Industrial Vehicles Market in terms of Vehicle Type, Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, Aerial Work Platform (Boom Lifts, Scissor Lifts) and Region - Global Forecast to 2027
The global industrial vehicles market is projected to grow from USD 43.7 billion in 2022 to USD 54.3 billion by 2027, at a CAGR of 4.5%. Parameters such as increasing growth of e-commerce sector, along with the increasing demand for autonomous solutions in material handling across end-use industries will boost the demand for the industrial vehicles. In addition, the growing adoption of battery-operated industrial vehicles, paired with the advent of smart factories in the manufacturing sector will create new opportunities for this market.
“Manufacturing segment is expected to grow at a significant rate during the forecast period, by application.”
The manufacturing segment of the industrial vehicles market is projected to grow at the noticeable rate during the forecast period. The increasing adoption of industrial vehicles in automotive, chemical, food & beverages, and healthcare, among others, is expected to drive the manufacturing segment of the market during the forecast period. These vehicles are used in manufacturing processes to store and retrieve inventory for the production line. Benefits such as short downtime, labor cost savings, reduced accidents on the production floor, and increased efficiency and flexibility have been encouraging manufacturers to invest in new product development. These benefits will drive the demand for industrial vehicles during the forecast period.
“North America is expected to be the significant market during the forecast period.”
North America is a hub for various renowned industrial vehicle manufacturers known for delivering quality and high-performance industrial vehicles. Factors such as large e-commerce industry and an established ecosystem for industrial as well as manufacturing companies with their own warehousing capabilities make North America an attractive market for industrial vehicle manufacturers. Moreover, an extensive 3PL network has led to the growth of the warehousing sector in North America. Exhibitions and trade shows such as ProMat and MODEX, which are held annually, also help material handling equipment manufacturers to look for prospective customers in North America.
The North American automotive industry is one of the most advanced in the world; it houses major OEMs such as Ford Motors, Tesla, General Motors, and Fiat-Chrysler. The North American Free Trade Agreement (NAFTA) has fostered the growth of the automotive industry in the region. The US, which has traditionally been a global technological leader, is the largest automotive market in North America. A large customer base and high disposable income levels in the country have fueled the demand for electric vehicles, resulting in increased manufacturing activities by local automotive OEMs. This, in turn, requires material handling solutions to transport chassis, car bodies, engines, and other components in the automotive manufacturing units in North America. Industrial vehicles are important for handling eccentric-shaped loads, and hence their adoption in this region is growing.
“Freight & Logistics segment is estimated to be the second largest market in the industrial vehicles market during the forecast period”
Freight & Logistics is expected to be the second largest segment by application during the forecast period. Logistics and freight operations include material handling processes on ports, logistics hubs, and large distribution centers. With the rising intricacy of logistics operations and freight processes, the issue of waiting time and in-travel goods damage is gaining traction in the intralogistics industry. End use industries that have multinational production operations like automotive and electronics have been trying to reduce the loss and damages during logistics processes. Logistics and freight operations include material handling processes on ports, logistics hubs, and large distribution centers. With the rising intricacy of logistics operations and freight processes, the issue of waiting time and in-travel goods damage is gaining traction in the intralogistics industry. End use industries that have multinational production operations like automotive and electronics have been trying to reduce the loss and damages during logistics processes. All these factors are expected to drive the freight & logistics segment in the Asia Pacific region during the forecast period.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
By Company Type: OEMs - 70%, Tier I - 10%, and Others - 20%
By Designation: CXOs - 33%, Managers - 52%, and Others - 15%
By Region: North America - 41%, Europe - 23%, Asia Pacific - 32%, and RoW - 4%
The industrial vehicles market is dominated by major players including Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (US). These companies have strong product portfolio as well as strong distribution networks at the global level.
The report covers the industrial vehicles market, in terms of Vehicle Type & Capacity (Forklifts, Aisle Trucks, Tow Tractors, and Container Handlers), Drive Type (ICE, Battery-Operated, and Gas-Powered), Application (Manufacturing, Warehousing, Freight & Logistics, and Others), Level of Autonomy (Non/Semi-Autonomous and Autonomous), and Region (Asia Pacific, Europe, North America, and Row). It covers the competitive landscape and company profiles of the major players in the industrial vehicles market ecosystem.
The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall industrial vehicles market and its subsegments.
This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
The report also helps stakeholders understand the current and future pricing trend of different industrial vehicles based on their capacity.
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