Global Industrial Vehicle Market 2017-2021
About Industrial Vehicle
Industrial vehicles are vehicles that are used for different industrial purposes, such as loading, lifting, and movement of loads. For medium-distance movement of loads, powered vehicles such as lift trucks are used where the load is batched in parts in either a container or a pallet. In case of short-distance transport, manual or semi-powered carts are used. These vehicles are only capable of moving one load at a time from one place to another. However, there are multiple load transporters that can move more than one load at a time, from one or more sources to the preferred destination. The operation of multiple load transporters is extremely difficult as they a pre-defined set of rules, such as the retrieval of additional loads and the delivery of loads at a specific time, already on board.
Technavio’s analysts forecast the global industrial vehicle market to grow at a CAGR of 3.13% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global industrial vehicle market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of industrial vehicle.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Industrial Vehicle Market 2017-2021
Technavio recognizes the following companies as the key players in the global industrial vehicle market: Hyster-Yale Materials Handling, Jungheinrich, KION GROUP, Konecranes, and TOYOTA INDUSTRIES
Other Prominent Vendors in the market are: Anhui Heli Industrial Vehicle, Cargotec, Crown Equipment, Daifuku, Hangcha, Hyundai Construction Equipment Europe, Manituo, MITSUBISHI LOGISNEXT, Ross Electric Vehicles, SSI SCHAEFER, and Taylor-Dunn.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Integration of IoT in industrial vehicles. Modern industrial vehicles incorporated with IoT are expected to be launched in the future. With the incorporation of IoT in the automotive system, the data generated will be constantly fed to the central server. Data collation will help to formulate the best practices to reduce fuel consumption.”
According to the report, one of the major drivers for this market is Rapid industrialization. The world has witnessed a rapid growth in industrialization over the last few years. Developing countries, such as China, Indonesia, and India, are trying to bring more industries and attract investments to their countries to improve their economy. The industrial sector in these countries contributes more than 30% of GDP to the overall economy. As a result, these countries are investing a significant amount of capital in the development of the industrial sector, and are coming up with innovative programs to promote foreign investments.
Further, the report states that one of the major factors hindering the growth of this market is Slowdown in Chinese economy. According to the World Bank, China is considered as the world's biggest market for manufacturing and retail goods and ranks below the consumption value of the US. Globally, China accounted for almost one-tenth of the household consumption in 2015. This shows that any decline in the Chinese economy will negatively affect the global market.
Hyster-Yale Materials Handling, Jungheinrich, KION GROUP, Konecranes, TOYOTA INDUSTRIES, Anhui Heli Industrial Vehicle, Cargotec, Crown Equipment, Daifuku, Hangcha, Hyundai Construction Equipment Europe, Manituo, MITSUBISHI LOGISNEXT, Ross Electric Vehicles, SSI SCHAEFER, and Taylor-Dunn.
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