The report "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", The global industrial vehicles market is estimated to be USD 25.66 billion in 2016, and is projected to grow at a CAGR of 3.02% from 2016 to 2021, to reach USD 29.77 billion by 2021. The growth of this market is fueled by increased industrialization and the increasing number of warehouses being set up globally.
Browse 65 market data Tables and 41 Figures spread through 128 Pages and in-depth TOC on "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"
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Internal combustion engine industrial vehicles to hold the largest share in the industrial vehicles market, by drive type
The internal combustion engine (ICE) segment is estimated to account for the largest share in the industrial vehicles market. The primary advantage of ICE industrial vehicles is that their engines produce more torque and are suitable for towing applications. ICE engines offer better acceleration and lift speeds, and have lower maintenance costs than battery-operated industrial vehicles and gas-powered vehicles. ICE Container handlers can lift heavy loads and are most useful for outdoor application, due to which there is increase in demand for ICE container handlers in material handling departments and warehouses.
Container handlers: A promising market due to the increase in global trade
Container handlers are expected to hold the largest share, in term of value, in the industrial vehicles market. This can be attributed to enable goods to be stacked at greater heights, which has triggered the demand for reliable and technologically advanced industrial vehicles. Due to globalization and demand for goods in various regions, there has been increase in transportation network between countries and continents. This practice has generate demand for ICE container handlers as stocking of heavy goods take place in warehouse, which would become easy to lift load through container handlers.
The demand for container handlers is high in developed countries such as North America and Europe. The demand is expected to increase in emerging economies such as China, and India, where new infrastructure projects are being launched.
Asia-Pacific: Largest market for industrial vehicles
Asia-Pacific comprises countries such as China, Japan, India, and South Korea and this region has the largest number of warehouses. Companies are planning to expand in Asia Pacific region in developing countries due to favourable government policies, which in turn has set up new warehouses in region. Thereby fuelling the growth of Industrial vehicle market.
Asia-Pacific is estimated to account for the largest share, in terms of value, of the global industrial vehicle market in 2016. The region comprises some of the fastest developing economies in the world. China has the largest number of warehouses in Asia Pacific owing to increase in demand to stock goods at warehouse. 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.
The report analyzes all major players in the industrial vehicles market, including Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Materials Handling, Inc. (U.S.), Crown Equipment Corporation (U.S.), and Jungheinrich AG (Germany).
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