Asia Pacific Autonomous Forklift Market Size, Share & Industry Trends Analysis Report By Type, By Application, By Navigation Technology, By Tonnage Capacity, By Operation Type, By Propulsion Type, By Vertical, By Country and Growth Forecast, 2023 - 2029
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Market Report Description
The Asia Pacific Autonomous Forklift Market would witness market growth of 13.4% CAGR during the forecast period (2023-2029).
Forklifts are generally electric or an internal combustion engine (ICE), with electric forklifts gaining much demand across the region. The battery industry has experienced significant advancements in recent years, with rapid development in all aspects of battery technology. The increasing demand for lithium-ion batteries in forklifts is attributed to their safety advantages over lead-acid batteries. In addition, the demand for an effective battery thermal management system is rising due to advanced battery development in the lithium-ion sector.
The uptime and efficiency of automation systems are incrementally improved by many businesses using Big Data and AI and machine learning techniques, enabling them to create more useful and intuitive software. Cloud solutions offer the basic infrastructure required to make in-the-moment changes because many of these tactics require processing power and storage.
In order to provide cloud-based solutions with the greatest possible benefit, 5G promises to eliminate bandwidth restrictions and unpredictable latencies. Advanced software and, in most situations, a cloud-based solution is required to set up machine learning algorithms.
One of the biggest manufacturing and production hubs for automobiles, industrial goods, and other goods is thought to be in the Asia Pacific region. Many of the top nations in this region are growing in various industries and actively implementing material-handling machinery in their businesses. The region now houses manufacturing and warehousing facilities for various industries, including metals & heavy machinery, automotive, semiconductors, and electronics. In addition, many multinational companies have quickly shifted their industrial operations to the region. Therefore, as this region's manufacturing expands, the demand for autonomous forklifts increases, which will aid in the expansion of the market.
The China market dominated the Asia Pacific Autonomous Forklift Market by Country in 2022; thereby, achieving a market value of $1,107.7 million by 2029. The Japan market is registering a CAGR of 12.7% during (2023 - 2029). Additionally, The India market would showcase a CAGR of 14.1% during (2023 - 2029).
Based on Type, the market is segmented into Pallet Jacks and Pallet Stackers. Based on Application, the market is segmented into Material Handling, Warehousing, Logistics & Freight, Manufacturing and Others. Based on Navigation Technology, the market is segmented into Vision Guidance, Laser Guidance, Magnetic & Inductive Guidance, Optical Tape Guidance and SLAM & Others. Based on Tonnage Capacity, the market is segmented into Below 5 Tons, 5-10 Tons and Above 10 Tons. Based on Operation Type, the market is segmented into Indoor and Outdoor. Based on Propulsion Type, the market is segmented into Electric and ICE & Others. Based on Vertical, the market is segmented into Food & Beverages, 3PL, Healthcare, Automotive & Aviation, Retail & Ecommerce, Paper & Pulp, Electronics & Semiconductors and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Autonomous Forklift Market is Projected to reach USD 9.5 Billion by 2029, at a CAGR of 13%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, Oceaneering International, Inc., Kuka AG (Swisslog Holding AG), Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.), Jungheinrich AG, Balyo, KION GROUP AG and AGILOX Services GmbH
Scope of the Study
Market Segments Covered in the Report:
- Pallet Jacks
- Pallet Stackers
- Material Handling
- Logistics & Freight
By Navigation Technology
- Vision Guidance
- Laser Guidance
- Magnetic & Inductive Guidance
- Optical Tape Guidance
- SLAM & Others
By Tonnage Capacity
- Below 5 Tons
- 5-10 Tons
- Above 10 Tons
By Operation Type
By Propulsion Type
- ICE & Others
- Food & Beverages
- Automotive & Aviation
- Retail & Ecommerce
- Paper & Pulp
- Electronics & Semiconductors
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- Mitsubishi Logisnext Co., Ltd.
- Toyota Industries Corporation
- Oceaneering International, Inc.
- Kuka AG (Swisslog Holding AG)
- Hyster-Yale Materials Handling, Inc.
- Hyundai Construction Equipment Co., Ltd. (Hyundai Heavy Industries Co., Ltd.)
- Jungheinrich AG
- KION GROUP AG
- AGILOX Services GmbH
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