HOME Top Market Reports Industrial Vehicles Market by Product Type (Forklift, Aisle Truck, Tow Tractor, and Container Handler), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Application (Industrial and Cargo), and Region - Forecast to 2021

Industrial Vehicles Market by Product Type (Forklift, Aisle Truck, Tow Tractor, and Container Handler), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Application (Industrial and Cargo), and Region - Forecast to 2021

By: marketsandmarkets.com
Publishing Date: September 2016
Report Code: AT 4611

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The industrial vehicles market is valued at USD 25.66 Billion in 2016 and is projected to grow at a CAGR of 3.02% during the forecast period, to reach USD 29.77 Billion by 2021.

In this study, 2015 has been considered as base year, and 2016 to 2021 as forecast period, for estimating the market size of the industrial vehicles market. The report segments the industrial vehicles market and forecasts its size, by volume and value, based on region, product type, drive type, and application.

It provides a detailed analysis of various forces acting in the market (drivers, restraints, opportunities, and challenges). It strategically profiles key players and comprehensively analyzes their market shares and core competencies. The report also tracks and analyzes competitive developments such as joint ventures, mergers & acquisitions, new product launches, expansions, and other activities carried out by key industry participants. The market for industrial vehicles is estimated to grow at a promising CAGR from 2016 to 2021. China, India and Japan are the key contributors for growth of industrial vehicles market which make Asia Pacific to have highest market share followed by Europe and North America. Additionally, the increased number of warehouses in Asia Pacific region have welcomed FDI’s which has fuelled the growth of the industrial vehicles market

The research methodology used in the report involves various secondary sources such as Japan Industrial Vehicles Association (JIVA), European Materials Handling Federation (FEM), World Industrial Truck Statistics (WITS), and Industrial Truck Association (ITA). Experts from related industries and suppliers have been interviewed to understand the future trends of the industrial vehicles market. The top-down approach has been used to estimate and validate the size of the global market. The market size, by volume, is derived by identifying the region-wise production volumes and analyzing the demand trends. The market size, by value, is derived by multiplying the average selling price of industrial vehicles by the number of units.

The figure given below illustrates the break-up of the profile of industry experts who participated in primary discussions.

Industrial Vehicles Market

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

The primary sources experts from related industries, industrial vehicles manufacturers, and suppliers–have been interviewed to obtain and verify critical information, as well as to assess future prospects and market estimations. Bottom-up and top-down both the approaches has been used for market estimation and calculating the global industrial vehicles market size.

The ecosystem of the industrial vehicles industry consists of manufacturers such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Materials Handling, Inc. (U.S.), Jungheinrich AG (Germany), and Konecranes (Finland) and research institutes such as the Japan Industrial Vehicles Association (JIVA), European Materials Handling Federation (FEM), World Industrial Truck Statistics (WITS), and Industrial Truck Association (ITA).

Target Audience

  • Global industrial vehicle manufacturers
  • Distributors and suppliers of industrial vehicles
  • Industrial vehicle raw material suppliers
  • Industry associations and experts
  • Original equipment manufacturers
  • Manufacturers of industrial vehicle components

Scope of the Report

  • By Product Type
    • Forklifts
    • Tow tractors
    • Aisle trucks
    • Container handlers
  • By Drive type  
    • Internal combustion engine
    • Battery-operated
    • Gas-powered
  • By Application
    • Industrial applications
    • Cargo applications
  • By Region
    • North America
    • Asia-Pacific
    • Europe
    • Africa

Available Customizations

MarketsandMarkets offers the following customizations for this market report:

  1. Detailed analysis and profiling of additional regions (up to 3)
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  3. Detailed analysis of the forklift market, by tonnage

Table of Contents

1 Introduction (Page No. - 14)
    1.1 Objectives of the Study
    1.2 Market Definition
    1.3 Market Scope
           1.3.1 Markets Covered
           1.3.2 Years Considered for the Study
    1.4 Currency
    1.5 Package Size
    1.6 Limitations
    1.7 Stakeholders

2 Research Methodology (Page No. - 17)
    2.1 Research Data
    2.2 Secondary Data
           2.2.1 Key Secondary Sources
           2.2.2 Data From Secondary Sources
    2.3 Primary Data
           2.3.1 Sampling Techniques & Data Collection Methods
           2.3.2 Primary Participants
    2.4 Factor Analysis
           2.4.1 Introduction
           2.4.2 Demand-Side Analysis
                    2.4.2.1 Expected Rise in Trade of Goods
                    2.4.2.2 Favorable Economic Environment
           2.4.3 Supply-Side Analysis
                    2.4.3.1 Technological Advancements
    2.5 Market Size Estimation
    2.6 Data Triangulation
    2.7 Assumptions

3 Executive Summary (Page No. - 26)

4 Premium Insights (Page No. - 30)
    4.1 Opportunities in the Industrial Vehicles Market
    4.2 Industrial Vehicles Market, By Region, 2016 & 2021
    4.3 Industrial Vehicles Market, By Application, 2016 & 2021
    4.4 Industrial Vehicles Market, By Drive Type, 2016 & 2021
    4.5 Industrial Vehicles Market, By Product Type, 2016 & 2021

5 Market Overview (Page No. - 33)
    5.1 Introduction
    5.2 Market Segmentation
    5.3 Market Dynamics
           5.3.1 Drivers
                    5.3.1.1 Growing Need for Warehouses
                    5.3.1.2 Technological Advancements Aimed at Increasing Productivity
           5.3.2 Restraints
                    5.3.2.1 Lack of R&D Facilities for Industrial Vehicles
                    5.3.2.2 High Cost of Automation
           5.3.3 Opportunities
                    5.3.3.1 Increasing Demand for Battery-Operated Industrial Vehicles
                    5.3.3.2 Advent of Smart Factories in the Material-Handling Industry
           5.3.4 Challenges
                    5.3.4.1 Government & Safety Regulations
    5.4 Industrial Vehicle Lifecycle Analysis
    5.5 Porter’s Five Forces Analysis
           5.5.1 Threat of New Entrants
           5.5.2 Threat of Substitutes
           5.5.3 Bargaining Power of Suppliers
           5.5.4 Bargaining Power of Buyers
           5.5.5 Intensity of Competitive Rivalry

6 Industrial Vehicles Market, By Product Type (Page No. - 42)
    6.1 Introduction
    6.2 Forklift
    6.3 Aisle Truck
    6.4 Tow Tractor
    6.5 Container Handler
    6.6 Automated Guided Vehicles
    6.7 Personnel Carriers

7 Industrial Vehicles Market, By Region (Page No. - 53)
    7.1 Introduction
    7.2 Asia-Pacific
           7.2.1 China
           7.2.2 Japan
           7.2.3 India
           7.2.4 South Korea
           7.2.5 Rest of Asia-Pacific
    7.3 North America
           7.3.1 U.S.
           7.3.2 Canada
           7.3.3 Mexico
    7.4 Europe
           7.4.1 Germany
           7.4.2 France
           7.4.3 U.K.
           7.4.4 Italy
           7.4.5 Rest of Europe
    7.5 Africa

8 Industrial Vehicles Market, By Drive Type (Page No. - 79)
    8.1 Introduction
    8.2 Internal Combustion Engine Industrial Vehicles
    8.3 Battery-Operated Industrial Vehicles
    8.4 Gas-Powered Industrial Vehicles

9 Industrial Vehicles Market, By Application (Page No. - 85)
    9.1 Introduction
    9.2 Cargo Application
    9.3 Industrial Application

10 Competitive Landscape (Page No. - 90)
     10.1 Market Ranking Analysis: Industrial Vehicles Market
     10.2 Competitive Situation & Trends
     10.3 New Product Launches
     10.4 Mergers & Acquisitions
     10.5 Supply Contracts/Joint Ventures/Collaborations/Partnerships
     10.6 Expansions

