Industrial Vehicles Market

Industrial Vehicles Market By Vehicle Type, Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, Aerial Work Platform (Boom Lifts, Scissor Lifts) and Region - Global Forecast to 2027

Report Code: AT 4611 May, 2022, by marketsandmarkets.com

[294 Pages Report] 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 growing e-commerce sector, along with the increasing demand for autonomous solutions in material handling across end-use industries will boost the demand for the global market. Increasing demand for battery-operated industrial vehicles, in conjunction with advent of smart factories in material handling industry will create new opportunities for this market. Companies operating in the industrial vehicles market are focusing on new product development, especially electric industrial vehicles. For instance, 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.

Industrial Vehicles Market

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Market Dynamics:

Driver: Growing e-commerce and warehousing

The growing need for warehouses to support hub and spoke model in various sectors such as ecommerce, automotive component manufacturing, consumable goods, and electronics is increasing the number of warehouses per country. The warehouse and fulfillment sector are expected to register double-digit growth over the next five years. The US e-commerce penetration rose from approximately 10% of all retail sales in 2019 to approximately 15% in 2020. In addition, as per the US Bureau of Labor Statistics, the number of warehouses in the US increased to 19,194 in 2020 from 15,255 in 2011. With global online e-commerce sales projected to more than double over the next five years, approximately 28,500 warehouses will be added to the global stock. The increase in the number of warehouses will likely lead to a rise in demand for industrial vehicles. This, in turn, is likely to augment revenues for the industrial vehicle market during the forecast period.

The North American e-commerce sales is expected to have an annual growth rate of around 15%, starting from USD 1,015.3 billion in 2022 to USD 1,529.3 billion by 2025. According to the US commerce department, the US e-commerce stands on the 2nd position of top 10 ecommerce countries.

Restraint: Lack of R&D facilities and high maintenance of industrial vehicles

Industrial vehicles require a significant amount of innovation and R&D. OEMs need to invest heavily in R&D to enhance the ability of industrial vehicles to lift heavy loads and to improve efficiency to reduce turnaround time. This is important to prevent industrial vehicles such as forklifts from tipping over, falling sideways, or dropping their load. In addition, industrial vehicles require high maintenance to operate safely. As such, industrial vehicle owners must do routine checks as well as preventive maintenance tasks. This is supposed to be done by a skilled maintenance individual to keep the industrial vehicles in safe operating conditions. Along with this, one must keep a record of this maintenance as well as any repairs that were made in the past. To adhere to all these aforementioned tasks, it requires high cost. Hence, the high cost associated with the maintenance of industrial vehicles and lack of R&D facilities are major factors that are likely to restrain the industrial vehicles market to a certain extent.

Opportunity:Increasing demand for battery-operated industrial vehicles

In recent years, the demand for battery-operated industrial vehicles has increased due to their enhanced performance levels and high productivity. Additionally, electric industrial vehicles provide better emission control and are more economical than ICE industrial vehicles. End users tend to prefer electric lift trucks, as they meet Tier 4 emission requirements and generate zero in-plant emissions. Furthermore, the performance gap between ICE and electric trucks is narrowing. Prompted by emission and energy efficiency preferences, players are manufacturing eco-friendlier industrial vehicles by making them in eco-friendly plants. For instance, Toyota Industrial Equipment Manufacturing Inc. (TIEM) (Japan) has reduced its energy consumption by 40%, while Nissan Forklift Corporation (US) has reduced its carbon dioxide emissions by 51%. Given the increased reliability and improved acceleration of electric industrial vehicles compared to ICE-driven industrial vehicles, the demand for the former is increasing globally. Developed regions such as Europe and North America have witnessed an increase in demand for electric industrial vehicles.

Developed regions such as Europe and North America have witnessed an increase in demand for electric forklifts. Most companies such as KION GROUP AG, Jungheinrich AG, Hyster-Yale Group, Inc., and Toyota Material Handling are offering electric forklifts for various end use industries. In addition, companies operating in the industrial vehicles market are focusing on new product development, especially electric industrial vehicles. For instance, 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. Similarly, 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, reduced noise levels, and zero emission levels.

Challenge: Government regulations and safety concerns

The safety and emission regulations for industrial vehicles have become increasingly stringent and complex in the past few years. According to OSHA, in the US, 1 out 6 of workplace deaths are caused due to forklift related accidents. The forklift accidents claim more than 100 lives per year, which costs around 135 million to the business. OSHA suggests that around 70% of the forklift accidents could have been avoided with standardized training and safety procedures. The Australian government has made a few major changes in the forklift manufacturing industry; for instance, it has limited the maximum speed of counterbalance forklifts and reach trucks travelling with elevated masts to 5 km/h to ensure safety. The increasing stringent emission tier slabs might stand as a challenge for manufacturers of forklift vehicles, as sizable R&D investments are required to redesign the vehicle emission systems.

Aisle truck segment is estimated to account for the fastest-growing market during the forecast period

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.

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 market during the forecast period.

Battery-operated industrial vehicles estimated to be fastest growing segment during the forecast period

Battery-operated industrial vehicles use rechargeable batteries to power respective vehicles. Battery-operated industrial vehicles have been gaining significant traction in recent years. Battery-operated engines have the advantage of being eco-friendly. These engines generate fewer emissions, making such industrial vehicles an ideal green machine for warehouse and industrial projects. Most logistics providers across the globe are focusing on reducing their carbon footprint. To reduce CO2 emissions as well as other exhaust gases, industrial vehicle manufacturers have been focusing on battery-operated vehicles.

Battery-operated industrial vehicles have inherent energy-efficiency advantages. These vehicles are approximately 75% less expensive to operate than propane fuel. In Western Europe, approximately 70% of forklifts used are electric ones. In addition, battery-operated industrial vehicles have fewer moving parts to maintain and repair. On the other hand, ICE industrial vehicles require regular engine maintenance such as oil changes, belts, spark plugs, and inspections. IC engines also create more disposal waste related to maintenance such as engine oil and transmission fluid. All these aforementioned factors are expected to drive the demand for battery-operated industrial vehicles.

Asia Pacific is expected to be the fastest-growing market in the forecast period.

The Asia Pacific region comprises emerging economies such as China and India, along with developed nations such as Japan and South Korea. 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 the 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. This expansion will help the company expand its product portfolio in China, which is the fastest growing market for material handling equipment. Growing requirement for warehouses to support the hub and spoke model in various sectors has led to an increase in the number of warehouses in the region. Furthermore, China’s growing economy is driving the industrial vehicles market, and it is one of the fastest growing markets for industrial vehicles in the world.

China is estimated to lead the industrial vehicles market in Asia Pacific during the forecast period, followed by Japan. The growth of this market in Asia Pacific can be attributed to high labor costs, need for increasing production processes without compromising quality standards, and incentives offered by governments of various countries for industrial infrastructure improvement projects. The supply chains of different industries across the region have been disrupted due to the outbreak and spread of COVID-19. Countries in Asia Pacific are undertaking measures to slow the spread of the virus with successful vaccination drives. Some major material handling trade shows organized in Asia Pacific are LET China, Logis-Tech, CeMAT Asia, and LogisWare. In addition to increase in 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.

Industrial Vehicles Market by 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). These companies offer industrial vehicles such as forklifts, aisle trucks, tow tractors, etc., and have strong distribution networks at the global level. These companies have adopted extensive expansion strategies; and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in the global market.

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Scope of the Report

Report Metric

Details

Market size available for years

2018–2027

Base year considered

2021

Forecast period

2022-2027

Forecast units

Volume (Thousand Units) and Value (USD Million)

Segments covered

Vehicle Type, Drive Type, Application, Capacity, Level of Autonomy, Aerial Work Platform Type, and Region

Geographies covered

Asia Pacific, Europe, North America, and RoW

Companies Covered

Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (US).
Total 28 major players across four regions covered

This research report categorizes the industrial vehicles market based on vehicle type, drive type, application, capacity, level of autonomy, aerial work platform and region.

