Autonomous Forklift Market to Reach $12.77 Billion by 2029, Registering a CAGR of 12.5%
21 Jan, 2025
What has Contributed to the Rapid Growth of the Autonomous Forklift Market in Recent Years?
The Autonomous Forklift Market has shown exceptional growth in the past few years due to an increase in demand for automated solutions within industrial settings.
• The market size was $7.2 billion in 2024 and surged to $7.97 billion in 2025, with a notable CAGR of 10.7%.
Significant factors triggering this trend include the need for warehouse automation, labor shortages in material handling, increasing demand for efficient logistics, soaring operational cost savings through automation, and a surge in consumerism through online platforms.
What is the Expected Growth Rate and Market Size of the Autonomous Forklift Market in the Coming Years?
The autonomous forklift market is poised for remarkable growth in the upcoming years.
• The market size is predicted to reach $12.77 billion by 2029, propelled by a strong CAGR of 12.5%.
This growth is centered on the expansion of e-commerce and fulfillment centers, growing emphasis on safety in material handling operations, a shift towards interoperability in autonomous forklift systems, rising complexities for product handling, and a surging need for smart logistics. Upcoming trends including the integration of artificial intelligence in autonomous forklifts, development of collaborative and swarm robotics in forklift fleets, adoption of 5g technology for enhanced connectivity and communication, implementation of lidar and computer vision for precise navigation, customization and adaptability of autonomous forklifts for various industries also contribute to this growth.
What Key Factors are Driving the Autonomous Forklift Market's Expansion?
A noticeable driver for the autonomous forklift market's expansion is the growing application of these solutions in the automotive sector. Increasing consumer demand for innovative technologies, sustainable transportation solutions, and the expansion of electric vehicles have stimulated growth in this industry. Autonomous forklifts are deployed to boost operational efficiency, curb labor costs, enhance safety via the minimization of human error, and to streamline logistics in increasingly automated production settings. In 2024, new car registrations grew by 3.9%, exceeding 6.5 million units, proving the rising application of autonomous forklifts across the industry, and consequently driving the autonomous forklift market's growth.
How is the Autonomous Forklift Market Segmented?
The autonomous forklift market covered in this report is segmented as follows –
1) By Type: Indoor, Outdoor
2) By Component: Hardware, Software, Service
3) By Navigation Technology: Laser Guidance, Magnetic Guidance, Vision Guidance, Inductive Guidance, Optical Tape Guidance, Other Navigation Technology
4) By Application: Manufacturing, Warehousing, Material handling, Logistics and Freight, Other Applications
What are the Key Trends in the Autonomous Forklift Market?
New product innovation has emerged as a significant trend in the autonomous forklift market. Notably, in March 2022, OTTO Motors introduced the OTTO Lifter, an autonomous forklift that automatically picks up and drops off pallets, even in complex conditions. This technology proves that autonomous forklifts can adapt to dynamic surroundings and determining optimal route planning on their own, setting them apart from other autonomous forklifts in the market.
Who are the Pivotal Players in the Autonomous Forklift Market?
Crucial players driving innovation in the autonomous forklift market include:
• Hangcha Group Co. Ltd.
• Hyundai Heavy Industries Group
• KAUP GmbH & Co.
• Kion Group AG
• Lonking Machinery Co. Ltd.
• Toyota Industries Corporation
• Linde Material Handling GmbH
• Crown Equipment Corporation
• Doosan Corporation
• Konecranes Oyj
• Seegrid Corporation
• Balyo Robotic SA
• Agilox Services GMBH
• Clearpath Robotics Inc.
• Mitsubishi Logisnext Co. Ltd.
• Manitou BF S. A
• Jungheinrich AG
• Anhui Heli Co. Ltd.
• Anhui Yufeng Equipment Co. Ltd.
• Komatsu Ltd.
• EP Equipment Co. Ltd.
• Godrej & Boyce Manufacturing Co. Ltd.
• Clark Material Handling Company
• Combilift Ltd.
• Hyster-Yale Material Handling Inc.
• Still GmbH
• AutoGuide Mobile Robots
• BYD Company Ltd.
• Hubtex Australia Pty Ltd.
What Regional Insights can be Gathered from the Autonomous Forklift Market?
Asia-Pacific dominated the autonomous forklift market share in 2024, while North America is projected to witness the fastest growth during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.