Autonomous forklift market- An overview
Autonomous forklifts are lift trucks that work without human help. Autonomous forklift as the name stipulates is completely autonomous in nature. They are capable of doing all warehouses operations independently. Autonomous forklifts eliminate the need for human workers for warehouse operations. The inaccuracies that occurred during human interference in warehouse operations could be easily manipulated with the emergence of autonomous forklifts. Let us have a look at the growth of autonomous forklift market till the present year, the future trends and challenges to be overlooked.
Rapid expansion in the construction and logistics industry raised the demand for autonomous equipment in the global market. The need for processing heavy goods through the material handling and supply chain sectors raised the autonomous forklifts market demand. With the advancement in technology the efficiency of material handling equipment also increased. This, in turn, helps in boosting the growth of autonomous forklift market during the forecast period.
Global autonomous forklift market can be categorized based on the level of automation, class type, power source, application, geography, sales channels and more.
- Based on the level of automation, autonomous forklift market are segregated to level 1, level 2, level 3 and others. Each level contributes to increased efficiency which in turn increases the demand over the lower ones. Since efficiency is the driving factor, autonomous forklift market is likely to grow with the demand for those with advanced features.
- Based on class type, autonomous forklift market can be segmented into class 1, class 2, class 3, class 4 and class 5 of which class 3 which are electric forklifts are highly efficient and eco-friendly, are the most preferred buyers choice when compared to others. The future of market demand could be changed by the advent of new technologies but, as of now, the trend is continuing.
- While looking at the power sources, a forklift is powered either using internal combustion engines or electrical power. According to the present market situation, electric forklifts, which are equally capable of IC forklifts, are gaining more shares in the market compared to the other. Comparatively less energy consumption cost and the added advantages like environmental friendly machines and noiseless operation also tends to attract the market of electric forklifts.
- Based on application, the market can be categorized according to manufacturing, warehouses, distribution, freight and logistics and others. The rise and fall of the market based on the application completely depends on the economic upturn of industries. Due to the current boom in the freight and logistics sector, it is likely to increase the market demand for the autonomous forklifts in the logistics industries in the coming years.
- Based on sales channels, the market is segmented in to in house and leasing. Most of the large scale warehouses own a forklift in-house. While small scale warehouses, on the other hand, find it quite difficult to afford an in-house forklift. However, the investment in an in-house forklift is way higher. Due to this reason, the market demands for leasing forklift have raised considerably and the trend is to be continued in the future.
- Considering the geographical segregation, autonomous forklift market is divided into North America, Europe, Middle East, Asia Pacifica and Africa. The U.S being on the top of the list in construction for the past several years, it is quite obvious that they own a major portion of the market share. Due to the higher shares in the transportation sector, Asia Pacific is on an increasing trend in the autonomous forklift market. Precisely speaking the boom in the construction sector of the U.S and the Asia Pacific proliferates the demand for autonomous forklifts in the global market during the forthcoming years.
Autonomous forklift market faces a couple of challenges which tends to decrement the growth rate. First, one to be taken into account is that there are stringent regulations on safety and emission of forklifts. Due to the increasing global destruction, eco-friendly forklifts are only considered in several areas. Secondly, with respect to the change in the global market, the autonomous forklift markets are liable to unpredictable changes. The market can either transcend or foil which are totally dependent on the global economy. The increasing production cost of forklifts and issues in the proper management of data are also restraining the growth of autonomous forklift market. The market will have to overcome these challenges to grow through the desired pattern in the future years. If so, the autonomous forklift market is sure to generate massive revenue in the global economy in the coming years.