Industrial Vehicle Market Forecasts to 2028 – Global Analysis By Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers, Personnel Carriers, Automated Guided Vehicles and Other Vehicle Types), Drive Type, Level of Autonomy, Type, Propulsi

Industrial Vehicle Market Forecasts to 2028 – Global Analysis By Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers, Personnel Carriers, Automated Guided Vehicles and Other Vehicle Types), Drive Type, Level of Autonomy, Type, Propulsion, End User and By Geography

According to Stratistics MRC, the Global Industrial Vehicle Market is accounted for $48.5 billion in 2022 and is expected to reach $75.3 billion by 2028 growing at a CAGR of 7.6% during the forecast period. Industrial vehicles transport commodities and production inputs to raw material and finished goods storage, as well as warehouse distribution centres. These industrial vehicles can be fitted with specialised heavy equipment trucks and come in a range of capacities. Industrial vehicles with batteries instead of internal combustion engines or petrol engines are becoming more and more common since they are more affordable, more portable, more environmentally friendly, more dependable, and more effective.

According to the US Bureau of Labor Statistics, there were 19,194 warehouses in the US in 2020 compared to 15,255 in 2011. According to the US Commerce Department, the US is ranked number two among the top ten e-commerce nations.

Market Dynamics:

Driver:

Surge in demand for industrial vehicles

Adoption of industrial vehicles has expanded dramatically since they offer a dependable solution for material handling, resulting in enhanced production capacity of enterprises. These material handling options are utilised to improve productivity and lessen physical harm to the products. All industries, including logistics, automotive, food & beverage, manufacturing, use industrial vehicle, which is anticipated to drive the market expansion.

Restraint:

High maintenance of industrial vehicles

To increase productivity and speed up turnaround times, manufacturers must make significant R&D investments in improving these vehicles' capacity to lift huge loads. Industrial vehicles also need a lot of maintenance in order to run safely. All of the aforementioned tasks come at a great expense. As a result, the high cost of industrial vehicle maintenance is the principal factor limiting market expansion.

Opportunity:

Digitalization of vehicles

The fast digitalization of automobiles further accelerates the market growth. Government funding on these vehicles' technological advancement and the construction of the accompanying infrastructure are what are driving the industry. In addition, the need for warehouses, the use of battery-powered industrial vehicles, and technical advancements that promote productivity are the key factors anticipated to propel market growth.

Threat:

Low labour costs in emerging economies

The spread of automated technology throughout end use sectors in emerging nations is constrained by low worker wage rates. Automation in industrial facilities is less common in emerging economies than it is in other developed nations because of the accessibility of cheap labour, which reduces the cost advantage in the labour-saving trade-off with robots. Therefore, this is the main issue impeding market expansion.

Covid-19 Impact

The industrial vehicle market has been impacted by the mounting pandemic risk posed by COVID-19, and as a result, prices are projected to decline because of a balanced-to-long supply. Regional lockdowns have caused supply chains for numerous companies to be affected globally. Due to the virus's global spread, an outbreak or transit hiccup in one area might have catastrophic effects on the rest of the world, causing supply shortages, warehouse closures, and shutdowns. Unprecedented demand was seen in some industries, while demand declined in others. This had a negative impact on the warehousing market and created difficult growth conditions for the industrial vehicles market.

The container handlers segment is expected to be the largest during the forecast period

The container handlers segment is estimated to have a lucrative growth, due to several advantages, such as superior performance and energy efficiency. When handling empty containers at full height, these handlers' sturdy frames and large drive axles offer outstanding stability and long-term reliability. The aforementioned factors are anticipated to assist the container handler market segment's revenue growth throughout the course of the projected period.

The autonomous segment is expected to have the highest CAGR during the forecast period

The autonomous segment is anticipated to witness the fastest CAGR growth during the forecast period, due to they can save human worker time and operate safely, consistently, and reliably in dynamic environments. Autonomous industrial vehicles employ sensors to carry out various industrial tasks like choosing and arranging things, moving objects, and more. They function without human supervision. Around the world, autonomous cars with artificial intelligence (AI) and the capacity to do tasks with little human contact are being developed.

Region with Largest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the rapid urbanization along with the presence of major industrial vehicle manufacturers in the region. Manufacturers and suppliers are increasing their investments in automation systems for effective operational duties, which is affecting the market. The growth of the market is anticipated to be supported by key sectors in the area, such as aerospace, manufacturing, and automotive.

Region with highest CAGR:

Europe is projected to have the highest CAGR over the forecast period, owing to the presence of leading manufacturers in this region. Businesses that operate in the global e-commerce sector are increasingly implementing autonomous guided vehicles to increase productivity and save labour costs. Additionally, it is anticipated that increased demand for enhanced logistics and transportation infrastructure will propel market expansion.

Key players in the market

Some of the key players profiled in the Industrial Vehicle Market include Anhui Heli Co., Ltd., Cargotec Corporation, Clark Material Handling, Crown Equipment Corporation, Doosan Corporation, Hangcha Group Co., Ltd, Hyster-Yale Materials Handling, Inc., Jungheinrich AG, KION Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd. and Toyota Industries Corporation.

Key Developments:

In February 2022, CLARK had added a new TWLi20 three-wheel electric lithium-ion powered lift truck in their company industrial lift trucks product line.

In November 2021, Mitsubishi Logisnext Americas had launched PF (D) 120N and PF(D)80N model series of 4-wheel internal combustion mid-sized pneumatic tire forklifts. Bothoi these engines have engine-powered forklifts available to all the dealers associated with the UniCarriers brand.

Vehicle Types Covered:
• Forklifts
• Aisle Trucks
• Tow Tractors
• Container Handlers
• Personnel Carriers
• Automated Guided Vehicles
• Other Vehicle Types

Drive Types Covered:
• Gas Powered Industrial Vehicles
• Battery Operated Industrial Vehicles
• Internal Combustion Engine (ICE) Industrial Vehicles
• Other Drive Types

Level of Autonomy Covered:
• Autonomous
• Non/Semi Autonomous

Propulsions Covered:
• Battery Electric Vehicle (BEV) Vehicle
• Internal Combustion Engines (ICE) Vehicle
• Hybrid Vehicle
• Other Propulsions

End Users Covered:
• Food & Beverages
• Metals and Heavy Machinery
• Automotive
• Healthcare
• Chemical
• Freight and Logistics
• Warehousing
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements