Global Autonomous Forklift Market – Everything You Need To Know
A forklift is a term used for conveyance vehicles in the construction and manufacturing industries for unloading bricks, construction equipment, and other materials. This instrument lifts and moves the material from the truck to the warehouse or site. Autonomous forklifts, unlike traditional forklifts, are more technologically advanced forklifts. They operate on their own without human interaction and provide both horizontal and vertical movements to stack the load.
According to the research conducted by OMR, with these features, the global forklift truck market is anticipated to grow at a substantial CAGR of 4.9% during the forecast period of 2022–2028. Moreover, the North American region is anticipated to hold a prominent share in the market during the forecast period, owing to the contribution of key forklift manufacturers to the market such as Cummins Inc., Raytheon, Enersys, Schaefer Inc., Arotech, and others.
Types and Applications of Autonomous Forklifts
The use cases of automated forklifts are increasing due to the growing technological advancements in every industry. With that in mind, major market contributors are launching different types of autonomous forklifts, such as:
Automated Pallet Mover
This autonomous forklift is a self-driving vehicle used for low-height operations such as moving loads or stacking material on the ground or on low-level shelves. Moreover, this truck’s movements are limited to horizontal operations only. The companies that provide automated pallet movers include Raymond Courier and Multiway Robotics, among others.
Straddle Forklift AGVs (Outrigger AGV)
Straddle forklifts are useful with a high stacking capability of up to 14 ft, and they have a high load lift capacity of up to 3,600 kg (8,000 lb). These vehicles are wide, however, short in length. Due to their two horizontal stabilizing legs, these forklifts are considered more stable during the hauling task. The companies offering this type of autonomous forklift to the market include JBT and Rocla, among others.
Counterbalanced Automatic Forklift
These automated forklifts can lift up to 800–1500kg of material load and have a high stacking capacity as well. The companies contributing to the market with this forklift are Dematic, JBT, and others.
VNA (Very Narrow Aisle) Automated Vehicle
These AGVs are able to work in large and high-rise warehouses. Their main work is to stack materials on the racks—useful in supermarkets, retail companies such as Walmart, among others. VNAs are narrow in width, which makes them more useful in narrow aisles.
AGV Reach Truck
These automated forklifts are also narrow in width, which makes them useful in narrow aisle settings. However, they have limited load-lifting capacity. The companies manufacturing these trucks include Multiway Robotics and VisionNav Robotics, among others.
Recent Developments in Autonomous Forklift Market
Autonomous forklifts, due to their accuracy in work, independent working ability, and low material breaking or wasting capabilities, are seeing a huge demand in the market. Some of the recent activities in the automated forklift market include:
• In July 2022, Toposens launched 3D the Ultrasonic Echolocation Sensor Echo One. This sensor saves industrial automated vehicles from colliding.
• In March 2022, Third Wave Automation announced its partnership with CLARK—a material handling company. Both companies will release their automated reach trucks in 2023. This project was initiated by both companies to improve work efficiency in the supply chain industry and warehouses.
• In March 2022, OTTO Motors launched the world’s smallest autonomous forklift, the OTTO Lifter. This forklift improves safety in warehouses and other facilities. Moreover, OTTO Lifter can work in the presence of other vehicles and humans.
Investments
Companies are investing in modern and advanced forklift trucks instead of conventional forklift trucks. Forklift trucks that use hydrogen as their energy source are also contributing to the growth of the global forklift truck market.
A significant incident for the forklift industry was registered in December 2021, when Walmart—a well-known multinational retail corporation—bought shares of Symbotic Inc.—a leading manufacturer of supply chain robots. Symbotic’s autonomous forklift not only loads and unloads the material but also stacks the material in its place with the use of AI-based technology. Walmart bought 15 million Class A shares of Symbotic.
In addition, Third Wave Automation, an autonomous forklift manufacturer, after partnering with Toyota Industries Corporation, raised USD 40 million for both companies’ combined autonomous forklift project.
Conclusion
Autonomous forklifts are increasing productivity, simplifying industrial work, enhancing workplace safety, and working with accuracy without human interactions. These features are driving the growth of the automated forklift market.
On the other hand, these products are considered expensive, which can be a drawback to their quick development in the market. However, they are a one-time investment for any industry and considering their abilities to work will contribute to their growth gradually in the market. Moreover, companies such as Godrej & Boyce Manufacturing Co. Ltd., Hyster-Yale Materials Handling Inc., Hyundai Heavy Industries Co., Ltd., KION GROUP AG, Toyota Industries Corp., CAT, Linde plc, Dematic, and Jungheinrich, among others, are contributing constantly to the market with their new technologically advanced inventions.