North America Industrial Vehicles Market Forecast to 2030 - Regional Analysis - by Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers, and Others), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Level of Autonomy

North America Industrial Vehicles Market Forecast to 2030 - Regional Analysis - by Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers, and Others), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Level of Autonomy (Non/Semi-autonomous and Autonomous), and Application (Manufacturing, Warehousing, and Others)

The North America industrial vehicles market was valued at US$ 11,001.3 million in 2022 and is expected to reach US$ 15,723.2 million by 2030; it is estimated to register at a CAGR of 4.6% from 2022 to 2030. Increasing Smart Manufacturing Factories Fuels North America Industrial Vehicles Market The ongoing digital transformation of production processes and business models in industrial companies presents a significant growth trend for the industrial vehicle market in upcoming years. With the increasing interconnection of machinery and equipment, along with the integration of sensors, there is a wealth of data being generated. By harnessing the power of big data and artificial intelligence, these companies can achieve greater transparency, efficiency, and cost reduction. Smart manufacturing techniques, which encompass AI, ML, robotics, automation, and IoT, play a crucial role in creating efficient and adaptable production systems. These technologies can be applied across various industries such as automotive, warehouse, logistics, and manufacturing, enabling improvements in multiple processes. For instance, in product design, smart manufacturing techniques can facilitate more innovative and optimized designs. In production planning and scheduling, these technologies can enhance efficiency by optimizing resource allocation and reducing downtime. Quality control can be improved through real-time monitoring and predictive analytics, minimizing defects and ensuring higher product standards. Additionally, supply chain management can be streamlined through enhanced visibility and coordination. By adopting smart manufacturing techniques, industrial companies can unlock new growth opportunities. The increased efficiency and productivity resulting from these technologies can lead to cost savings and improved competitiveness. Moreover, the ability to leverage data-driven insights enables companies to make more informed decisions, identify optimization opportunities, and respond quickly to market demands. As a result, the industrial vehicle market can benefit from this growth trajectory, as the demand for vehicles used in various industrial processes, such as material handling, transportation, and logistics, is likely to increase over the forecast period. This presents a promising outlook for the industrial vehicle market as it aligns with the evolving needs of digitally transformed industries. North America Industrial Vehicles Market Overview The rising demand for the material handling equipment and vehicles around the globe across the manufacturing sector drives the North America industrial vehicles market growth. According to the World Industrial Vehicle Statistics Association (WITS), more than 2.34 million material-handling vehicles and equipment sales were recorded during 2021. The material handling industry saw a 43.0% increase in orders in 2021 compared to the previous year, 2020. Among the 2.34 million material handling units, around 68.8%, that is 1.61 million units, were recorded as electric-powered forklifts. Electric forklift demand is increasing at a rapid pace with a surge in consumer popularity. With a surge in the number of orders, the demand for industrial vehicles such as forklifts, aisle trucks, and pallet trucks has increased. Further, the North American North America industrial vehicles market growth is attributed to the expansion of logistics & transportation, and e-commerce industries. Online shopping in the US has increased in recent years. Total US e-commerce sales hit US$ 1.03 trillion in 2022, an increase from US$ 518.5 billion in 2018. Many logistics giants in the market, such as UPS, FedEx, USPS, XPO Logistics, and Amazon, recognized the increasing demand for industrial vehicles in their warehouses. These companies have made significant investments in warehouse establishment and in automating their logistics operations. For instance, in November 2023, United Parcel Service opened the largest warehouse in Louisville, Kentucky, with an area of around 20 acres. This warehouse is made for storage and package handling, with a significant investment of US$ 79 million for the establishment of over 3,000 automated robots and industrial vehicles. These robots and industrial vehicles will handle several warehouse tasks, such as lifting and transportation of goods from one place to another, by reducing the requirement of manual labor. Rising such investments have created massive opportunities for industrial vehicles in North America. North America Industrial Vehicles Market Revenue and Forecast to 2030 (US$ Million) North America Industrial Vehicles Market Segmentation The North America industrial vehicles market is segmented based on type, drive type, level of autonomy, application, and country. Based on type, the North America industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held the largest share in 2022. In terms of drive type, the North America industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held the largest share in 2022. By level of autonomy, the North America industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held a larger share in 2022. Based on application, the North America industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held the largest share in 2022. Based on country, the North America industrial vehicles market is categorized into the US, Canada, and Mexico. The US dominated the North America industrial vehicles market in 2022. Kion Group AG, Toyota Industries Corp, Mitsubishi Heavy Industries Ltd, Komatsu Ltd, Hyster-Yale Materials Handling Inc, Jungheinrich AG, CLARK Material Handling Co, Crown Equipment Corp, Konecranes Plc, and Anhui Heli Co Ltd are some of the leading companies operating in the North America industrial vehicles market.

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