Autonomous Forklift Trucks Market By Product (Reach Forklift Truck, Counterbalance Forklift Truck, Others), By Engine (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, 2024 - 2032

26 Dec 2019 Format PDF icon PPT icon XLS icon Request Sample

Key Market Insights

“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 2023 to 2030.

Growing demand for forklift trucks in various industries such as logistics, construction, infrastructural development, warehouse, and others will drive the demand for autonomous forklift trucks in the near future. Development of technologically advanced product for increasing the efficiency of material handling equipment will boost the market demand. For instance, in April 2021, Hyundai Heavy Industries introduced its new autonomous forklift truck. The driverless forklift truck can determine optimal routes and can be remotely controlled.

End-user Analysis

“The growing penetration of 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. The retail industry worldwide is expected to grow with a CAGR of around 5.5% during the forecast period. Rapid technological advancement in the retail industry such as virtual reality, QR codes, artificial intelligence (AI) 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 includes ensure lower costs, efficiency increase, prevent safety issues, fast & efficient shifting and others. 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 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.  Rising government investments in emerging economies such as India will also give a boost to the segment. For instance, on 1st December 2021, the government announced to invest the US $ 1.39 Tn over the next 5 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 2020, 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 (AI) and will do new jobs with every software update. 

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Autonomous Forklift Trucks market are as follows:

  • Research and development budgets of manufacturers and government spending
  • Revenues of key companies in the market segment
  • Number of end users and consumption volume, price and value.
  • Geographical revenues generate by countries considered in the report
  • Micro and macro environment factors that are currently influencing the Autonomous Forklift Trucks market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Research Period  2022-2032
Base Year 2023
Forecast Period  2024-2032
Historical Year  2022
Unit  USD Million
  • Reach Forklift Truck
  • Counterbalance Forklift Truck
  • Others (Rough Terrain, Side Loader, Telescopic Handler, etc.)

  • Electric
  • Diesel
  • Gasoline & LPG/CNG

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

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

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

 Region Segment (2022-2032; US$ Million)

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • UK and European Union
    • UK
    • Germany
    • Spain
    • Italy
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC
    • Africa
    • Rest of Middle East and Africa

Key questions answered in this report

  • What are the key micro and macro environmental factors that are impacting the growth of Autonomous Forklift Trucks market?
  • What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
  • Estimated forecast and market projections up to 2032.
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which market segment holds a larger market share and why?
  • Are low and middle-income economies investing in the Autonomous Forklift Trucks market?
  • Which is the largest regional market for Autonomous Forklift Trucks market?
  • What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
  • Which are the key trends driving Autonomous Forklift Trucks market growth?
  • Who are the key competitors and what are their key strategies to enhance their market presence in the Autonomous Forklift Trucks market worldwide?
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