Global Industrial Vehicles Market Forecast Report 2024-2030: Rising Emphasis on Optimizing Logistics and Warehousing to Drive Market
Global Industrial Vehicles Market
Dublin, April 25, 2024 (GLOBE NEWSWIRE) -- The "Global Industrial Vehicles Market by Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, & Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global industrial vehicles market size is projected to grow from USD 49.2 Billion in 2024 to USD 64.3 Billion by 2030, at a CAGR of 4.6%. The industrial vehicles market is expanding globally due to the growing complexity of supply chain operations and the adoption of automation technologies. This shift necessitates advanced industrial vehicles such as AGVs and autonomous forklifts to enhance efficiency. Additionally, the integration of smart warehousing technologies, such as IoT integration and AI-driven analytics, further accelerates market growth by enabling real-time inventory tracking and optimized route planning.
The Internal Combustion Engine Industrial vehicles segment is expected to grow substantially during the forecast period.
ICE-operated industrial vehicles are renowned for their efficiency, making them a preferred choice across numerous industries. Unlike electric counterparts that require frequent recharging, ICE vehicles can operate for extended periods. Moreover, they excel in lifting and transporting heavy loads, enhancing the efficiency of loading and unloading tasks in warehouses, factories, and distribution centers. Their high-power output, swift acceleration, and superior top speeds further contribute to their effectiveness in transportation and material handling operations.
Factors such as lower initial costs, high operational speeds, ease of refueling, and suitability for heavy-duty applications are anticipated to propel the demand for ICE industrial vehicles. Substantial revenue growth is expected for ICE forklifts over the forecast period, primarily attributed to the robust product portfolios offered by industrial vehicle manufacturers.
Companies such as Toyota Industries Corporation (Japan), Jungheinrich AG (Germany), KION Group AG (Germany), Hyster-Yale Materials Handling, Inc. (US), Crown Equipment Corporation (US), and Mitsubishi Logisnext Co., Ltd. (Japan) provide ICE forklifts to end-users. Toyota's IC counterbalance lift truck 8FG/D Series. Cat DP20- 35N3 compact diesel-powered forklifts, and Cat DP60-100N3 diesel forklifts are some of the models of ICE forklifts. In May 2021, Mitsubishi Logisnext Co., Ltd. launched new heavy-duty ICE forklift trucks with a 22,000 - 40,000 lbs capacity. These attributes are anticipated to propel the growth of the ICE segment within the global industrial vehicles market over the forecast period.
Metals & Heavy Machinery application segment to have notable opportunities during the forecast period.
The global growth of the metals and heavy machinery industry is propelled by increased infrastructural development, construction activities, and automotive production. The repetitive handling and transportation of large and heavy components or assembly parts characterizes this industry. Manual handling of such weighty metal sheets and machinery poses risks of worker injuries and potential damage to products. To address these concerns, plant operators are inclined to enhance operational efficiency, ensuring the smooth movement of heavy equipment within manufacturing and warehousing facilities.
Industrial vehicles are crucial in handling these substantial products, ensuring the safe and efficient intralogistic movement of heavy loads. Utilizing industrial vehicles with heavy payload capacity enables facility owners to lift and handle large parts and components with heightened speed, accuracy, and efficiency, thereby preventing injuries to the workforce and potential damages. These industrial vehicles are adept at moving palletized loads along predetermined routes.
The anticipated growth in production capacity within the metals and heavy machinery industry is poised to drive the industrial vehicles market during the forecast period. Companies such as Cargotec Corporation (Finland), Hubtex Maschinenbau GmbH & Co. KG (Germany), Linamar Corporation (Canada), Mitsubishi Logisnext Co., Ltd. (Japan), Crown Equipment Corporation (US), Hangcha Group Co., Ltd. (China), Anhui Heli Co., Ltd. (China), Hyundai Construction Equipment India Pvt. Ltd. (India), and Svetruck AB (Sweden) offer a range of industrial vehicles tailored for the metal and heavy machinery industry.
China poised for considerable growth in the Asia Pacific industrial vehicles market.
China is expected to be the largest market in terms of value and volume in the Asia Pacific industrial vehicles market during the forecast period. The industrial vehicles market is anticipated to experience significant growth in China due to government incentives for industrial infrastructure development, positioning China as the fastest-growing market for material handling equipment. Additionally, major manufacturers are expanding their product portfolio in the country to capitalize on its burgeoning industrial sector. For instance, in May 2023, Hangcha Group Co., Ltd. released the XE series of electric forklifts. These forklifts will have a load-carrying capacity of 1.5-3.8 tons. The availability of a diverse range of electric forklift models from leading manufacturers is expected to fuel the growth of the industrial vehicles market, catering to the evolving needs of industries across China.
