Industrial Vehicle Market Size, Restraints, Drivers, Trends And Analysis 2024-2033

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The Industrial Vehicle Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Industrial Vehicle Global Market Report 2024, 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.

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.

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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

Technological advancements are a key trend gaining popularity in the industrial vehicle market. Major companies operating in the industrial vehicle market are adopting new technologies to sustain their position in the market. For instance, in November 2022, Schäffer Maschinenfabrik GmbH, a Germany-based industrial machinery manufacturing company specializing in industrial vehicles, launched the Schäffer 23e T, an electric-drive telescopic wheel loader. The 23e T is a telescopic version of the 23e yard loader, featuring a powerful 31.3 kWh battery that provides up to eight hours of continuous work and an efficiency of over 90%, around three times that of a fuel-powered machine. Additionally, maintenance is drastically reduced because it doesn’t need fuel or fuel filters.

The industrial vehicle market report table of contents includes: