Industrial Vehicles Market Forecast (2024-2030): Growth from US$ 47.02 Bn to Nearly US$ 64.85 Bn, CAGR 4.7%

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐮𝐦𝐦𝐚𝐫𝐲:

Industrial vehicles, essential for transporting goods and equipment in various sectors, come in various sizes and are designed to connect with specialized heavy machinery. A significant shift towards battery-operated industrial vehicles is underway, driven by their cost-effectiveness, compactness, eco-friendliness, reliability, and efficiency compared to internal combustion engine (ICE) and gas-powered vehicles.

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Industrial Vehicles Market, valued at USD 47.02 billion in 2023, is projected to reach USD 64.85 billion by 2030, growing at a CAGR of 4.7% from 2024 to 2030.

𝐂𝐥𝐢𝐜𝐤 𝐭𝐡𝐞 𝐛𝐞𝐥𝐨𝐰 𝐥𝐢𝐧𝐤 𝐟𝐨𝐫 𝐦𝐨𝐫𝐞 𝐝𝐞𝐭𝐚𝐢𝐥𝐬: https://www.maximizemarketresearch.com/request-sample/54631/

𝐌𝐚𝐫𝐤𝐞𝐭 𝐃𝐲𝐧𝐚𝐦𝐢𝐜𝐬:

𝐑𝐢𝐬𝐞 𝐨𝐟 𝐄-𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞 𝐚𝐧𝐝 𝐖𝐚𝐫𝐞𝐡𝐨𝐮𝐬𝐢𝐧𝐠

The increasing demand for warehouses, especially to support hub-and-spoke models across industries like e-commerce, automotive components, consumer goods, and electronics, is a key driver of market growth. The e-commerce sector has seen remarkable growth, with the penetration rate in the US jumping from around 10% of total retail sales in 2019 to over 15% in 2020. This surge necessitated an increase in warehouse numbers, from 15,255 in 2011 to 19,194 in 2020, with projections suggesting the addition of 28,500 new warehouses globally in the next five years.

This expansion in warehousing will significantly drive the demand for industrial vehicles, boosting market sales over the forecast period.

𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬: 𝐋𝐚𝐜𝐤 𝐨𝐟 𝐑&𝐃 𝐅𝐚𝐜𝐢𝐥𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐇𝐮𝐫𝐝𝐥𝐞𝐬

The industrial vehicle market faces challenges due to limited R&D facilities and stringent regulations. Significant investments in R&D are crucial for enhancing the capabilities and productivity of industrial vehicles, ensuring safety, and meeting emission standards. Regular inspections and preventive maintenance are necessary to keep these vehicles operational, requiring skilled maintenance personnel.

𝐆𝐨𝐯𝐞𝐫𝐧𝐦𝐞𝐧𝐭 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐒𝐚𝐟𝐞𝐭𝐲 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬

Increasingly stringent safety and emission regulations are impacting the industrial vehicle market. For instance, the Occupational Safety and Health Administration (OSHA) reports that 1 in 6 workplace fatalities in the US is forklift-related, costing the industry $135 million annually. OSHA estimates that standardized training and safety measures could prevent nearly 70% of forklift incidents. Similarly, the Australian government has implemented a 5 km/h speed limit for reach trucks and counterbalance forklifts to enhance safety, posing challenges for manufacturers due to the required R&D investments to meet these standards.

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧

𝐁𝐲 𝐃𝐫𝐢𝐯𝐞 𝐓𝐲𝐩𝐞:

Battery-operated industrial vehicles are gaining traction due to their environmental benefits, lower emissions, and cost-effectiveness. These vehicles, which constitute about 70% of forklifts in Western Europe, offer better energy efficiency and reduced maintenance costs compared to ICE vehicles. Manufacturers are focusing on developing battery-operated vehicles to meet emission standards and reduce CO2 emissions. For instance, Clark introduced the TWLi20 three-wheel electric lithium-ion driven lift truck in February 2023.

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐓𝐲𝐩𝐞:

The warehousing segment held the highest CAGR in 2023. Effective warehouse management is crucial for the automotive industry, which relies heavily on OEM supply chains. A robust warehouse management system (WMS) enhances productivity and reduces errors, making it essential for maintaining inventory levels and ensuring timely deliveries. Modern WMS offers extensive capabilities, from basic storage location information to complex interactions with material-handling systems.

