Industrial Vehicles Market Research Report Information by Product Type (Forklift, Tow Tractor, Aisle Truck, Container Handler, and Others), Drive Type [Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered, and Others], Application (Industrial, Cargo, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)– Forecast till 2030

Industrial Vehicles Market Synopsis:

The global industrial vehicles market is estimated to reach around USD 38023.14 billion by 2030, growing at ~3% CAGR during the forecast period 2022 to 2030.

The global industrial vehicles market is majorly driven by the increase in the number of massive warehouses set up by e-commerce companies such as Amazon and eBay. These e-commerce warehouses majorly require the industrial vehicles to stack large quantities of products and also transportation of the stocked goods from the warehouse to the end user in a cost-effective and efficient manner. The market is also driven by the increase in the use of battery-operated industrial vehicles with increasing awareness about the environment and with the government regulations for controlling the carbon-dioxide emissions from industrial vehicles. The increase in fuel prices is expected to boom the sales of fuel-efficient industrial vehicles such as battery-operated industrial vehicles. The increase in need of transporting temperature-sensitive products fuels the demand for refrigerated industrial vehicles.

The high cost of automation is hindering the market growth. Whereas, emerging economies such as China, India, Mexico, Brazil, and Saudi Arabia are developing smart factories in the material handling industry and growing demand for driverless industrial vehicles, creating growth opportunities for the global market.

Global Industrial Vehicles Market Research Report: Information by Product Type (Forklift, Tow Tractor, Aisle Truck, Container Handler, and Others), Drive Type [Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered, and Others], Application (Industrial, Cargo, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)– Forecast till 2030

Industrial vehicles can be defined as any vehicle that is used to carry, push, pull, lift, or stack materials for use in industries. The various types of industrial vehicles used by different industries are tow tractors, utility vehicles, burden carriers, and stock chasers. Industrial vehicles facilitate the movement of goods efficiently and safely with no or very low emissions.

The Prominent Players

The prominent players operating in the global industrial vehicles market are Anhui Heli Co., Ltd (China), Crown Equipment Corporation (US), Hangcha Group Co. Ltd (China), Hyster-Yale Materials Handling, Inc. (US), Jungheinrich AG (Germany), Kion Group AG (Germany), Konecranes plc. (Finland), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Toyota Industries Corporation (Japan), and Doosan Corporation (South Korea)

Industry Developments

Segmentation: Global Industrial Vehicles Market

The global industrial vehicles market is segmented as product type, drive type, application, and region.

Based on product type, the global market has been segmented into forklift, tow tractor, aisle truck, container handler, and others. The container handler segment is projected to witness significant growth over the forecast period due to the growing transportation sector and increasing demand for handling bulky goods in warehouses.

On the basis of drive type, the global market has been segmented into internal combustion engine (ICE), battery-operated, gas-powered, and others. The ICE segment holds the largest share in the global industrial vehicles market over the forecast period due to growing uses of ICE engines in towing applications and increasing demand for ICE container handles in the warehouse and material handling divisions.

On the basis of application, the global market has been segmented into industrial, cargo, and others. The industrial segment holds the largest share in the global industrial vehicles industry over the forecast period due to increased industrialization and growing demand for automated vehicles and forklift from various industry verticals for material handling and inventory control.

Geographically, the global market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is expected to be the largest region of global industrial vehicle market with the high growth of the automobile sector in the developing nations of the region. The rapid industrialization in the region is leading to an increase in the need for using industrial vehicles for transporting finished goods and raw materials for storage in warehouses. Asia-Pacific is followed by North America and Europe as the concept of driverless industrial vehicles is gaining popularity in these regions, which has led to cost efficiency.

The report for the global industrial vehicles market by Market Research Future covers extensive primary research. This is accompanied by a detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historic and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.