Industrial Vehicles Market

Industrial Vehicles Market worth $56.7 billion by 2030

According to a research report "Industrial Vehicles Market by Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, & Region - Global Forecast to 2030" published by MarketsandMarkets, the global industrial vehicles market size is projected to grow from USD 43.1 billion in 2024 to USD 56.7 billion by 2030, at a CAGR of 4.6%. Government investments in infrastructure development projects are fueling the growth of the industrial vehicles market on a global scale. Initiatives aimed at modernizing transportation networks, constructing new warehouses, and enhancing logistics capabilities require a robust fleet of industrial vehicles for efficient material handling and transportation operations. As regions prioritize infrastructure improvements to bolster economic growth, the demand for industrial vehicles, including tow tractors and container handlers, is steadily increasing.

Browse 391 market data Tables and 95 Figures spread through 399 Pages and in-depth TOC on "Industrial Vehicles Market by Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, & Region - Global Forecast to 2030"
View detailed Table of Content here -

Aisle trucks segment is anticipated to show the fastest growth in the global industrial vehicles market.

During the forecast period, the aisle truck market will experience the highest compound annual growth rate (CAGR) in volume. Asia Pacific is anticipated to hold a significant market share. In this region, the aisle truck segment of the industrial vehicles market is propelled by the manufacturing and industrial sectors, notably in industries such as automotive, oil & gas, and energy & utilities. Many industries, including food & beverages, electronics, and automobiles, necessitate large-scale deployment of material handling equipment like aisle trucks to ensure efficient warehouse and factory operations. In April 2023, Toyota Material Handling, a subsidiary of Toyota Industries Corporation (Japan), announced two additional models within its Very Narrow Aisle (VNA) truck series: the Toyota BT Vector VCE100A and VCE120A. These introductions feature an enhanced and modernized ergonomic operator compartment, incorporating intuitive controls and an interactive color touchscreen.

The healthcare application segment has promising avenues in the global industrial vehicles market.

In the healthcare sector, there is a growing adoption of non/semi-autonomous and autonomous forklifts for the hygienic and secure movement of pharmaceutical products, assembly of medical devices, and sorting and control of expired products. Integrating artificial intelligence (AI) and machine learning is expected to transform interactions between humans and machines, enhance drug recovery processes, and facilitate risk analytics applications. The ongoing digitalization is anticipated to bring substantial changes to hospital operations. As a result, there is an increased need for efficient handling of medical equipment and medicines, coupled with strict regulations imposed by the Food and Drug Administration (FDA), further driving the demand for autonomous industrial vehicles.

Autonomous industrial vehicles find applications in the healthcare industry's manufacturing, distribution, and warehousing processes, specifically for diagnostic instruments, testing instruments, and surgical devices. This trend is expected to propel the global industrial vehicles market in the foreseeable future. Companies such as Daifuku Co., Ltd, JBT, Kion Group AG, Toyota Industries Corporation, and Kuka AG, among others, provide AGVs tailored for healthcare. For instance, in April 2023, EK Robotics GmbH unveiled MEDI MOVE, a transport platform explicitly designed for automated transport systems in hospitals within the healthcare industry.

Germany to lead the industrial vehicles market in Europe.

During the forecast period, Germany is poised to lead as the fastest growing and largest market for industrial vehicles in Europe, driven by several key factors. Germany's robust industrial landscape, particularly in manufacturing, automotive, and logistics, propels industrial vehicle demand. Moreover, major players such as KION Group AG (Germany) and Jungheinrich AG (Germany), who are actively expanding their business within Germany and internationally, significantly influence market growth. For example, in February 2023, KION Group AG announced that it is building a new spare parts and solutions distribution center near Aschaffenburg, Germany, for industrial trucks and services along with supply chain solutions segments of the company. Such development, like establishing distribution centers, is a testament to Germany's expanding industrial vehicles market. Additionally, Germany's stringent safety standards and emphasis on operational efficiency further drive the country's adoption of industrial vehicles. With these favorable market conditions, Germany remains poised to maintain prominence in the European industrial vehicles market.

Key Players

The industrial vehicles market is dominated by global players such as Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Hyster-Yale Materials Handling, Inc. (US), among others. These companies adopted new product development strategies, expansion, partnerships & collaborations, and mergers & acquisitions to gain traction in the market.

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

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

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)
©2024 MarketsandMarkets Research Private Ltd. All rights reserved Protection Status

Digital Virtual Assistant - MarketsandMarkets