Global Industrial Vehicles Market Size By Vehicle (Forklifts, Aisle Trucks), Type By Drive Type (IC engine, Battery operated), By Geographic Scope And Forecast

Industrial Vehicles Market Size And Forecast

Industrial Vehicles Market size was valued at USD 44.5 Billion in 2021 and is projected to reach USD 65 Billion By 2030, growing at a CAGR of 4.3% from 2023 to 2030.

Global Industrial Vehicles move production materials, finished products, and raw materials between different industrial sectors. Industrial vehicles are available in different sizes to transport various items and materials. As a result of their affordability, compactness, environmental friendliness, dependability, and efficiency, battery-powered industrial vehicles are currently being accepted at a faster rate than those powered by gasoline and internal combustion engines. The Global Industrial Vehicles Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Industrial Vehicles Market Definition

The market for vehicles created and built, especially for industrial uses is referred to as the Global Industrial Vehicles Market. These vehicles are typically used for heavy-duty operations and the movement of materials and goods within industrial settings in a variety of industries, including manufacturing, construction, mining, agriculture, and logistics. Industrial vehicles are designed primarily to manage challenging surroundings, high loads, and tough terrains, making them distinct from conventional passenger vehicles. They stand out for their strong structure, robust engines, and unique specific features, and often have additional safety precautions to ensure effective and secure operations.

The world of industrial vehicles is pretty diverse! Think everything from forklift trucks and cranes to tractors, loaders, excavators, and even those big dump trucks you see lumbering around. Plus, there are specialized vehicles built just for certain industries and industrial trailers too. These vehicles can run on all sorts of things, like diesel, gasoline, electric, or even a hybrid setup, depending on what the job needs and what's better for the environment. What's driving this whole industry? Well, it's all tied to things like industrialization, growing infrastructure, a booming economy, and of course, new technology. You've got your big vehicle manufacturers, equipment providers, and even rental and leasing companies all playing a role. And because it's a competitive market, everyone's working hard to create and offer solutions that make industrial operations more productive, efficient, and – most importantly – safer.

Lately, we've seen way more industrial vehicles around because they're a solid way to move materials, really boosting how much businesses can produce. These material handling tools are all about cutting down on bumps and bruises for the goods (that people used to lug around) and making everything run smoother. For years, manufacturers have been pushing for more electric forklifts. And with everyone worried about the environment and whether we'll run out of stuff like coal, oil, and gas, the push for long-lasting, renewable energy is on! When you're talking about material handling gear, industries, and vehicles, hydrogen fuel is shaping up to be a seriously awesome alternative to the old ways of powering things.

Global Industrial Vehicles Market Overview

The Global Industrial Vehicles Market is a pretty diverse place, filled with all sorts of vehicles you see kicking around in industries like manufacturing, construction, logistics, and even agriculture. Think of them as the unsung heroes of industrial environments, essential for moving materials, getting things from point A to point B, and keeping operations running smoothly. What's really fueling this market? Well, it's largely thanks to the booming growth we're seeing in industrial sectors, especially in those up-and-coming economies. As countries build more infrastructure and ramp up their production, they naturally need more industrial vehicles to keep up. Plus, all that fancy new technology like automation, robotics, and telematics is making these vehicles way more productive and efficient. Because of these advances, everyone's clamoring for specialized vehicles that can get the job done faster and with greater precision.

E-commerce is booming, and that means big changes for the world of industrial vehicles! All that online shopping? It creates a huge need for dependable, efficient vehicles to handle inventory, pack up your orders, and get those goods moving. Plus, there's tons of construction happening! Think new buildings, roads, and cities popping up – all thanks to infrastructure projects. That means we need a lot of heavy-duty construction equipment like excavators, loaders, and cranes. Investments in infrastructure are skyrocketing globally. And let's not forget, government rules and caring about the environment are also pushing this market to grow.

Globally, governments are enacting policies to cut carbon emissions and advance sustainability. Due to this, there is an increasing need for electric and hybrid industrial vehicles as a way to reduce pollution and achieve sustainability goals. Market expansion is further fueled by rising demand for automation investments in battery-operated industrial vehicles. There are some restraints to this market. Large capital investments are frequently needed for industrial vehicles, which can be prohibitive for small and medium-sized businesses (SMEs) and businesses with limited financial resources. The high initial expenses of buying or leasing industrial vehicles may limit market expansion.

Keeping your industrial vehicles in tip-top shape is a must, and that means regular maintenance like repairs, swapping out parts, and keeping them fueled or charged up. But let's be honest, all those ongoing costs can really hit your wallet hard, especially if you've got a whole fleet to look after. Everyone's talking about electric industrial vehicles, which is great, but good luck finding a place to charge them in many areas! The lack of charging stations, and the fact that it takes way longer to charge than to fill up a gas tank, could really slow down the move to electric. And don't forget, these forklifts and cranes are big, heavy, and meant for tough jobs, so safety is a major concern. Accidents involving industrial vehicles can lead to higher insurance costs and potential lawsuits, which is something that could make companies nervous and hold back the market.

