Dublin, April 19, 2023 (GLOBE NEWSWIRE) -- The "Global Industrial Vehicles Market in terms of Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy & Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global industrial vehicles market is projected to grow from USD 39.7 billion in 2023 to USD 49.2 billion by 2028, at a CAGR of 4.4%.
Factors such as growth in e-commerce sector, in conjunction with the rising demand for Automated Guided Vehicles (AGVs) in material handling across industries are expected to bolster the demand for the industrial vehicles during the forecast period.
In addition, the increasing penetration of battery-operated industrial vehicles, coupled with rising trends of hydrogen-powered forklifts are expected to create new opportunities for this market.
Freight & Logistics segment is expected to grow at a significant rate during the forecast period, by application.
The freight & logistics segment of the industrial vehicles market is projected to grow at the noticeable rate during the forecast period. The freight & logistics industry heavily relies on industrial vehicles, such as forklifts, tow tractors, etc., for the efficient movement of goods and materials within warehouses, distribution centers, and ports.
These vehicles are essential for the loading and unloading of cargo from trucks, trains, and ships, as well as for the storage and retrieval of goods within facilities. As such, the demand for industrial vehicles in this sector is significant and continues to grow.
One of the key drivers of demand for industrial vehicles in the freight & logistics industry is the increase in e-commerce and online shopping. As more consumers are shifting toward online retailers for their respective shopping needs/demands, the volume of goods being transported and stored in warehouses & distribution centers has risen significantly. This, in turn, has created a need for more vehicles, such as forklifts, to handle the increased workload and keep up with demand.
Europe is expected to be the significant market during the forecast period.
Germany, France, the UK, Spain, Italy, and the Rest of Europe have been considered for market analysis of Europe. Europe is expected to be one of the significant markets for industrial vehicles during the forecast period and will account for significant share of the global industrial vehicles market in 2023. The European industrial vehicles market is highly developed and organized and houses some of the major players, such as KION Group (Germany), Jungheinrich AG (Germany), and Konecranes (Finland).
Germany is one of the leading warehousing markets in Europe due to its location, developed infrastructure, and technological expertise. Its strategic position that connects Eastern Europe to Western Europe has made it a popular warehousing destination. Warehouses in Germany are bigger in size and better in quality.
The warehousing market in Germany is driven by e-commerce. As per International Trade Administration, in 2021, total e-commerce sales amounted to USD 127.5 billion, which translated to a 24% growth compared to 2020. As per International Trade Administration, it is expected that the online population in Germany is likely to increase from approximately 62 million in 2020 to approximately 68.4 million by 2025.
Warehousing is estimated to be the fastest growing segment in the industrial vehicles market during the forecast period
Warehousing is expected to be the fastest growing segment by application during the forecast period. Warehousing is a process of storing goods that will be sold or distributed in the near future. A warehouse helps manufacturers, distributors, or retailers hold goods safely while monitoring their inventory levels. Forklifts and conveyors are major material handling equipment used in warehouses. Industrial vehicles have been experiencing a rise in demand due to their benefits, such as higher efficiency, high accuracy, and less waste of resources, among others. For instance, industrial vehicles such as forklifts, tow tractors, aisle trucks, etc., are essential tools in the warehousing industry.
These vehicles are used for a variety of material handling tasks, such as loading and unloading of products, moving pallets, and transporting goods throughout the warehouse. Industrial vehicles enable workers to move products quickly & safely in narrow aisles and tight spaces in warehouses and also reduce the risk of injuries from manual material handling. All these aforementioned factors are expected to bolster the revenue growth for warehousing segment of the global industrial vehicles market during the forecast period.
