The industrial vehicles market, in terms of value, is projected to grow at a CAGR of 1.86% from 2016 to 2021. The market is estimated to be USD 13.45 Billion in 2016, and is projected to reach 14.75 Billion by 2021. The increased industrialization and setting up of warehouses to support hub and spoke model for various sectors are expected to drive the industrial vehicles market.
The Asia-Pacific region is estimated to dominate the industrial vehicles market, in terms of value, in 2016, as it comprises some of the fastest developing economies in the world, including China, India, and South Korea. This has led to an increase in industrial vehicle production volumes over the years, with OEMs catering not only to the domestic demand but to overseas demand as well.
There is a lack of innovation and R&D for industrial vehicles. OEMs need to invest heavily in R&D to enhance the ability of industrial vehicles to lift heavy loads and to improve efficiency in order to reduce turnaround time. Automated industrial vehicles and customized industrial vehicles have a higher installation cost than other industrial vehicles. These vehicles have not yet penetrated emerging markets, which constitute a major share of the global industrial vehicles market. The high installation cost is one of the major factors preventing manufacturers from entering the Asia-Pacific market, particularly in countries such as India and China.
- Anhui Heli Co., Ltd
- Crown Equipment Corporation
- Hangcha Group Co. Ltd.
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- Kion Group AG
- Mitsubishi Nichiyu Forklift Co., Ltd.
- Toyota Industries Corporation
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industrial Vehicle Market,By Region
7 Industrial Vehicle Market, By Type
8 Industrial Vehicle Market,By Drive Type
9 Industrial Vehicle Market, By Application
10 Competitive Landscape
11 Company Profiles
For more information about this report visit http://www.researchandmarkets.com/research/xqkflz/industrial
Research and Markets
Laura Wood, Senior Manager
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/industrial-vehicles-market-to-reach-1475-billion-by-2021---asia-pacific-region-is-dominating-market---research-and-markets-300361486.html
SOURCE Research and Markets