Overview and Scope
Industrial vehicles refer to any push or powered carriers used to transfer materials around a factory with minimum restrictions on movement. Industrial vehicles are used for mechanized load collection and delivery, eliminating the need for physical lifting and transportation.
Sizing and Forecast
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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Segmentation & Regional Insights
The industrial vehicle market covered in this report is segmented –
1) By Product Type: Forklift, Tow Tractor, Aisle Truck, Container Handler
2) By Drive Type: Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered
3) By Level of Autonomy: Non Or Semi-Autonomous, Autonomous
4) By Application: Manufacturing, Warehousing, Freight And Logistics, Other Applications
North America was the largest region in the industrial vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the industrial vehicle market report are 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.
The industrial vehicle market report table of contents includes:
1. Executive Summary
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