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Industrial Vehicles are impacted by economic factors such as industrial output, construction activity and logistics demand. The state of health of various industries and economic sectors have a direct bearing on the demand for industrial vehicles. The market may experience temporary fluctuations brought about by changes in economic circumstances but Industrial Vehicles will never become outdated because there will always be need for material handling, logistics and construction solutions as industry changes.
The drive towards e-commerce and the increasing automation in warehouses also influence the dynamics of Industrial Vehicles market. Besides that, the growth of e-commerce has increased the need for efficient material handling in warehouses and distribution centers. Consequently, automated guided vehicles (AGVs) and autonomous forklifts among other types of industrial vehicles play a critical role in automating logistics and fulfillment operations to suit changing consumer needs within e-commerce sphere.
Moreover, competitive dynamics within the industrial vehicle manufacturing industry shape Industrial Vehicles market substantially. There are several players who offer different kinds of industrial vehicles; thus, this calls for continuous innovation through cost-effectiveness, customization among others. In order to penetrate into new markets as well as enhance their market position companies engage in strategic collaborations/partnerships/mergers to provide comprehensive solutions on industrial vehicles. This competition has led to an improvement cycle where manufacturers design products that can meet varying needs across diverse industry applications.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Product Type, Drive Type, Application, Region |
Industrial Vehicles Market Highlights:
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
TWLi20, a new three-wheel electric lift truck powered by lithium-ion batteries, was introduced by CLARK in its line of industrial lift trucks in February 2022. Blue Energy Commercial Vehicles Private Ltd is an Indian company that manufactures zero-emission trucks under the name Blue Energy Motors and FPT Industrial, which is a global power train brand within IVECO Group, says it has in September 2022 concluded an agreement to invest in a small part of this company. This investment further demonstrates FPT Industrial’s commitment to expanding Blue Energy Motors and its aim of playing a major role in India’s decarbonization transition. The partnership prefigures the future possibility of deploying technologies in electrification even as it currently concentrates on natural gas fuel applications.
Tata Motors unveiled e-transport freight solutions with Ace EV, a new electric commercial vehicle designed to achieve zero carbon footprint emissions in May 2022. In addition to this, Tata Motors announced that they have entered into strategic agreements with BigBasket, MoEVing (an electric vehicle hire service), Amazon and other entities.
Mitsubishi Logisnext introduced the 80-Volt E-pneumatic truck from the Uni-Carriers forklifts fleet and it happened in June 2022. Forklifts built with such batteries maximize performance while minimizing battery replacement needs.
In November 2021, Mitsubishi Logisnext Americas launched mid-sized internal combustion pneumatic tire forklifts with the PF (D) 120N model as well as the PF (D) 80N model model. These engines are now being sold under their name by all dealers affiliated with UniCarriers. The Cascade Corporation division of Toyota Industries Corporation acquired both Lift-Tek Elecar S.p.A., Italy’s largest manufacturer/marketer of masts for forklifts, and Lift Technologies Inc., commonly known as Lift-Tek, an American mast maker/supplier for lift trucks during October 2021. In effect, Cascade Corporation has acquired the entire Lift-Tek inventory.
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.
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