MarketsandMarkets: The global industrial vehicles market size will grow to USD 49.2 billion by 2028 (forecast year) from USD 39.7 billion in 2023 (estimated year), at a CAGR of 4.4% during 2023-2028 period. Parameters such as significant rise in e-commerce industry, paired with steady growth of industrial sector will boost the demand for the industrial vehicles.
The revenue growth of the market is influenced by the increasing focus towards Automated Guided Vehicles (AGVs). Development of automated, and fleet management solutions in conjunction with rising trends hydrogen-powered industrial vehicles are anticipated to create new opportunities for industrial vehicles market. The industrial vehicles market is dominated by key players including Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (U.S.). These companies focus on product enhancements, adopt expansion strategies, and establish collaborations, partnerships, and mergers & acquisitions to gain traction in the industrial vehicles market.
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Toyota Industries Corporation is specialized material-handling equipment, automobiles, logistic solutions, and electronics. The company offers industrial vehicles such as forklifts, tow tractors, lift trucks, and automated guided vehicles, among others to end-use industries. The company operates through four business segments, namely, automobile, materials handling equipment, textile machinery, and others. It offers various industrial vehicles such as electric lift trucks, tow tractors, etc., through its materials handling equipment segment, which accounted for approximately 66% of its overall sales revenue in 2021.
KION Group AG is one of the major providers of warehouse equipment, forklift trucks, and supply chain solutions. The company offers forklift trucks, warehouse technology, and associated services through six brands around the world: Linde Material Handling (Germany), Baoli (China), STILL (Germany), Fenwick (France), Dematic (Georgia), and OM (Italy). KION Group had an employee strength of 41,149 (as of December 2022) and a sales and service network spanning more than 100 countries. In 2022, the company generated revenue of USD 11.8 billion and invested USD 343 million in R&D.
Mitsubishi Logisnext Co., Ltd. designs, manufactures, and sells electric and engine-powered forklifts, electric vehicles, transportation robots, logistics equipment, automated warehouses, and monorails, among others. Mitsubishi Logisnext Co., Ltd. is one of the leading market players in electric and engine-powered forklifts, transportation robots, and automated warehouses, among others, across the globe. The company has presence in Europe, China, Asia Oceania, and America. As of 31 March 2022, the company had 11,775 employees across the globe. The company has manufacturing plants established in Japan, Sweden, the US, Finland, Spain, China, and Thailand.
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 core strength of Jungheinrich AG lies in its extensive industry network and strong brand image. These factors have led the company to grow in this competitive environment further.
Crown Equipment Corporation is one of the leading private companies in the forklift and material handling equipment market. It designs and manufactures 85% of its lift truck components and 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. It manufactures industrial vehicles on a large scale and has a strong sales and service network to meet customer needs.
Industrial Vehicles Market in terms of 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 2028
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