Industrial Vehicles Market by Vehicle Type (Aisle & Forklift Trucks, Automated Guided Vehicles (AGV), Container Handlers), Drive Type (Battery-Operated, Hybrid, ICE), Level of Autonomy, Application - Global Forecast 2024-2030

Industrial Vehicles Market by Vehicle Type (Aisle & Forklift Trucks, Automated Guided Vehicles (AGV), Container Handlers), Drive Type (Battery-Operated, Hybrid, ICE), Level of Autonomy, Application - Global Forecast 2024-2030


The Industrial Vehicles Market size was estimated at USD 52.57 billion in 2023 and expected to reach USD 54.99 billion in 2024, at a CAGR 4.89% to reach USD 73.44 billion by 2030.

Global Industrial Vehicles Market Industrial vehicles refer to machines used in industrial settings to transport, lift, and handle heavy loads, such as containers, raw materials, and finished goods. These vehicles are essential to various industries, including manufacturing, construction, mining, and logistics, and are also known as industrial trucks, material handling equipment, or heavy equipment. They are used to move raw materials and finished goods within the factory and for excavation, material handling, and transportation of construction materials. Increasing demand for materials handling across industries raises the need for efficient and safe industrial vehicles. Additionally, the growth of eCommerce and logistics sectors is increasing the adoption of industrial vehicles. However, the high cost of industrial vehicles hampers the market’s growth. Moreover, technological development, such as the introduction of automation and robotic vehicles for industrial purposes, is expected to create lucrative opportunities for industrial vehicles.Regional InsightsThe industrial vehicles market shows a highly evolving landscape in the Americas owing to the established industrial sector and increasing application of industrial vehicles in freight & logistics, manufacturing, and warehousing for managing heavy loads of goods. Asia-Pacific holds a significant share with the high regional production capacity of these vehicles, growth in eCommerce, and growing industrialization sector. Some regional governments introduced subsidies and tax incentives for the development of fuel-efficient industrial vehicles and established a research and development (R&D) fund to support the development of next-generation vehicles to support the market growth in the Asia-Pacific. In Europe, the Middle East & Africa (EMEA), government initiatives for eco-friendly industrial vehicles help to reduce carbon emissions, which is expected to increase penetration potential for electric and hybrid industrial vehicles in the region. Expansion of warehouse facilities in the EMEA for several manufacturers and eCommerce businesses is expected to boost the growth of industrial vehicles.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Industrial Vehicles Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Industrial Vehicles Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Industrial Vehicles Market, highlighting leading vendors and their innovative profiles. These include Action Construction Equipment Limited, Anhui Heli Co., Ltd, CARGOTEC CORPORATION, CLARK MATERIAL HANDLING USA, Combilift, Crown Equipment Corporation, Doosan Bobcat Inc., Genkinger GmbH, Godrej & Boyce Manufacturing Company Limited, HANGCHA Group, Co. Ltd., HUBTEX Mechanical Engineering GmbH & Co. KG, Hyster-Yale Materials Handling, Inc, Hyundai Material Handling Europe, J C Bamford Excavators Ltd., JLG Industries Inc., John Bean Technologies Corporation, Jungheinrich AG, KION GROUP AG, Komatsu, Konecranes, Lonking Machinary Co. Ltd, Manitou BF, SA, Mitsubishi Heavy Industries, Ltd., OMG srl, PA Industrial Equipment, Inc., PALFINGER AG, Stöcklin Logistik AG, Suzhou Pioneer Material Handling Equipment & Technology Co.,Ltd., Terex Corporation, Toyota Industries Corporation, and V. MARIOTTI SRL.

Market Segmentation & Coverage

This research report categorizes the Industrial Vehicles Market to forecast the revenues and analyze trends in each of the following sub-markets:

Vehicle Type
Aisle & Forklift Trucks

Automated Guided Vehicles (AGV)

Container Handlers

Industrial Trailers

Tow Tractors

Utility & Personnel Carriers Vehicles

Drive Type
Battery-Operated

Hybrid

ICE

Level of Autonomy
Autonomous

Non or Semi-Autonomous

Application
Freight & Logistics

Manufacturing

Warehousing

Region
Americas
Argentina

Brazil

Canada

Mexico

United States
California

Florida

Illinois

New York

Ohio

Pennsylvania

Texas

Asia-Pacific
Australia

China

India

Indonesia

Japan

Malaysia

Philippines

Singapore

South Korea

Taiwan

Thailand

Vietnam

Europe, Middle East & Africa
Denmark

Egypt

Finland

France

Germany

Israel

Italy

Netherlands

Nigeria

Norway

Poland

Qatar

Russia

Saudi Arabia

South Africa

Spain

Sweden

Switzerland

Turkey

United Arab Emirates

United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Industrial Vehicles Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Industrial Vehicles Market?
3. What are the technology trends and regulatory frameworks in the Industrial Vehicles Market?
4. What is the market share of the leading vendors in the Industrial Vehicles Market?
5. Which modes and strategic moves are suitable for entering the Industrial Vehicles Market?