Key Attributes:
Report Attribute | Details |
No. of Pages | 354 |
Forecast Period | 2024 - 2030 |
Estimated Market Value (USD) in 2024 | $49.2 Billion |
Forecasted Market Value (USD) by 2030 | $64.3 Billion |
Compound Annual Growth Rate | 4.6% |
Regions Covered | Global |
Key Topics Covered:
Executive Summary
Industrial Vehicles Market Overview
Industrial Vehicles Market, by Region, 2024-2030
Industrial Vehicles Market, by Drive Type, 2024-2030
Premium Insights
Attractive Growth Opportunities for Players in Industrial Vehicles Market -Rising Emphasis on Optimizing Logistics and Warehousing to Drive Market
Industrial Vehicles Market, by Region - Asia-Pacific to be Largest Market for Industrial Vehicles During Forecast Period
Industrial Vehicles Market, by Vehicle Type - Aisle Trucks to be Fastest-Growing Segment During Forecast Period
Industrial Vehicles Market, by Drive Type - Battery-Operated Segment to Hold Largest Market Share During Forecast Period
Industrial Vehicles Market, by Application - Warehousing Segment to Register Highest CAGR During Forecast Period
Aerial Work Platform Market, by Type - Boom Lifts Segment to Secure Leading Market Position During Forecast Period
Market Dynamics
Drivers
E-Commerce Expansion and Warehousing Dynamics
Impact of Warehouse Automation and Industry 4.0
Role of Jit Inventory Management in Industrial Logistics
Growing Infrastructure Developments
Industrial Vehicles as Catalysts for Enhancing Workplace Safety
Restraints
Financial Implications of Automation in Forklifts and AGVs
High Maintenance and Repair Costs of Industrial Vehicles
Opportunities
Emergence of Rental and Leasing in Industrial Vehicles Sector
Rise of Battery-Powered Industrial Vehicles
Emerging Applications in Non-Traditional Industries
Technological Advancements in Autonomous Industrial Vehicles
Challenges
Workplace Safety Concerns and Government Regulations
Cost-Competitive Workforce in Emerging Markets
Case Studies
Mitsubishi Forklift Enhances Safety at Kellogg's Manchester Site
Dematic's Autonomous Forklift Reduces Delivery Time at L'Oreal
Thyssenkrupp Employs Jungheinrich AG for Flexible Automation
Jungheinrich AG Automates Coko-Werk GmbH & Co. Kg Warehouse
Toyota Delivers Sustainable AGV Solutions to Panasonic Energy
Large Toyota AGV Fleet Helps Future-Proof Albert Heijn's Distribution Centers
Toyota's Automated Forklifts Support Elm.Leblanc's Industry 4.0 Journey
Hubtex Partners with Intis for Inductive Charging System for AGVs
Ports America Replaces Older Container Handlers with Hyster-Yale's Lift Trucks
Beijer Byggmaterial Ab Transforms Its Fleet of Diesel Forklift Trucks to Electric Forklift Trucks
Technology Analysis
Key Technologies
IoT for Automated Material Handling
Smart Braking Technology for Forklifts
Complimentary Technologies
Collaborative Robots
Sustainable Forklift Technology
Adjacent Technologies
5G Connectivity for Automated Warehouses
AI
Companies Profiled
Toyota Industries Corporation
Kion Group AG
Mitsubishi Logisnext Co., Ltd.
Jungheinrich AG
Crown Equipment Corporation
Hyster-Yale Materials Handling, Inc.
Hangcha Group Co., Ltd.
Clark
Anhui Heli Co., Ltd.
Konecranes
Ep Equipment
Komatsu Ltd.
Doosan Industrial Vehicle
Manitou Group
Cargotec Corporation
Action Construction Equipment Ltd.
Hyundai Construction Equipment India Pvt. Ltd.
V. Mariotti Srl
Combilift
Daifuku
JBT
Lonking Machinery Co., Ltd.
Hubtex Maschinenbau GmbH & Co. Kg
Godrej & Boyce Mfg. Co. Ltd.
Svetruck Ab
Stocklin Logistik AG
O.M.G. Srl
Paletrans Forklifts
Genkinger GmbH
Flexi Trucks
Agilox Services GmbH
Jlg Industries, Inc.
Tadano Ltd.
Terex Corporation
Linamar Corporation
Magni Telescopic Handlers Srl
Haulotte Group
Aichi Corporation
Palfinger AG
Imer International S.P.A.
Sinoboom Intelligent Equipment Co., Ltd.
Altec Industries
J C Bamford Excavators Ltd.
Noblelift Intelligent Equipment Co., Ltd.
Bronto Skylift
Snorkel
Dinolift Oy
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