Market Dynamics
Drivers
- Growth in Warehousing and E-Commerce Sectors
- Technological Advancements Across End-use Industries
- Increasing Focus on Agvs Across End-use Industries
- Focus on Improving Workplace Safety
Restraints
- High Cost Associated with Automation
- High Maintenance of Industrial Vehicles and Lack of R&D Facilities
Opportunities
- Rising Demand for Electrically Operated Industrial Vehicles
- Advent of Smart Factories in Material Handling Industry
- Development of Autonomous, Connected, and Fleet Management Solutions
Challenges
- Government Regulations and Safety Concerns
- Low Labor Costs in Emerging Economies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 322 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $39.7 Billion |
| Forecasted Market Value (USD) by 2028 | $49.2 Billion |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industrial Vehicles Market, by Vehicle Type & Capacity
6.1 Introduction
6.2 Forklifts
6.2.1 Significant Rise in E-Commerce Sector to Drive Segment
6.2.2 Forklifts Market, by Capacity
6.2.3 <5 Tons
6.2.4 5-10 Tons
6.2.5 11-36 Tons
6.2.6 >36 Tons
6.3 Aisle Trucks
6.3.1 Rising Demand for Narrow Aisles in Warehouses to Fuel Segment
6.3.2 Aisle Trucks Market, by Capacity
6.3.3 <1 Ton
6.3.4 1-2 Tons
6.3.5 >2 Tons
6.4 Tow Tractors
6.4.1 Increasing Demand for Cargo Applications to Boost Segment
6.4.2 Tow Tractors Market, by Capacity
6.4.3 <5 Tons
6.4.4 5-10 Tons
6.4.5 11-30 Tons
6.4.6 >30 Tons
6.5 Container Handlers
6.5.1 Steady Growth of Marine Sector to Drive Segment
6.5.2 Container Handlers Market, by Capacity
6.5.3 <30 Tons
6.5.4 30-40 Tons
6.5.5 >40 Tons
6.6 Automated Guided Vehicles
6.6.1 Increasing Focus on Automation in Material Handling
6.6.1.1 Low Labor Costs Restricting Adoption of Agvs in Emerging Economies
6.6.1.2 Technical Challenges Related to Sensing Elements
6.7 Personnel Carriers
6.7.1 Rising Levels of Industrialization to Drive Segment
6.8 Key Primary Insights
7 Industrial Vehicles Market, by Drive Type
7.1 Introduction
7.2 Ice Industrial Vehicles
7.2.1 Increasing Demand for Industrial Vehicles for Heavy-Duty Applications
7.3 Battery-Operated Industrial Vehicles
7.3.1 Rising Co2 Emission Concerns and Focus on Eco-Friendly Vehicles
7.4 Gas-Powered Industrial Vehicles
7.4.1 Suitability and Low Carbon Emissions - Key Features
8 Industrial Vehicles Market, by Application
8.1 Introduction
8.2 Manufacturing
8.3 Steady Increase in Manufacturing Activities Post-Pandemic to Drive Segment Growth
8.3.1 Automotive
8.3.2 Metals & Heavy Machinery
8.3.3 Chemical
8.3.4 Healthcare
8.3.5 Food & Beverages
8.3.6 Others
8.4 Warehousing
8.4.1 Narrow Aisles and Tight Spaces in Warehouses to Boost Segment
8.5 Freight & Logistics
8.5.1 Segment Driven by Growth in E-Commerce Sector
8.6 Others
9 Industrial Vehicles Market, by Level of Autonomy
9.1 Introduction
9.2 Non/Semi-Autonomous
9.3 Autonomous
10 Aerial Work Platform Market, by Type
10.1 Introduction
10.2 Boom Lifts
10.2.1 Increasing Construction Activities to Drive Demand for Boom Lifts
10.3 Scissor Lifts
10.3.1 Significant Growth in Logistics Sector to Drive Demand for Scissor Lifts
11 Industrial Vehicles Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Analyst's Recommendations
15 Appendix
Companies Mentioned
- Action Construction Equipment Ltd.
- Aichi Corporation
- Altec Industries
- Anhui Heli Co. Ltd.
- Bronto Skylift
- Cargotec Corporation
- Clark
- Combilift
- Crown Equipment Corporation
- Daifuku
- Doosan Industrial Vehicle
- Genkinger GmbH
- Godrej & Boyce
- Hangcha Group Co. Ltd.
- Haulotte Group
- Hubtex Maschinenbau GmbH & Co. KG
- Hyster-Yale Materials Handling, Inc.
- Hyundai Construction Equipment India Pvt. Ltd.
- Imer International Spa
- J C Bamford Excavators Ltd.
- Jbt
- Jlg Industries, Inc.
- Jungheinrich AG
- Kion Group AG
- Komatsu
- Linamar Corporation
- Lonking Machinery Co. Ltd.
- Manitou Group
- Mitsubishi Logisnext Co. Ltd.
- Noblelift Intelligent Equipment Co. Ltd.
- O.M.G. Srl
- Paletrans Forklifts
- Palfinger AG
- Sinoboom Intelligent Equipment Co, Ltd.
- Snorkel
- Stocklin Logistik AG
- Svetuck Ab
- Tadano Ltd.
- Terex Corporation
- Toyota Industries Corporation
- V. Mariotti S.R.L.
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