Global Industrial Vehicles Market Poised to Reach USD 73.04 Billion by 2030, Growing at a 4.1% CAGR
The Global Industrial Vehicles Market Size is experiencing significant momentum, expected to grow from USD 55.32 billion in 2023 to USD 73.04 billion by 2030, expanding at a CAGR of 4.1%. The rise is driven by increasing demand in the logistics sector, the growing need for automation in manufacturing, and technological advancements like electric and autonomous industrial vehicles.
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Competitive Landscape
Key players such as Toyota Industries Corporation, KION Group AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., and Jungheinrich AG are fiercely competing through product innovation, strategic partnerships, and global expansion, reshaping the industrial vehicles landscape.
Regional Demand Insights
Higher Demand is particularly observed in Asia-Pacific and North America, fueled by rapid industrialization, e-commerce growth, and advancements in warehousing and manufacturing infrastructures.
Country-Specific Highlights
Opportunity Growth in Vietnam
Vietnam’s expanding logistics and manufacturing sectors are opening doors for industrial vehicle manufacturers. KION Group AG is reportedly exploring partnerships with Vietnamese firms to establish a robust local presence.
Trends Growth in Thailand
Thailand is leveraging its automotive and electronics industries to drive demand for industrial vehicles. Toyota Industries Corporation is increasing its investments in Thailand, focusing on the supply of automated guided vehicles (AGVs) for factories.
Consolidation Growth in Japan
Japan’s industrial vehicles market is undergoing consolidation as Mitsubishi Logisnext Co., Ltd. merges operations with smaller automation tech firms to strengthen its autonomous vehicle offerings.
Updation Opportunity in South Korea
South Korea is embracing smart factories, boosting the need for next-gen industrial vehicles. Crown Equipment Corporation is working with local partners to integrate AI-powered solutions into warehouse operations.
Opportunity Growth in Singapore
Singapore’s strategic logistics hub status is driving demand for electric industrial vehicles. Companies like Jungheinrich AG are introducing energy-efficient fleets to align with Singapore’s green logistics initiatives.
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Growth Trends in the US
The US industrial vehicle market continues to lead globally, with heavy investments in warehouse automation. Hyster-Yale Materials Handling Inc. expanded its portfolio with new autonomous forklifts to cater to growing e-commerce fulfillment demands.
Updation Opportunity in China
China’s rapid warehouse automation and smart manufacturing adoption are propelling the industrial vehicles market. Toyota Industries Corporation is ramping up its presence by launching localized electric industrial vehicles tailored to Chinese factories.
Consolidation Trends in Europe
Europe’s industrial vehicle sector is seeing strong consolidation efforts, with KION Group AG and Jungheinrich AG acquiring smaller automation and robotics companies to diversify their product portfolios and enhance technological prowess.
Key Recent Developments
- Toyota Industries Corporation launched a new series of electric industrial vehicles for heavy-duty applications.
- KION Group AG expanded its production facilities in Eastern Europe to meet surging demand.
- Crown Equipment Corporation introduced AI-driven autonomous vehicles in North America.
- Jungheinrich AG announced a strategic merger with a European automation startup.
- Hyster-Yale Materials Handling Inc. enhanced its autonomous solutions through new R&D partnerships.
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Market Segmentation: In-Depth Analysis:
by Drive Type
ICE
Battery-Operated
Gas Operated
Drive Type: Battery-operated industrial vehicles had a compound annual growth rate (CAGR) of xxx% in 2023. Rechargeable batteries power battery-powered industrial vehicles. Battery-powered business vehicles have become increasingly popular in recent years. One advantage of battery-powered engines is their environmental friendliness. These commercial vehicles are a highly inexperienced tool for warehouse and business chores because of their lower pollution levels. Most logistics service companies throughout the world are focusing on lowering their carbon footprint. Battery-operated motors have been the focus of industrial automakers in an effort to lower CO2 emissions and other exhaust pollutants.
by Application
Manufacturing
Warehousing
Freight & Logistics
Others
Based on Application Type, based on application warehousing held the highest CAGR in 2023. The automotive industry highly depends on OEM supply, therefore having a functional structure helps in creating and enhancing efficiency. The majority of us think of the auto industry as a single production line that produces vehicles. Given the different components, like steering wheels and infotainment systems, it is more complicated than that.
by Aerial Work Platform
Boom Lifts
Scissor Lifts
by Level of Autonomy
Non/Semi-Autonomous
Autonomous
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Market Key Players : In-Depth Analysis:
1. Crown Equipment Corporation (US)
2. Hyster-Yale Materials Handling, Inc. (US)
3. Altec Industries (US)
4. CLARK MATERIAL HANDLING (US)
5. Lonking Forklift Co., Ltd. (China)
6. EP Equipment, Ltd. (China)
7. Hangcha Group Co. Ltd (China)
8. Noblelift Intelligent Equipment (China)
9. Anhui Heli Co., Ltd (China)
10. Liuzhou LiuGong Forklift Co.,Ltd (China)
Note:
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