Global Automated Forklift Trucks Market Report and Forecast 2024-2032

Global Automated Forklift Trucks Market Outlook

The global automated forklift trucks market is expected to grow at a CAGR of 7.9% during the period 2024-2032. Technological advancements and benefits afforded by automated forklift trucks, including increased handling volume, decreased accidents and errors, and reduced wastage are expected to boost the market. North America, Europe and Asia are expected to be key markets.

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Global Market Likely to be Driven by Need for Automation of Warehousing and Distribution Operations

Companies seek to offer technologies, systems, and solutions to enhance the performance and efficiency of day-to-day warehouse and distribution operations. Automated forklift trucks are an example of such solutions that enable smooth and efficient operations without human intervention and risk of damage.

Automated forklift trucks gaining much importance in manufacturing locations and warehouses where processes are greatly standardized, repetitive, and may be readily accomplished without human intervention. Automated forklift trucks can carryout horizontal as well as vertical movements of the load. These machines also have the capability to be set up to pile up loads in racks; automated forklift trucks are extensively employed in warehouses for high rack management. The growing importance of automated forklift trucks in warehouse processes is expected to boost the global automated forklift trucks market.

Main types of automated forklift trucks include:

Automated Pallet Mover – It is a kind of robotic forklift designed to move palletized contents in manufacturing facilities. The application permits restricted vertical load movement, reaching pallets on shelves or racks at lower heights or in floor-to-floor processes. The moving capacity of an automated pallet mover may range from a few quintals to multiple tonnes.

Counterbalanced Automatic Guided Forklift – This machine counterbalances the load weight with a weight at the back of the truck; the balancing weight is generally cast iron or battery. Although these machines are larger and have a bigger turning radius, counterbalanced automatic guided forklifts are capable of handling heavy loads and reaching higher stacking heights.

Straddle Forklift Automated Guided Vehicles (AGVs) – Also known as outrigger AGVs, these machines carry two horizontal stabilizing legs, located out of the load breadth. Straddle forklift AGVs need less manoeuvring space as compared to counterbalanced automatic guided forklift.  Support legs lend more support and stability to the machine.

Very Narrow Aisle (VNA) Automated Guided Vehicles – These machines are very efficient in carrying out transportation tasks in large and high warehouses. However, these are very expensive.

AGV Reach truck – These are robot forklifts devised to function in narrow aisle warehouse spaces. Two outer legs help distribute load weight.

Efficiencies Afforded by Automated Forklift Trucks Expected to Contribute to Market Growth

Advantages such as more flexibility in operations, better safety, enhanced productivity, decreased cost, and integration with warehouse management systems to accomplish greater efficiencies are expected to drive the market.

Being Scalable, and the Ability to Fulfil Labour Gaps and Reduce Labour Related Costs Likely to Contribute to Market Growth

Automated forklift trucks offer solutions to labour related problems such as unavailability of skilled workers, labour absenteeism and turnover, inconsistency in performance, and cost of hiring new workers. Further, automated forklift trucks are flexible, scalable and dependable. These advantages offered are expected to contribute to the growth of the global automated forklift trucks market.

Market Segmentation

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By type, the market is segmented into:

• Pallet Mover
• Counterbalance
• Outrigger 
• Reach Truck

By region, the market is divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

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Key Industry Players in the Global Automated Forklift Trucks Market

The report presents a detailed analysis of the following key players in the market, looking into their capacity, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Toyota Industries Corporation
• Mitsubishi Caterpillar Forklift America Inc. 
• Crown Equipment Corporation 
• Seegrid Corporation 
• Kollmorgen
• Kion Group AG
• Hyster-Yale Materials Handling, Inc.
• Others

The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report