11 Company Profiles (Page No. - 98)
     11.1 Toyota Industries Corporation
             11.1.1 Business Overview
             11.1.2 Products Offered
             11.1.3 Recent Developments, 2015
             11.1.4 SWOT Analysis
             11.1.5 MnM View
     11.2 Kion Group AG
             11.2.1 Business Overview
             11.2.2 Products Offered
             11.2.3 Recent Developments, 2013–2016
             11.2.4 SWOT Analysis
             11.2.5 MnM View
     11.3 Hyster-Yale Materials Handling, Inc.
             11.3.1 Business Overview
             11.3.2 Products Offered
             11.3.3 Recent Developments, 2014–2016
             11.3.4 SWOT Analysis
             11.3.5 MnM View
     11.4 Mitsubishi Nichiyu Forklift Co., Ltd.
             11.4.1 Business Overview
             11.4.2 Products Offered
             11.4.3 Recent Developments, 2012–2016
             11.4.4 SWOT Analysis
             11.4.5 MnM View
     11.5 Jungheinrich AG
             11.5.1 Business Overview
             11.5.2 Products Offered
             11.5.3 Recent Developments, 2015–2016
             11.5.4 SWOT Analysis
             11.5.5 MnM View
     11.6 Crown Equipment Corporation
             11.6.1 Business Overview
             11.6.2 Products Offered
             11.6.3 Recent Developments, 2014–2016
     11.7 Hangcha Group Co., Ltd.
             11.7.1 Business Overview
             11.7.2 Products Offered
             11.7.3 Recent Developments, 2015–2016
     11.8 Konecranes
             11.8.1 Business Overview
             11.8.2 Products Offered
             11.8.3 Developments, 2016
     11.9 Clark Material Handling Company
             11.9.1 Business Overview
             11.9.2 Products Offered
             11.9.3 Developments, 2015–2016
     11.10 Anhui Heli Co., Ltd.
             11.10.1 Business Overview
             11.10.2 Products Offered
             11.10.3 Recent Developments, 2013–2016

12 Appendix (Page No. - 122)
     12.1 Key Insights of Industry Experts
     12.2 Discussion Guide
     12.3 Knowledge Store: Marketsandmarkets’ Subscription Portal
     12.4 Introducing RT: Real Time Market Intelligence
     12.5 Available Customizations
     12.6 Related Reports
     12.7 Author Details


List of Tables (65 Tables)

Table 1 Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 2 Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 3 Forklift: Industrial Vehicles Market Size, By Region, 2014–2021 (’000 Units)
Table 4 Forklift: Industrial Vehicles Market Size, By Region, 2014–2021 (USD Million)
Table 5 Aisle Truck: Industrial Vehicles Market Size, By Region, 2014–2021 (’000 Units)
Table 6 Aisle Truck: Industrial Vehicles Market Size, By Region, 2014–2021 (USD Million)
Table 7 Tow Tractor: Industrial Vehicles Market Size, By Region, 2014–2021 (’000 Units)
Table 8 Tow Tractor: Industrial Vehicles Market Size, By Region, 2014–2021 (USD Million)
Table 9 Container Handler: Industrial Vehicles Market Size, By Region, 2014–2021 (’000 Units)
Table 10 Container Handler: Industrial Vehicles Market Size, By Region, 2014–2021 (USD Million)
Table 11 Industrial Vehicles Market Size, By Region, 2014–2021 (‘000 Units)
Table 12 Industrial Vehicles Market Size, By Region, 2014–2021 (USD Million)
Table 13 Asia-Pacific: Industrial Vehicles Market Size, By Country, 2014–2021 (‘000 Units)
Table 14 Asia-Pacific: Industrial Vehicles Market Size, By Country, 2014–2021 (USD Million)
Table 15 China: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 16 China: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 17 Japan: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 18 Japan: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 19 India: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 20 India: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 21 South Korea: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 22 South Korea: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 23 Rest of Asia-Pacific: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 24 Rest of Asia-Pacific: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 25 North America: Industrial Vehicles Market Size, By Country, 2014–2021 (‘000 Units)
Table 26 North America: Industrial Vehicles Market Size, By Country, 2014–2021 (USD Million)
Table 27 U.S.: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 28 US: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 29 Canada: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 30 Canada: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 31 Mexico: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 32 Mexico: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 33 Europe: Industrial Vehicles Market Size, By Country, 2014–2021 (‘000 Units)
Table 34 Europe: Industrial Vehicles Market Size, By Country, 2014–2021 (USD Million)
Table 35 Germany: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 36 Germany: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 37 France: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 38 France: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 39 U.K.: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 40 U.K.: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 41 Italy: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 42 Italy: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 43 Rest of Europe: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 44 Rest of Europe: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 45 Africa: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 46 Africa: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 47 Industrial Vehicles Market, By Drive Type, 2014–2021 (‘000 Units)
Table 48 Industrial Vehicles Market, By Drive Type, 2014–2021 (USD Million)
Table 49 Internal Combustion Engine: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 50 Internal Combustion Engine: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 51 Battery-Operated: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 52 Battery-Operated: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 53 Gas-Powered: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 54 Gas-Powered: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (USD Million)
Table 55 Industrial Vehicles Market Size, By Application, 2014–2021 (‘000 Units)
Table 56 Industrial Vehicles Market, By Application, 2014–2021 (USD Million)
Table 57 Cargo Application: Industrial Vehicles Market Size, By Vehicle Type, 2014–2021 (‘000 Units)
Table 58 Cargo Application: Industrial Vehicles Market Size, 2014–2021 (USD Million)
Table 59 Industrial Application: Industrial Vehicles Market Size, 2014–2021 (‘000 Units)
Table 60 Industrial Application: Industrial Vehicles Market Size, 2014–2021 (USD Million)
Table 61 Industrial Vehicles Market Ranking: 2015
Table 62 New Product Launches, 2014–2016
Table 63 Mergers & Acquisitions, 2015–2016
Table 64 Supply Contracts/Joint Ventures/Collaborations/Partnerships, 2015–2016
Table 65 Expansions, 2015–2016


List of Figures (41 Figures)

Figure 1 Global Industrial Vehicles Market: Markets Covered
Figure 2 Research Design
Figure 3 Research Design Model
Figure 4 Breakdown of Primary Interviews: By Company Type, Designation, & Region
Figure 5 Top-Down Approach
Figure 6 Container Handlers to Be the Largest Contributor to the Industrial Vehicles Market, By Product Type (2016 & 2021)
Figure 7 Cargo Applications to Be the Largest Contributor to the Industrial Vehicles Market, By Application (2016 & 2021)
Figure 8 Industrial Vehicles Market, By Drive Type, 2016 & 2021
Figure 9 Asia-Pacific to Hold the Largest Share in the Industrial Vehicles Market, By Region, in 2016
Figure 10 Warehouse Development is Expected to Drive the Industrial Vehicles Market
Figure 11 Asia-Pacific to Hold the Largest Market for Industrial Vehicles
Figure 12 Industrial Application Segment to Hold the Largest Size, By Value, in the Industrial Vehicles Market, By Application
Figure 13 Ice Segment is Estimated to Dominate the Market Throughout the Forecast Period, By Value, in the Industrial Vehicles Market, By Drive Type
Figure 14 Forklift Market to Hold the Largest Share, By Value, in the Industrial Vehicles Market, By Product Type, 2016
Figure 15 Growing Need for Warehouses Expected to Drive the Industrial Vehicles Market
Figure 16 Rise in Demand for Industrial Vehicle in Emerging Regions, 2016
Figure 17 Industrial Vehicles Market: Porter’s Five Forces Analysis
Figure 18 Container Handlers to Hold the Largest Market Share, in Terms of Value, 2016 & 2021
Figure 19 Asia-Pacific to Hold the Largest Share (Value) in the Forklift Market From 2016 to 2021
Figure 20 Rising Demand for Battery-Operated Vehicles is Driving the Growth of the Aisle Truck Market, 2016 & 2021
Figure 21 Asia-Pacific to Hold the Largest Share, in Terms of Value, in the Container Handler Market, 2016 & 2021
Figure 22 Asia-Pacific is Expected to Hold the Largest Market Share in the Industrial Vehicles Market in 2016
Figure 23 Asia-Pacific Industrial Vehicles Market Snapshot: China Captures the Largest Share of the Industrial Vehicles Market (Value) in 2016
Figure 24 North American Industrial Vehicles Market Snapshot: U.S. Estimated to Capture the Largest Share of the Industrial Vehicles Market (Value) in 2016
Figure 25 Europe: Germany Accounts for the Largest Market Size in the Industrial Vehicles Market (Value), 2016–2021
Figure 26 Battery-Operated Industrial Vehicles Estimated to Be the Fastest Growing Segment of the Industrial Vehicles Market
Figure 27 Cargo Applications to Constitute the Fastest Growing Segment of the Industrial Vehicles Market
Figure 28 Companies Adopted Expansion as the Key Growth Strategy From 2013 to 2016
Figure 29 Market Evaluation Framework: Mergers & Acquisitions Fuelled Market Growth From 2013– 2016
Figure 30 Battle for Market Share: New Product Launches Was the Key Strategy
Figure 31 Toyota Industries Corporation: Company Snapshot
Figure 32 Toyota Industries Corporation: SWOT Analysis
Figure 33 Kion Group AG: Company Snapshot
Figure 34 Kion Group AG: SWOT Analysis
Figure 35 Hyster-Yale Materials Handling, Inc.: Company Snapshot
Figure 36 Hyster-Yale Materials Handling, Inc.: SWOT Analysis
Figure 37 Mitsubishi Nichiyu Forklift Co., Ltd.: Company Snapshot
Figure 38 Mitsubishi Nichiyu Forklift Co., Ltd.: SWOT Analysis
Figure 39 Jungheinrich AG: Company Snapshot
Figure 40 Jungheinrich AG: SWOT Analysis
Figure 41 Konecranes: Company Snapshot

