Global Industrial Vehicle Market Insights 2024, Forecast To 2033
8 Mar, 2024
The industrial vehicle market (2) witnessed robust growth from $46 billion in 2023 to $48.87 billion in 2024, reflecting a 6.2% CAGR. This expansion was driven by manufacturing growth, e-commerce expansion, and a focus on safety and regulatory compliance. Prospects remain strong as the market is expected to reach $60.47 billion by 2028, growing at a CAGR of 5.5%. Factors such as the rise in e-commerce fulfillment centers, increasing adoption of electric vehicles, and advancements in IoT and telematics integration will contribute to this growth. Key trends include the rise of autonomous and semi-autonomous vehicles, predictive maintenance solutions, and the integration of robotics, emphasizing ergonomic designs for enhanced efficiency.
Global Industrial Vehicle Market Key Driver
The asphalt mixing plants market expands with the rise in infrastructure investments, showcased by The Office for National Statistics' report on increased infrastructure construction value in 2021.
Get A Free Sample Of The Global Industrial Vehicle Market ReportGlobal Industrial Vehicle Market Segments
The industrial vehicle market covered in this report is segmented –
1) Product Type:Forklift, Tow Tractor, Aisle Truck, Container Handler
2) Drive Type:Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered
3) Level of Autonomy:Non Or Semi-Autonomous, Autonomous
4) Application:Manufacturing, Warehousing, Freight And Logistics, Other Applications
By Geography: The countries covered in the industrial vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the industrial vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Major Industrial Vehicle Industry Players
John Deere; Komatsu Ltd.; Toyota Industries Corporation; Faurecia; Lear Corp.; Yamaha Motor Co. Ltd.; Kawasaki Heavy Industries Ltd.; Doosan Corp.; Kion Group AG; Mahle Group; Benteler Automotive; GKN Automotive; Jungheinrich AG; Konecranes Oyj; Crown Equipment Corporation; Manitou; Hyster-Yale Group Inc.; Anhui Heli Co. Ltd.; Hangcha Group Co. Ltd; Hyster-Yale Materials Handling Inc.; Hyundai Construction Equipment Co. Ltd.; Godrej Material Handling; Ace Cranes; Mitsubishi Logisnext Co. Ltd.; Clark Material Handling Company; Nebula Automotive Pvt. Ltd.; Cargotec Oyj; Atlas ATV; Rohnel Motors.
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Industrial Vehicle Market Overview
Industrial vehicles refer to any push or powered carriers used to transfer materials around a factory with minimum restrictions on movement. Industrial vehicles are used for mechanized load collection and delivery, eliminating the need for physical lifting and transportation.