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 2023-2028 period. Factors such as growing e-commerce industry, paired with increasing focus on workplace safety are expected to augment revenues growth for the industrial vehicles market. Advent of smart factories in material handling industries, in conjunction with rising trend of hydrogen-powered forklifts are likely to create favourable opportunities for the industrial vehicles market during the forecast period.
Aisle trucks segment is estimated to hold the largest market during the forecast period
The aisle trucks segment is estimated to account for the largest share in terms of value as well as volume. In addition, the aisle trucks segment is expected to grow at the highest CAGR during the forecast period. Growing e-commerce and warehousing are expected to support the revenue growth of the aisle trucks segment of the global industrial vehicles market. Demand for automation solutions in material handling processes across industries and increasing focus on improving workplace safety are factors that are also anticipated to propel the aisle trucks segment of the global industrial vehicles market during the forecast period.
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Battery-operated segment is expected to hold the largest share in the industrial vehicles market during the forecast period
Battery-operated is expected to be the largest segment by drive type during the forecast period. Battery-operated industrial vehicles are preferred choices for end-use industries such as manufacturing, freight, and logistics, etc., as these vehicles are environment-friendly and relatively silent during operation, have low operational and maintenance costs, and are easier to operate than ICE and gas-powered industrial vehicles. In addition, most industrial vehicle manufacturers are focusing on new product development of battery-operated industrial vehicles due to 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.
“Asia Pacific is expected to have largest share in the industrial vehicles market by 2028.”
Asia Pacific is expected to have largest market share in the industrial vehicles market during the forecast period in terms of value as well as volume. Countries considered under this report for Asia Pacific are China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is a leading producer of industrial vehicles and comprises some of the fastest-developing economies in the world, including China and India. This has led to an increase in industrial vehicle production volumes over the years, with OEMs catering not only to domestic demand but to overseas demand as well. Major industrial vehicle manufacturers are expanding in Asia Pacific to establish themselves in this promising market. For instance, in December 2021, KION Group (Germany) opened a new forklift truck plant in China. In addition to the increase in the population, factors such as increasing GDP, infrastructure investments, and rising per capita income have created more opportunities for industrial vehicles in the Asia Pacific region.
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Key Market Players
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).