Industrial Vehicles Market | Here’s All You Need to Know

Industrial Vehicles Market

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 the 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 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 a strong product portfolio that offers 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.

Aisle truck is expected to be the fastest-growing segment by vehicle type during the forecast period. An aisle truck is a vehicle used to move and stack goods in aisles that are generally 8 feet to 9 ½ feet wide. It uses electric motors and generally comes in stand-up riders. It increases productivity by providing additional storage space, as it can be operated in much narrower aisles. Aisle trucks are in high demand due to their reliable operation, low operational cost, and efficiency. In addition, aisle trucks also offer several benefits such as comfort & safety and superior load/lift capacity in small spaces. Thus, the aisle truck segment is gaining significant traction in the industrial vehicle market and is expected to grow at a noticeable rate in the coming years. These industrial vehicles are eco-friendly and compact and can consequently be used in very narrow aisles that forklifts are unable to fit into. The demand for battery-operated aisle trucks, triggered by rapid industrialization in Europe and North America, is expected to drive the overall industrial vehicles market in these regions.

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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.

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.

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 centres. 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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Recent Developments:

1. In February 2022, CLARK added the new TWLi20 three-wheel electric lithium-ion powered lift truck to the company’s product line of industrial lift trucks.

2. In October 2021, Cascade Corporation, a subsidiary of Toyota Industries Corporation, acquired Lift Technologies, Inc. (USA) and Lift-Tek Elecar S.p.A. (Italy), more commonly referred to as Lift-Tek, which manufactures and sells forklift masts. Cascade Corporation acquired total shares of Lift-Tek.

3. In November 2021, Mitsubishi Logisnext Americas launched the PF(D)80N and PF(D)120N model series of 4-wheel internal combustion mid-sized pneumatic tire forklifts. These engine-powered forklifts are available to all the dealers associated with the UniCarriers brand.

4. In April 2020, Konecranes launched an E-VER forklift in its existing product portfolio. This product offers an advanced digital experience to the end-users.