Based on Vehicle Type:

  • Forklifts
    • <5 Ton
    • 5-10 Ton
    • 11-36 Ton
    • >36 Ton
  • Aisle Trucks
    • <1 Ton
    • 1-2 Ton
    • >2 Ton
  • Tow Tractors
    • <5 Ton
    • 5-10 Ton
    • 11-30 Ton
    • >30 Ton
  • Container Handlers
    • <30 Ton
    • 30-40 Ton
    • >40 Ton

Based on Drive Type:

  • ICE
  • Battery-operated
  • Gas-powered

Based on Application:

  • Manufacturing
  • Warehousing
  • Freight & Logistics
  • Others

Based on Level of Autonomy:

  • Non/Semi-Autonomous
  • Autonomous

Based on Aerial Work Platform:

  • Boom Lifts
  • Scissor Lifts

Based on the Region:

  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Rest of APAC
  • North America (NA)
    • US
    • Canada
    • Mexico
  • Europe (EU)
    • Germany
    • France
    • UK
    • Italy
    • Spain
    • Rest of Europe
  • Rest of the World (RoW)
    • Brazil
    • South Africa
    • Others

Recent Developments

  • 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.
  • 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.
  • In November 2021, Mitsubishi Logisnext Americas launched 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.
  • In April 2020, Konecranes launched E-VER forklift in its existing product portfolio. This product offers advanced digital experience to the end users.

Frequently Asked Questions (FAQ):

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 27)
    1.1 OBJECTIVES OF THE STUDY
    1.2 MARKET DEFINITION
           TABLE 1 INDUSTRIAL VEHICLES MARKET DEFINITION, BY VEHICLE TYPE
           TABLE 2 INDUSTRIAL VEHICLES MARKET DEFINITION, BY DRIVE TYPE
           TABLE 3 INDUSTRIAL VEHICLES MARKET DEFINITION, BY AERIAL WORK PLATFORM
           1.2.1 INCLUSIONS & EXCLUSIONS
                    TABLE 4 INCLUSIONS & EXCLUSIONS IN INDUSTRIAL VEHICLES MARKET
    1.3 MARKET SCOPE
           FIGURE 1 MARKETS COVERED
           1.3.1 YEARS CONSIDERED FOR THE STUDY
    1.4 CURRENCY & PRICING
           TABLE 5 CURRENCY EXCHANGE RATES
    1.5 PACKAGE SIZE
    1.6 STAKEHOLDERS
    1.7 SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY (Page No. - 33)
    2.1 RESEARCH DATA
           FIGURE 2 INDUSTRIAL VEHICLES MARKET: RESEARCH DESIGN
           FIGURE 3 RESEARCH DESIGN MODEL
           2.1.1 SECONDARY DATA
                    2.1.1.1 Key secondary sources for industrial vehicles market
                    2.1.1.2 Key secondary sources for aerial work platform market
                    2.1.1.3 Key data from secondary sources
           2.1.2 PRIMARY DATA
                    FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS
                    2.1.2.1 List of primary participants
    2.2 MARKET SIZE ESTIMATION
           FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
           2.2.1 BOTTOM-UP APPROACH
                    FIGURE 6 INDUSTRIAL VEHICLES MARKET SIZE: BOTTOM-UP APPROACH
           2.2.2 TOP-DOWN APPROACH
                    FIGURE 7 INDUSTRIAL VEHICLES MARKET SIZE: TOP-DOWN APPROACH
                    FIGURE 8 INDUSTRIAL VEHICLES MARKET: MARKET ESTIMATION NOTES
                    FIGURE 9 INDUSTRIAL VEHICLES MARKET: RESEARCH DESIGN & METHODOLOGY – DEMAND SIDE
                    FIGURE 10 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP (SUPPLY SIDE): COLLECTIVE MARKET SHARE OF MAJOR PLAYERS
    2.3 DATA TRIANGULATION
           FIGURE 11 DATA TRIANGULATION METHODOLOGY
    2.4 FACTOR ANALYSIS
           FIGURE 12 FACTOR ANALYSIS: INDUSTRIAL VEHICLES MARKET
           2.4.1 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDES
    2.5 RESEARCH ASSUMPTIONS
    2.6 RESEARCH LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. - 49)
    FIGURE 13 INDUSTRIAL VEHICLES MARKET OVERVIEW
    FIGURE 14 INDUSTRIAL VEHICLES MARKET, BY REGION, 2022–2027
    FIGURE 15 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE, 2022 VS. 2027
    FIGURE 16 KEY PLAYERS IN INDUSTRIAL VEHICLES MARKET

4 PREMIUM INSIGHTS (Page No. - 53)
    4.1 ATTRACTIVE OPPORTUNITIES IN INDUSTRIAL VEHICLES MARKET
           FIGURE 17 RISING E-COMMERCE INDUSTRY & REVIVAL OF MANUFACTURING SECTOR TO BOOST THE MARKET
    4.2 INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE
           FIGURE 18 AISLE TRUCKS ESTIMATED TO BE LARGEST SEGMENT OF MARKET (USD MILLION)
    4.3 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE
           FIGURE 19 BATTERY-OPERATED TO REMAIN LARGEST SEGMENT OF MARKET (USD MILLION)
    4.4 INDUSTRIAL VEHICLES MARKET, BY APPLICATION
           FIGURE 20 WAREHOUSING EXPECTED TO BE LARGEST SEGMENT OF MARKET, 2022 VS. 2027 (USD MILLION)
    4.5 AERIAL WORK PLATFORM MARKET, BY TYPE
           FIGURE 21 BOOM LIFT EXPECTED TO BE LARGEST SEGMENT OF MARKET, 2022 VS. 2027 (USD MILLION)
    4.6 INDUSTRIAL VEHICLES MARKET GROWTH RATE, BY REGION
           FIGURE 22 ASIA PACIFIC PROJECTED TO BE LARGEST MARKET FOR INDUSTRIAL VEHICLES

