The global autonomous forklifts market size is projected to hit around US$ 12,162.10 Mn by 2027 and growing at a CAGR of 7.14% over forecast period 2020 to 2027

LOS ANGELES, May 06, 2020 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a latest published report titled “Autonomous Forklift Market (By Sales Channel: In-house Purchase, Leasing; By Automation level: Level 1, Level 2, Level 3, Level 4, Level 5; By Tonnage: Below 5 tons, 5-10 tons, More than 10 tons; By Application: Manufacturing, Warehousing, Freight and Logistics, Others) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”.

Forklifts are powered industrial truck that is widely used in warehouses and distribution centers in order to lift and move materials over short distances.

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North America is expected to account for major revenue share in the global market due to growing demand for autonomous forklift from various end-use industries such as food & beverage, chemical, etc. In addition, presence of players operating in the country, coupled with introduction of new innovative products is expected to further support the growth of target market in this region.

Moreover, strategic business development activities through merger and acquisitions is expected to increase the company customer base and enhance the product portfolio this is expected to further support the growth of regional market.

The market in Asia Pacific is expected to witness faster growth due to flourishing e-commerce sector. With the developing e-commerce sector and high competition the distributors and suppliers are inclining towards adoption of autonomous forklift. This would help them to increase the operational efficiency and aid in increase the profit ratio.

In addition, business expansion through strategic partnerships and agreements by major players is expected to support the regional market traction. Emergence of mid-size enterprises on regional level and innovative product offerings at low prices is expected to further support the regional market traction to a certain extent.

Rapid industrialization in developed and developing countries, growing automation approach among the manufacturers operating across the various industries, coupled with demand for autonomous forklift in order to improve the operational efficiency are some major factor expected to drive the growth of the global autonomous forklift market.

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Increasing trade and logistics activities across the globe, coupled with growing number of warehouses and distribution centers for quick turnaround time is expected increase demand for autonomous forklift further augmenting the market growth. Growing competition on regional and international level and increasingly fragmented goods flows is resulting in demand for skilled workforce. Players are focused on improving the operational efficiency in order to get an competitive edge. Autonomous forklift provide a better advantages to manufactures are distributors by speeding up productivity and logistical process without any accidents.

Flourishing food and beverage sector across the globe and manufactures demand for product that can meet the highly standardized operations in the manufacturing premises and can easily accomplished the task without need of human intervention which is resulting in demand for autonomous forklift this further support the growth of target market to a certain extent.

However, factors such as high cost of product and availability of rental services is expected to hamper the growth of the global market. Autonomous forklift as costly and buying them would block the capital investment. Availability of rental services is a major advantage for players as it lowers the cost of ownerships.

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Technological advancements by the major players, high investment for R&D activities and introduction of improved product with better battery life are factors expected to create new opportunities for players over the forecast period. In addition, major players focus on increasing the profit ration and improving the production capacity are other factors responsible to support the revenue traction of the target market.

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The global autonomous forklift market is segmented into sales channel, automation level, tonnage, and end use. The automation level segment is bifurcated in to level 1, level 2, level 3, level 4 and level 5. Among the automation level the level 5 segment is expected to witness faster growth over the forecast period.

Players operating in the global autonomous forklift market are Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Doosan Corporation, Komatsu Ltd., KION GROUP AG, Toyota Industries Corporation, Mitsubishi Heavy Industries, Ltd, Hyundai Construction Equipment. Europe, Cat Lift Truck, NITCO, Anhui Heli Co., Ltd., Anhui Yufeng warehousing equipment Co, Ltd, BHS Corrugated Maschinen-und Anlagenbau GmbH, AB Volvo, BALYO, CLARK, Godrej Industries Limited, Corecon, Inc, HANGCHA Group, and SINKOBE CO., LTD. The competitive scenario is high due to presence of large number of players operating on global level.

Market Segmentation

Market By Sales Channel

  • In-house Purchase
  • Leasing

Market By Automation level

  • Level 1
  • Level 2
  • Level 3
  • Level 4
  • Level 5

Market By Tonnage

  • Below 5 tons
  • 5-10 tons
  • More than 10 tons

Market By Application

  • Manufacturing
  • Warehousing
  • Freight and Logistics
  • Others

Market By Region

North America

  • US
  • Canada

Europe

  • UK
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific

Latin America

  • Brazil
  • Mexico
  • Rest if Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Meddle East & Africa

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