Global Industrial Vehicles Market Size, ,Business Prospect, Estimation, Dynamics and Forecast 2024-2030

Industrial Vehicles Market Overview

Industrial vehicles are built to move goods and processing machinery to warehouse distribution centers, 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 specialist heavy equipment vehicles. Compared to industrial vehicles driven by internal combustion engines and gas, battery-operated vehicles are becoming more and more common because of their affordability, compactness, environmental friendliness, dependability, and efficiency.

New growth prospects in the material handling business are anticipated as smart factories join the market and the need for battery-powered industrial vehicles grows. Businesses in the industrial vehicle industry are focusing on creating cutting-edge goods, especially electric cars.

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Market Growth Perspective:

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.

Market Dynamics for Industrial Vehicles:

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 fulfillment sector is predicted to have 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 Labor 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 center 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 xxx% of the CAGR in 2023 based on drive type. 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

In 2023, the Boom lifts segment had the biggest market share, according to the Aerial Work Platform. Boom lifts are widely employed in many different types of construction projects, such as those constructing roads, railroads, ports, airports, irrigation systems, and urban infrastructure. End users tend to hold onto their present boom lifts rather than investing in new lifts, which restricts the boom lift industry. This is because end users are more focused on purchasing older boom lifts due to the high cost of new equipment.

by Level of Autonomy

Non/Semi-Autonomous
Autonomous

𝗖𝗹𝗶𝗰𝗸 𝗵𝗲𝗿𝗲 𝘁𝗼 𝘃𝗶𝗲𝘄 𝘁𝗵𝗲 𝗰𝗼𝗺𝗽𝗿𝗲𝗵𝗲𝗻𝘀𝗶𝘃𝗲 𝗿𝗲𝗽𝗼𝗿𝘁 𝗶𝗻 𝗳𝘂𝗹𝗹 𝗱𝗲𝘁𝗮𝗶𝗹 - https://www.maximizemarketresearch.com/request-sample/54631/

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)

Industrial Vehicles Market Regional Insights

The report thoroughly analyzes different factors including market size, growth rate, and regional import and export. The regional analysis of the report includes the current market status in different countries. The Industrial Vehicles market is clearly divided into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa.

Check Out a Brief Summary of the Report Here:

Key questions answered in the Industrial Vehicles Market are:

What is Industrial Vehicles?
What was the Industrial Vehicles market size in 2023?
What is the growth rate of the Industrial Vehicles Market?
Who are the leading companies and what are their portfolios in Industrial Vehicles Market?
Which is the fastest growing region in the Industrial Vehiclesmarket?
What growth strategies are the players considering to increase their presence in Industrial Vehicles?
What are the upcoming opportunities and trends for the Industrial Vehicles Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Industrial Vehicles Market?
Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by different segment | 2024-2030
Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation - A detailed analysis by segment with their sub-segments and Region
Competitive Landscape - Profiles of selected key players by region from a strategic perspective
Competitive landscape - Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER's analysis
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