Industrial Vehicles Market

Industrial Vehicles Market Size (2023-2028):

The Global Industrial Vehicles Market was worth US$ 44.47 billion in 2022 and is anticipated to reach a valuation of US$ 55.42 billion by 2028 and is predicted to register a CAGR of 4.50% during 2023-2028.

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.

The global industrial vehicle market is thriving with the advent of new industries and the 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 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.

Market Drivers:

The 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 in 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 the need of transporting temperature-sensitive products fuels the interest in refrigerated industrial vehicles.

Market Restraints:

Hikes in the rate of automation are hindering 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 in driverless industrial vehicles, creating growth opportunities for worldwide business.

Market 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 which 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 make Jungheinrich lithium-ion batteries the primary choice among consumers.

INDUSTRIAL VEHICLES MARKET REPORT COVERAGE:

Market Segmentation:

Industrial Vehicles Market - 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 forklifts from various industry verticals for material handling and internal control.

Industrial Vehicles Market - 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 the 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 global business. They will be easily adapted in industries since they’re relatively more economical during operation with low maintenance costs, and work more efficiently. 

Industrial Vehicles Market - 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.

Market Reginal Analysis:

The Global Industrial Vehicles Market Report includes the segmentation of regions:

• North America - U.S, Canada
• Europe - Norway, Germany, Sweden
• Asia Pacific - China, India, Japan
• Latin America - Brazil, Mexico, Argentina
• Middle East and Africa - Middle East, 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 of the dominant industrial vehicle markets in the world. Germany is the most significant market in Europe. Also, nations like the U.K., France, Belgium, Spain, Italy, Sweden, and the Netherlands are other major contributors to Europe. Asia Pacific is the leading industrial vehicle market in 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 are considerable industrial vehicle markets ruled by Iran, Turkey, Saudi Arabia, and South Africa.

Market Key Players:

The Key players operating in the global Industrial Vehicles Market include

1. Anhui Heli Co., Ltd (China)
2. Crown Equipment Corporation (US)
3. Hangcha Group Co. Ltd (China)
4. Hyster-Yale Materials Handling, Inc. (US)
5. Jungheinrich AG (Germany)
6. Kion Group AG (Germany)
7. Konecranes plc. (Finland)
8. Mitsubishi Nichiyu Forklift Co., Ltd. (Japan)
9. Toyota Industries Corporation (Japan)
10. Doosan Corporation (South Korea)