North America Industrial Vehicles Market to Grow with Impressive CAGR during the Forecast Period 2022-2030

The North America industrial vehicles market was valued at US$ 11,001.3 million in 2022 and is expected to reach US$ 15,723.2 million by 2030; it is estimated to register at a CAGR of 4.6% from 2022 to 2030.

Increasing Smart Manufacturing Factories Fuels North America Industrial Vehicles Market

The ongoing digital transformation of production processes and business models in industrial companies presents a significant growth trend for the industrial vehicle market in upcoming years. With the increasing interconnection of machinery and equipment, along with the integration of sensors, there is a wealth of data being generated. By harnessing the power of big data and artificial intelligence, these companies can achieve greater transparency, efficiency, and cost reduction.

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Smart manufacturing techniques, which encompass AI, ML, robotics, automation, and IoT, play a crucial role in creating efficient and adaptable production systems. These technologies can be applied across various industries such as automotive, warehouse, logistics, and manufacturing, enabling improvements in multiple processes. For instance, in product design, smart manufacturing techniques can facilitate more innovative and optimized designs. In production planning and scheduling, these technologies can enhance efficiency by optimizing resource allocation and reducing downtime. Quality control can be improved through real-time monitoring and predictive analytics, minimizing defects and ensuring higher product standards. Additionally, supply chain management can be streamlined through enhanced visibility and coordination.

MARKET INTRODUCTION

The rising demand for the material handling equipment and vehicles around the globe across the manufacturing sector drives the North America industrial vehicles market growth. According to the World Industrial Vehicle Statistics Association (WITS), more than 2.34 million material-handling vehicles and equipment sales were recorded during 2021. The material handling industry saw a 43.0% increase in orders in 2021 compared to the previous year, 2020. Among the 2.34 million material handling units, around 68.8%, that is 1.61 million units, were recorded as electric-powered forklifts. Electric forklift demand is increasing at a rapid pace with a surge in consumer popularity. With a surge in the number of orders, the demand for industrial vehicles such as forklifts, aisle trucks, and pallet trucks has increased.

Further, the North American North America industrial vehicles market growth is attributed to the expansion of logistics & transportation, and e-commerce industries. Online shopping in the US has increased in recent years. Total US e-commerce sales hit US$ 1.03 trillion in 2022, an increase from US$ 518.5 billion in 2018. Many logistics giants in the market, such as UPS, FedEx, USPS, XPO Logistics, and Amazon, recognized the increasing demand for industrial vehicles in their warehouses. These companies have made significant investments in warehouse establishment and in automating their logistics operations. For instance, in November 2023, United Parcel Service opened the largest warehouse in Louisville, Kentucky, with an area of around 20 acres. This warehouse is made for storage and package handling, with a significant investment of US$ 79 million for the establishment of over 3,000 automated robots and industrial vehicles. These robots and industrial vehicles will handle several warehouse tasks, such as lifting and transportation of goods from one place to another, by reducing the requirement of manual labor. Rising such investments have created massive opportunities for industrial vehicles in North America.
List of Companies Profiled in the North America Industrial Vehicles Market Report are:
• Kion Group AG
• Toyota Industries Corp
• Mitsubishi Heavy Industries Ltd
• Komatsu Ltd
• Hyster-Yale Materials Handling Inc
• Jungheinrich AG

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Key Segmentation:

The North America industrial vehicles market is segmented based on type, drive type, level of autonomy, application, and country.

Based on type, the North America industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held the largest share in 2022.

In terms of drive type, the North America industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held the largest share in 2022.

By level of autonomy, the North America industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held a larger share in 2022.

Based on application, the North America industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held the largest share in 2022.

Table of Contents

Report Overview: It includes the objectives and scope of the study and gives highlights of key market segments and players covered. It also includes years considered for the research study.

Executive Summary: It covers industry trends with high focus on market use cases and top market trends, market size by regions, and market size. It also covers market share and growth rate by regions.

Key Players: Here, the report concentrates on mergers and acquisitions, expansions, analysis of key players, establishment date of companies, and areas served, manufacturing base, and revenue of key players.

Breakdown by Product and Application: This section provides details about market size by product and application.

Regional Analysis: All of the regions and countries analyzed in the report are studied on the basis of market size by product and application, key players, and market forecast.

Profiles of International Players: Here, players are evaluated on the basis of their gross margin, price, sales, revenue, business, products, and other company details.

Market Dynamics: It includes supply chain analysis, analysis of regional marketing, challenges, opportunities, and drivers analyzed in the report.

Key Findings of the Research Study

Appendix: It includes details about research and methodology approach, research methodology, data sources, authors of the study, and a disclaimer.

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