- Autonomous forklift, also known as self-driving forklift, can be utilized for transport of material from one place to another. It also eliminates the need for human presence in warehouse work. These forklifts are capable of independently maneuvering in the barns, carrying heavy loads, and loading-unloading them without human intervention.
- Autonomous forklifts ensure that the right part is always in the right place at the right time. Furthermore, they boost productivity in the warehouse and reduce the risk of accidents in industries.
Key Drivers of Global Autonomous Forklift Market:
- Investment in infrastructure development and rapid industrialization coupled with expansion of the construction and transportation industries in developing countries are anticipated to boost the demand for material handling equipment such as forklift during the forecast period
- Autonomous forklifts are being extensively utilized in various end-use industries such as transportations and logistics, manufacturing, paper, and wood. This is major factor that is expected to drive the global autonomous forklift market.
- Rise in automation in various end-use industries has prompted manufacturers to focus on increasing operational efficiency. Forklifts help reduce injuries to staff, damage to goods and infrastructure, and improve transport quality. These factors also drive the autonomous forklift market across the globe.
- Rapid expansion of the e-commerce sector along with rapid adoption of autonomous forklifts among suppliers and distributors in order to boost productivity is another factor that propels the autonomous forklift market. Distributors are focused on enhancing productivity due to rising competition and increasingly fragmented goods flows. Autonomous forklifts tend to work as a skilled workforce and critical work can be accomplished with high reliability and without human intervention.
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Autonomous Forklift Market to Offer Attractive Opportunities:
- The company expansion aids in improving the production capacity of the product. Additionally, with expansion of firms, the revenue and profits also increase, which, in turn, could catalyze the innovation of the products. Besides, expansion provides opportunities to attracts new customers and retain old ones. In 2019, Geek plus robotics looks to expands into forklift for heavy industry. Moreover, the company is focusing on deliver solutions to steelmaking, construction, and other operations where the loads are big and heavy. This factors are likely to boost the growth of autonomous forklift market across the globe.
Higher Initial Investment and Availability of Rental Services to Hamper Market
- High initial investment and availability of rental services are expected to hamper the global market. Availability of rental services is a major advantage for manufactures, as it lowers the ownership of products. Additionally, unavailability of required infrastructure in developing countries in order to support the movement of advanced products is another factor that is estimated to restrain the autonomous forklift market across the globe.
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Asia Pacific to Hold Significant Share of Global Autonomous Forklift Market:
- The autonomous forklift market in Asia Pacific is estimated to expand at a rapid pace during the forecast period, followed by North America and Europe. This expansion of the market in Asia Pacific can be attributed to the high rate of adoption of autonomous forklifts in countries, such as China, which produced maximum number of vehicles across the globe.
- Development of infrastructure and rapid industrialization coupled with expansion of construction and transportation industries are likely to boost the autonomous forklift market in India and consequently, propel the autonomous forklift market in Asia Pacific.
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Key Players Operating in Global Market:
The global autonomous forklift market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global autonomous forklift market are:
- Hyster-Yale Material Handling Inc.
- Toyota Industries Corporation
- Komatsu Ltd.
- Mitsubishi Logisnext Co.Ltd.
- KION GROUP AG
- Crown Equipment Corporation
- Anhui Heli Co., Ltd.
- CLARK
- Combilift Material Handling Solutions
- DOOSAN INDUSTRIAL VEHICLE AMERICA CORP.
- Hangcha Group Co. Ltd.
- KONECRANES
- Manitou Group
- Lonking Machinery Co. Ltd.
- Jungheinrich AG
- Linde Material Handling
