March 28, 2020
Autonomous Forklift Trucks

Autonomous Forklift Trucks Market drivers, trends and opportunities for 2019 interpreted by a new report

During the forecast period from 2019 to 2027, the autonomous forklift truck market is expected to grow at a CAGR of 11.5 percent.
The market for autonomous forklift trucks is driven primarily by the adoption of artificial intelligence (AI) on the global market for material handling equipment. Market growth will also be accompanied by rapid technological advances in the transport and construction industries. The Asia Pacific will lead the market for autonomous forklift trucks in the coming years.

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The increasing use of the Internet of Things (IoT) for the development of infrastructure and in autonomous vehicles will support the growth of the autonomous forklift market. The use of autonomous forklifts will increase over the coming years due to their advantages over other forklifts such as greater efficiency, decreased human need, improved productivity, faster and more.

The key strategy for major market players will be mergers & acquisitions and new product launches. In the autonomous forklift truck industry, rapid technological innovations (such as IoT, artificial intelligence, etc.) will be the main trend.

Industrial Developments
• Teradyne, Inc., the leading supplier and developer of automatic equipment, announced in October 2019 that it would acquire AutoGuide Mobile Robots, an autonomous forklift truck vendor. This acquisition will help Teradyne, Inc. enter the industry of forklift trucks.

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Key market movements:
• The global autonomous forklift truck market is growing at a CAGR of 11.5 percent over the estimated period from 2019 to 2027

• Asia Pacific expected the fastest growth in the autonomous forklift truck market due to the development of the transportation industry and the growing manufacturing sector in the region. Due to the increasing adoption of ‘Industrial Revolution 4.0’ China and India will be the major contributors.

• Asia Pacific will show the fastest growth in the Asia Pacific due to growing technological advances in the logistics, mining, construction and other industries.

• Increasing product launches, mergers & acquisitions and increasing industrial development investment in emerging nations such as India, China, Indonesia, etc. will drive overall demand.

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