New York, United States , May 16, 2024 (GLOBE NEWSWIRE) -- Global Industrial Vehicles Market Size is to Grow from USD 38.92 Billion in 2023 to USD 59.73 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 4.38% during the projected period.
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Industrial vehicles transport raw materials, completed objects, and production materials across the industrial sector. These industrial vehicles come in a variety of sizes to deliver a wide range of commodities and materials. Battery-powered industrial vehicles are fast gaining popularity over combustion engine-driven and gas-powered industrial vehicles due to their inexpensive price tag, compact size, environmental friendliness, dependability, and efficiency. For instance, in November 2020, Toyota Material Handling, a division of Toyota Industries Corporation, launched the Toyota High-Capacity Core IC Pneumatic forklift in five versions with capacities ranging from 22,000 to 30,000 pounds. These forklifts are perfect for lumber, steel, and automotive customers, but they can also perform any heavy-duty operation that requires significant strength. Such advancements are projected to drive market expansion during the forecast period. However, market growth for industrial vehicles is constrained by strict regulations and a lack of research and development facilities. Industrial vehicles demand extensive R&D and ingenuity.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Industrial Vehicles Market Size, Share, and COVID-19 Impact Analysis, By Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), By Drive Type (Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered, Others), By Application (Industrial, Cargo, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The forklifts segment is expected to hold the largest share of the global industrial vehicles market during the anticipation timeframe.
Based on the type, the global industrial vehicles market is categorized into forklifts, aisle trucks, tow tractors, container handlers. Among these, the forklifts segment is expected to hold the largest share of the global industrial vehicles market during the anticipation timeframe. Warehousing owners are focused on improving transparency, cutting operational costs, and increasing warehouse and office efficiency. These factors will increase demand for forklifts that have great operational precision and can navigate limited aisles, floors, and mezzanines. The growing demand for electric forklifts among recycling plant operators and chemical companies is expected to propel the forklift industry forward.
The battery-operated segment is expected to grow at the fastest CAGR during the anticipation timeframe.
Based on the drive type, the global industrial vehicles market is categorized into internal combustion engine (Ice), battery-operated, gas-powered, and others. Among these, the battery-operated segment is expected to grow at the fastest CAGR during the anticipation timeframe. The development of a new market for industrial electric vehicles is expected to increase demand in the battery-powered category. Lithium-ion batteries have several advantages, including battery acid management, making them ideal for data centres. In addition, certain government initiatives encourage market expansion. For instance, the Indian government intends to convert all two and three-wheelers to electric vehicles by 2030.
The industrial segment is expected to hold a significant share of the global industrial vehicles market during the anticipation timeframe.
Based on the application, the global industrial vehicles market is categorized into industrial, cargo, and others. Among these, the industrial segment is expected to hold a significant share of the global industrial vehicles market during the anticipation timeframe. The advantages of these automobiles, such as decreased downtime, cost savings, fewer ground accidents, and increased efficiency, have motivated firms to invest in these novel goods, resulting in increasing industrial vehicle market demand by the end of 2032.
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Asia Pacific is anticipated to hold the largest share of the global industrial vehicles market over the anticipation timeframe.
Asia Pacific is projected to hold the largest share of the global industrial vehicles market over the anticipation timeframe. Asia Pacific contains China, Japan, India, South Korea, and the Rest of Asia Pacific. This country is a major producer of industrial vehicles such as forklifts, aisle trucks, tow tractors, and so on, and it also contains some of the world's fastest-growing economies, including China and India. China's manufacturers and suppliers are investing more in automation technology to assist them perform productive operations.
Europe is expected to grow at the fastest CAGR growth of the global industrial vehicles market during the anticipation timeframe. As manufacturing demand rises in Europe, there is an increase in the use of industrial electric vehicles. The need for efficient and automated manufacturing, warehousing, and logistics processes has driven up demand for industrial electric vehicles such as AGV and AMR, which streamline operations, increase productivity, and save money. Sustainability has an impact on the adoption of AGV and AMR in Europe.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global industrial vehicles market are Cargotec Corporation, CLARK, Crown Equipment Corporation, Doosan Industrial Vehicle, Anhui Heli Co., Ltd., KION GROUP AG, Komatsu Ltd., Konecranes, Linde Material Handling, Manitou.com, MITSUBISHI LOGISNEXT CO., LTD, Motrec International Inc., Raymond Corporation, Sany Group, TOYOTA INDUSTRIES CORPORATION, Hangcha Forklift, Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd., Jungheinrich AG and Others
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Recent Developments
- In May 2022, Tata Motors launched e-transport freight solutions with the Ace EV, a new electric commercial vehicle with zero carbon footprint emissions. Tata Motors also announced a strategic partnership with Amazon, BigBasket, MoEVing, and a few others.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global industrial vehicles market based on the below-mentioned segments:
Global Industrial Vehicles Market, By Type
- Forklifts
- Aisle Trucks
- Tow Tractors
- Container Handlers
Global Industrial Vehicles Market, By Drive Type
- Internal Combustion Engine (ICE)
- Battery-Operated
- Gas-Powered
- Others
Global Industrial Vehicles Market, By Application
- Industrial
- Cargo
- Others
Global Industrial Vehicles Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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