Global Industrial Vehicles Market – Industry Trends and Forecast to 2029

Global Industrial Vehicles Market, By Product Type (Forklift, Tow Tractor, Aisle Truck, Container Handler, Others), Drive Type (Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered, Others), Application (Industrial, Cargo, Others) – Industry Trends and Forecastto 2029.

Industrial Vehicles Market Analysis and Size

The industrial vehicles market is mainly driven by the rise in the number of massive warehouses which has set up by e-commerce companies such as eBay and Amazon. These e-commerce warehouses mainly require the industrial vehicles to transport the stocked goods from the warehouse to the end user in an efficient and cost-effective manner. Moreover, the “container handler” is the fastest growing product type segment due to the rising demand for handling bulky goods in warehouses and increasing transportation sector over the forecast period. Also the factors such as increasing demand for autonomous solutions in material handling along with growing e-commerce sector across end-use industries are expected to boost the demand for the industrial vehicle market.  

Data Bridge Market Research analyses that the industrial vehicles market was valued at USD 42.79 billion in 2021 and is expected to reach USD 58.79 billion by 2029, registering a CAGR of 4.05% during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.     

Industrial Vehicles Market Scope and Segmentation

Market Definition

Industrial vehicles are manufactured to transport production materials and goods to warehouse distribution centers and storage of finished goods and raw materials. These industrial vehicles come in many sizes and are designed to mount specialized heavy equipment trucks. Now, battery-operated industrial vehicles are being progressively adopted over gas-powered industrial vehicles and the internal combustion engine, as they are friendly, reliable, economical, compact, environmental and efficient.

Global Industrial Vehicles Market Dynamics

Drivers

• Growing adoption of industrial vehicle

The growing adoption of industrial vehicles in automotive, healthcare, chemical, food and beverages, and among others, is anticipated to drive the manufacturing segment of the industrial vehicle market during the forecast period because these vehicles are also used in the manufacturing processes to retrieve and store inventory for the production line.

• Digitalization of Vehicles

The rapid digitalization of vehicles also accelerate the market growth of industrial vehicle. The demand for achieving improved productivity, operational efficiency and profitability at reduced costs positively impacts the market's growth. The increase in substantial infrastructure and government funding on technological improvisation of these vehicles drives the market further.

Furthermore, increasing technological advancement to improve productivity, growing need of the warehouses, growing usages of battery-operated industrial vehicles are some of the major factors expected to increase the growth of the industrial vehicles market in the forecast period of 2020-2027.

Opportunities

• Increasing demand for battery-operated industrial vehicles

Rechargeable batteries are used in battery-operated industrial vehicles to power respective vehicles. Recent years, Battery-operated industrial vehicles have been gaining substantial traction. The major advantage of battery-operated engines is there eco-friendly nature. These engines produce lower emissions, making them a perfect green machine for warehouse and industrial projects. So the growing adoption of integrating smart factories and battery-operated vehicles into material handling industries will lead to digitalization and modularization which will further boost the market growth and create immense opportunities for the market in upcoming year.

The advent of smart business in the material handling industry coupled with the increasing need to transport temperature sensitive products will further generate immense opportunities for the growth of the industrial vehicles market during the forecast period of 2022-2029.  

Restraints/ Challenges

• Lack of research and development facilities

The lack of research and development facilities and the lack of technical knowledge about the advanced features among the consumers are the major factors expected to restrain the growth of the semi-autonomous market.

• High cost of vehicle

The high cost of automation in automotive sector is acting as market restraints for industrial vehicles in the above mentioned forecasted period.

Furthermore, growing number of government rules and regulations about safety of the vehicles will become the major challenge for the growth of the market in the above mentioned forecasted period

This industrial vehicles market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the industrial vehicles market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Industrial Vehicles Market

The COVID-19 had a negative impact on the industrial vehicle market due to social distancing and strict lockdowns to contain the spread of the virus. The global economy has slowed as a result of the covid-19 outbreak. In spite of the fa0ct that new versions of this vehicle impose a major risk to the human health, the automobile sector has been mainly hit by this pandemic. Market participants and manufacturers rely on contingency planning to tackle operations, supply chain and inventory management issues. Moreover, the industrial vehicles market is anticipated to upsurge again as trade borders open and regulations are eased. However, the industrial vehicle market is anticipated due to the restrictions' easing and regaining its pace during the post pandemic scenario.

Recent Development

• In February 2022, CLARK had added a new TWLi20 three-wheel electric lithium-ion powered lift truck in their company industrial lift trucks product line.
• In October 2021, Cascade Corporation, a subsidiary of Toyota Industries Corporation, had acquired Lift-Tek Elecar S.p.A. (Italy) and Lift Technologies, Inc. (USA), more commonly referred to as Lift-Tek, that manufactures and sells forklift masts. Cascade Corporation has acquired total shares of Lift-Tek.
• In November 2021, Mitsubishi Logisnext Americas had launched PF (D) 120N and PF(D)80N model series of 4-wheel internal combustion mid-sized pneumatic tire forklifts. Bothoi these engines have engine-powered forklifts available to all the dealers associated with the UniCarriers brand.

Global Industrial vehicles Market Scope

The industrial vehicles market is segmented on the basis of product type, drive type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

Forklift

• <5 Ton
• 5-10 Ton
• 11-36 Ton
• >36 Ton

Tow Tractor

• <5 Ton
• 5-10 Ton
• 11-30 Ton
• >30 Ton

Aisle Truck

• <1 Ton
• 1-2 Ton
• >2 Ton

Container Handler

• <30 Ton
• 30-40 Ton
• >40 Ton

Others

Drive Type

• Internal Combustion Engine (ICE)
• Battery-Operated, Gas-Powered
• Others

 Application

• Industrial
• Cargo
• Others

Industrial Vehicles Market Regional Analysis/Insights

The industrial vehicles market is analysed and market size insights and trends are provided by country, product type, drive type and application as referenced above.

The countries covered in the industrial vehicles market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia Pacific dominates the industrial vehicles market in terms of market revenue. This is due to the rapid urbanization, the development of the automobile sector, and increasing usages of industrial vehicles for transporting finished raw material and goods.

North America is projected to be the fastest developing regions during the forecast period of 2022-2029 due to growing popularity of driverless industrial vehicle in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Industrial Vehicles Market Share Analysis

The industrial vehicles market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to industrial vehicles market.

Some of the major players operating in the industrial vehicles market are:

• Anhui Heli Co. Ltd (China)
• Crown Equipment Corporation (U.S.)
• Hangcha Forklift (China)
• Hyster-Yale Group, Inc., (U.S.)
• Jungheinrich AG (Germany)
• Kion Group AG (Germany)
• Konecranes (Finland)
• MITSUBISHI HEAVY INDUSTRIES, LTD. (Japan)
• Toyota Industries Corporation (Japan)
• Doosan Corporation (South Korea)
• C. & J. Clark International  (U.K.)
• Manitou Group (Japan)
• CARGOTEC CORPORATION (Finland)
• Daifuku Co., Ltd (Japan)
• SSI Schaefer Systems SA (Pty) (South Africa)
• Hyundai Construction Equipment Europe (Belgium)
• Polaris Inc. (U.S.)