Top Companies in Industrial Vehicles Industry - Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany)
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 expected to rise in the coming years due to increasing automation and adoption of advanced technologies, driving demand for specialized vehicles for various industrial applications. Additionally, growing infrastructure development projects and expanding manufacturing sectors worldwide fuel the need for efficient material handling and transportation solutions, further propelling the growth of the industrial vehicles market during the forecast period.
The industrial vehicles market is dominated by global players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Hyster-Yale Materials Handling, Inc. (US), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.
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Toyota Industries Corporation
Toyota Industries Corporation manufactures and markets automobiles and industrial vehicles across multiple business segments, including automobile, materials handling equipment, textile machinery, etc. Within the materials handling equipment segment, the company offers a range of industrial vehicles such as forklifts, tow tractors, and aisle trucks. With a global sales network primarily targeting materials handling equipment and textile machinery, Toyota Industries Corporation operates production facilities in North America, Europe, and Asia, including China and India. Notably, in September 2023, the company introduced a fuel cell lift truck and an autonomous lift truck featuring AI technology.
KION Group AG
KION Group AG specializes in manufacturing forklifts, warehouse equipment, industrial trucks, and order fulfillment stations. Together with its subsidiaries, KION focus on developing forklifts, warehouse equipment, and various industrial trucks tailored for distribution and manufacturing sectors. The company excels in designing material handling systems, stock management and transport control systems, automation solutions, and electric trucks. Operating across three business segments—industrial trucks & services, supply chain solutions, and corporate services—KION offers industrial vehicles through its industrial trucks & services segment. In April 2023, KION Group AG introduced the X35-X50 electric forklift trucks capable of carrying loads up to 3.5 tons.
Mitsubishi Logisnext Co., Ltd.
Mitsubishi Logisnext Co., Ltd. is a prominent figure in the industrial vehicles market, manufacturing a range of electric and engine-powered forklifts, logistics equipment, transportation robots, and monorails, among other products. These industrial vehicles are marketed under renowned brands such as Mitsubishi Forklift Trucks, Unicarriers, Nichiyu Electric Forklift Truck, Cat Lift Trucks, TCM, and Rocla. With a robust presence across the Americas, China, Asia, and Europe, the company is strategically positioned to cater to diverse markets. In June 2023, Mitsubishi Logisnext Co., Ltd. announced establishing a joint venture with Jungheinrich AG (Germany) to launch Rocrich AGV Solutions (US). This collaborative effort aims to deliver AGV products tailored to meet the needs of customers in North America.
Jungheinrich AG
Jungheinrich AG is a key industrial vehicle sector player renowned for its top-notch offerings. As a frontrunner in warehousing technology in Europe, the company provides a comprehensive array of products and services, encompassing forklift trucks, racking and warehousing equipment, automotive, industrial trucks, rental stackers, and used trucks. With a widespread presence in Brazil, Canada, China, Denmark, France, Germany, the US, the UK, India, Italy, Mexico, Spain, Sweden, and Thailand, Jungheinrich AG has established a formidable global footprint. Notably, around 88% of its total revenues stem from operations in the European region. In June 2023, Jungheinrich AG disclosed the commencement of operations at its Chomutov production plant for electric reach trucks in Czechia.
Crown Equipment Corporation
Crown Equipment Corporation is a significant player in the industrial vehicles sector, boasting a robust product lineup that includes counterbalance forklifts, VNA trucks, reach trucks, order pickers, stackers, and tow tractors, among other offerings. With manufacturing operations spanning 17 facilities worldwide, Crown Equipment Corporation maintains a diverse portfolio of products. Additionally, the company provides rental and used forklift services. Crown Equipment Corporation operates in 84 countries and enjoys a substantial global presence, particularly in North America, Europe, Asia Pacific, and the Middle East & Africa. Notably, in April 2023, the company inaugurated a new sales and service center in Ohio, US, to deliver tailored material handling solutions to its clientele.
Related Reports:
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 - Global Forecast to 2030
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