Market Snapshot
The Global Industrial Vehicles Market is estimated to secure a market value of USD 29.77 Bn in 2021 while recording a CAGR of 3.02% during the forecast period.
The growth of the market can be attributed to rapid industrialization. The growing adoption of battery-operated vehicles and integration of smart factories into material handling industries is projected to boost the market in the forecast period. The growing number of distribution centers for efficient administration to assemble businesses and web-based businesses are predicted to drive the industry significantly. Further, the rising populace and developing financial grounds across the globe are other salient factors fuelling the market considerably.
The growing inclination towards electric vehicles is anticipated to offer growth opportunities for the market. The imposition of stringent emission regulations led automobile manufacturers to adopt electric vehicles. Further, other eminent players have shown inclination towards electric vehicles, which is anticipated to augment the market opportunities in the coming time.
On the contrary, lack of innovation and high installation costs are anticipated to augment the industry significantly in the forecast period.
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Market Segmentation
The global industrial vehicle market can be segmented on the basis of product type, application, drive, and region.
· Based on product type, the global industrial vehicle market can be segregated into tow tractors, forklifts, aisle trucks, and container handlers.
· Based on the drive type, the global industrial vehicle market can be segregated into the internal combustion engine, battery-operated, and gas-powered. According to the analysis, the internal combustion engine segment is predicted to secure the largest market share during the forecast period. Internal combustion engine favor battery-worked mechanical and lift speeds and lessens support costs.
· Based on application, the global industrial vehicle market can be segregated into cargo applications and industrial applications. As per the analysis, the industrial application segment is projected to account for the largest market share during the forecast period. The expansion of the segment can be attributed to rapid urbanization.
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Regional Analysis
As per the analysis, APAC is anticipated to exhibit maximum growth during the forecast period. Some of the crucial factors responsible for the regional expansion are the rapid industrialization and the growing warehouses to support hubs for industrial segments. The presence of the fastest emerging countries such as; India, China, Japan, South Korea, are predicted to make a considerable contribution to developing the industry.
North America is projected to offer significant market opportunities in the forecast period. Expansion of the market can be attributed to the presence of developed countries and the incorporation of the latest technologies in automobile sector. The U.S is expected to make the maximum contribution in developing the market during the forecast period.
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List of Key Players Covered in the industrial vehicle market:
· Toyota Industries
· Anhui Heli Co
· Crown Equipment Corporation
· Hangcha Group Co. Ltd
· Hyster-Yale Materials Handling
· Jungheinrich AG
· Kion Group AG
· Konecranes
· Mitsubishi Nichiyu Forklift Co
· Cargotec
· Daifuku
· SSI SCHAEFER
· Hyundai Construction Equipment Europe
· Taylor-Dunn
· Ross Electric V
Some of the recent developments among key players are:
· In 2020, Peterbilt Motors Company and Dana Incorporated disclosed their strategic collaboration on electric powertrain development for Peterbeit Model 220 EV battery electric vehicles.
· In 2018, Daimler Trucks North America (DTNA) delivered the first Freightliner eM2 medium-duty electric truck to Penske Truck Leasing. It announced plans to put additional eM2 units into targeted service in its logistics, truck rental, and truck leasing.
· In May 2020, BYD Europe announced that it will launch an e-truck range in the European market. It plans to introduce a full range of battery electric vehicles in the commercial vehicle sector, including a panel van, 7.5 metric tons, and 19 metric ton rigid distribution trucks, which are underway.
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Some Points from Table of Contents of the global industrial vehicles market:
Global Industrial Vehicles Market Growth, Trend and Forecast 2022-2028
Chapter 1 Industrial Vehicle Market Overview
1.1 Product Overview and Scope of Industrial Vehicle
1.2 Industrial Vehicle Market Segmentation by Type
1.2.1 Global Production Market Share of Industrial Vehicle by Type in 2020
1.2.1 Type 1
1.2.2 Type 2
1.2.3 Type 3
1.3 Industrial Vehicle Market Segmentation by Application
1.3.1 Industrial Vehicle Consumption Market Share by Application in 2020
1.3.2 Application 1
1.3.3 Application 2
1.3.4 Application 3
1.4 Industrial Vehicle Market Segmentation by Regions
1.4.1 North America
1.4.2 China
1.4.3 Europe
1.4.4 Southeast Asia
1.4.5 Japan
1.4.6 India
1.5 Global Market Size (Value) of Industrial Vehicle (2014-2027)
Chapter 2 Global Economic Impact on Industrial Vehicle Industry
2.1 Global Macroeconomic Environment Analysis
2.1.1 Global Macroeconomic Analysis
2.1.2 Global Macroeconomic Environment Development Trend
2.2 Global Macroeconomic Environment Analysis by Regions
Chapter 3 Global Industrial Vehicle Market Competition by Manufacturers
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