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Global Automated Forklift Trucks Market to Grow at a CAGR of 7.9% During the Period 2022-2027, Driven by Benefits Offered by Automated Forklift Trucks

According to a new report by EMR titled, ‘Global Automated Forklift Trucks Market Report and Forecast 2022-2027’, the global automated forklift trucks market is expected to grow at a CAGR of 7.9% during the period 2022-2027, led by advancements in technology.

The global automated forklift trucks market is likely to be driven by 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.

Automated forklift trucks offer advantages such as increased operational flexibility, more safety, enhanced productivity, decreased cost, and integration with warehouse management systems to accomplish greater efficiencies. Further, automated forklift trucks offer solutions that are scalable and fulfil labour gaps and reduce labour related costs and inefficiencies.

Automated forklift trucks offer solutions that enable smooth and efficient operations without human intervention and risk of damage.  Companies seek to offer technologies, systems, and solutions to enhance the performance and efficiency of day-to-day warehouse and distribution operations. For example, in 2019, Mitsubishi Caterpillar Forklift America Inc. announced that the company had expanded its entire range of forklifts and warehouse products to include a new generation of automation capabilities to fulfil the growing demands of customers. The release included EZS 350a NA - an automated guided electric tow tractor - and EKS 215a - an automated guided medium-to-high-level stacker.

In 2021, Mitsubishi Logisnext Americas group announced its partnership with Phantom Auto, to enable operators in remote locations to operate unmanned tuggers, pallet jacks, and counterbalances, among others; the partnership sought to scale up remote operations for unmanned forklifts.

In 2020, Toyota Material Handling introduced two new automated guided vehicles (AGVs) that build upon the latest automation technology. The Toyota Center-Controlled Rider Automated Forklift and Core Tow Tractor Automated Forklift combined modern automation technologies with industry-leading equipment.

Toyota Material Handling’s new Center-Controlled Rider Automated Forklift and Core Tow Tractor Automated Forklift will transform how customers meet their manufacturing, warehousing, and distribution challenges. The Center-Controlled Rider Automated Forklift and Core Tow Tractor Automated Forklift could be operated manually if needed, and were equipped with Light Detection and Ranging (LIDAR) natural features navigation. Both solutions needed little to no extra infrastructure and could be safely and efficiently integrated into customers’ current operations.

In 2021, Third Wave Automation and Toyota Industries entered into a strategic partnership to produce next generation autonomous material handling vehicles.

Key Findings of the Report:

  • Technological developments and efficiencies and benefits afforded by automated forklift trucks in warehouse processes are expected to drive the market. 
  • The market is likely to grow as material handling processes come up with more innovative ways to integrate warehouse technologies.
  • North America, Europe and Asia are projected to be major markets.

Market Analysis by Type and Region:

  • By type, the market is segmented into Pallet Mover, Counterbalance, Outrigger, and Reach Truck.
  • By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

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