𝐁𝐲 𝐀𝐞𝐫𝐢𝐚𝐥 𝐖𝐨𝐫𝐤 𝐏𝐥𝐚𝐭𝐟𝐨𝐫𝐦:

The boom lifts segment dominated the market in 2023, with applications in construction, mining, irrigation, urban infrastructure, and more. Boom lifts, including articulating, telescopic, and towable models, offer features like 360-degree rotating turntables, making them suitable for tight workspaces. Vehicle-mounted platforms, which include boom and scissor lifts, are gaining popularity due to their durability, accessibility, and safety.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐚 𝐬𝐚𝐦𝐩𝐥𝐞 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 : https://www.maximizemarketresearch.com/request-sample/54631/

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬

The Asia-Pacific region is expected to hold the largest market share, driven by rapid industrialization and growing demand for industrial vehicles in countries like China and India. The region's fast-growing economies and significant industrial vehicle manufacturing volumes, supported by OEMs catering to both domestic and international markets, are key factors. Major manufacturers are expanding in this region, with the KION Group establishing a new forklift truck manufacturing facility in China in December 2022 to meet the rising demand.

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)

𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧:

The Industrial Vehicles Market is poised for substantial growth, driven by the expanding e-commerce sector, increasing warehouse numbers, and a shift towards eco-friendly battery-operated vehicles. Despite challenges related to R&D investments and stringent regulations, the market is set to thrive, supported by innovations and strategic expansions by key players.

𝐓𝐨 𝐂𝐨𝐧𝐝𝐮𝐜𝐭 𝐅𝐮𝐫𝐭𝐡𝐞𝐫 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡, 𝐂𝐥𝐢𝐜𝐤 𝐇𝐞𝐫𝐞: https://www.maximizemarketresearch.com/market-report/global-industrial-vehicles-market/54631/

𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐂𝐨𝐧𝐭𝐞𝐧𝐭𝐬: 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭

Section 01: Overview
Section 02: Report Scope for the Industrial Vehicles Market
Section 03: Landscape of the Industrial Vehicles Market
Section 04: Size of the Industrial Vehicles Market
Section 05: Types of Industrial Vehicles Market Segmentation
Section 06: Analysis of Competitive Forces
Section 07: Profile of Customers
Section 08: Geographic Analysis
Section 09: Decision-Making Framework
Section 10: Factors Driving and Hindering Growth
Section 11: Current Market Developments
Section 12: Assessment of Market Participants
Section 13: Detailed Analysis of Vendors

𝐊𝐞𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐬𝐰𝐞𝐫𝐞𝐝 𝐢𝐧 𝐭𝐡𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐕𝐞𝐡𝐢𝐜𝐥𝐞𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 𝐚𝐫𝐞:

What is Industrial Vehicles?
What is the growth rate of the Industrial Vehicles Market?
Which are the factors expected to drive the Industrial Vehicles market growth?
What are the different segments of the Industrial Vehicles Market?
What growth strategies are the players considering to increase their presence in Industrial Vehicles?
What segments are covered in the Industrial Vehicles Market?
Who are the key players in the Industrial Vehicles market?

𝐊𝐞𝐲 𝐎𝐟𝐟𝐞𝐫𝐢𝐧𝐠𝐬:

Past Market Size and Competitive Landscape
Past Pricing and price curve by region
Market Size, Share, Size & Forecast by different segment
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

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐚𝐝𝐝𝐢𝐭𝐢𝐨𝐧𝐚𝐥 𝐫𝐞𝐥𝐞𝐯𝐚𝐧𝐭 𝐫𝐞𝐩𝐨𝐫𝐭𝐬:

♣ Global Fluoroscopy Equipment Market https://www.maximizemarketresearch.com/market-report/global-fluoroscopy-equipment-market/31739/

♣ Tunnel Boring Machine Market https://www.maximizemarketresearch.com/market-report/global-tunnel-boring-machine-market/36852/

♣ Portable Solar Charger Market https://www.maximizemarketresearch.com/market-report/portable-solar-charger-market/65877/

♣ Global Telecom Managed Services Market https://www.maximizemarketresearch.com/market-report/global-telecom-managed-services-market/7319/

♣ Global Organ-On-Chip Market https://www.maximizemarketresearch.com/market-report/global-organ-on-chip-market/29364/

♣ Protein Purification & Isolation Market https://www.maximizemarketresearch.com/market-report/global-protein-purification-isolation-market/112798/

♣ Global 5G Fixed Wireless Access Market https://www.maximizemarketresearch.com/market-report/global-5g-fixed-wireless-access-market/26925/

♣ Global Bisphenol A Market https://www.maximizemarketresearch.com/market-report/global-bisphenol-a-market/55056/

♣ Barge Transportation Market https://www.maximizemarketresearch.com/market-report/barge-transportation-market/13017/

♣ Global Corrugated Box Making Machine Market https://www.maximizemarketresearch.com/market-report/global-corrugated-box-making-machine-market/117132/

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

3rd Floor, Navale IT Park, Phase 2

Pune Banglore Highway, Narhe,

Pune, Maharashtra 411041, India

sales@maximizemarketresearch.com

+91 96071 95908, +91 9607365656

𝐀𝐛𝐨𝐮𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

This release was published on openPR.