NEW YORK, United States, March 10, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Industrial Vehicle Market By Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, And Container Handlers), By Drive Type (ICE, Battery-Operated And Gas-Powered), By Application (Manufacturing, Warehousing, Freight & Logistics, And Others), By Aerial Work Platform (Boom Lifts And Scissor Lifts) And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030” in its research database.
“According to the latest research study, the demand of global Industrial Vehicle Market size & share in terms of revenue was valued at USD 41.2 billion in 2022 and it is expected to surpass around USD 61.3 billion mark by 2030, growing at a compound annual growth rate (CAGR) of approximately 5.1% during the forecast period 2023 to 2030.”
The study examines the market's drivers, restraints, and challenges, as well as their effects on demand during the forecasted period. The paper also looks at new potential in the industrial vehicle Market.
What is Industrial Vehicle? How big is the Industrial Vehicle Industry?
Report Overview:
Industrial vehicles are essentially autos designed with the logistics of transporting finished goods between warehouse distribution hubs and retail outlets in mind. Industrial vehicles are made to carry huge loads and come in a variety of sizes. Industrial vehicles are used for a variety of tasks, including the loading and unloading of inventory from warehouses, the storage of finished items and raw materials, and the delivery of commodities to retail locations.
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Global Industrial Vehicle Market: Growth Factors
- Growing e-commerce and warehouse facilities across the globe drive the market growth
Due to the growing need for them to support hub and spoke models in a number of industries, such as e-commerce, the production of automotive components, consumer goods, and electronics, there are more warehouses per region. Over the next five years, the storage and fulfilment industry are expected to develop at a twice as fast rate. E-commerce usage increased in the US from over 10% of all retail transactions in 2019 to over 15% in 2020.
In addition, the US Department of Labor Statistics reports that there were 19,194 facilities in the country as of 2020, up from 15,255 in 2011. Hence, the rise of the global industrial vehicle market is anticipated to be fueled by expanding e-commerce and warehouse facilities around the world.
Restraints
- Lack of R&D facilities hinders the market growth
The development of the industrial vehicle industry is constrained by a dearth of R&D facilities and stringent regulations. R&D and innovation are key requirements for industrial vehicles. OEMs must spend heavily on R&D to improve industrial vehicles' ability to lift heavy loads and increase productivity to shorten turnaround times.
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Report Scope
| Report Attribute | Details |
| Market Size in 2022 | USD 41.2 billion |
| Projected Market Size in 2030 | USD 61.3 billion |
| CAGR Growth Rate | 5.1% CAGR |
| Base Year | 2022 |
| Forecast Years | 2023-2030 |
| Key Market Players | Crown Equipment Corporation, Anhui Heli Co. Ltd, Hangcha Forklift, Hyster-Yale Group, Inc., Kion Group AG, Jungheinrich AG, Konecranes, MITSUBISHI HEAVY INDUSTRIES, LTD., Toyota Industries Corporation, C. & J. Clark International, Doosan Corporation, Manitou Group, CARGOTEC CORPORATION, Daifuku Co., Ltd, SSI Schaefer Systems SA (Pty), Hyundai Construction Equipment Europe and Polaris Inc. among others. |
| Key Segment | By Vehicle Type, By Drive Type, By Application, By Aerial Work Platform, And By Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
| Purchase Options | Request customized purchase options to meet your research needs. Explore purchase options |
Industrial Vehicle Market: Segmentation Analysis
Based on the type of vehicle, drive type, application, aerial work platform, and geography, the industrial vehicle market is divided globally.
The global market is segmented into forklifts, aisle trucks, tow tractors, and container handlers based on the kind of vehicle. During the projected period, aisle trucks are anticipated to rule the market. Products are moved and stacked in aisles, which are normally 8 to 9.5 feet wide, using a truck known as an aisle truck. It normally has stand-up passengers and is powered by electric motors. By providing more storage space and operating in much tighter aisles, it increases efficiency. Aisle trucks are highly sought after due to their effectiveness, dependability, and cheap running costs. Aisle trucks also have a number of benefits, including as improved load and lift capability in constrained spaces as well as comfort and safety. As a result, growth in the aisle truck segment is anticipated during the forecast period.
The global industrial vehicle market is divided into ICE, battery-operated, and gas-powered segments based on the kind of drive. In 2022, the battery-operated market segment held the biggest market share, and it is anticipated that this trend will hold throughout the forecast period. Industrial vehicles that run on batteries are powered by rechargeable batteries. Commercial cars powered by batteries have increased in popularity recently.
The motors are powered by batteries, which provides benefits for the environment. Because these engines produce fewer pollutants, these commercial trucks are highly inexperienced instruments for warehouse and business work. The vast majority of logistics service companies worldwide are concentrating on reducing their carbon footprint. Industrial vehicles trying to reduce CO2 emissions and other exhaust pollutants have given battery-operated engines a lot of attention.
The global industrial vehicle market is divided into manufacturing, warehousing, freight & logistics, and others based on the application. During the course of the projected period, the warehousing segment is expected to expand quickly. The necessity for distribution centres and warehouses, which is backed by rising e-commerce sales, influences the need for warehouse vehicles to facilitate the flow of goods.
The boom lift and scissor lift segments of the global industrial vehicle market are separated based on the aerial work platform. During the course of the projected period, the boom lifts segment is anticipated to rule the market. Boom lifts are widely used in construction projects that involve building roads, mines, irrigation systems, urban infrastructure, airports, trains, and ports. The boom lift market is confined because end customers choose old boom lifts over new ones, which is a result of the high cost of new equipment.
The various varieties of boom lifts include articulating boom lifts, telescopic boom lifts, straight boom lifts, Genie boom lifts, and towable boom lifts, to name a few. Boom lifts can pass through tight industrial aisleways and crowded workspaces thanks to features like a 360-degree spinning turntable and a wide chassis. From the work platform, moving machines forward and backward is made simple using boom lifts. resulting in segmental growth.
The global Industrial Vehicle market is segmented as follows:
By Vehicle Type
- Forklifts
- Aisle Trucks
- Tow Tractors
- Container Handlers
By Drive Type
- ICE
- Battery-operated
- Gas-powered
By Application
- Manufacturing
- Warehousing
- Freight & Logistics
- Others
By Aerial Work Platform
- Boom Lifts
- Scissor Lifts
Browse the full “Industrial Vehicle Market - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" Report at https://www.zionmarketresearch.com/report/industrial-vehicle-market
Competitive Landscape
Some of the main competitors dominating the global Industrial Vehicle market include -
- Crown Equipment Corporation
- Anhui Heli Co. Ltd
- Hangcha Forklift
- Hyster-Yale Group Inc.
- Kion Group AG
- Jungheinrich AG
- Konecranes
- MITSUBISHI HEAVY INDUSTRIES LTD.
- Toyota Industries Corporation
- C. & J. Clark International
- Doosan Corporation
- Manitou Group
- CARGOTEC CORPORATION
- Daifuku Co. Ltd
- SSI Schaefer Systems SA (Pty)
- Hyundai Construction Equipment Europe
- Polaris Inc.
Key Insights from Primary Research:
- According to the analysis shared by our research forecaster, the Industrial Vehicle market is likely to expand at a CAGR of around 5.1% during the forecast period (2023-2030).
- In terms of revenue, the Industrial Vehicle market size was valued at around US$ 41.2 billion in 2022 and is projected to reach US$ 61.3 billion by 2030.
- Based on the vehicle type, the aisle trucks segment is expected to dominate the market during the forecast period.
- Based on the drive type, the battery-operated segment accounted for the largest market share in 2022.
- Based on the application, the warehousing segment is growing at a rapid rate over the forecast period.
- Based on the aerial work platform, the boom lifts segment is expected to dominate the market over the forecast period.
- On the basis of region, the Asia Pacific is expected to dominate the market during the forecast period.
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Key questions answered in this report:
- What is the market size and growth rate forecast for Industrial Vehicle industry?
- What are the main driving factors propelling the Industrial Vehicle Market forward?
- What are the leading companies in the Industrial Vehicle Industry?
- What segments does the Industrial Vehicle Market cover?
- How can I receive a free copy of the Industrial Vehicle Market sample report and company profiles?
Key Offerings:
- Market Size & Forecast by Revenue | 2023−2030
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Vehicle Type, Drive Type, Application, Aerial Work Platform, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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Regional Analysis:
- The Asia Pacific is expected to dominate the market during the forecast period
Over the projected period, the Asia Pacific region is anticipated to lead the worldwide industrial vehicle market. The region's fast industrialization is increasing the demand for industrial trucks to transport finished goods and raw materials for storage in warehouses. The expansion of the market during the anticipated period is also linked to the region's expanding e-commerce and construction sectors. For instance, the Government of India (GOI) established a National E-Commerce Policy in 2019 to regulate the increased levels of E-Commerce brought on by India's rapid digitalization. The plan places a strong emphasis on protecting customer data, localizing data, protecting intellectual property, and encouraging competition.
By Region
- North America
- U.S.
- Canada
- Rest of North America
- Europe
- France
- UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
Recent Developments:
- In November 2021, mid-sized 4-wheel internal combustion pneumatic tire forklifts with PF (D) 120N and PF (D) 80N model models were introduced by Mitsubishi Logisnext Americas. All the dealers affiliated with the UniCarriers name can purchase forklifts with these engines.
- In October 2021, the companies that produce and market forklift masts, Lift-Tek Elecar S.p.A. (Italy) and Lift Technologies, Inc. (USA), more commonly known as Lift-Tek, were purchased by Cascade Corporation, a division of Toyota Industries Corporation. The entire stock of Lift-Tek has been purchased by Cascade Corporation.
- In February 2022, in their line of industrial lift trucks, CLARK introduced a new TWLi20 three-wheel electric lift truck powered by lithium-ion batteries.
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