5 MARKET OVERVIEW (Page No. - 56)
    5.1 INTRODUCTION
    5.2 MARKET DYNAMICS
           FIGURE 23 INDUSTRIAL VEHICLES: MARKET DYNAMICS
           5.2.1 DRIVERS
                    5.2.1.1 Growing e-commerce and warehousing
                               FIGURE 24 TOTAL US E-COMMERCE RETAIL SALES, 2017-2021
                               FIGURE 25 QUARTERLY US E-COMMERCE RETAIL SALES FOR 2020-2021
                    5.2.1.2 Technological advancements aimed at increasing productivity
                               FIGURE 26 GLOBAL WAREHOUSE AUTOMATION MARKET, BY VALUE (2016–2025)
                    5.2.1.3 Increasing demand for automation solutions in material handling across industries
                               FIGURE 27 AUTOMATED GUIDED VEHICLE MARKET VOLUME, BY REGION (2019)
                    5.2.1.4 Rising focus on improving workplace safety
           5.2.2 RESTRAINTS
                    5.2.2.1 High cost of automation
                               TABLE 6 AVERAGE SELLING PRICE FOR FORKLIFTS
                    5.2.2.2 Lack of R&D facilities and high maintenance of industrial vehicles
           5.2.3 OPPORTUNITIES
                    5.2.3.1 Increasing demand for battery-operated industrial vehicles
                    5.2.3.2 Advent of smart factories in material handling industry
                               FIGURE 28 INDUSTRY 4.0 REVOLUTION
           5.2.4 CHALLENGES
                    5.2.4.1 Government regulations and safety concerns
                               FIGURE 29 FORKLIFT ACCIDENTS
                               FIGURE 30 EMISSION TIER SLABS FOR OFF-ROAD MOBILE MACHINERY AND FORKLIFTS
                    5.2.4.2 Low labor costs restrict adoption of industrial vehicles in emerging economies
                               TABLE 7 INDUSTRIAL VEHICLES MARKET: IMPACT OF MARKET DYNAMICS
    5.3 TRENDS & DISRUPTIONS IMPACTING THE MARKET
           FIGURE 31 REVENUE SHIFT DRIVING INDUSTRIAL VEHICLES MARKET
    5.4 INDUSTRIAL VEHICLES MARKET SCENARIOS (2022–2027)
           FIGURE 32 INDUSTRIAL VEHICLES MARKET – FUTURE TRENDS & SCENARIOS, 2022–2027 (USD MILLION)
           5.4.1 MOST LIKELY SCENARIO
                    TABLE 8 MOST LIKELY SCENARIO, BY REGION, 2022–2027 (USD MILLION)
           5.4.2 OPTIMISTIC SCENARIO
                    TABLE 9 OPTIMISTIC SCENARIO, BY REGION, 2022–2027 (USD MILLION)
           5.4.3 PESSIMISTIC SCENARIO
                    TABLE 10 PESSIMISTIC SCENARIO, BY REGION, 2022–2027 (USD MILLION)
    5.5 PORTER’S FIVE FORCES
           FIGURE 33 PORTER’S FIVE FORCES: INDUSTRIAL VEHICLES MARKET
           TABLE 11 INDUSTRIAL VEHICLES MARKET: IMPACT OF PORTER’S 5 FORCES
           5.5.1 THREAT OF SUBSTITUTES
           5.5.2 THREAT OF NEW ENTRANTS
           5.5.3 BARGAINING POWER OF BUYERS
           5.5.4 BARGAINING POWER OF SUPPLIERS
           5.5.5 RIVALRY AMONG EXISTING COMPETITORS
    5.6 INDUSTRIAL VEHICLES MARKET ECOSYSTEM
           FIGURE 34 INDUSTRIAL VEHICLES MARKET: ECOSYSTEM ANALYSIS
           TABLE 12 INDUSTRIAL VEHICLES MARKET: ROLE OF COMPANIES IN ECOSYSTEM
    5.7 VALUE CHAIN ANALYSIS
           FIGURE 35 VALUE CHAIN ANALYSIS OF INDUSTRIAL VEHICLES MARKET
    5.8 PRICING ANALYSIS
           FIGURE 36 AVERAGE PRICING OF INDUSTRIAL VEHICLES IN 2021, BY REGION
           FIGURE 37 AVERAGE PRICING OF INDUSTRIAL VEHICLES IN 2027, BY REGION
    5.9 KEY STAKEHOLDERS & BUYING CRITERIA
           5.9.1 KEY STAKEHOLDERS IN BUYING PROCESS
                    FIGURE 38 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 4 VEHICLE TYPES
                    TABLE 13 INFLUENCE OF STAKEHOLDERS IN BUYING PROCESS FOR TOP 4 VEHICLE TYPES (%)
           5.9.2 BUYING CRITERIA
                    FIGURE 39 KEY BUYING CRITERIA FOR TOP 4 VEHICLE TYPES
                    TABLE 14 KEY BUYING CRITERIA FOR TOP 4 VEHICLE TYPES
    5.10 MACROECONOMIC INDICATORS
           5.10.1 GDP TRENDS AND FORECAST FOR MAJOR ECONOMIES
                    TABLE 15 GDP TRENDS AND FORECAST, BY MAJOR ECONOMIES, 2018–2026 (USD BILLION)
           5.10.2 WORLD MOTOR VEHICLE PRODUCTION STATISTICS IN 2020 & 2021
                    TABLE 16 WORLD MOTOR VEHICLE PRODUCTION STATISTICS IN 2021 (UNITS)
                    TABLE 17 WORLD MOTOR VEHICLE PRODUCTION STATISTICS IN 2020 (UNITS)
    5.11 PATENT ANALYSIS
           5.11.1 INTRODUCTION
                    FIGURE 40 PUBLICATION TRENDS (2012–2021)
           5.11.2 LEGAL STATUS OF PATENTS (2012-2021)
                    FIGURE 41 LEGAL STATUS OF PATENTS FILED FOR INDUSTRIAL VEHICLES (2012-2021)
           5.11.3 TOP PATENT APPLICANTS (2012-2021)
                    FIGURE 42 INDUSTRIAL VEHICLE PATENTS, BY OEM
                    TABLE 18 IMPORTANT PATENT REGISTRATIONS RELATED TO THE ELECTRIC VEHICLE MARKET
    5.12 CASE STUDY
           5.12.1 THYSSENKRUPP'S DECISION FOR FLEXIBLE AUTOMATION
           5.12.2 AUTOMATION OF COKO-WERK GMBH & CO. KG
           5.12.3 TOYOTA DELIVERS SUSTAINABLE AGV SOLUTIONS FOR PANASONIC ENERGY
           5.12.4 LARGE TOYOTA AGV FLEET HELPED FUTURE-PROOF ALBERT HEIJN’S DISTRIBUTION CENTERS
           5.12.5 TOYOTA’S AUTOMATED FORKLIFTS SUPPORTED ELM.LEBLANC’S 4.0 JOURNEY
           5.12.6 INDUCTIVE CHARGING SYSTEM FOR AGVS
    5.13 TECHNOLOGICAL ANALYSIS
           5.13.1 IOT FOR AUTOMATED MATERIAL HANDLING
           5.13.2 5G CONNECTIVITY FOR AUTOMATED WAREHOUSES
           5.13.3 AI
    5.14 TRADE ANALYSIS
           5.14.1 IMPORT SCENARIO (HS CODE 842710)
                    FIGURE 43 IMPORTS, BY KEY COUNTRIES, 2017–2021 (USD MILLION)
           5.14.2 EXPORT SCENARIO (HS CODE 842710)
                    FIGURE 44 EXPORTS, BY KEY COUNTRIES, 2017–2021 (USD MILLION)
           5.14.3 IMPORT SCENARIO (HS CODE 8427)
                    FIGURE 45 IMPORTS, BY KEY COUNTRIES, 2016–2020 (USD MILLION)
           5.14.4 EXPORT SCENARIO (HS CODE 8427)
                    FIGURE 46 EXPORTS, BY KEY COUNTRIES, 2016–2020 (USD MILLION)
    5.15 REGULATORY LANDSCAPE
           5.15.1 SAFETY STANDARDS FOR AGVS
                    TABLE 19 SAFETY STANDARDS FOR AGVS
    5.16 KEY CONFERENCE & EVENTS IN 2022
                    TABLE 20 INDUSTRIAL VEHICLES MARKET: DETAILED LIST OF CONFERENCES & EVENTS
                    TABLE 21 LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

