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Industrial Vehicles: Moving Industries Forward in 2024
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According to The Business Research Company's, The industrial vehicle market size has grown strongly in recent years. It will grow from $46 billion in 2023 to $48.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to manufacturing and industrial growth, e-commerce expansion, safety and regulatory compliance, globalization of supply chains, focus on energy efficiency.
The industrial vehicle market size is expected to see strong growth in the next few years. It will grow to $60.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to rise in e-commerce fulfillment centers, increasing adoption of electric vehicles, supply chain resilience, customization for industry-specific needs, integration of iot and telematics. Major trends in the forecast period include autonomous and semi-autonomous vehicles, predictive maintenance solutions, human-machine collaboration, robotics integration, focus on ergonomics.
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Market Drivers and Trends:
The growing e-commerce industry is expected to propel the growth of the industrial vehicle market going forward. E-commerce refers to buying and selling goods and services and sending money or data through an electronic network, often the Internet. With the surge in online orders, logistics companies are expanding their vehicle fleets to meet the increasing delivery volumes. Industrial vehicles are essential for the efficient and timely transportation of goods, ensuring customer satisfaction in the e-commerce sector. For instance, in September 2022, according to the International Trade Administration, a US-based Department of Commerce, consumer eCommerce in the UK is up by 30% of the UK's overall retail sector, with an annual e-commerce revenue of more than $120 billion. Therefore, the growing e-commerce industry is driving the growth of the industrial vehicle market.
Technological advancements are a key trend gaining popularity in the industrial vehicle market. Major companies operating in the industrial vehicle market are adopting new technologies to sustain their position in the market. For instance, in November 2022, Schäffer Maschinenfabrik GmbH, a Germany-based industrial machinery manufacturing company specializing in industrial vehicles, launched the Schäffer 23e T, an electric-drive telescopic wheel loader. The 23e T is a telescopic version of the 23e yard loader, featuring a powerful 31.3 kWh battery that provides up to eight hours of continuous work and an efficiency of over 90%, around three times that of a fuel-powered machine. Additionally, maintenance is drastically reduced because it doesn't need fuel or fuel filters.
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Major Key Players of the Market:
John Deere, Komatsu Ltd., Toyota Industries Corporation, Faurecia, Lear Corp., Yamaha Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Doosan Corp., Kion Group AG, Mahle Group, Benteler Automotive, GKN Automotive, Jungheinrich AG, Konecranes Oyj, Crown Equipment Corporation, Manitou, Hyster-Yale Group Inc., Anhui Heli Co. Ltd., Hangcha Group Co. Ltd, Hyster-Yale Materials Handling Inc., Hyundai Construction Equipment Co. Ltd., Godrej Material Handling, Ace Cranes, Mitsubishi Logisnext Co. Ltd., Clark Material Handling Company, Nebula Automotive Pvt. Ltd., Cargotec Oyj, Atlas ATV, Rohnel Motors.
Industrial Vehicle Market 2024 Key Insights:
• The industrial vehicle market size is expected to see strong growth in the next few years. It will grow to $60.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
• E-Commerce Boom Fuels Surge In Demand For Industrial Vehicles Is A Catalyst For Market Growth
• Revolutionizing Industrial Vehicle Technology With Electric Telescopic Wheel Loader
• North America was the largest region in the industrial vehicle market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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