Global Industrial Vehicles Market Segmentation Analysis

The Global Industrial Vehicles Market is Segmented on the Basis of Vehicle Type, Drive Type, And Geography.

Industrial Vehicles Market, By Vehicle Type

• Forklifts
• Aisle Trucks
• Tow Tractors
• Container Handlers
• Others

Okay, so when we talk about different types of industrial vehicles, we're looking at things like forklifts, aisle trucks, tow tractors, and of course, those powerful container handlers, plus a few other types. Turns out, container handlers were a pretty big deal in the global market back in 2021! They're popular because they give you more bang for your buck and get the job done faster. Think about itthose heavy-duty frames and big axles keep them super stable and lasting, even when they're lifting empty containers way up high. You see them all over the place where containers are moved around, like at ports, terminals, and shipping yards. Basically, all these awesome features are expected to keep the container handler part of the market growing strong over the next few years.

Industrial Vehicles Market, By Drive Type

• IC engine
• Battery operated
• Gas powered

So, when we look at what powers these vehicles, we're talking about traditional ICE (Internal Combustion Engine), battery-operated, and gas-powered options. Right now, it looks like ICE vehicles are going to be the big players in the Global Industrial Vehicles Market. Why? Well, lots of industries love them because they're super efficient. Unlike those electric vehicles that need constant recharging, these ICE machines can just keep on truckin' for longer. Plus, they're great at lifting and moving stuff around, making loading and unloading a breeze in places like warehouses and factories. When it comes to moving materials and getting things from A to B, their power, speed, and acceleration really make a difference. Basically, all these things point to the ICE segment really taking off in the years to come.

Industrial Vehicles Market, By Geography

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

When we look at the Global Industrial Vehicles Market through a geographical lens, it breaks down into four key areasNorth America, Europe, Asia Pacific, and the RoW. In 2021, Asia Pacific really took the lead, grabbing the largest slice of the market. And experts are saying it's poised for even bigger growth in the years to come. This area, which includes powerhouses like China, Japan, India, South Korea, and the rest of Asia Pacific, is home to some of the world's fastest-growing economies. Plus, they're major players in producing industrial vehicles like forklifts, aisle trucks, and tow tractors. Companies that make and supply these vehicles are investing heavily in automation to boost efficiency in China. Industries like aerospace, manufacturing, and automotive in China are expected to be major drivers of growth for the industrial vehicle market, pushing innovation and demand higher.

Key Players

The “Global Industrial Vehicles Market” study report will provide a valuable insight with an emphasis on the global market. The major players in the market are Toyota Industries Corporation, Kion Group AG, Crown Equipment Corporation, Jungheinrich, Mitsubishi Logisnext, Anhui Heli, Hyster-Yale Materials Handling, Hangcha Forklift, Konecranes, Daifuku, Cargotec Corporation, SSI Schaefer Systems SA, Hyundai Construction Equipment, Doosan Group, and Manitou Group.

Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.

Key Developments

• In January 2023, Crown Equipment Corporation, a global manufacturer of powered industrial forklift trucks, expands its lift truck lineup with the introduction of IC and electric counterbalance forklifts with a carrying capacity of up to 5.5 tonnes. The brand-new four-wheel forklifts go hand in hand with Crown’s well-known, multi-purpose SC and FC Series lift trucks. They are currently on the market as both powerful diesel and LPG lift trucks. They can handle a wide range of material handling activities in both indoor and outdoor settings because of their load capacity of 2.0 to 5.5 tonnes.
• In June 2022, Mitsubishi Logisnext, the exclusive supplier of UniCarriers® Forklifts in the US, officially launched the MX2 and MXL Series 4-wheel electric pneumatic forklifts with 5,000–7,000 and 9,000–12,000 lb capacities. The new forklift series has a longer runtime for maximum field performance while still providing the same level of quality and dependability as the prior models. The new features and technological developments maximize an operator’s efficiency, resulting in optimal uptime and productivity throughout a workday.

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We'll dig into the market using both numbers (quantitative) and insights (qualitative), breaking it down by all sorts of things, from money matters to other important factors. You'll get market size figures in USD Billion for every segment and sub-segment, plus we'll point out which region and segment we think will grow the fastest and be the biggest. We'll also analyze each region individually, looking at how much of the product/service is being used there and what's influencing the market. Think of it as a competitive showdownwe'll rank the major players and cover all the juicy details like new product launches, partnerships, business expansions, and acquisitions from the last five years. We'll give you the lowdown on the top companies with SWOT analysis, product comparisons, and key insights. We'll also give you a good look at what's happening now and what's likely to happen in the future, highlighting growth opportunities, what's driving the market, and what's holding it back in both new and established areas. We'll even use Porter's five forces analysis to give you a thorough understanding. Finally, we'll offer a view of the market through the Value Chain, talk about market dynamics, and show you where the growth opportunities are heading. Oh, and don't forget 6 months of post-sales analyst support!

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