Share on

Industrial Vehicles Market Segmentation By Product Type (Forklift, Tow Tractor, Aisle Truck, Container Handler), By Drive type (Internal Combustion Engine, Battery Operated, Gas-Powered), By Application (Industrial, Cargo) - Industry Analysis, Size, Share, Growth, Trends and Forecast 2022 to 2027.

Published: January, 2022
ID: 8684
Pages: 175
Formats: report pdf report excel report power bi report ppt

Maret Overview:

The global industrial vehicles market is deemed to succeed in around USD 35 billion by 2026, growing at 3.5% CAGR over the prophesized period. The industrial vehicles are often found in different sizes and are configured to support heavy equipment trucks. Recently, industrial vehicles powered by batteries are increasingly preferred over combustion engine and gas-powered vehicles, as they're more affordable, portable, eco- friendly, reliable, and robust.

Global industrial vehicle market is thriving with advert of new industries and development of warehouse management for online sales and different other manufacturing industries. The increase in industries, alongside global change drives the industrial vehicle market to grow in line within the marketplace. Industrial vehicles are vital in the transportation of cargo and logistics between the distribution centers to retail stores. These vehicles play an essential role in loading and unloading stock from the warehouse, transportation of products and production materials to the retail outlet, also to store raw materials and finished goods. Recent inventions like driverless vehicles and battery operated vehicles are touted to spice up the global industrial vehicle market as they're more economical.

Recent Developments:

  •  ZF confirmed made a deal to partner with Chinese company Anhui Heli Co. to develop ZF-HELI Drivetech (Hefei) Co. This joint venture will aid ZF to enter the Chinese market that is a growing area for forklift trucks. Besides, ZF will reinforce its broad product portfolio with the addition of Anhui Heli products.
  • Crown Equipment Corporation, a renowned material handling company around the world, confirmed a replacement of small footprint LPG lift trucks. Tire 3,000-4,000 lb. – designed for straightforward maneuvering and operator comfort in manufacturing, warehouse and beverage operations with limited space.
  • The Jungheinrich’ EFG with higher-ranking lithium-ion technology plans to overtake its counterparts. The enhanced performance, faster charging, zero maintenance and extended service life makes Jungheinrich lithium-ion batteries the primary choice among consumers.

Drivers and Restraints of Industrial Vehicles Market:


Global Industrial vehicles market is usually driven by the rise in the number of massive warehouses by e-commerce industries like Amazon, Alibaba and eBay. The industrial vehicles in these warehouses transport large quantities of various products and goods to the end-user in a cost-effective and efficient manner. The market is additionally driven by the rise within the use of battery-operated industrial vehicles with rising awareness about the environment and with the government terms to curb the emission of hazardous gases from industrial vehicles. The rise in fuel prices is predicted to boom the sales of fuel-efficient industrial vehicles like battery-operated vehicles. The rise in need of transporting temperature-sensitive products fuels the interest for refrigerated industrial vehicles.


Hikes in rate of automation is hindering the market growth. However, emerging economies like China, India, Mexico, Brazil, and Saudi Arabia are developing smart factories in the material handling industry and growing interest for driverless industrial vehicles, creating growth opportunities for the worldwide business.

Market Segmentation:

By Application:

  • Industrial
  • Cargo

The industrial segment holds the most significant share in the global industrial vehicles industry over the forecast period because of increased industrialization and rising interest for automated vehicles and forklift from various industry verticals for material handling and internal control.

By Drive Type:

  • Internal Combustion Engine
  • Battery-Operated
  • Gas-Powered

The ICE segment holds the most crucial share within the global industrial vehicles market over the forecast period thanks to growing uses of ICE engines in towing applications and rising interest for ICE container handles within the warehouse and material handling divisions. Battery operated vehicles are deemed to contribute significantly to the global business. They will be easily adapted in industries since they’re relatively more economical during operation with low maintenance cost, and work more efficiently. 

 By Product Type:

  • Forklift
  • Tow Tractor
  • Aisle Truck
  • Container Handler

Forklifts are considered as the leading segment in the global business as they are prominent in the paper industry to carriage large paper reels. They are also employed in ports and logistics centers for loading and unloading goods. They also find notable applications in the automotive sector. They're used to handle and store large and heavy pieces of woods, radioactive material disposal, and within the beverage industry, etc. The 2 tractors can pull dual trailers simultaneously, which is connected to its rear, hence forming a train to move materials. such forklifts, 2 tractors don't have a fork attached to them. Aisle trucks are used for material handling in narrow aisles. Container handlers or reach stackers are utilized in transporting and stacking containers over short distances. Industrial vehicles can run on LPG, CNG, diesel, battery, etc.

Industrial Vehicles Market Region wise analysis:

Marked Segmentation based on the region:

  1. North America
    1. U.S
    2. Canada
  2. Europe
    1. Norway
    2. Germany
    3. Sweden
  3. Asia Pacific
    1. China
    2. India
    3. Japan
  4. Latin America
    1. Brazil
    2. Mexico
    3. Argentina
  5. Middle East and Africa

a. Middle East

b. Africa

North America may be a prominent industrial vehicle market within the world, with the U.S. being the most important business in this area. Canada and Mexico are other major markets in North America. Europe is one among the dominant industrial vehicle markets within the world. Germany is the most significant market in Europe. Also, nations like the U.K, France, Belgium, Spain, Italy, Sweden, and Netherlands are other major contributors in Europe. Asia Pacific is leading industrial vehicle markets within the world, led by China. Also, Japan, India, South Korea, and Australia are other major markets in this area. Latin America is also a key industrial vehicle market which is led by Brazil and Argentina. The Middle East and Africa is a considerable industrial vehicle market ruled by Iran, Turkey, Saudi Arabia and South Africa.

Key Players of Market:

The Key players operating in the global industrial vehicles market include Anhui Heli Co., Ltd (China), Crown Equipment Corporation (US), Hangcha Group Co. Ltd (China), Hyster-Yale Materials Handling, Inc. (US), Jungheinrich AG (Germany), Kion Group AG (Germany), Konecranes plc. (Finland), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Toyota Industries Corporation (Japan), and Doosan Corporation (South Korea)

Please wait. . . . Your request is being processed

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?

Need something within your budget?


Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us:

Click for Request Sample