Industrial Vehicle Market to Record an Exponential CAGR by 2025

Global industrial vehicle market is burgeoning with industrialization and establishment of warehouse management for e-commerce, and various other manufacturing industries. The rapid rise in industries, along with global economic change drives the industrial vehicle market to grow in line with the market. Industrial vehicles are motor vehicles designed for transportation of cargo and for logistics purposes between the warehouse distribution centers to stores with finished inventory. These industrial vehicles come in varied sizes and are configured to mount specialized heavy equipment trucks. These vehicles play a crucial role in loading and unloading stock from the warehouse, transportation of goods and production materials to the retail outlet, as well as storage of raw materials and finished goods. Recent inventions like driverless vehicles and battery operated vehicles are expected to boost the industrial vehicle market as they are more economical. The market for battery operated vehicle is anticipated to grow due to their environment friendly operations in various applications. Internal combustion engines (ICE) with forklifts are used largely in modern manufacturing firms, shipping organizations and development firms. The reason for IC engine is because there is not a viable replacement for the IC engine’s ability. Equipped with lifting beds, segments of the pipeline and whole delivering holders, IC models carry heavy loads and perform much better than their electric counterparts amid substantial heavy duties.

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With recognizable increased acceleration speed and higher travel speeds, inner burning lifts run on an assortment of fills including gas, diesel fuel, fluid propane gas (LPG), or compressed natural gas (CNG). Following are the advantages with ICE.

Quick refuel: Unlike the electric lifts which need to be charged at least 10 hours, the IC forklifts are refueled quickly – simply fill it up with the fuel
Initial cost: Initial cost will be less compared to electric lifts; with a 20%-40% difference.
Any Terrain: IC lift trucks are the only lifts designed for outdoor use, including extreme environmental conditions.

Internal Combustion Engines (ICE) are estimated to account for the largest market share for the year 2016. Although ICE vehicles are being replaced with E-battery vehicles, ICE vehicles continue with steady market growth. Growth in the advancements of electrical industrial vehicles will replace the ICE industrial vehicles in coming years.

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Global Industrial Vehicle Market: Regional Outlook

Asia-Pacific regions are expected to dominate the industrial vehicle market. This can be attributed to the fact that it comprises some of the agilest developing economies globally, including China, India, and Indonesia among others.

Global Industrial Vehicle Market: Key Trends and Drivers

Battery operated vehicles are considered as the biggest drivers for the market today. They can be easily adopted in industries since they’re relatively more economical during operation with low maintenance cost, and work more efficiently. The global industrial vehicle market is characterized by innovative, automated and eco-friendly vehicle. Evolving requirements of material-handling vehicles globally trends the industrial vehicle market growth. Lift trucks operate with a full lineup of (0.5-ton to 42-ton) capacities to handle materials, ICE forklifts being replaced with e-battery is not only economical but also reduces the carbon footprint. Setting up of warehouse trucks operations to support distribution centers and the spoke hub for various sectors trends the industrial vehicle market. Customized industrial vehicles have a high installation cost and are not cost effective – this is a major restraint.

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Global Industrial Vehicle Market: Key Players

Examples of some of the market participants in the global industrial vehicle market:

KION Group AG, Toyota Industries Corporation, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation., Inc., Komatsu Ltd., Hangcha Group, Mitsubishi Nichiyu Forklift Co., Ltd.

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