How Has the Industrial Vehicle Market Evolved Historically and What is its Current Size?
The industrial vehicle market has seen considerable growth due to a variety of factors.
•The market size of industrial vehicles has seen a robust increase over the past few years. The value is projected to climb from $48.18 billion in 2024 to $50.79 billion in 2025, showcasing a compound annual growth rate (CAGR) of 5.4%.
Factors such as the augmentation of manufacturing and industrial sectors, growth in e-commerce, emphasis on safety and regulatory compliance, the worldwide expansion of supply chains, and a drive towards energy efficiency have contributed to the growth in the historical period.
What is the Forecasted Market Size and CAGR for the Industrial Vehicle Market?
The industrial vehicle market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for industrial vehicles is predicted to increase significantly over the coming years, reaching a value of $64.13 billion in 2029 with a 6.0% compound annual growth rate (CAGR).
Factors that will contribute to the expansion during the projection period include the upsurge in e-commerce fulfillment centers, growing acceptance of electric vehicles, the resilience of the supply chain, industry-specific customizations, and the incorporation of the Internet of Things (IoT) and telematics. Autonomous and semi-autonomous vehicles, predictive maintenance solutions, collaboration between humans and machines, the inclusion of robotics, and an emphasis on ergonomics are expected to be the major trends during the projection period.
What Are The Primary Growth Drivers In The Industrial Vehicle Market?
The industrial vehicle market is projected to grow due to the burgeoning e-commerce industry. E-commerce, which refers to the purchasing and selling of goods and services and the transfer of money or data through electronic networks, predominantly the internet, is driving this growth. The rise in online ordering has led to logistics companies increasing their vehicle fleet size to cater to the growing volume of deliveries. Industrial vehicles play a critical role in the timely and efficient delivery of goods, which is key to maintaining customer satisfaction in the e-commerce sector. For instance, data from the US-based Department of Commerce, the International Trade Administration, revealed that as of September 2022, the UK's consumer e-commerce sector has grown by 30% of the total UK retail sector, generating an annual e-commerce revenue exceeding $120 billion. Hence, the expansion of the e-commerce industry is a significant driving force for the growth of the industrial vehicle market.
What Is The Segmentation Of The Global Industrial Vehicle Market?
The industrial vehicle market covered in this report is segmented –
1) By Product Type: Forklift, Tow Tractor, Aisle Truck, Container Handler
2) By Drive Type: Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered
3) By Level of Autonomy: Non Or Semi-Autonomous, Autonomous
4) By Application: Manufacturing, Warehousing, Freight And Logistics, Other Applications
Subsegments:
1) By Forklift: Electric Forklifts, Internal Combustion Forklifts, Reach Trucks, Pallet Jacks
2) By Tow Tractor: Electric Tow Tractors, Internal Combustion Tow Tractors, Heavy-Duty Tow Tractors
3) By Aisle Truck: Narrow Aisle Trucks, Very Narrow Aisle Trucks, Order Pickers
4) By Container Handler: Straddle Carriers, Reach Stackers, Rubber-Tired Gantry (RTG) Cranes
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What Emerging Trends Are Shaping The Industrial Vehicle Market Landscape?
The adoption of new technologies by key players in the industrial vehicle market is a significant and rapidly rising trend. Many industry giants are embracing novel technologies to maintain market competitiveness. For example, Schäffer Maschinenfabrik GmbH, an industrial machinery manufacturing firm based in Germany that specializes in industrial vehicles, rolled out the Schäffer 23e T, an electric-drive telescopic wheel loader, in November 2022. The 23e T is a modified version of the 23e yard loader, equipped with a potent 31.3 kWh battery delivering up to eight hours of non-stop work with an efficiency exceeding 90%. It offers approximately three times the efficiency of a fuel-operated machine and requires significantly low maintenance due to the elimination of fuel and fuel filters.
Who Are the Key Players in the Industrial Vehicle Market?
Major companies operating in the industrial vehicle market include:
• Toyota Industries Corporation
• KION Group AG
• Jungheinrich AG
• Mitsubishi Logisnext Co. Ltd.
• Crown Equipment Corporation
• Hyster-Yale Materials Handling Inc.
• Doosan Corporation
• Anhui Heli Co. Ltd.
• Komatsu Ltd.
• Clark Material Handling Company
• Hyundai Heavy Industries Co. Ltd.
• Lonking Holdings Limited
• Godrej & Boyce Manufacturing Company Limited
• Hangcha Group Co. Ltd.
• BYD Company Limited
• Manitou Group
• TCM Corporation
• UniCarriers Corporation
• Kalmar Global
• Liebherr Group
• Terex Corporation
• SANY Group
• JCB Ltd.
• Caterpillar Inc.
• XCMG Group
• Sumitomo Heavy Industries Ltd.
• Merlo S.p.A.
• Bobcat Company
• Haulotte Group
• Kubota Corporation
What are the Regional Insights into the Industrial Vehicle Market?
North America was the largest region in the industrial vehicle market in 2024. 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
