Industrial Vehicles Market is Growing to Reach US$ 83,677.60 million by 2030

According to our latest market study on "Industrial Vehicles Market Forecast to 2030 -Global Analysis - by Type, Drive Type, Application, and Geography," the industrial vehicles market was valued at US$ 57,543.40 million in 2022 and is expected to reach US$ 83,677.60 million by 2030; it is anticipated to record a CAGR of 4.8% from 2022 to 2030.

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List of Companies

• KION Group AG
• Toyota Industries Corporation
• MITSUBISHI HEAVY INDUSTRIES LTD
• Komatsu Limited
• Konecranes
• Anhui Heli Co Ltd
• Hyster-Yale Materials Handling Inc
• Jungheinrich AG
• Crown Equipment Corporation
• Clark Material Handling Company

Demand for Efficient, Safe, and Cost-effective Industrial Vehicles Boost Industrial Vehicles Market Growth
The integration of autonomous industrial vehicles such as autonomous industrial vehicles (IVs) represents a transformative phase in the industrial vehicles market, fueled by improved efficiency, reduced maintenance costs, and enhanced safety records. Autonomous industrial vehicles, operating within geofenced topographies and adhering to specific rules, address one of the persistent challenges in industrial vehicle operations-wear and tear. Unlike human operators, whose driving habits can vary significantly, autonomous vehicles follow prescribed actions, minimizing the potential for routing errors, reducing wear on critical components, and improving the overall asset lifetime. promotes sustainability but also presents a compelling economic case for companies looking to maximize the return on their industrial vehicle investments.

The Middle East & Africa industrial vehicles market growth is driven by increasing investment in the warehouse & packaging industry, along with a significant rise in online shopping. In the Gulf States, the e-commerce industry was valued at ~US$ 32.85 billion in 2023 and is projected to register a CAGR of 11% from 2023 to 2027, reaching US$ 49.78 billion by 2027. Such growth in the e-commerce sector has created massive growth opportunities for the industrial vehicles market in this region.

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Industrial Vehicles Market Analysis: Drive Type Overview
Based on drive type, the industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. Furthermore, the battery-operated industrial vehicles segment accounted for the largest market share in 2022, owing to the rising number of warehouses and growing demand for automation across the manufacturing sector.

According to the World Bank Organization, manufacturing output worldwide was ~US$ 16.34 trillion in 2022, which increased by 2.3% compared to 2021. Such growth in the manufacturing sector and increasing demand for electric forklifts have created massive demand for industrial vehicles. The battery-operated segment held the largest share in the industrial vehicles market in 2022, accounting for 62.7%, and is expected to account for 71.7% by 2030.

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The Insight Partners is a one stop industry research provider of actionable solutions. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are specialist in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.