According to a research report by Soochow Securities, the development of unmanned forklifts can be traced back to automated guided vehicles (AGVs). AGV technology has a history of more than 60 years, and the technical path has evolved from magnetic guidance, QR code navigation, and laser SLAM to autonomous mobility (AMR), with autonomous path planning and dynamic obstacle avoidance capabilities, and the ability to achieve high-level collaboration. Looking to the future, unmanned forklifts will no longer be a single device, but will be deeply integrated into the intelligent logistics system, working in collaboration with automatic sorting, robotic arms and other equipment to achieve full-link intelligence. In 2023, the penetration rate of unmanned forklifts in China will be only 1.66%, but with the reduction of deployment costs and AI empowerment, the market is expected to grow rapidly, and there is broad room for future growth.