Industrial Vehicles Market worth $49.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 7, 2023 /PRNewswire/ -- 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, according to a new report by MarketsandMarkets™. Factors such as growing e-commerce industry, paired with increasing focus on workplace safety are expected to augment revenues growth for the industrial vehicles market. Advent of smart factories in material handling industries, in conjunction with rising trend of hydrogen-powered forklifts are likely to create favorable opportunities for the industrial vehicles market during the forecast period.

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Industrial Vehicles Market Scope:

Aisle trucks segment is estimated to hold the largest market during the forecast period

The aisle trucks segment is estimated to account for the largest share in terms of value as well as volume. In addition, the aisle trucks segment is expected to grow at the highest CAGR during the forecast period. Growing e-commerce and warehousing are expected to support the revenue growth of the aisle trucks segment of the global industrial vehicles market. Demand for automation solutions in material handling processes across industries and increasing focus on improving workplace safety are factors that are also anticipated to propel the aisle trucks segment of the global industrial vehicles market during the forecast period.

Battery-operated segment is expected to hold the largest share in the industrial vehicles market during the forecast period

Battery-operated is expected to be the largest segment by drive type during the forecast period. Battery-operated industrial vehicles are preferred choices for end-use industries such as manufacturing, freight, and logistics, etc., as these vehicles are environment-friendly and relatively silent during operation, have low operational and maintenance costs, and are easier to operate than ICE and gas-powered industrial vehicles. In addition, most industrial vehicle manufacturers are focusing on new product development of battery-operated industrial vehicles due to CO2 emission concerns. Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Hyster–Yale Materials Handling, Inc., Crown Equipment Corporation, and Hangcha Group Co., Ltd. offer battery-operated industrial vehicles for end users with varying load capacities.

Asia Pacific is expected to have largest share in the industrial vehicles market by 2028

Asia Pacific is expected to have largest market share in the industrial vehicles market during the forecast period in terms of value as well as volume. Countries considered under this report for Asia Pacific are China, India, Japan, South Korea, and the Rest of Asia Pacific. The region is a leading producer of industrial vehicles and comprises some of the fastest-developing economies in the world, including China and India. This has led to an increase in industrial vehicle production volumes over the years, with OEMs catering not only to domestic demand but to overseas demand as well. Major industrial vehicle manufacturers are expanding in Asia Pacific to establish themselves in this promising market. For instance, in December 2021, KION Group (Germany) opened a new forklift truck plant in China. In addition to the increase in the population, factors such as increasing GDP, infrastructure investments, and rising per capita income have created more opportunities for industrial vehicles in the Asia Pacific region.

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Industrial Vehicles Market Dynamics:

Drivers:

1.  Growth in warehousing and e-commerce sectors.

2.  Technological advancements across end-use industries.

3.  Increasing focus on AGVs across end-use industries.

4.  Focus on improving workplace safety.

Restraints:

1.  High cost associated with automation.

2.  High maintenance of industrial vehicles and lack of R&D facilities.

Opportunities:

1.  Rising demand for electrically operated industrial vehicles.

2.  Advent of smart factories in material handling industry.

3.  Development of autonomous, connected, and fleet management solutions.

Challenges:

1.  Government regulations and safety concerns.

2.  Low labor costs in emerging economies.

Key Market Players:

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)

Recent Developments:

• In January 2023, Crown Equipment Corporation expanded its counterbalance forklift portfolio with the launch of four-wheel forklifts available in electric, diesel, and LPG propulsion types. These lifts have load capacities ranging from 2.0 up to 5.5 tons and are capable enough of tackling a wide variety of material handling tasks in indoor as well as outdoor applications.
• In December 2022, CLARK announced the launch of its SEC20-35 four-wheel electric forklift. This industrial vehicle (forklift) comes with capacities ranging from 4,000-7,000 pounds. 
• In May 2022, CLARK launched the S40-60 IC Pneumatic forklift truck, which has built-in capacities of 8,000 to 12,000 pounds. This forklift offers safety features including an integrated backup camera, LED lights, and optional speed limit control, among others.
• In November 2021, Mitsubishi Logisnext Americas launched two new forklifts _ PF(D)80N and PF(D)120N model series of 4-wheel internal combustion mid-sized pneumatic tire forklifts. These engine-powered forklifts are available to all the dealers associated with the UniCarriers brand.
• In April 2020, Konecranes launched E-VER forklift in its existing product portfolio. This product offers advanced digital experience to the end users.

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