Note: PDF & Excel + Online Access - 1 Year


1. Preface
1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Limitations
1.7. Assumptions
1.8. Stakeholders
2. Research Methodology
2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Industrial Vehicles Market, by Region
5. Market Insights
5.1. Market Dynamics
5.1.1. Drivers
5.1.1.1. Accelerating demand of industrial vehicle from manufacturing sectors worldwide
5.1.1.2. Exponential growth in e-commerce sectors with high requirements for warehousing facilities
5.1.1.3. High penetration of electric industrial vehicles for the material handling
5.1.2. Restraints
5.1.2.1. Technical concerns associated by using industrial vehicles
5.1.3. Opportunities
5.1.3.1. Advancement and capacity upgradation in industrial vehicles
5.1.3.2. End-user inclination towards the automated guided vehicles
5.1.4. Challenges
5.1.4.1. Environmental concerns associated with the industrial vehicles
5.2. Market Segmentation Analysis
5.3. Market Trend Analysis
5.4. Cumulative Impact of High Inflation
5.5. Porter’s Five Forces Analysis
5.5.1. Threat of New Entrants
5.5.2. Threat of Substitutes
5.5.3. Bargaining Power of Customers
5.5.4. Bargaining Power of Suppliers
5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework
6. Industrial Vehicles Market, by Vehicle Type
6.1. Introduction
6.2. Aisle & Forklift Trucks
6.3. Automated Guided Vehicles (AGV)
6.4. Container Handlers
6.5. Industrial Trailers
6.6. Tow Tractors
6.7. Utility & Personnel Carriers Vehicles
7. Industrial Vehicles Market, by Drive Type
7.1. Introduction
7.2. Battery-Operated
7.3. Hybrid
7.4. ICE
8. Industrial Vehicles Market, by Level of Autonomy
8.1. Introduction
8.2. Autonomous
8.3. Non or Semi-Autonomous
9. Industrial Vehicles Market, by Application
9.1. Introduction
9.2. Freight & Logistics
9.3. Manufacturing
9.4. Warehousing
10. Americas Industrial Vehicles Market
10.1. Introduction
10.2. Argentina
10.3. Brazil
10.4. Canada
10.5. Mexico
10.6. United States
11. Asia-Pacific Industrial Vehicles Market
11.1. Introduction
11.2. Australia
11.3. China
11.4. India
11.5. Indonesia
11.6. Japan
11.7. Malaysia
11.8. Philippines
11.9. Singapore
11.
10. South Korea
11.
11. Taiwan
11.
12. Thailand
11.
13. Vietnam
12. Europe, Middle East & Africa Industrial Vehicles Market
12.1. Introduction
12.2. Denmark
12.3. Egypt
12.4. Finland
12.5. France
12.6. Germany
12.7. Israel
12.8. Italy
12.9. Netherlands
12.
10. Nigeria
12.
11. Norway
12.
12. Poland
12.
13. Qatar
12.
14. Russia
12.
15. Saudi Arabia
12.
16. South Africa
12.
17. Spain
12.
18. Sweden
12.
19. Switzerland
12.
20. Turkey
12.
21. United Arab Emirates
12.
22. United Kingdom
13. Competitive Landscape
13.1. FPNV Positioning Matrix
13.2. Market Share Analysis, By Key Player
13.3. Competitive Scenario Analysis, By Key Player
13.3.1. Merger & Acquisition
13.3.1.1. ZeroNox, a Leader in Off-Highway Electrification of Commercial and Industrial Vehicles, to Become First Public Company of its Kind, Through Merger with The Growth for Good Acquisition Corporation
13.3.1.2. Generational Equity Advises Mass Lift Truck Service in its Sale to The Cavanaugh Company
13.3.1.3. Toyota Material Handling Acquires PennWest Toyota Lift
13.3.1.4. Alta Equipment Group Acquires Yale Industrial Trucks
13.3.2. New Product Launch & Enhancement
13.3.2.1. Toyota extends its narrow truck range
13.3.2.2. TMHJ Develops Autonomous Lift Truck for Truck Loading
13.3.2.3. Toyota Material Handling Introduces 22 New Electric Models in Historic Product Launch
