Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Vehicles Market by Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, & Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global industrial vehicles market size is projected to grow from USD 49.2 Billion in 2024 to USD 64.3 Billion by 2030, at a CAGR of 4.6%. The industrial vehicles market is expanding globally due to the growing complexity of supply chain operations and the adoption of automation technologies. This shift necessitates advanced industrial vehicles such as AGVs and autonomous forklifts to enhance efficiency. Additionally, the integration of smart warehousing technologies, such as IoT integration and AI-driven analytics, further accelerates market growth by enabling real-time inventory tracking and optimized route planning. 
The Internal Combustion Engine Industrial vehicles segment is expected to grow substantially during the forecast period.
ICE-operated industrial vehicles are renowned for their efficiency, making them a preferred choice across numerous industries. Unlike electric counterparts that require frequent recharging, ICE vehicles can operate for extended periods. Moreover, they excel in lifting and transporting heavy loads, enhancing the efficiency of loading and unloading tasks in warehouses, factories, and distribution centers. Their high-power output, swift acceleration, and superior top speeds further contribute to their effectiveness in transportation and material handling operations.
Factors such as lower initial costs, high operational speeds, ease of refueling, and suitability for heavy-duty applications are anticipated to propel the demand for ICE industrial vehicles. Substantial revenue growth is expected for ICE forklifts over the forecast period, primarily attributed to the robust product portfolios offered by industrial vehicle manufacturers.
Companies such as Toyota Industries Corporation (Japan), Jungheinrich AG (Germany), KION Group AG (Germany), Hyster-Yale Materials Handling, Inc. (US), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co., Ltd. (Japan) provide ICE forklifts to end-users. Toyota's IC counterbalance lift truck 8FG/D Series. Cat DP20- 35N3 compact diesel-powered forklifts, and Cat DP60-100N3 diesel forklifts are some of the models of ICE forklifts. In May 2021, Mitsubishi Logisnext Co., Ltd. launched new heavy-duty ICE forklift trucks with a 22,000 - 40,000 lbs capacity. These attributes are anticipated to propel the growth of the ICE segment within the global industrial vehicles market over the forecast period.
Metals & Heavy Machinery application segment to have notable opportunities during the forecast period.
The global growth of the metals and heavy machinery industry is propelled by increased infrastructural development, construction activities, and automotive production. The repetitive handling and transportation of large and heavy components or assembly parts characterizes this industry. Manual handling of such weighty metal sheets and machinery poses risks of worker injuries and potential damage to products. To address these concerns, plant operators are inclined to enhance operational efficiency, ensuring the smooth movement of heavy equipment within manufacturing and warehousing facilities.
Industrial vehicles are crucial in handling these substantial products, ensuring the safe and efficient intralogistic movement of heavy loads. Utilizing industrial vehicles with heavy payload capacity enables facility owners to lift and handle large parts and components with heightened speed, accuracy, and efficiency, thereby preventing injuries to the workforce and potential damages. These industrial vehicles are adept at moving palletized loads along predetermined routes.
The anticipated growth in production capacity within the metals and heavy machinery industry is poised to drive the industrial vehicles market during the forecast period. Companies such as Cargotec Corporation (Finland), Hubtex Maschinenbau GmbH & Co. KG (Germany), Linamar Corporation (Canada), Mitsubishi Logisnext Co., Ltd. (Japan), Crown Equipment Corporation (US), Hangcha Group Co., Ltd. (China), Anhui Heli Co., Ltd. (China), Hyundai Construction Equipment India Pvt. Ltd. (India), and Svetruck AB (Sweden) offer a range of industrial vehicles tailored for the metal and heavy machinery industry.
China poised for considerable growth in the Asia Pacific industrial vehicles market.
China is expected to be the largest market in terms of value and volume in the Asia Pacific industrial vehicles market during the forecast period. The industrial vehicles market is anticipated to experience significant growth in China due to government incentives for industrial infrastructure development, positioning China as the fastest-growing market for material handling equipment. Additionally, major manufacturers are expanding their product portfolio in the country to capitalize on its burgeoning industrial sector. For instance, in May 2023, Hangcha Group Co., Ltd. released the XE series of electric forklifts. These forklifts will have a load-carrying capacity of 1.5-3.8 tons. The availability of a diverse range of electric forklift models from leading manufacturers is expected to fuel the growth of the industrial vehicles market, catering to the evolving needs of industries across China.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 354 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $49.2 Billion |
| Forecasted Market Value (USD) by 2030 | $64.3 Billion |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Key Topics Covered:
Executive Summary
- Industrial Vehicles Market Overview
- Industrial Vehicles Market, by Region, 2024-2030
- Industrial Vehicles Market, by Drive Type, 2024-2030
Premium Insights
- Attractive Growth Opportunities for Players in Industrial Vehicles Market -Rising Emphasis on Optimizing Logistics and Warehousing to Drive Market
- Industrial Vehicles Market, by Region - Asia-Pacific to be Largest Market for Industrial Vehicles During Forecast Period
- Industrial Vehicles Market, by Vehicle Type - Aisle Trucks to be Fastest-Growing Segment During Forecast Period
- Industrial Vehicles Market, by Drive Type - Battery-Operated Segment to Hold Largest Market Share During Forecast Period
- Industrial Vehicles Market, by Application - Warehousing Segment to Register Highest CAGR During Forecast Period
- Aerial Work Platform Market, by Type - Boom Lifts Segment to Secure Leading Market Position During Forecast Period
Market Dynamics
Drivers
- E-Commerce Expansion and Warehousing Dynamics
- Impact of Warehouse Automation and Industry 4.0
- Role of Jit Inventory Management in Industrial Logistics
- Growing Infrastructure Developments
- Industrial Vehicles as Catalysts for Enhancing Workplace Safety
Restraints
- Financial Implications of Automation in Forklifts and AGVs
- High Maintenance and Repair Costs of Industrial Vehicles
Opportunities
- Emergence of Rental and Leasing in Industrial Vehicles Sector
- Rise of Battery-Powered Industrial Vehicles
- Emerging Applications in Non-Traditional Industries
- Technological Advancements in Autonomous Industrial Vehicles
Challenges
- Workplace Safety Concerns and Government Regulations
- Cost-Competitive Workforce in Emerging Markets
Case Studies
- Mitsubishi Forklift Enhances Safety at Kellogg's Manchester Site
- Dematic's Autonomous Forklift Reduces Delivery Time at L'Oreal
- Thyssenkrupp Employs Jungheinrich AG for Flexible Automation
- Jungheinrich AG Automates Coko-Werk GmbH & Co. Kg Warehouse
- Toyota Delivers Sustainable AGV Solutions to Panasonic Energy
- Large Toyota AGV Fleet Helps Future-Proof Albert Heijn's Distribution Centers
- Toyota's Automated Forklifts Support Elm.Leblanc's Industry 4.0 Journey
- Hubtex Partners with Intis for Inductive Charging System for AGVs
- Ports America Replaces Older Container Handlers with Hyster-Yale's Lift Trucks
- Beijer Byggmaterial Ab Transforms Its Fleet of Diesel Forklift Trucks to Electric Forklift Trucks
Technology Analysis
- Key Technologies
- IoT for Automated Material Handling
- Smart Braking Technology for Forklifts
- Complimentary Technologies
- Collaborative Robots
- Sustainable Forklift Technology
- Adjacent Technologies
- 5G Connectivity for Automated Warehouses
- AI
Companies Profiled
- Toyota Industries Corporation
- Kion Group AG
- Mitsubishi Logisnext Co., Ltd.
- Jungheinrich AG
- Crown Equipment Corporation
- Hyster-Yale Materials Handling, Inc.
- Hangcha Group Co., Ltd.
- Clark
- Anhui Heli Co., Ltd.
- Konecranes
- Ep Equipment
- Komatsu Ltd.
- Doosan Industrial Vehicle
- Manitou Group
- Cargotec Corporation
- Action Construction Equipment Ltd.
- Hyundai Construction Equipment India Pvt. Ltd.
- V. Mariotti Srl
- Combilift
- Daifuku
- JBT
- Lonking Machinery Co., Ltd.
- Hubtex Maschinenbau GmbH & Co. Kg
- Godrej & Boyce Mfg. Co. Ltd.
- Svetruck Ab
- Stocklin Logistik AG
- O.M.G. Srl
- Paletrans Forklifts
- Genkinger GmbH
- Flexi Trucks
- Agilox Services GmbH
- Jlg Industries, Inc.
- Tadano Ltd.
- Terex Corporation
- Linamar Corporation
- Magni Telescopic Handlers Srl
- Haulotte Group
- Aichi Corporation
- Palfinger AG
- Imer International S.P.A.
- Sinoboom Intelligent Equipment Co., Ltd.
- Altec Industries
- J C Bamford Excavators Ltd.
- Noblelift Intelligent Equipment Co., Ltd.
- Bronto Skylift
- Snorkel
- Dinolift Oy
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