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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 increasing focus on improving workplace safety, in conjunction with rising demand for automation solutions in material handling across various industries will boost the demand for the industrial vehicles.

The growth of the market is influenced by the factors such as increasing growth of e-commerce industry, as well as increasing need for automation in industries for better productivity. Advent of smart factories in material handling industry is anticipated to create new opportunities for this market. 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 have strong distribution networks across the globe and offer industrial vehicles such as forklifts, aisle trucks, tow tractors, etc., for end-users.

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Toyota Industries Corporation specializes in different domains such as automobiles, material-handling equipment, logistic solutions, and electronics. The company sells industrial vehicles such as forklifts, tow tractors, lift trucks, and automated guided vehicles, among others. It also offers optimized material-handling solutions based on its technological expertise to help customers overcome logistical problems. The company operates through 3 business segments, namely, automobile, materials handling equipment, and textile machinery. The company offers various industrial vehicles such as electric lift trucks, tow tractors, etc., through its materials handling equipment segment. The materials handling equipment segment accounted for approximately 69.4% share of the overall sales revenue of the company in 2020. Toyota Industries Corporation has three brands under which it sells its material handling products around the world: Toyota, Toyota Raymond, and Toyota CESAB. The company has been ranked first in Japan in sales of lift trucks for 55 consecutive years. The company sells aerial work platforms under the brand name Aichi. It has production facilities in Asia, Europe, and North America. Its sales network spans various regions across the world and primarily focuses on material-handling equipment.

KION Group AG is one of the leading providers of forklift trucks, warehouse equipment, and supply chain solutions. KION Group AG offers forklift trucks, warehouse technology, and associated services through six brands around the world. These six brands are Linde Material Handling (Germany), STILL (Germany), Baoli (China), Dematic (Georgia), Fenwick (France), and OM (Italy). The company is among the market leaders in manufacturing material handling equipment such as forklift trucks and warehouse equipment in Europe (as per units sold in 2021) and one of the leading international suppliers to China. KION Group AG is also one of the world’s leading providers of warehouse automation. The company’s Linde and STILL brands cater to the premium segments worldwide, while the Baoli brand focuses on the economy segment. In the Indian market, the OM brand is one of the leading suppliers of industrial trucks. KION Group had an employee strength of 39,602 (as of December 2021) and a sales and service network spanning more than 100 countries. In 2021, the company generated revenue of USD 12.1 billion and invested USD 273 million in R&D.

Mitsubishi Logisnext Co., Ltd. designs, manufactures, and sells electric and engine-powered forklifts, transportation robots, electric vehicles, automated warehouses, logistics equipment, and monorails, among others. The company has presence in Europe, China, Asia Oceania, and America. As of March 31, 2021, the company had 11,000 employees across the globe. The company has manufacturing plants established in Japan, Sweden, the US, Finland, Spain, China, and Thailand. Mitsubishi Logisnext Co., Ltd. offers forklift trucks through six brands around the world. These six brands are Mitsubishi Forklift Trucks, UniCarriers, Nichiyu Electric Forklift Trucks, CAT Lift Trucks, TCM, and Rocla. Small IC trucks, mid-size IC trucks, stackers, and electric counterbalance trucks, among others, are offered by these brands across Asia Pacific, South Africa, North America, South America, Europe, and the Middle East.

Jungheinrich AG specializes in all areas of intralogistics, from manual industrial trucks to fully-automated intralogistics systems. The company’s services portfolio includes new forklifts, forklift hire, used forklifts, automated guided vehicles (AGVs), batteries/charging technology, storage systems, and digital products. The company operates in 40 countries and has a total of 10 production sites. The company went public in 1990 and is one of the three leading companies providing material handling equipment worldwide. Jungheinrich has production plants in Norderstedt (Germany), Lüneburg (Germany), Moosburg (Germany), Landsberg (Germany), Dresden (Germany), Qingpu (Shanghai), and Degernpoint (Germany). It has sales offices across the world. The company has presence in various countries such as Australia, Austria, Brazil, Canada, China, Chile, Denmark, Ecuador, Finland, France, Germany, India, Italy, Mexico, the Netherlands, Norway, Poland, Russia, Spain, Sweden, Thailand, the US, and the UK.

Crown Equipment Corporation entered the material handling equipment market in 1960 and was renamed Crown Equipment Corporation on October 15, 1988. It is one of the leading private companies in the forklift and material handling equipment market. Crown Equipment Corporation designs and manufactures 85% of its lift truck components. It also manufactures key parts such as drive units, motors, and electronic modules. The company has a widespread global dealer network, which provides an extensive range of material handling equipment, storage solutions, and support services. Crown Equipment Corporation manufactures a wide array of electric and internal combustion (IC) lift trucks and components at 19 manufacturing facilities across the globe. Crown Equipment Corporation produces industrial vehicles on a large scale and has a strong sales and service network to meet customer needs.

Related Reports:

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

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