Market Share of Autonomous Forklift Industry
The autonomous forklift market is fragmented and highly competitive due to the presence of various international and domestic players operating in the ecosystem. Some of the major players include Toyota Industries Corporation, Jungheinrich AG, Hyster-Yale Group Inc., Hangcha Group Co. Ltd, HD Hyundai Construction Equipment, Balyo, Vecna AFL, Otto Motors, and Kion Group AG. These players are investing hefty sums to offer innovative automated forklift products to gain a competitive edge in the ecosystem.
- In February 2024, ArcBest announced the launch of autonomous forklifts and reach trucks equipped with software that allows human operators to control them remotely. Further, the company stated that its product utilizes sensors and cameras to navigate a warehouse floor to load and stack pallets and move other goods. The model is designed for its extensive usage at existing warehouses, distribution centers, and manufacturing facilities.
- In June 2023, Cyngn Inc. announced its partnership with BYD to facilitate the development of an autonomous forklift that will feature flexible pallet detection, which uses proprietary AI and computer vision to detect and analyze pallet dimensions in real-time, creating flexibility to work with standard, non-standard, and custom pallet sizes. As per the agreement, the forklift manufactured by BYD will be developed in conjunction with Cyngn's autonomous technology, DriveMod.
The market is anticipated to witness the integration of several new entrants in the industry who will offer advanced autonomous forklift products equipped with technologies such as telematics to enhance the convenience of fleet operators.
Autonomous Forklift Market Leaders
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Toyota Industries Corporation
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Jungheinrich AG
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Hyster-Yale Group, Inc.
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Hangcha Group Co., Ltd.
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HD Hyundai Construction Equipment
*Disclaimer: Major Players sorted in no particular order
