The global Industrial Vehicles Market is projected to grow from USD 43.7 billion in 2022 to USD 54.3 billion by 2027, at a CAGR of 4.5%.
Factors such as increasing adoption of automation in industries for better productivity, along with growing e-commerce sector will boost the demand for the industrial vehicles market. Increasing penetration of battery-operated industrial vehicles owing to CO2 emission concerns, in conjunction with development of smart factories in material handling industry will create new opportunities for this market.
Forklift segment is estimated to hold the second largest market during the forecast period
Forklift is expected to be the second largest market segment by vehicle type during the forecast period. The rising levels of industrialization have increased the global demand for industrial forklifts. Additionally, setting of warehouses to support the hub and spoke model for various sectors in regions such as North America and Europe is expected to drive the demand for forklifts. Parameters such as growing industrial manufacturing, increasing demand for electric forklifts across end use industries, and introduction of safety & environmental regulations are anticipated to support the forklift segment of the industrial vehicles market in the coming years. Industrial vehicle manufacturers are constantly focusing on new product development as well as product expansion to strengthen their respective product portfolios. For instance, in July 2021, Hangcha Group Co., Ltd. launched its new XH series 2.0t-3.5t electric forklift truck with high-voltage lithium-ion batteries. This truck delivers superior performance in terms of productivity and efficiency, reduces noise, and has zero emission levels.
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ICE segment is expected to hold the second largest share in the industrial vehicles market during the forecast period
ICE is expected to be the second largest segment by drive type during the forecast period. ICE of industrial vehicles is one of the common types of engines that run on petrol or diesel. This type of ICE industrial vehicle is used for both indoor and outdoor applications. These vehicles tend to have a superior load capacity and lower upfront costs. For instance, the upfront cost of ICE forklifts is lower than electric forklifts by approximately 20%. Lower initial costs, high operating speeds, ease of refueling, and utilization in heavier-duty applications are factors anticipated to drive the demand for ICE industrial vehicles.
“Europe is expected to have significant share in the industrial vehicles market in 2027.”
Europe is estimated to account for approximately 33% of the global industrial vehicles market in 2027 by value. Europe has been the most developed market in terms of implementation of automation in warehousing and material handling processes. High labor costs, shortage of space, and stringent worker safety rules are primary factors leading to high penetration of automation technologies in the European material handling ecosystem. LogiMAT, Intralogistics Europe, and CeMAT are a few of the popular trade shows and exhibitions held annually in Europe. 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).
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