Industrial Vehicles Market

Industrial Vehicles Market worth $54.3 billion by 2027

According to a research report "Industrial Vehicles Market in terms of 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" published by MarketsandMarkets, 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%.

Browse 313 market data Tables and 83 Figures spread through 294 Pages and in-depth TOC on "Industrial Vehicles Market in terms of 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"
View detailed Table of Content here -

Factors such as increasing adoption of automation in industries for better productivity, along with growing e-commerce sector will boost the demand for the industrial vehicles market. Increasing penetration of battery-operated industrial vehicles owing to CO2 emission concerns, in conjunction with development of smart factories in material handling industry will create new opportunities for this market.

Forklift segment is estimated to hold the second largest market during the forecast period

Forklift is expected to be the second largest market segment by vehicle type during the forecast period. The rising levels of industrialization have increased the global demand for industrial forklifts. Additionally, setting of warehouses to support the hub and spoke model for various sectors in regions such as North America and Europe is expected to drive the demand for forklifts. Parameters such as growing industrial manufacturing, increasing demand for electric forklifts across end use industries, and introduction of safety & environmental regulations are anticipated to support the forklift segment of the industrial vehicles market in the coming years. Industrial vehicle manufacturers are constantly focusing on new product development as well as product expansion to strengthen their respective product portfolios. For instance, 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, reduces noise, and has zero emission levels.

ICE segment is expected to hold the second largest share in the industrial vehicles market during the forecast period

ICE is expected to be the second largest segment by drive type during the forecast period. ICE of industrial vehicles is one of the common types of engines that run on petrol or diesel. This type of ICE industrial vehicle is used for both indoor and outdoor applications. These vehicles tend to have a superior load capacity and lower upfront costs. For instance, the upfront cost of ICE forklifts is lower than electric forklifts by approximately 20%. Lower initial costs, high operating speeds, ease of refueling, and utilization in heavier-duty applications are factors anticipated to drive the demand for ICE industrial vehicles.

“Europe is expected to have significant share in the industrial vehicles market in 2027.”

Europe is estimated to account for approximately 33% of the global industrial vehicles market in 2027 by value. Europe has been the most developed market in terms of implementation of automation in warehousing and material handling processes. High labor costs, shortage of space, and stringent worker safety rules are primary factors leading to high penetration of automation technologies in the European material handling ecosystem. LogiMAT, Intralogistics Europe, and CeMAT are a few of the popular trade shows and exhibitions held annually in Europe. The European industrial vehicles market is highly developed and organized and houses some of the major players in the industrial vehicles market such as Jungheinrich AG (Germany) and KION Group (Germany), and Konecranes (Finland).

Don’t miss out on business opportunities in Industrial Vehicles Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Industrial Vehicles Market Size,  Share & Growth Report
Report Code
AT 4611
PR Published ON
Choose License Type
Request Customization
Speak to Analyst
Speak to Analyst
  • Triangulate with your Own Data
  • Get Data as per your Format and Definition
  • Gain a Deeper Dive on a Specific Application, Geography, Customer or Competitor
  • Any level of Personalization
  • What are the Known and Unknown Adjacencies Impacting the Industrial Vehicles Market
  • What will your New Revenue Sources be?
  • Who will be your Top Customer; what will make them switch?
  • Defend your Market Share or Win Competitors
  • Get a Scorecard for Target Partners
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
©2023 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status

Digital Virtual Assistant - MarketsandMarkets