13.3.3. Investment & Funding
13.3.3.1. Tesla will invest $3.6B in Nevada truck factory expansion
13.3.3.2. Fox Robotics Closes $
20M Round for Autonomous Forklifts
13.3.3.3. Orange EV raises $35 million
14. Competitive Portfolio
14.1. Key Company Profiles
14.1.1. Action Construction Equipment Limited
14.1.2. Anhui Heli Co., Ltd
14.1.3. CARGOTEC CORPORATION
14.1.4. CLARK MATERIAL HANDLING USA
14.1.5. Combilift
14.1.6. Crown Equipment Corporation
14.1.7. Doosan Bobcat Inc.
14.1.8. Genkinger GmbH
14.1.9. Godrej & Boyce Manufacturing Company Limited
14.1.
10. HANGCHA Group, Co. Ltd.
14.1.
11. HUBTEX Mechanical Engineering GmbH & Co. KG
14.1.
12. Hyster-Yale Materials Handling, Inc
14.1.
13. Hyundai Material Handling Europe
14.1.
14. J C Bamford Excavators Ltd.
14.1.
15. JLG Industries Inc.
14.1.
16. John Bean Technologies Corporation
14.1.
17. Jungheinrich AG
14.1.
18. KION GROUP AG
14.1.
19. Komatsu
14.1.
20. Konecranes
14.1.
21. Lonking Machinary Co. Ltd
14.1.
22. Manitou BF, SA
14.1.
23. Mitsubishi Heavy Industries, Ltd.
14.1.
24. OMG srl
14.1.
25. PA Industrial Equipment, Inc.
14.1.
26. PALFINGER AG
14.1.
27. Stöcklin Logistik AG
14.1.
28. Suzhou Pioneer Material Handling Equipment & Technology Co.,Ltd.
14.1.
29. Terex Corporation
14.1.
30. Toyota Industries Corporation
14.1.
31. V. MARIOTTI SRL
14.2. Key Product Portfolio
15. Appendix
15.1. Discussion Guide
15.2. License & Pricing
FIGURE 1. INDUSTRIAL VEHICLES MARKET RESEARCH PROCESS
FIGURE 2. INDUSTRIAL VEHICLES MARKET SIZE, 2023 VS 2030
FIGURE 3. INDUSTRIAL VEHICLES MARKET SIZE, 2018-2030 (USD MILLION)
FIGURE 4. INDUSTRIAL VEHICLES MARKET SIZE, BY REGION, 2023 VS 2030 (%)
FIGURE 5. INDUSTRIAL VEHICLES MARKET SIZE, BY REGION, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 6. INDUSTRIAL VEHICLES MARKET DYNAMICS
FIGURE 7. INDUSTRIAL VEHICLES MARKET SIZE, BY VEHICLE TYPE, 2023 VS 2030 (%)
FIGURE 8. INDUSTRIAL VEHICLES MARKET SIZE, BY VEHICLE TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 9. INDUSTRIAL VEHICLES MARKET SIZE, BY DRIVE TYPE, 2023 VS 2030 (%)
FIGURE 10. INDUSTRIAL VEHICLES MARKET SIZE, BY DRIVE TYPE, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 11. INDUSTRIAL VEHICLES MARKET SIZE, BY LEVEL OF AUTONOMY, 2023 VS 2030 (%)
FIGURE 12. INDUSTRIAL VEHICLES MARKET SIZE, BY LEVEL OF AUTONOMY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 13. INDUSTRIAL VEHICLES MARKET SIZE, BY APPLICATION, 2023 VS 2030 (%)
FIGURE 14. INDUSTRIAL VEHICLES MARKET SIZE, BY APPLICATION, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 15. AMERICAS INDUSTRIAL VEHICLES MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 16. AMERICAS INDUSTRIAL VEHICLES MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 17. UNITED STATES INDUSTRIAL VEHICLES MARKET SIZE, BY STATE, 2023 VS 2030 (%)
FIGURE 18. UNITED STATES INDUSTRIAL VEHICLES MARKET SIZE, BY STATE, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 19. ASIA-PACIFIC INDUSTRIAL VEHICLES MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 20. ASIA-PACIFIC INDUSTRIAL VEHICLES MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 21. EUROPE, MIDDLE EAST & AFRICA INDUSTRIAL VEHICLES MARKET SIZE, BY COUNTRY, 2023 VS 2030 (%)
FIGURE 22. EUROPE, MIDDLE EAST & AFRICA INDUSTRIAL VEHICLES MARKET SIZE, BY COUNTRY, 2023 VS 2024 VS 2030 (USD MILLION)
FIGURE 23. INDUSTRIAL VEHICLES MARKET, FPNV POSITIONING MATRIX, 2023
FIGURE 24. INDUSTRIAL VEHICLES MARKET SHARE, BY KEY PLAYER, 2023

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings