Industrial Vehicles Market Size 2022: Industry Share, Trends, Growth, Future Prospects, Forecast to 2030
Research Reports
Mar 10, 2022
Market Highlights
The global industrial vehicles market is estimated to reach around USD 38 billion, growing at ~3?GR during the forecast period.
Growing the number of vast warehouses set up by e-commerce firms such as Amazon and eBay fuels the global demand for commercial vehicles largely. Most of these e-commerce warehouses require industrial vehicles to stack vast quantities of items and deliver the packed goods from the warehouse to the end user in a cost-effective and reliable manner. The market is also driven by increased use of battery-operated industrial vehicles with increased environmental awareness and government regulations for controlling industrial vehicle carbon dioxide emissions.
Sales of fuel-efficient commercial vehicles such as battery-operated commercial vehicles are projected to boom with the increase in fuel prices. The increased need to carry temperature-sensitive products fuels demand for industrial refrigerated vehicles.
Automation’s high cost is hampering industry expansion. Though emerging economies like China, India , Brazil, Mexico, and Saudi Arabia are developing smart factories in the material handling industry and growing demand for driverless autonomous vehicles, generating opportunities for growth for the global market. At the other hand, higher production costs are impeding demand development over the review period.
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Key Companies Profiled
- Anhui Heli Co., Ltd (China)
- Crown Equipment Corporation (US)
- Hangcha Group Co. Ltd (China)
- Hyster-Yale Materials Handling, Inc. (US)
- Jungheinrich AG (Germany)
- Kion Group AG (Germany)
- Konecranes plc. (Finland)
- Mitsubishi Nichiyu Forklift Co., Ltd. (Japan)
- Toyota Industries Corporation (Japan)
- and Doosan Corporation (South Korea)
Market Drivers:
- Growing transportation sector and increasing demand for handling bulky goods in warehouses
- Growing uses of ICE engines in towing applications
- Growing demand for automated vehicles and forklift from various industry verticals
Market Segmentation
The global industrial vehicles market is segmented as drive type, product type, application, and region.
By Product Type
- Forklift
- Tow Tractor
- Aisle Truck
- Container Handler
By Drive Type
- Internal Combustion Engine (ICE)
- Battery-Operated
- Gas-Powered, and Others
By Application
- Industrial
- Cargo
Regional Assessment
Geographically , the global market was split into four large regions, North America, Europe , Asia-Pacific, and the rest of the world.
Asia-Pacific has been assessed in volume as the largest market in the global electric vehicle industry due to the high demand and growth of the automotive sector in the developing countries of the region such as China, India , Japan and South Korea. The rapid industrialisation of the region contributes to an increase in demand for the use of urban vehicles to transport end-use goods and raw materials for the production of warehouses. Asia-Pacific leads North America and Europe, in terms of market share. North America and Europe have rapidly established competition for the automotive industries. However, the technological advances and favorable economic conditions would contribute to the growth of demand for commercial vehicles over the projected period.
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Several Asia-Pacific emerging economies, the Middle East and South America, such as India , Brazil , China, Mexico and Saudi Arabia, are in the process of developing smart factories in the materials management industry, and the increasing demand for driverless industrial vehicles is also expected to create growth opportunities for the global industrial vehicle market over the forecast period.
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