The industrial vehicles market, in terms of value, is projected to grow at a CAGR of 3.02% from 2016 to 2021. The market is estimated to be USD 25.66 Billion in 2016, and is projected to reach 29.77 Billion by 2021. The increased industrialization and setting up of warehouses to support hub and spoke model for various sectors are expected to drive the industrial vehicles market. The setting up new factories and ecommerce platform have supported the growth for global industrial vehicles market

The industrial vehicles market has been segmented on the basis of product type (forklifts, aisle trucks, tow tractors, and container handlers), application, and drive type. In terms of product type, the aisle truck segment is projected to grow at the highest CAGR during the forecast period, as these trucks have low operational costs, and are reliable, efficient, economical, and battery-operated. These industrial vehicles are also eco-friendly and compact, which enables them to be used in very narrow aisles that forklifts cannot fit into.

On the basis of drive type, the industrial vehicles market has been segmented into internal combustion engine (ICE), battery-powered, and gas-powered. The ICE industrial vehicle segment is estimated to account for the largest market share, in terms of value, in 2016. ICE engines are preferred over battery-operated industrial vehicles and gas-powered vehicles as they have better acceleration and lift speeds and lower maintenance costs. Also forklift manufacturer are focused onto operate on battery operated aisle trucks over ICE forklift to have increased operational efficiency and reducing emission.

With the increased focus on fuel efficiency and emission norms, a majority of the industrial vehicles manufactures are focusing on battery operated in order to provide better efficiency.

The industrial vehicles market has been segmented by application into cargo applications and industrial applications. The industrial application segment is expected to account for the largest market share, by value, in 2016. This can be attributed to increased industrialization. The need for industrial vehicles is also growing owing to the increasing number of warehouses for the e-commerce and manufacturing sectors. Also, there has been increase in demand for industrial vehicle in warehouses to keep goods at height or to stack them.

The Asia-Pacific region is estimated to dominate the industrial vehicles market, in terms of value, in 2016, as it comprises some of the fastest developing economies in the world, including China, India, and South Korea. Asia-Pacific market is estimated to be the largest market with a highest market share of the global forklift market by value and volume. The demand in developing countries such as India and China is expected to rise for industrial vehicle in near future. 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.

Industrial Vehicles Market

Restraints of the industrial vehicles market:

There is a lack of innovation and R&D for industrial vehicles. OEMs need to invest heavily in R&D to enhance the ability of industrial vehicles to lift heavy loads and to improve efficiency in order to reduce turnaround time. Automated industrial vehicles and customized industrial vehicles have a higher installation cost than other industrial vehicles. These vehicles have not yet penetrated emerging markets, which constitute a major share of the global industrial vehicles market. The high installation cost is one of the major factors preventing manufacturers from entering the Asia-Pacific market, particularly in countries such as India and China.

Toyota Industries Corporation is a major player in the industrial vehicles market. It is an industry leader in the production and sales of industrial vehicles. It has a strong product portfolio, with four material-handling brands. The company invested USD 543 million in research and development in 2015; this indicates its dedication to continuous innovation. Toyota Industries Corporation’s acquisition of the forklift business of Tailift Co. Ltd. (Taiwan) will strengthen its presence in China and Taiwan.

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