6 INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE & CAPACITY (Page No. - 96)
    6.1 INTRODUCTION
           FIGURE 47 AISLE TRUCKS TO HOLD LARGEST MARKET SHARE IN TERMS OF VALUE, 2022-2027
           TABLE 22 INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
           TABLE 23 INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
           TABLE 24 INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
           TABLE 25 INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
           6.1.1 OPERATIONAL DATA
                    TABLE 26 INDUSTRIAL VEHICLE MODELS OFFERED BY COMPANIES, BY VEHICLE TYPE
           6.1.2 ASSUMPTIONS
                    TABLE 27 ASSUMPTIONS: BY VEHICLE TYPE
           6.1.3 RESEARCH METHODOLOGY
    6.2 FORKLIFT
           6.2.1 GROWTH OF E-COMMERCE INDUSTRY TO DRIVE SEGMENT
                    TABLE 28 FORKLIFT MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 29 FORKLIFT MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 30 FORKLIFT MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 31 FORKLIFT MARKET, BY REGION, 2022–2027 (’000 UNITS)
           6.2.2 FORKLIFT MARKET, BY CAPACITY
                    TABLE 32 FORKLIFT MARKET, BY CAPACITY, 2018–2021 (USD MILLION)
                    TABLE 33 FORKLIFT MARKET, BY CAPACITY, 2022–2027 (USD MILLION)
                    TABLE 34 FORKLIFT MARKET, BY CAPACITY, 2018–2021 (’000 UNITS)
                    TABLE 35 FORKLIFT MARKET, BY CAPACITY, 2022–2027 (’000 UNITS)
           6.2.3 <5 TON
           6.2.4 5-10 TON
           6.2.5 11-36 TON
           6.2.6 >36 TON
    6.3 AISLE TRUCK
           6.3.1 INCREASING ADOPTION OF NARROW AISLE ARRANGEMENTS IN WAREHOUSES TO DRIVE SEGMENT
                    TABLE 36 AISLE TRUCK MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 37 AISLE TRUCK MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 38 AISLE TRUCK MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 39 AISLE TRUCK MARKET, BY REGION, 2022–2027 (’000 UNITS)
           6.3.2 AISLE TRUCK MARKET, BY CAPACITY
                    TABLE 40 AISLE TRUCKS MARKET, BY CAPACITY, 2018–2021 (USD MILLION)
                    TABLE 41 AISLE TRUCKS MARKET, BY CAPACITY, 2022–2027 (USD MILLION)
                    TABLE 42 AISLE TRUCKS MARKET, BY CAPACITY, 2018–2021 (’000 UNITS)
                    TABLE 43 AISLE TRUCKS MARKET, BY CAPACITY, 2022–2027 (’000 UNITS)
           6.3.3 <1 TON
           6.3.4 1-2 TON
           6.3.5 >2 TON
    6.4 TOW TRACTOR
           6.4.1 INCREASING FOCUS ON AUTOMATION IN MANUFACTURING TO DRIVE SEGMENT
                    TABLE 44 TOW TRACTOR MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 45 TOW TRACTOR MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 46 TOW TRACTOR MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 47 TOW TRACTOR MARKET, BY REGION, 2022–2027 (’000 UNITS)
           6.4.2 TOW TRACTOR MARKET, BY CAPACITY
                    TABLE 48 TOW TRACTOR MARKET, BY CAPACITY, 2018–2021 (USD MILLION)
                    TABLE 49 TOW TRACTOR MARKET, BY CAPACITY, 2022–2027 (USD MILLION)
                    TABLE 50 TOW TRACTOR MARKET, BY CAPACITY, 2018–2021 (’000 UNITS)
                    TABLE 51 TOW TRACTOR MARKET, BY CAPACITY, 2022–2027 (’000 UNITS)
           6.4.3 <5 TON
           6.4.4 5-10 TON
           6.4.5 11-30 TON
           6.4.6 >30 TON
    6.5 CONTAINER HANDLER
           6.5.1 STEADY GROWTH OF MARITIME TRANSPORT TO DRIVE SEGMENT
                    TABLE 52 CONTAINER HANDLER MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 53 CONTAINER HANDLER MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 54 CONTAINER HANDLER MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 55 CONTAINER HANDLER MARKET, BY REGION, 2022–2027 (’000 UNITS)
           6.5.2 CONTAINER HANDLER MARKET, BY CAPACITY
                    TABLE 56 CONTAINER HANDLER MARKET, BY CAPACITY, 2018–2021 (USD MILLION)
                    TABLE 57 CONTAINER HANDLER MARKET, BY CAPACITY, 2022–2027 (USD MILLION)
                    TABLE 58 CONTAINER HANDLER MARKET, BY CAPACITY, 2018–2021 (’000 UNITS)
                    TABLE 59 CONTAINER HANDLER MARKET, BY CAPACITY, 2022–2027 (’000 UNITS)
           6.5.3 <30 TON
           6.5.4 30-40 TON
           6.5.5 >40 TON
    6.6 AUTOMATED GUIDED VEHICLES
           6.6.1 GROWING NEED FOR AUTOMATION IN MATERIAL-HANDLING PROCESSES TO DRIVE SEGMENT
           6.6.2 CHALLENGES OF AGVS
                    6.6.2.1 Low labor costs restricting adoption of AGVs in emerging economies
                    6.6.2.2 Technical challenges related to sensing elements
    6.7 PERSONNEL CARRIERS
           6.7.1 INCREASING LEVELS OF INDUSTRIALIZATION TO DRIVE SEGMENT
    6.8 KEY PRIMARY INSIGHTS

7 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE (Page No. - 119)
    7.1 INTRODUCTION
           TABLE 60 LPG FORKLIFTS VS BATTERY-OPERATED FORKLIFTS
           FIGURE 48 BATTERY-OPERATED INDUSTRIAL VEHICLES ESTIMATED TO BE FASTEST GROWING SEGMENT OF INDUSTRIAL VEHICLES MARKET
           TABLE 61 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE, 2018–2021 (USD MILLION)
           TABLE 62 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE, 2022–2027 (USD MILLION)
           TABLE 63 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE, 2018–2021 (‘000 UNITS)
           TABLE 64 INDUSTRIAL VEHICLES MARKET, BY DRIVE TYPE, 2022–2027 (‘000 UNITS)
           7.1.1 OPERATIONAL DATA
                    TABLE 65 INDUSTRIAL VEHICLE OFFERED BY COMPANIES, BY DRIVE TYPE
           7.1.2 ASSUMPTIONS
                    TABLE 66 ASSUMPTIONS: BY DRIVE TYPE
           7.1.3 RESEARCH METHODOLOGY FOR DRIVE TYPE SEGMENT
    7.2 ICE INDUSTRIAL VEHICLES
           7.2.1 INCREASING USAGE IN HEAVY-DUTY APPLICATIONS TO DRIVE SEGMENT
                    TABLE 67 EMISSION STANDARDS
                    FIGURE 49 IC ENGINES VS ELECTRIC ENGINES
                    TABLE 68 ICE INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                    TABLE 69 ICE INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                    TABLE 70 ICE INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                    TABLE 71 ICE INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
    7.3 BATTERY-OPERATED INDUSTRIAL VEHICLES
           7.3.1 GROWING CO2 EMISSION CONCERNS ACROSS THE GLOBE TO DRIVE SEGMENT
                    FIGURE 50 CO2 EMISSION REDUCTION BY TOYOTA INDUSTRIES CORPORATION
                    FIGURE 51 KEY BENEFITS OF ELECTRIC FORKLIFTS
                    TABLE 72 IC ENGINES VS ELECTRIC ENGINES
                    TABLE 73 BATTERY-OPERATED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                    TABLE 74 BATTERY-OPERATED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                    TABLE 75 BATTERY-OPERATED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                    TABLE 76 BATTERY-OPERATED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
    7.4 GAS-POWERED INDUSTRIAL VEHICLES
           7.4.1 SUITABILITY IN OUTDOOR APPLICATIONS TO DRIVE SEGMENT
                    TABLE 77 GAS-POWERED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                    TABLE 78 GAS-POWERED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                    TABLE 79 GAS-POWERED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                    TABLE 80 GAS-POWERED INDUSTRIAL VEHICLES MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
    7.5 KEY PRIMARY INSIGHTS

8 INDUSTRIAL VEHICLES MARKET, BY APPLICATION (Page No. - 132)
    8.1 INTRODUCTION
           FIGURE 52 CHINA: ONLINE RETAIL SALES IN USD BILLION (2016-2020)
           FIGURE 53 MANUFACTURING TO HOLD LARGEST MARKET SHARE, 2022–2027 (USD MILLION)
           TABLE 81 INDUSTRIAL VEHICLES MARKET, BY APPLICATION, 2018–2021 (USD MILLION)
           TABLE 82 INDUSTRIAL VEHICLES MARKET, BY APPLICATION, 2022–2027 (USD MILLION)
           TABLE 83 INDUSTRIAL VEHICLES MARKET, BY APPLICATION, 2018–2021 (’000 UNITS)
           TABLE 84 INDUSTRIAL VEHICLES MARKET, BY APPLICATION, 2022–2027 (’000 UNITS)
           8.1.1 OPERATIONAL DATA
                    TABLE 85 INDUSTRIAL VEHICLES AND THEIR RESPECTIVE APPLICATIONS
           8.1.2 ASSUMPTIONS
                    TABLE 86 ASSUMPTIONS: BY APPLICATION
           8.1.3 RESEARCH METHODOLOGY FOR APPLICATION TYPE SEGMENT
    8.2 MANUFACTURING
           8.2.1 INCREASE IN GLOBAL MANUFACTURING POST-PANDEMIC TO DRIVE SEGMENT
                    TABLE 87 MANUFACTURING: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 88 MANUFACTURING: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 89 MANUFACTURING: MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 90 MANUFACTURING: MARKET, BY REGION, 2022–2027 (’000 UNITS)
           8.2.2 AUTOMOTIVE
           8.2.3 METALS & HEAVY MACHINERY
           8.2.4 CHEMICAL
           8.2.5 HEALTHCARE
           8.2.6 FOOD & BEVERAGES
           8.2.7 OTHERS
    8.3 WAREHOUSING
           8.3.1 INCREASING PRODUCT DIFFERENTIATION AND REDUCED PALLET SIZE TO DRIVE SEGMENT
                    TABLE 91 WAREHOUSING: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 92 WAREHOUSING: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 93 WAREHOUSING: MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 94 WAREHOUSING: MARKET, BY REGION, 2022–2027 (’000 UNITS)
    8.4 FREIGHT & LOGISTICS
           8.4.1 NEED FOR REDUCTION IN DELIVERY TIME AND RISING CONCERNS OVER DAMAGES AND LOSS OF GOODS TO DRIVE SEGMENT
                    TABLE 95 FREIGHT & LOGISTICS: MARKET, BY REGION, 2018–2021 (USD MILLION)
                    TABLE 96 FREIGHT & LOGISTICS: MARKET, BY REGION, 2022–2027 (USD MILLION)
                    TABLE 97 FREIGHT & LOGISTICS: MARKET, BY REGION, 2018–2021 (’000 UNITS)
                    TABLE 98 FREIGHT & LOGISTICS: MARKET, BY REGION, 2022–2027 (’000 UNITS)
    8.5 OTHERS
           TABLE 99 OTHERS: MARKET, BY REGION, 2018–2021 (USD MILLION)
           TABLE 100 OTHERS: MARKET, BY REGION, 2022–2027 (USD MILLION)
           TABLE 101 OTHERS: MARKET, BY REGION, 2018–2021 (’000 UNITS)
           TABLE 102 OTHERS: MARKET, BY REGION, 2022–2027 (’000 UNITS)
    8.6 KEY PRIMARY INSIGHTS

