Industrial Vehicles Market Outlook, Size, Growth Factors, and Forecast To, 2030

Industrial Vehicles Market size was valued at US$ 47.02 Bn. in 2023 and the total revenue is expected to grow at 4.7 % of CAGR through 2024 to 2030, reaching nearly US$ 64.85 Bn.

Industrial Vehicles Market Overview

Industrial vehicles are built to move goods and processing machinery to warehouse distribution centres, as well as storage facilities for manufactured goods and raw materials. This industrial vehicle comes in various sizes and is intended to be attached to specialised heavy equipment trucks. Compared to industrial vehicles driven by internal combustion engines and petrol, battery-operated vehicles are becoming more and more common because of their affordability, compactness, environmental friendliness, dependability, and efficiency.

Industrial Vehicles Market Report Scope and Research Methodology

The comprehensive analysis report offers valuable insights into the dynamics, trends, and future prospects of the Industrial Vehicles industry during the forecast period. It covers key market drivers, challenges, and recent developments, along with demand trends, growth stimulators, spending patterns, and modernization trends across different regions.

The research is based on extensive research and analysis, incorporating inputs from industry experts, government agencies, and market participants, providing a reliable and accurate assessment of the market dynamics and future trends.

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Industrial Vehicles Market Dynamics

Online shopping and storage facilities

The growing requirement for warehouses to support hub and spoke models in a range of industries, including e-commerce, the manufacturing of automotive components, consumer goods, and electronics, is leading to an increase in the number of warehouses per region. The warehouse and fulfilment sector is predicted to experience double-digit growth over the next five years. E-commerce accounted for over 15% of all retail sales in the US in 2020, up from about 10% in 2019. Furthermore, the US Bureau of Labour Statistics reports that in 2020, there were 19,194 warehouses in the US, up from 15,255 in 2011.

Strict rules and a lack of R&D facilities

Strict rules and a lack of R&D facilities limit the expansion of the industrial vehicle sector. Industrial vehicles need a great deal of innovation and R&D. To increase industrial vehicles' ability to carry large loads and increase productivity, OEMs must invest heavily in R&D in order to expedite turnaround times. A top-notch R&D centre is necessary to prevent forklifts from tipping over, moving sideways, or spilling their load. For industrial vehicles to operate efficiently, extensive maintenance is also required. As a result, owners of industrial vehicles need to do routine maintenance and inspections. A qualified maintenance professional should do this to keep industrial vehicles in a safe working environment.

Industrial Vehicles Market Segmentation

by Drive Type

ICE
Battery-Operated
Gas Operated

Battery-operated industrial vehicles held a compound annual growth rate (CAGR) in 2023. Rechargeable batteries are used to power industrial vehicles that run on batteries. Recently, battery-powered business automobiles have become very popular. One advantage of battery-powered engines is their eco-friendliness. Because these engines emit fewer pollution, these commercial trucks are an extremely inefficient instrument for duties related to warehouses and businesses. Most logistics service companies across the globe are focusing on lowering their carbon footprint. Battery-operated motors have been the focus of industrial automotive manufacturers in an effort to lower exhaust pollutants and CO2 emissions.

by Application

Manufacturing
Warehousing
Freight & Logistics
Others

by Aerial Work Platform

Boom Lifts
Scissor Lifts

by Level of Autonomy

Non/Semi-Autonomous
Autonomous

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Industrial Vehicles Market Key Players

1. Crown Equipment Corporation (US)
2. Hyster-Yale Materials Handling, Inc. (US)
3. Altec Industries (US)
4. CLARK MATERIAL HANDLING (US)
5. Lonking Forklift Co., Ltd. (China)
6. EP Equipment, Ltd. (China)
7. Hangcha Group Co. Ltd (China)
8. Noblelift Intelligent Equipment (China)
9. Anhui Heli Co., Ltd (China)
10. Liuzhou LiuGong Forklift Co.,Ltd (China)
11. Hubtex Maschinenbau GmbH & Co. KG (Germany)
12. Hubtex Maschinenbau GmbH & Co. KG (Germany)
13. Jungheinrich AG (Germany)
14. Kion Group AG (Germany)
15. Mitsubishi Nichiyu Forklift Co., Ltd. (Japan)
16. Toyota Industries Corporation (Japan)
17. Aichi Corporation (Japan)
18. MORITA HOLDINGS CORPORATION (Japan)
19. Komatsu Ltd. (Japan)
20. Doosan Corporation (South Korea)
21. Hyundai Heavy Industries (South Korea)
22. Action Construction Equipment Ltd. (India)
23. Godrej & Boyce Mfg. Co. Ltd. (India)
24. Cargotec Corporation (Finland)
25. Combilift (Ireland)
26. Goldbell Group (Singapore)
27. Motrec International Inc. (Canada)
28. Manitou (France)

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Regional Insights:

The global Industrial Vehicles market encompasses regions like North America, Asia Pacific, Europe, Middle East and Africa, and South America. Each region plays a significant role in shaping the market. For instance, the North America Industrial Vehicles Market is experiencing a rise in demand , driven by the adoption of electric and zero-emission vehicles for the non-tactical fleet of the U.S. military. The Asia Pacific region, on the other hand, is witnessing strong investments in Industrial Vehicles to bolster military capabilities.

Key Questions answered in the Industrial Vehicles Market Report are:

How has the Industrial Vehicles market performed so far and how will it perform in the coming years?
What is the market segmentation of the global Industrial Vehicles market?
What is the regional breakup of the global Industrial Vehicles market?
What are the price trends of various feedstocks in the Industrial Vehicles industry?
What is the structure of the Industrial Vehicles industry and who are the key players?
What are the various unit operations involved in a Industrial Vehicles processing plant?
What is the total size of land required for setting up a Industrial Vehicles processing plant?
What is the layout of a Industrial Vehicles processing plant?
What are the machinery requirements for setting up a Industrial Vehicles processing plant?
What are the raw material requirements for setting up a Industrial Vehicles processing plant?
What are the packaging requirements for setting up a Industrial Vehicles processing plant?
What are the transportation requirements for setting up a Industrial Vehicles processing plant?
What are the utility requirements for setting up a Industrial Vehicles processing plant?
Key offerings:

Market Share, Size, and Forecast by Revenue|2022-2029
Market Dynamics- Growth drivers, Restraints, Investment Opportunities, and key trends
Market Segmentation: A detailed analysis by Industrial Vehicles
Landscape- Leading key players and other prominent key players.
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