Industrial Vehicles Market

The industrial vehicles market is projected to grow from USD 54.41 billion in 2026 to about USD 91.44 billion by 2035, at a CAGR of 5.9%. Supported by ongoing investments in automation, electrification, and logistics infrastructure. The demand for industrial vehicles is driven by warehouse automation, e-commerce growth, and the need for higher facility throughput. Companies are investing in electric forklifts, automated guided vehicles, and container handlers to improve productivity and meet tightening emissions standards. Large-scale port expansions and rising manufacturing activity across Asia and emerging markets further sustain long-term equipment demand.

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). These companies adopted product development, expansion, partnership & collaboration, and merger & acquisition strategies to gain traction in the market.

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Toyota Industries Corporation

Toyota Industries Corporation manufactures and markets automobiles and industrial vehicles across multiple business segments, including automobiles, materials handling equipment, and textile machinery. Within the materials handling equipment business segment, the company is expanding beyond conventional industrial vehicles into automation, energy solutions, and digital services.

Toyota has advanced fuel-cell forklift products (leveraging Toyota’s FC technology) and is promoting H2-powered solutions to increase capacity and reduce emissions, especially for high-throughput logistics operations. The company pursues strategic partnerships such as collaborations with Fusion Fuel in Spain and Plug Power in Europe to build hydrogen ecosystems and integrated supply/refueling solutions. The company also drives sustainability through product innovation, energy-efficient electrification options, and collaborative projects that enhance market penetration of zero-emission forklifts.

KION Group AG

KION Group AG specializes in manufacturing forklifts, warehouse equipment, industrial trucks, and order fulfillment stations. KION Group is strengthening its position in the material handling market by expanding from conventional industrial trucks into integrated automation, software, and energy solutions. The company is investing heavily in warehouse automation through its subsidiaries, Linde Material Handling, STILL, and Dematic, to address labor shortages and rising fulfillment demands. KION Group AG is consistently updating its product portfolio, which helps maintain its market position. In April 2023, the company launched X35 – X50 high-performance electric forklift trucks under its Linde Material Handling brand, which have a load capacity of 3.5-5 tons. These developments demonstrate KION Group AG's commitment to sustainability and innovation, positioning the company as a leader in the shift toward electrification and alternative fuel solutions in the industrial vehicles market. In addition, the company is emphasizing growth strategies, such as expansions and joint ventures, which, in turn, will help it gain a competitive advantage in the market. For instance, Dematic, KION Group AG’s warehouse technology brand, is helping automate Kohler Co.’s (US) facility in Nanchang, China. The company is expanding its presence, particularly in Asia, to strengthen its market position.

Mitsubishi Logisnext Co., Ltd.

Mitsubishi Logisnext Co., Ltd. is a prominent supplier in the industrial vehicles market, manufacturing a range of electric and engine-powered forklifts, logistics equipment, transportation robots, and monorails, among other products. The company is accelerating electrification, warehouse automation, and software-driven logistics solutions as global demand shifts toward sustainable and high-throughput operations.

Mitsubishi Logisnext Co., Ltd. emphasizes strengthening its business resilience, hastening its growth strategies, and enhancing its brand image among customers. It is broadening its solution offerings for auto-guided forklifts (AGFs), port cargo handling machines, and others in Japan. Moreover, it is extending its business solutions in the US and implementing branding strategies in Europe. Through various growth strategies, such as developing new products, engaging in mergers and acquisitions, and expanding operations, the company aims to maintain a competitive edge in the global market. For example, in June 2023, the company entered into a joint venture with Jungheinrich AG (Germany) to form Rocrich AGV Solutions (US) to cater to the growing demand in North America.

Jungheinrich AG

Jungheinrich AG is a key industrial vehicles market player renowned for its wide product offerings. As a frontrunner in warehousing technology in Europe, the company provides a comprehensive array of products and services, encompassing forklift trucks, racking and warehousing equipment, automotive, industrial trucks, rental stackers, and used trucks. The company is strengthening its position in the industrial vehicles market by expanding beyond conventional forklifts into automation, digital solutions, and energy-efficient equipment.

Jungheinrich AG is dedicated to enhancing its capabilities through strategic actions such as expansions, product developments, and joint ventures. The company’s joint venture with Mitsubishi Logisnext Co., Ltd. has been operational since September 2023. It started a new factory in Czechia in June 2023. These have significantly boosted the company's industrial vehicle sales worldwide. Jungheinrich has allocated approximately 5.12% of its total revenue to R&D in FY2022. This steadfast commitment has also contributed to the company's competitive edge in the industrial vehicles market.

Related Reports:

Industrial Vehicles Market by Vehicle Type (Forklift, Aisle Truck, Tow Tractor, Container Handler), Propulsion (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, Motor Type, and Region - Global Forecast to 2035

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