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.

A wide variety of vehicle types, including forklift trucks, cranes, tractors, loaders, excavators, dump trucks, industrial trailers, and specialized vehicles for some particular industries, are included in the market for industrial vehicles. Depending on the unique needs and environmental considerations, these vehicles may be powered by a variety of energy sources, including diesel, gasoline, electric, or hybrid systems. Industrialization, growth in infrastructure, economic expansion, and technological developments all have an impact on the industrial vehicle industry. Vehicle manufacturers, equipment providers, and rental and leasing businesses are important market participants. Because of the fierce competition in the market, businesses work hard to develop and offer solutions that improve industrial operations’ productivity, efficiency, and safety.

The use of industrial vehicles has also increased significantly in recent years since they provide a dependable material-handling solution, increasing the production capacity of businesses. These material handling technologies aim to minimize physical damage to goods (usually carried by human operators) and increase operational effectiveness. Over the past few years, manufacturers have taken efforts to promote the use of electric-powered forklifts. The need for long-term and sustainable renewable energy solutions is also being fueled by environmental concerns and the accessibility of natural resources like coal, oil, and gas. Hydrogen fuel is an impressive alternative to traditional methods of powering machinery and equipment when it comes to material handling equipment, industries, and vehicles.

Global Industrial Vehicles Market Overview

The Global Industrial Vehicles Market consists of a wide variety of vehicles utilized in multiple sectors, including manufacturing, construction, logistics, and agriculture. In industrial environments, these vehicles are crucial for effective material handling, transportation, and operations. The market for industrial vehicles is mostly driven by the rapid expansion of industrial sectors, particularly in emerging economies. As countries continue to expand their infrastructure and production capacities, the need for industrial vehicles to assist with such demand rises. Industrial vehicles’ productivity and efficiency have increased as a result of the integration of cutting-edge technology including automation, robotics, and telematics. Due to these technological developments, there is now a higher need for specialized industrial vehicles that can complete jobs more quickly and precisely.

The demand for industrial vehicles used in logistics and warehousing has greatly expanded as a result of the growing e-commerce sector. Due to the increase in online shopping, there is a demand for reliable and efficient vehicles for inventory management, order fulfillment, and the transportation of goods. Numerous industrial vehicles are needed for infrastructure development projects like building construction, road construction, and urbanization programs. There is a significant need for construction equipment including excavators, loaders, and cranes due to increasing investments in infrastructure development throughout the world. Government regulations and environmental concerns are the other drivers and the reason for the growth of this market.

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.

Regular maintenance for industrial vehicles is necessary, including repairs, part replacements, and fuel or energy costs. Businesses may face a heavy financial strain from these continuous costs, especially if they maintain a large number of vehicles. Although there is a rising demand for electric industrial vehicles, there are many areas that lack a charging infrastructure. The widespread use of electric industrial vehicles may be hampered by the scarce supply of charging stations and longer charging durations when compared to refueling conventional vehicles. Also, Due to their size, weight, and intended use, industrial vehicles like forklifts and cranes come with inherent safety risks. Industrial vehicle-related mishaps and accidents may result in higher liability and insurance premiums, which could worry firms and restrain market expansion.

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

Based on Vehicle type, the market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The container handlers segment held a significant market share in the Global Industrial Vehicles Market in 2021. Container handlers have a number of benefits, including greater performance and cost-effectiveness. When handling empty containers at full height, these handlers’ strong frames and large drive axles offer outstanding stability and long-term endurance. Ports, terminals, and shipping yards are just a few places where container handlers are needed. During the forecast period, all of the aforementioned factors are anticipated to promote the revenue growth of the industrial vehicles market’s container handling segment.

Industrial Vehicles Market, By Drive Type

• IC engine
• Battery operated
• Gas powered

Based on Drive type, the market is segmented into ICE, Battery operated, and Gas Powered. The Internal Combustion engine is expected to dominate the Global Industrial Vehicles Market. Due to their excellent efficiency, ICE-powered industrial vehicles are favored by many end-use industries. Compared to industrial electric vehicles that need to be recharged, these vehicles can operate for extended periods of time. Furthermore, they have easy lifting and moving capabilities, which boosts the effectiveness of loading and unloading procedures in warehouses, factories, and distribution centers. They are also more effective in material handling and transportation operations due to their high-power output, quick acceleration, and higher top speeds. During the projected period, all of the aforementioned factors are anticipated to boost the expansion of the ICE segment of the Global Industrial Vehicles Market.

Industrial Vehicles Market, By Geography

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

On the basis of Geography, the Global Industrial Vehicles Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Asia Pacific region accounted for the highest market share in the Global Industrial Vehicles Market in the year 2021 and it is predicted to have substantial growth over the projected period. China, Japan, India, South Korea, and the rest of Asia Pacific make up the division of the Asia Pacific area. This region, which includes China and India, has some of the fastest-growing economies in the world and is the top producer of industrial vehicles like forklifts, aisle trucks, tow tractors, etc. Manufacturers and suppliers are increasing their investments in automation technologies for efficient operational duties in the Chinese market. It is anticipated that China’s major industries, such as aerospace, manufacturing, and automotive, will promote the development of industrial vehicles.

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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• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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