9 INDUSTRIAL VEHICLES MARKET, BY LEVEL OF AUTONOMY (Page No. - 148)
    9.1 INTRODUCTION
    9.2 NON/SEMI-AUTONOMOUS
    9.3 AUTONOMOUS
           FIGURE 54 COST BREAKDOWN OF NON-AUTONOMOUS VS. AUTONOMOUS FORKLIFTS

10 AERIAL WORK PLATFORM MARKET, BY TYPE (Page No. - 151)
     10.1 INTRODUCTION
               FIGURE 55 BOOM LIFTS TO HOLD LARGEST MARKET SHARE IN TERMS OF VALUE, 2022-2027
               TABLE 103 AERIAL WORK PLATFORM MARKET, BY TYPE, 2018–2021 (USD MILLION)
               TABLE 104 AERIAL WORK PLATFORM MARKET, BY TYPE, 2022–2027 (USD MILLION)
               TABLE 105 AERIAL WORK PLATFORM MARKET, BY TYPE, 2018–2021 (UNITS)
               TABLE 106 AERIAL WORK PLATFORM MARKET, BY TYPE, 2022–2027 (UNITS)
             10.1.1 OPERATIONAL DATA
                       TABLE 107 AERIAL LIFT PLATFORMS OFFERED BY COMPANIES
             10.1.2 ASSUMPTIONS
                       TABLE 108 ASSUMPTIONS: BY TYPE
             10.1.3 RESEARCH METHODOLOGY FOR TYPE SEGMENT
     10.2 BOOM LIFT
             10.2.1 GROWTH OF CONSTRUCTION SECTOR TO DRIVE DEMAND
                       TABLE 109 BOOM LIFT MARKET, BY REGION, 2018–2021 (USD MILLION)
                       TABLE 110 BOOM LIFT MARKET, BY REGION, 2022–2027 (USD MILLION)
                       TABLE 111 BOOM LIFT MARKET, BY REGION, 2018–2021 (UNITS)
                       TABLE 112 BOOM LIFT MARKET, BY REGION, 2022–2027 (UNITS)
     10.3 SCISSOR LIFT
             10.3.1 GROWTH OF LOGISTICS SECTOR TO DRIVE DEMAND
                       TABLE 113 SCISSOR LIFT MARKET, BY REGION, 2018–2021 (USD MILLION)
                       TABLE 114 SCISSOR LIFT MARKET, BY REGION, 2022–2027 (USD MILLION)
                       TABLE 115 SCISSOR LIFT MARKET, BY REGION, 2018–2021 (UNITS)
                       TABLE 116 SCISSOR LIFT MARKET, BY REGION, 2022–2027 (UNITS)
     10.4 KEY PRIMARY INSIGHTS

11 INDUSTRIAL VEHICLES MARKET, BY REGION (Page No. - 161)
     11.1 INTRODUCTION
               FIGURE 56 INDUSTRIAL VEHICLES MARKET, BY REGION, 2022 VS. 2027 (USD THOUSAND)
               TABLE 117 INDUSTRIAL VEHICLES MARKET, BY REGION, 2018–2021 (USD MILLION)
               TABLE 118 INDUSTRIAL VEHICLES MARKET, BY REGION, 2022–2027 (USD MILLION)
               TABLE 119 INDUSTRIAL VEHICLES MARKET, BY REGION, 2018–2021 (‘000 UNITS)
               TABLE 120 INDUSTRIAL VEHICLES MARKET, BY REGION, 2022–2027 (‘000 UNITS)
     11.2 ASIA PACIFIC
               FIGURE 57 ASIA PACIFIC: INDUSTRIAL VEHICLES MARKET SNAPSHOT
               TABLE 121 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 122 ASIA PACIFIC: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
               TABLE 123 ASIA PACIFIC: MARKET, BY COUNTRY, 2018–2021 (‘000 UNITS)
               TABLE 124 ASIA PACIFIC: MARKET, BY COUNTRY, 2022–2027 (‘000 UNITS)
             11.2.1 CHINA
                       11.2.1.1 Growth of industrial sector to drive market
                                   TABLE 125 CHINA: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 126 CHINA: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 127 CHINA: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 128 CHINA: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.2.2 INDIA
                       11.2.2.1 Growth of automotive and e-commerce sectors to drive market
                                   TABLE 129 INDIA: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 130 INDIA: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 131 INDIA: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 132 INDIA: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.2.3 JAPAN
                       11.2.3.1 Growth of automation technologies to drive market
                                   TABLE 133 JAPAN: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 134 JAPAN: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 135 JAPAN: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 136 JAPAN: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.2.4 SOUTH KOREA
                       11.2.4.1 Increasing industrial sector to drive market
                                   TABLE 137 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 138 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 139 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 140 SOUTH KOREA: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.2.5 REST OF ASIA PACIFIC
                       TABLE 141 REST OF APAC: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                       TABLE 142 REST OF APAC: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                       TABLE 143 REST OF APAC: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                       TABLE 144 REST OF APAC: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
     11.3 EUROPE
               FIGURE 58 EUROPE: MARKET, BY COUNTRY
               TABLE 145 EUROPE: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 146 EUROPE: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
               TABLE 147 EUROPE: MARKET, BY COUNTRY, 2018–2021 (‘000 UNITS)
               TABLE 148 EUROPE: MARKET, BY COUNTRY, 2022–2027 (‘000 UNITS)
             11.3.1 GERMANY
                       11.3.1.1 Growth of logistics to drive market
                                   TABLE 149 GERMANY: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 150 GERMANY: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 151 GERMANY: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 152 GERMANY: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.3.2 UK
                       11.3.2.1 Increase in automation in automotive sector to drive market
                                   TABLE 153 UK: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 154 UK: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 155 UK: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 156 UK: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.3.3 FRANCE
                       11.3.3.1 Need for automation in growing industrial sectors to drive market
                                   TABLE 157 FRANCE: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 158 FRANCE: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 159 FRANCE: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 160 FRANCE: MARKET, BY COUNTRY, 2022–2027 (‘000 UNITS)
             11.3.4 ITALY
                       11.3.4.1 Thriving e-commerce sector to drive market
                                   TABLE 161 ITALY: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 162 ITALY: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 163 ITALY: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 164 ITALY: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.3.5 SPAIN
                       11.3.5.1 Strategic location for logistics and warehousing to drive market
                                   TABLE 165 SPAIN: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 166 SPAIN: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 167 SPAIN: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 168 SPAIN: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.3.6 REST OF EUROPE
                       TABLE 169 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                       TABLE 170 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                       TABLE 171 REST OF EUROPE: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                       TABLE 172 REST OF EUROPE: MARKET, BY COUNTRY, 2022–2027 (‘000 UNITS)
     11.4 NORTH AMERICA
               FIGURE 59 NORTH AMERICA: INDUSTRIAL VEHICLES MARKET SNAPSHOT
               TABLE 173 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 174 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
               TABLE 175 NORTH AMERICA: MARKET, BY COUNTRY, 2018–2021 (‘000 UNITS)
               TABLE 176 NORTH AMERICA: MARKET, BY COUNTRY, 2022–2027 (‘000 UNITS)
             11.4.1 US
                       11.4.1.1 Inclination toward automation to drive market
                                   TABLE 177 US: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 178 US: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 179 US: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 180 US: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.4.2 MEXICO
                       11.4.2.1 Growth of foreign manufacturing units to drive market
                                   TABLE 181 MEXICO: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 182 MEXICO: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 183 MEXICO: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 184 MEXICO: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.4.3 CANADA
                       11.4.3.1 Growing export infrastructure to drive market
                                   TABLE 185 CANADA: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 186 CANADA: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 187 CANADA: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 188 CANADA: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
     11.5 REST OF THE WORLD (ROW)
               FIGURE 60 ROW: MARKET, BY COUNTRY, 2020 VS. 2027 (USD MILLION)
               TABLE 189 ROW: MARKET, BY COUNTRY, 2018–2021 (USD MILLION)
               TABLE 190 ROW: MARKET, BY COUNTRY, 2022–2027 (USD MILLION)
               TABLE 191 ROW: MARKET, BY COUNTRY, 2018–2021 (‘000 UNITS)
               TABLE 192 ROW: MARKET, BY COUNTRY, 2022–2027 (‘000 UNITS)
             11.5.1 BRAZIL
                       11.5.1.1 Strong manufacturing hub to drive market
                                   TABLE 193 BRAZIL: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 194 BRAZIL: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 195 BRAZIL: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 196 BRAZIL: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.5.2 SOUTH AFRICA
                       11.5.2.1 Expansion of warehouses due to growing export activities to drive market
                                   TABLE 197 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                                   TABLE 198 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                                   TABLE 199 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                                   TABLE 200 SOUTH AFRICA: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)
             11.5.3 OTHERS
                       TABLE 201 OTHERS: MARKET, BY VEHICLE TYPE, 2018–2021 (USD MILLION)
                       TABLE 202 OTHERS: MARKET, BY VEHICLE TYPE, 2022–2027 (USD MILLION)
                       TABLE 203 OTHERS: MARKET, BY VEHICLE TYPE, 2018–2021 (‘000 UNITS)
                       TABLE 204 OTHERS: MARKET, BY VEHICLE TYPE, 2022–2027 (‘000 UNITS)

