods without human assistance. All storage services can be handled individually.
This eliminates the need for human labor for warehouse operations. Defects introduced by human intervention in warehouse operations can be conveniently managed with the advent of automated forklifts. The rapid growth of the logistics and construction industries has increased the demand for autonomous devices. The need to handle heavy loads in material handling and supply chains is driving the demand for automated forklifts.
Advances in technology have also increased the efficiency of industrial trucks. Automated forklifts make a significant contribution to optimizing intralogistics processes. This ensures that the right part is always in the right place at the right time. This technology helps drivers avoid potential hazards by calculating the safest maneuver in difficult situations. This will significantly reduce accidents.
The key factors driving the growth of autonomous forklift market includes surging demand for automation solution in various industries, reduction of labor cost in organizations, and increase in safety, accuracy & productivity which creates a wider scope for the growth of the market across the globe.
For instance, Flipkart is using artificial intelligence (AI) powered bots that enable bots and humans to work together efficiently. Around 350 AI-powered bots monitored autonomous forklift assist operators to process almost 4,500 shipments per hour at twice the speed with remarkable accuracy. Furthermore, company claims that with the adoption of these bots the throughput and storage capacity has doubled as well. Thus, increasing demand for automation will further help in driving demand of autonomous forklift market.
The market also offers opportunistic factors to the key players operating in the market to enhance their services, which creates ample opportunities for the growth of the market across the globe. This includes growth in e-commerce industry and incorporation of industry 4.0. which crates ample opportunities for the growth of the market across the globe. The e-commerce market continues to grow at a significant rate.
Increase in demand for consumer products has led to rise in requirement of warehousing space, for storage of products, which are then distributed to retail stores in bulk, via pallet loads, and cases. Various distribution strategies and warehouse technologies are adopted to distribute the products to the location without any damage.
To reduce time and space, forklift is used in the warehouses to place and arrange materials or goods in a proper manner. As per the usage, these trucks are available in different models such as counterbalanced sit-down riders, swing-reach turrets, and order pickers, with different power options including electric, natural gas, diesel, autonomous and gasoline.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the autonomous forklift market analysis from 2021 to 2031 to identify the prevailing autonomous forklift market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the autonomous forklift market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global autonomous forklift market trends, key players, market segments, application areas, and market growth strategies.
Market Dynamics
Drivers
- Surging demand for automation solution in various industries
- Reduction of labor cost in organizations
- Increase in safety, accuracy and productivity
Restraints
- Lack in flexibility of autonomous forklift
- High initial investment cost
Opportunities
- Growth in e-commerce industry
- Incorporation of industry 4.0.
Key Market Segments
By Tonnage
- Below 5 Tons
- 5 to 10 Tons
- Above 10 Tons
By Navigation Technology
- Laser
- Vision
- Optical Tape
- Magnetic
- Inductive Guidance
By End Use
- Retail and Wholesale
- Logistics
- Automotive
- Food Industry
- Others
By Application
- Indoor
- Outdoor
For more information about this report visit https://www.researchandmarkets.com/r/wzqutc
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