Autonomous Forklift Market Size

Autonomous Forklift Market Analysis

The Autonomous Forklift Market size is estimated at USD 5.12 billion in 2024, and is expected to reach USD 9.12 billion by 2029, growing at a CAGR of 12.25% during the forecast period (2024-2029).

The expanding e-commerce sector worldwide, coupled with the increasing preference of consumers for online shopping, is expected to lead to the surging demand for autonomous forklifts in warehouses and distribution centers, thereby positively impacting the growth of the market. Moreover, the emergence of automated warehousing solutions that assist operators in reducing their operational costs is serving as a major catalyst for the demand for autonomous forklifts worldwide.

• The United States, the United Kingdom, and Ireland were the leading countries worldwide, and consumers stated that they prefer shopping online compared to traditional in-store visits as of 2023. The share of consumers that prefer to shop mostly from online mediums reached 43% in the United States in 2023, followed by the United Kingdom with a share of 35% during the same period.
• Further, the take-up of warehouse space of over five thousand square meters in European cities such as Madrid and Berlin recorded an increase in 2022 compared to 2021. The take-up of warehouse space in Madrid touched 1,300 thousand square meters in 2022 compared to 1,100 thousand square meters in 2021, while the take-up of space in Berling stood at 880 thousand square meters in 2022 compared to 400 thousand square meters in 2021.

These e-commerce companies need to efficiently manage their inventory and are required to deliver products on time, which calls for the deployment of advanced machinery, such as autonomous forklifts, in these centers. Apart from the warehousing sector, autonomous forklifts find their potential use case in various other industries, such as retail and manufacturing for transporting materials, loading/unloading materials, and other tasks.

The integration of several players in the ecosystem offering cutting-edge technological solutions is a major driver for the growth of the market worldwide. These players are incorporating state-of-the-art navigation technology to maximize the efficiency of the product being offered to their customers. Moreover, these players are constantly engaging in launching advanced driverless forklifts to enhance their brand presence and capture a greater market share.

• In March 2023, ForwardX Robotics, a global autonomous mobile robot (AMR) and warehouse solutions provider, introduced its autonomous forklift model, Apex C1500-L, featuring a payload capacity of 3,306 lbs and ensures ±2.3 in pallet placement precision. The new forklift model further enhances ForwardX's capabilities in pallet movement workflows with a higher payload capacity and the ability to work with both GMA and Euro pallets.

As the warehousing industry faces difficulties in hiring and retaining forklift operators and warehouse employees in general, automated warehouses and automated equipment have been gaining traction across the world. The deployment of autonomous forklifts on-site substantially reduces operational time, allowing operators to help bridge the labor shortage gap by empowering a single worker to handle up to 6 or 8 trailers (un)loading robots. The adoption of autonomous forklifts in the European region has witnessed a significant surge in recent years, owing to the presence of various manufacturers operating in the region.