12 COMPETITIVE LANDSCAPE (Page No. - 202)
     12.1 OVERVIEW
     12.2 REVENUE ANALYSIS OF TOP COMPANIES
               FIGURE 61 5-YEAR REVENUE ANALYSIS OF TOP PLAYERS IN INDUSTRIAL VEHICLES MARKET
             12.2.1 MARKET SHARE OF KEY PLAYERS
                       TABLE 205 INDUSTRIAL VEHICLES MARKET: DEGREE OF COMPETITION
     12.3 COMPETITIVE SCENARIO
             12.3.1 DEALS
                       TABLE 206 DEALS, 2018–2021
             12.3.2 NEW PRODUCT LAUNCHES
                       TABLE 207 NEW PRODUCT LAUNCHES, 2018–2022
             12.3.3 OTHERS, 2018–2022
                       TABLE 208 EXPANSION, 2018–2021
     12.4 COMPANY EVALUATION QUADRANT FOR INDUSTRIAL VEHICLES MARKET
             12.4.1 STARS
             12.4.2 EMERGING LEADERS
             12.4.3 PERVASIVE
             12.4.4 PARTICIPANTS
                       FIGURE 62 INDUSTRIAL VEHICLES MARKET: COMPANY EVALUATION QUADRANT, 2021
                       TABLE 209 INDUSTRIAL VEHICLES MARKET: COMPANY FOOTPRINT, 2021
                       TABLE 210 INDUSTRIAL VEHICLES MARKET: DRIVE TYPE FOOTPRINT, 2021
                       TABLE 211 INDUSTRIAL VEHICLES MARKET: REGIONAL FOOTPRINT, 2021
     12.5 SME EVALUATION QUADRANT FOR INDUSTRIAL VEHICLES MARKET
             12.5.1 PROGRESSIVE COMPANIES
             12.5.2 RESPONSIVE COMPANIES
             12.5.3 DYNAMIC COMPANIES
             12.5.4 STARTING BLOCKS
                       FIGURE 63 INDUSTRIAL VEHICLES MARKET: SME EVALUATION QUADRANT, 2021
     12.6 COMPANY EVALUATION QUADRANT FOR AERIAL WORK PLATFORM MARKET
             12.6.1 STARS
             12.6.2 EMERGING LEADERS
             12.6.3 PERVASIVE
             12.6.4 PARTICIPANTS
                       FIGURE 64 AERIAL WORK PLATFORM MARKET: COMPANY EVALUATION QUADRANT, 2021
     12.7 RIGHT TO WIN, 2018–2022
               TABLE 212 RIGHT TO WIN, 2018–2022

