Industrial Vehicles Market Size, Key Players Analysis, Growth rate, Demands, Sales and Forecasts to 2028

The global industrial vehicles market is projected to grow from USD 39.7 billion in 2023 to USD 49.2 billion by 2028, at a CAGR of 4.4%. Factors such as growth in e-commerce sector, in conjunction with the rising demand for Automated Guided Vehicles (AGVs)in material handling across industries are expected to bolster the demand for the industrial vehicles during the forecast period. In addition, the increasing penetration of battery-operated industrial vehicles, coupled with rising trends of hydrogen-powered forklifts are expected to create new opportunities for this market.

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The industrial vehicles market refers to the industry that produces and supplies vehicles specifically designed for use in industrial applications such as construction, mining, agriculture, and material handling. Industrial vehicles are typically heavy-duty and are equipped with specialized features such as large wheels, high ground clearance, and heavy-duty suspension systems to handle rough terrain and heavy loads.

The market for industrial vehicles is expected to grow in the coming years due to the increasing demand for construction and mining activities, driven by population growth and urbanization. The need for efficient and reliable material handling equipment is also driving the growth of the market. In addition, the growing demand for agricultural products is expected to drive the demand for agricultural equipment such as tractors and combines.

The industrial vehicles market is dominated by major players including Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (US). These companies have strong product portfolio as well as strong distribution networks at the global level. These companies offer a wide range of industrial vehicles such as excavators, bulldozers, loaders, forklifts, and tractors.

The market for industrial vehicles is also expected to be driven by technological advancements that enable the development of more efficient, reliable, and sustainable vehicles. These advancements are expected to improve the performance and safety of industrial vehicles, leading to increased adoption of these products.

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However, the market for industrial vehicles is also facing challenges such as the high cost of vehicles and the need for continuous innovation to stay ahead of evolving customer needs and regulatory requirements. In addition, the market is highly competitive, with a large number of players competing for market share, which may pose a challenge for smaller players operating in the market.

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This release was published on openPR.