Press release
Industrial Vehicle Market Estimated to Flourish by 2025
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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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.
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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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.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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