13 COMPANY PROFILES (Page No. - 218)
(Business overview, Products offered, Recent developments & MnM View)*
     13.1 KEY PLAYERS (INDUSTRIAL VEHICLES MARKET)
             13.1.1 TOYOTA INDUSTRIES CORPORATION
                       TABLE 213 TOYOTA INDUSTRIES CORPORATION: BUSINESS OVERVIEW
                       FIGURE 65 TOYOTA INDUSTRIES CORPORATION: COMPANY SNAPSHOT
                       FIGURE 66 TOYOTA INDUSTRIES CORPORATION’S MAJOR SHAREHOLDERS (2020)
                       FIGURE 67 TOYOTA INDUSTRIES CORPORATION’S PRODUCTS
                       TABLE 214 TOYOTA INDUSTRIES CORPORATION: KEY CUSTOMERS
                       TABLE 215 TOYOTA INDUSTRIES CORPORATION: PRODUCTS OFFERED
                       TABLE 216 TOYOTA INDUSTRIES CORPORATION: NEW PRODUCT DEVELOPMENTS
                       TABLE 217 TOYOTA INDUSTRIES CORPORATION: DEALS
                       TABLE 218 TOYOTA INDUSTRIES CORPORATION: OTHERS
             13.1.2 KION GROUP AG
                       TABLE 219 KION GROUP AG: BUSINESS OVERVIEW
                       FIGURE 68 KION GROUP AG: COMPANY SNAPSHOT
                       FIGURE 69 KION GROUP AG: EMPLOYEE STRENGTH BY REGION (2021)
                       FIGURE 70 KION GROUP AG: PRODUCTION SITES
                       TABLE 220 KION GROUP AG: PRODUCTS OFFERED
                       TABLE 221 KION GROUP AG: DEALS
                       TABLE 222 KION GROUP AG: OTHERS
             13.1.3 MITSUBISHI LOGISNEXT CO., LTD.
                       TABLE 223 MITSUBISHI LOGISNEXT CO., LTD.: BUSINESS OVERVIEW
                       FIGURE 71 MAJOR OVERSEAS NETWORK AS OF APRIL 1, 2021
                       FIGURE 72 MITSUBISHI LOGISNEXT CO., LTD.: COMPANY SNAPSHOT
                       TABLE 224 MITSUBISHI LOGISNEXT CO., LTD.: PRODUCTS OFFERED
                       TABLE 225 MITSUBISHI LOGISNEXT CO., LTD.: MAJOR SHAREHOLDERS (COMMON STOCK)
                       TABLE 226 MITSUBISHI LOGISNEXT CO., LTD.: NEW PRODUCT DEVELOPMENTS
                       TABLE 227 MITSUBISHI LOGISNEXT CO., LTD.: DEALS
                       TABLE 228 MITSUBISHI LOGISNEXT CO., LTD.: OTHERS
             13.1.4 JUNGHEINRICH AG
                       TABLE 229 JUNGHEINRICH AG: BUSINESS OVERVIEW
                       FIGURE 73 JUNGHEINRICH AG: WORLDWIDE PRESENCE
                       FIGURE 74 JUNGHEINRICH AG: COMPANY SNAPSHOT
                       TABLE 230 JUNGHEINRICH AG: PRODUCTS OFFERED
                       TABLE 231 MAJOR COMPANIES PREFERRING PRODUCTS & SERVICES FROM CROWN EQUIPMENT CORPORATION
                       TABLE 232 JUNGHEINRICH AG: NEW PRODUCT DEVELOPMENTS:
                       TABLE 233 JUNGHEINRICH AG: DEALS
                       TABLE 234 JUNGHEINRICH AG: OTHERS
             13.1.5 CROWN EQUIPMENT CORPORATION
                       TABLE 235 CROWN EQUIPMENT CORPORATION: BUSINESS OVERVIEW
                       TABLE 236 CROWN EQUIPMENT CORPORATION: PRODUCTS OFFERED
                       TABLE 237 CROWN EQUIPMENT CORPORATION: NEW PRODUCT DEVELOPMENTS:
                       TABLE 238 CROWN EQUIPMENT CORPORATION: OTHERS
             13.1.6 HYSTER-YALE MATERIALS HANDLING, INC.
                       TABLE 239 HYSTER-YALE MATERIALS HANDLING, INC.: BUSINESS OVERVIEW
                       FIGURE 75 HYSTER-YALE MATERIALS HANDLING, INC.: COMPANY SNAPSHOT
                       TABLE 240 HYSTER-YALE MATERIALS HANDLING, INC.: PRODUCTS OFFERED
                       TABLE 241 HYSTER-YALE MATERIALS HANDLING, INC.: WORLDWIDE SALES BY PRODUCT (2020)
                       TABLE 242 RETAIL LIFT TRUCK SHIPMENTS BY INDUSTRY VERTICALS (2020)
                       TABLE 243 HYSTER-YALE MATERIALS HANDLING, INC.: DEALS
             13.1.7 HANGCHA GROUP CO., LTD.
                       TABLE 244 HANGCHA GROUP CO., LTD.: BUSINESS OVERVIEW
                       TABLE 245 HANGCHA GROUP CO., LTD.: PRODUCTS OFFERED
                       TABLE 246 HANGCHA GROUP CO., LTD.: NEW PRODUCT DEVELOPMENTS
             13.1.8 CLARK
                       TABLE 247 CLARK: BUSINESS OVERVIEW
                       TABLE 248 CLARK: PRODUCTS OFFERED
                       TABLE 249 CLARK: NEW PRODUCT DEVELOPMENTS
                       TABLE 250 CLARK: OTHERS
             13.1.9 ANHUI HELI CO. LTD.
                       TABLE 251 ANHUI HELI CO. LTD.: BUSINESS OVERVIEW
                       TABLE 252 ANHUI HELI CO. LTD.: PRODUCTS OFFERED
                       TABLE 253 ANHUI HELI CO. LTD.: NEW PRODUCT DEVELOPMENTS
                       TABLE 254 ANHUI HELI CO. LTD.: DEALS
                       TABLE 255 ANHUI HELI CO. LTD.: OTHERS
             13.1.10 KONECRANES
                       TABLE 256 KONECRANES: BUSINESS OVERVIEW
                       FIGURE 76 KONECRANES: COMPANY SNAPSHOT
                       FIGURE 77 KONECRANES: PERCENTAGE BREAKDOWN OF EMPLOYEES BY BUSINESS SEGMENT (2021)
                       FIGURE 78 KONECRANES: ORDERS BY CUSTOMER SEGMENTS FOR 2021
                       TABLE 257 KONECRANES: MAJOR SHAREHOLDERS (COMMON STOCK)
                       TABLE 258 KONECRANES: ACTIVE PATENTS
                       TABLE 259 KONECRANES: PRODUCTS OFFERED
                       TABLE 260 KONECRANES: NEW PRODUCT DEVELOPMENTS:
                       TABLE 261 KONECRANES: DEALS
                       TABLE 262 KONECRANES: OTHERS
     13.2 OTHER KEY PLAYERS (INDUSTRIAL VEHICLES MARKET)
             13.2.1 KOMATSU
                       TABLE 263 KOMATSU: BUSINESS OVERVIEW
             13.2.2 DOOSAN INDUSTRIAL VEHICLE
                       TABLE 264 DOOSAN INDUSTRIAL VEHICLE: BUSINESS OVERVIEW
             13.2.3 MANITOU GROUP
                       TABLE 265 MANITOU GROUP: BUSINESS OVERVIEW
             13.2.4 CARGOTEC CORPORATION
                       TABLE 266 CARGOTEC CORPORATION: BUSINESS OVERVIEW
             13.2.5 ACTION CONSTRUCTION EQUIPMENT LTD.
                       TABLE 267 ACTION CONSTRUCTION EQUIPMENT LTD.: BUSINESS OVERVIEW
             13.2.6 HYUNDAI CONSTRUCTION EQUIPMENT INDIA PVT. LTD.
                       TABLE 268 HYUNDAI CONSTRUCTION EQUIPMENT INDIA PVT. LTD.: BUSINESS OVERVIEW
             13.2.7 V. MARIOTTI SRL
                       TABLE 269 V. MARIOTTI SRL: BUSINESS OVERVIEW
             13.2.8 COMBILIFT
                       TABLE 270 COMBILIFT: BUSINESS OVERVIEW
             13.2.9 DAIFUKU
                       TABLE 271 DAIFUKU: BUSINESS OVERVIEW
             13.2.10 JBT
                       TABLE 272 JBT: BUSINESS OVERVIEW
             13.2.11 LONKING MACHINERY CO., LTD.
                       TABLE 273 LONKING MACHINERY CO., LTD.: BUSINESS OVERVIEW
             13.2.12 HUBTEX MASCHINENBAU & CO. KG
                       TABLE 274 HUBTEX MASCHINENBAU & CO. KG: BUSINESS OVERVIEW
             13.2.13 GODREJ & BOYCE
                       TABLE 275 GODREJ & BOYCE: BUSINESS OVERVIEW
             13.2.14 SVETUCK AB
                       TABLE 276 SVETUCK AB: BUSINESS OVERVIEW
             13.2.15 STOCKLIN LOGISTIK AG
                       TABLE 277 STOCKLIN LOGISTIK AG: BUSINESS OVERVIEW
             13.2.16 OMG SRL.
                       TABLE 278 OMG SRL.: BUSINESS OVERVIEW
             13.2.17 PALETRANS FORKLIFTS
                       TABLE 279 PALETRANS FORKLIFTS: BUSINESS OVERVIEW
             13.2.18 GENKINGER GMBH
                       TABLE 280 GENKINGER GMBH: BUSINESS OVERVIEW
     13.3 KEY PLAYERS (AERIAL WORK PLATFORMS)
             13.3.1 JLG INDUSTRIES, INC.
                       TABLE 281 JLG INDUSTRIES, INC.: BUSINESS OVERVIEW
                       TABLE 282 JLG INDUSTRIES, INC.: MAJOR CENTERS
                       TABLE 283 JLG INDUSTRIES, INC.: PRODUCTS OFFERED
                       TABLE 284 JLG INDUSTRIES, INC.: NEW PRODUCT DEVELOPMENTS
                       TABLE 285 JLG INDUSTRIES, INC.: DEALS
                       TABLE 286 JLG INDUSTRIES, INC.: OTHERS
             13.3.2 TADANO LTD.
                       TABLE 287 TADANO LTD.: BUSINESS OVERVIEW
                       FIGURE 79 TADANO LTD.: COMPANY SNAPSHOT
                       FIGURE 80 TADANO LTD.: STOCK OWNERSHIP BREAKDOWN (2020)
                       TABLE 288 TADANO LTD.: MAJOR SHAREHOLDERS (COMMON STOCK)
                       TABLE 289 TADANO LTD.: PRODUCTS OFFERED
                       TABLE 290 TADANO LTD.: DEALS
                       TABLE 291 TADANO LTD.: OTHERS
             13.3.3 TEREX CORPORATION
                       TABLE 292 TEREX CORPORATION: BUSINESS OVERVIEW
                       FIGURE 81 COMPANY’S BRANDS AND THEIR OFFERINGS
                       FIGURE 82 TEREX CORPORATION: COMPANY SNAPSHOT
                       TABLE 293 TEREX CORPORATION: PRODUCTS OFFERED
                       TABLE 294 TEREX CORPORATION: PATENTS
                       TABLE 295 TEREX CORPORATION: NEW PRODUCT DEVELOPMENTS
                       TABLE 296 TEREX CORPORATION: OTHERS
             13.3.4 LINAMAR CORPORATION
                       TABLE 297 LINAMAR CORPORATION: BUSINESS OVERVIEW
                       FIGURE 83 LINAMAR CORPORATION: COMPANY SNAPSHOT
                       TABLE 298 LINAMAR CORPORATION: KEY CUSTOMERS
                       TABLE 299 LINAMAR CORPORATION: MANUFACTURING FACILITIES
                       TABLE 300 LINAMAR CORPORATION: PRODUCTS OFFERED
                       TABLE 301 LINAMAR CORPORATION: NEW PRODUCT DEVELOPMENTS:
                       TABLE 302 LINAMAR CORPORATION: DEALS
                       TABLE 303 LINAMAR CORPORATION: OTHERS
*Details on Business overview, Products offered, Recent developments & MnM View might not be captured in case of unlisted companies.
     13.4 OTHER KEY PLAYERS (AERIAL WORK PLATFORMS)
             13.4.1 HAULOTTE GROUP
                       TABLE 304 HAULOTTE GROUP: BUSINESS OVERVIEW
             13.4.2 AICHI CORPORATION
                       TABLE 305 AICHI CORPORATION: BUSINESS OVERVIEW
             13.4.3 PALFINGER AG
                       TABLE 306 PALFINGER AG: BUSINESS OVERVIEW
             13.4.4 IMER INTERNATIONAL SPA
                       TABLE 307 IMER INTERNATIONAL SPA: BUSINESS OVERVIEW
             13.4.5 SINOBOOM INTELLIGENT EQUIPMENT CO, LTD.
                       TABLE 308 SINOBOOM INTELLIGENT EQUIPMENT CO, LTD.: BUSINESS OVERVIEW
             13.4.6 ALTEC INDUSTRIES
                       TABLE 309 ALTEC INDUSTRIES: BUSINESS OVERVIEW
             13.4.7 J C BAMFORD EXCAVATORS LTD.
                       TABLE 310 JC BAMFORD EXCAVATORS LTD.: BUSINESS OVERVIEW
             13.4.8 NOBLELIFT INTELLIGENT EQUIPMENT CO, LTD.
                       TABLE 311 NOBLELIFT INTELLIGENT EQUIPMENT CO, LTD.: BUSINESS OVERVIEW
             13.4.9 BRONTO SKYLIFT
                       TABLE 312 BRONTO SKYLIFT: BUSINESS OVERVIEW
             13.4.10 SNORKEL
                       TABLE 313 SNORKEL: BUSINESS OVERVIEW

