Forklift AGV Market Size, Share, Growth, And Industry Analysis By Type (Laser Navigation Robot, Natural Navigation Robot, Others) By Application (Indoor Transfer and Access, Outdoor Transfer, Material and Finished Product Handling) Regional Forecast From 2024 To 2031

Updated On: 22 April 2024

FORKLIFT AGV MARKET REPORT OVERVIEW 

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The global forklift AGV market size expanded rapidly in 2022, as per our research, the market is expected to generate substantial revenue by 2031, a robust CAGR during the forecast period. 

The global COVID-19 pandemic has been unprecedented and staggering, with the forklift AGV market experiencing higher-than-anticipated/lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

Forklift Automated Guided Vehicles (AGVs) are material handling vehicles that are used for transporting loads within warehouses, manufacturing plants, and other industrial environments. They are equipped with sensors and other navigation technologies that enable them to move autonomously, without the need for human intervention. Forklift AGVs are designed to operate in a variety of environments and can handle a wide range of load sizes and weights. Forklift AGVs come in a variety of sizes and designs, depending on their intended use. Some are designed to transport pallets or other large loads, while others are designed for smaller loads or specialized tasks. They can be equipped with forks, clamps, or other lifting devices to enable them to pick up and move loads. One of the key features of Forklift AGVs is their ability to operate autonomously. They are equipped with sensors and other navigation technologies that enable them to detect and avoid obstacles, follow pre-programmed routes, and safely navigate around other vehicles and people in the workspace. This makes them an ideal solution for environments where safety is a top priority.

Forklift AGVs offer a number of advantages over traditional material handling equipment, including increased efficiency, improved safety, and reduced labor costs. They are ideal for use in a wide range of industrial environments, including warehouses, manufacturing plants, and distribution centers. As the demand for automation in these industries continues to grow, the market for Forklift AGVs is expected to expand rapidly in the coming years.

COVID-19 Impact: Lockdown Caused Shift towards Automation Impeding the Market Growth

The COVID-19 pandemic has had a significant impact on the Forklift AGV market, with many companies turning to automation as a way to reduce the risk of transmission and maintain production levels. The pandemic has also highlighted the importance of supply chain resilience, and many companies are investing in automation technologies to improve efficiency and reduce the risk of supply chain disruptions in the future.

Latest Trends

"Improve Safety and Efficiency to Boost the Market Growth "

The Forklift AGV market is expected to grow significantly in the coming years, driven by factors such as increasing demand for automation, rising labor costs, and the need for improved safety and efficiency in material handling operations. The market is also witnessing a trend towards customization, with companies seeking customized solutions that can be tailored to their specific needs and requirements.

FORKLIFT AGV MARKET SEGMENTATION 

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• By Type Analysis

According to type, the market can be segmented into Laser Navigation Robot, Natural Navigation Robot, Others. Laser Navigation Robot being the leading segment of the market by type analysis.

• By Application Analysis

Based on application, the market can be divided into Indoor Transfer and Access, Outdoor Transfer, Material and Finished Product Handling. Indoor Transfer and Access being the leading segment of the market by application analysis.

Driving Factors

"Efficiency In Material Lifting to Drive the Market Growth"

The need for increased efficiency in material handling operations. AGVs can move materials quickly and accurately, reducing the time and labor required for material transport and handling. This can help to increase productivity, reduce costs, and improve overall operational efficiency.

"Need for Improved Safety to Drive the Market Growth"

The need for improved safety in material handling operations. AGVs are designed to operate autonomously, which reduces the risk of accidents and injuries caused by human error. They can also be programmed to follow specific safety protocols, further reducing the risk of accidents and injuries in the workplace.

Restraining Factors

"High Cost to Impede the Market Growth"

High initial cost of implementation. AGVs require significant capital investment, and companies may be hesitant to invest in this technology if they are unsure of the benefits. In addition, the complexity of AGV systems can make it difficult to implement and maintain, which can be a challenge for smaller companies or those with limited technical expertise.

FORKLIFT AGV MARKET REGIONAL INSIGHTS 

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"Increased Demand for Automation to Boost the Market Development in North America"

The North American market for forklift AGVs is expected to witness significant growth in the coming years due to the increasing demand for automation in various industries. The US is the largest market in this region and is expected to drive the growth of the North American market. The high adoption rate of new technologies and the presence of major players in the region are contributing to the growth of the forklift AGV market in North America. The automotive industry is one of the major end-users of forklift AGVs in North America. The use of forklift AGVs in this industry helps in reducing the turnaround time and increasing efficiency. The e-commerce industry is another major end-user of forklift AGVs in the region. The increasing demand for fast and efficient order processing has led to the adoption of forklift AGVs in warehouses and distribution centers.

The European market for forklift AGVs is expected to grow significantly over the next few years due to the increasing demand for automation in various industries. The presence of several leading manufacturers of forklift AGVs in the region is also contributing to the growth of the market. Germany, France, and the UK are the major markets in Europe, with Germany being the largest market. The automotive industry is the major end-user of forklift AGVs in Europe. The use of forklift AGVs in this industry helps in improving the efficiency of production and reducing the turnaround time. The food and beverage industry is another major end-user of forklift AGVs in the region. The use of forklift AGVs in this industry helps in improving the safety of the workers and reducing the risk of contamination.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Toyota Forklifts (Japan)
• ASTI Mobile Robotics (Spain)
• Hikrobotics (China)
• Hangzhou Lanxin (China)
• Clearpath Robotics (Canada)
• Shenzhen Vision Robot (China)
• Multiway Robotics (China)
• Shenyang Siasun (China)
• Shenzhen Casun Intellingent Robot (China)
• Staubli (Switzerland)
• JBT (U.S.)
• Corecon, Inc (U.S.)
• Jungheinrich AG (Germany)
• HYSTER (U.S.)
• Balyo (France)
• Vecna Robotics (U.S.)
• Rocla (Finland)
• SEER Group (China)
• HUNAN CIZON ROBOT (China)
• Hubei Sanfeng Robot (China)
• Machinery Technology (China)
• Lgmgim (China)
• Chengdu Hnangfa Robotics (China)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.