The global industrial vehicles market size will grow to USD 49.2 billion by 2028 (forecast year) from USD 39.7 billion in 2023 (estimated year), at a CAGR of 4.4% during the 2023-2028 period. Factors such as growing freight & logistics sector, in conjunction with the rising demand for autonomous solutions in material handling across various end-use industries will boost the demand for the industrial vehicles across the globe. 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 that offer industrial vehicles such as forklifts, aisle trucks, tow tractors, and container handlers, among others. These companies have adopted growth strategies such as collaborations, partnerships, and mergers & acquisitions to gain traction in the global industrial vehicles market.
North America region is expected to have significant growth in the industrial vehicles market. North America has been analyzed for the US, Canada, and Mexico. The US is estimated to be the largest market for industrial vehicles in the region. The industrial vehicles market in the US is well-developed and technology-driven. Rapidly evolving technologies are estimated to fuel the growth of the industrial vehicles market in the region. The region has a strong command over the R&D sector, which helps in increasing the overall efficiency of industrial vehicles. North America houses some major players in the industrial vehicles market such as Hyster-Yale Materials Handling, Inc. (US), Crown Equipment Corporation (US), Doosan Industrial Vehicle (US), JBT (US), and Clark Material Handling Company (US). The presence of key industrial manufacturers and significant growth of the e-commerce industry in the US are expected to augment revenues for industrial vehicles in the country.
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Europe region will hold the second largest market size in the industrial vehicles market during the forecast period. The industrial vehicles market in Europe is growing due to factors such as rigorous worker safety codes, high wages, and rising prices of real estate. Brexit has also increased the need for localized distribution centers. Also, the pharmaceutical industry would drive the adoption of industrial vehicles such as semi-autonomous/autonomous forklifts in Europe. Industrial vehicles are a major part of material handling systems, and the region has seen rapid development in material handling operations. The European industrial vehicles market is highly developed and organized and houses some of the major players in the industrial vehicles market such as Jungheinrich AG (Germany) and KION Group (Germany), and Konecranes (Finland).
The battery-operated segment is estimated to account for the largest share in terms of value as well as volume. The battery-operated industrial vehicles market is estimated to grow at the highest CAGR during the forecast period in terms of value. The initial investments in battery-operated industrial vehicles are more than ICE industrial vehicles. However, the total cost of ownership may vary depending on their intended applications. In addition, most manufacturers such as Kion Group AG, Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation, etc., offer battery-operated aisle trucks in their respective product offerings. In addition, most manufacturers are focusing on new product development of battery-operated industrial vehicles due to the CO2 emission concerns. Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Hyster–Yale Materials Handling, Inc., Crown Equipment Corporation, and Hangcha Group Co., Ltd. offer battery-operated industrial vehicles for end users with varying load capacities.
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