14 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 286)
     14.1 ASIA PACIFIC TO DOMINATE THE MARKET
     14.2 INDIA AND SOUTH KOREA WILL BE PROMISING MARKETS FOR MANUFACTURERS IN COMING YEARS
     14.3 E-COMMERCE EXPECTED TO BE KEY FOCUS FOR MANUFACTURERS
     14.4 BATTERY-OPERATED FORKLIFTS & AISLE TRUCKS TO EMERGE AS KEY FOCUS FOR MANUFACTURERS
     14.5 CONCLUSION

15 APPENDIX (Page No. - 288)
     15.1 KEY INSIGHTS OF INDUSTRY EXPERTS
     15.2 DISCUSSION GUIDE
     15.3 KNOWLEDGE STORE: MARKETSANDMARKETS SUBSCRIPTION PORTAL
     15.4 AVAILABLE CUSTOMIZATIONS
     15.5 RELATED REPORTS
     15.6 AUTHOR DETAILS

The study involves 4 main activities to estimate the current size of the industrial vehicles market. Exhaustive secondary research was done to collect information on the market such as the pentration of industrial vehicles by drive type, capacity, etc. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size of different segments considered in this study. Market breakdown and data triangulation were then used to estimate the market size of the segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as company annual reports/presentations, press releases, industry association publications [for example, Association of Professional Material Handling Consultants (APMHC), British Industrial Truck Association (BITA), European Materials Handling Federation (FEM), Industrial Truck Association (ITA), Material Handling Equipment Distributors Association (MHEDA), lift truck magazines, articles, directories, technical handbooks, trade websites, technical articles, and databases (for example, Marklines, and Factiva) have been used to identify and collect information useful for an extensive commercial study of the global industrial vehicles market.

Primary Research

Extensive primary research was conducted after acquiring an understanding of the industrial vehicles market scenarios through secondary research. Several primary interviews were conducted with market experts from both the demand (manufacturing industries, logistic companies, etc.) and supply (industrial vehicle manufacturers, and raw material/component manufacturers) sides across major regions, namely, North America, Europe, and Asia Pacific. Approximately 17% and 83% of primary interviews were conducted from the demand and supply sides, respectively. Primary data was collected through questionnaires, emails, and telephonic interviews.

In the canvassing of primaries, various departments within organizations, such as sales, operations, and marketing, were covered to provide a holistic viewpoint in the report. After interacting with industry experts, brief sessions were also conducted with highly experienced independent consultants to reinforce the findings from primaries. This, along with the in-house subject matter experts’ opinions, led to the findings described in the remainder of this report.

Industrial Vehicles Market Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The top-down approach was used to estimate and validate the total size of the industrial vehicles market. These methods were also used extensively to estimate the size of various subsegments in the market. The top-down methodology has been followed to estimate the global market by drive type, capacity, application, and level of autonomy. To determine the market size by drive type and capacity type in terms of volume, model mapping was done to understand the penetration rates. For application segment, penetration was identified through secondary and primary research.

For instance,

  • The industrial vehicles market for drive type was derived using the top-down approach to estimate the subsegments: battery-operated, internal combustion engine, and gas-powered.
  • Mapping was done at regional level to understand the penetration of different drive types.
  • In terms of volume, the market size was derived at the country level. The total volume of the industrial vehicles market was multiplied by the adoption rate breakup percentage of drive type at the country level

Data Triangulation

After arriving at the overall market size—using the market size estimation processes as explained above—the market was split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Report Objectives

  • To define, segment, and forecast the global industrial vehicles market (2018–2027) in terms of volume (000’ units) and value (USD Million)
  • To segment the global market and forecast its size by vehicle type & capacity, drive type, application, level of autonomy, aerial work platform, and region
  • To segment the global industrial vehicles market and forecast the market size, by volume and value, based on the vehicle type – forklifts, tow tractors, container handlers, aisle trucks, AGVs, and personnel carriers
  • To segment the global market and forecast the market size, by volume and value, based on drive type – internal combustion engine, battery-operated, and gas-powered
  • To segment the global industrial vehicles market and forecast the market size, by volume and value, based on application – industrial applications and cargo applications
  • To segment the global market and forecast the market size, by volume and value, based on level of autonomy – non/semi-autonomous and autonomous
  • To segment the global industrial vehicles market, and forecast the market size, by volume and value, based on aerial work platform – scissor lifts, and boom lifts
  • To forecast the market size with respect to key regions, namely, North America, Europe, Asia Pacific, and the Rest of the World
  • To provide detailed information regarding major factors influencing market growth (drivers, challenges, restraints, and opportunities)
  • To strategically analyze the market with respect to individual growth trends, prospects, and contributions to the total market
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • To analyze the opportunities for stakeholders and the competitive landscape for market leaders
  • To track and analyze competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants

Available Customizations

With the given market data, MarketsandMarkets offers customizations in accordance with the company’s specific needs.

  • By Capacity at regional level for each vehicle type
  • By Drive Type at regional level for each vehicle type
  • By Application at global level for each vehicle type

Company Information

  • Profiling of Additional Market Players (Up to 5)
Industrial Vehicles Market Size,  Share & Growth Report
Report Code
AT 4611
Published ON
May, 2022
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