Industrial Vehicles Market worth USD 64.3 billion by 2030 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 10, 2024 /PRNewswire/ -- Industrial Vehicles Market size is projected to grow from USD 49.2 billion in 2024 to USD 64.3 billion by 2030, at a CAGR of 4.6%, according to a new report by MarketsandMarkets™. Government investments in infrastructure development projects are fuelling the growth of the industrial vehicles market on a global scale. Initiatives aimed at modernizing transportation networks, constructing new warehouses, and enhancing logistics capabilities require a robust fleet of industrial vehicles for efficient material handling and transportation operations. As regions prioritize infrastructure improvements to bolster economic growth, the demand for industrial vehicles, including tow tractors and container handlers, is steadily increasing.

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Industrial Vehicles Market Scope:

Aisle trucks segment is anticipated to show the fastest growth in the global industrial vehicles market.

During the forecast period, the aisle truck market will experience the highest compound annual growth rate (CAGR) in volume. Asia Pacific is anticipated to hold a significant market share. In this region, the aisle truck segment of the industrial vehicles market is propelled by the manufacturing and industrial sectors, notably in industries such as automotive, oil & gas, and energy & utilities. Many industries, including food & beverages, electronics, and automobiles, necessitate large-scale deployment of material handling equipment like aisle trucks to ensure efficient warehouse and factory operations. In April 2023, Toyota Material Handling, a subsidiary of Toyota Industries Corporation (Japan), announced two additional models within its Very Narrow Aisle (VNA) truck series: the Toyota BT Vector VCE100A and VCE120A. These introductions feature an enhanced and modernized ergonomic operator compartment, incorporating intuitive controls and an interactive color touchscreen.

The healthcare application segment has promising avenues in the global industrial vehicles market.

In the healthcare sector, there is a growing adoption of non/semi-autonomous and autonomous forklifts for the hygienic and secure movement of pharmaceutical products, assembly of medical devices, and sorting and control of expired products. Integrating artificial intelligence (AI) and machine learning is expected to transform interactions between humans and machines, enhance drug recovery processes, and facilitate risk analytics applications. The ongoing digitalization is anticipated to bring substantial changes to hospital operations. As a result, there is an increased need for efficient handling of medical equipment and medicines, coupled with strict regulations imposed by the Food and Drug Administration (FDA), further driving the demand for autonomous industrial vehicles.

Autonomous industrial vehicles find applications in the healthcare industry's manufacturing, distribution, and warehousing processes, specifically for diagnostic instruments, testing instruments, and surgical devices. This trend is expected to propel the global industrial vehicles industry in the foreseeable future. Companies such as Daifuku Co., Ltd, JBT, Kion Group AG, Toyota Industries Corporation, and Kuka AG, among others, provide AGVs tailored for healthcare. For instance, in April 2023, EK Robotics GmbH unveiled MEDI MOVE, a transport platform explicitly designed for automated transport systems in hospitals within the healthcare industry.

Germany to lead the industrial vehicles market in Europe.

During the forecast period, Germany is poised to lead as the fastest growing and largest market for industrial vehicles in Europe, driven by several key factors. Germany's robust industrial landscape, particularly in manufacturing, automotive, and logistics, propels industrial vehicle demand. Moreover, major players such as KION Group AG (Germany) and Jungheinrich AG (Germany), who are actively expanding their business within Germany and internationally, significantly influence market growth. For example, in February 2023, KION Group AG announced that it is building a new spare parts and solutions distribution center near Aschaffenburg, Germany, for industrial trucks and services along with supply chain solutions segments of the company. Such development, like establishing distribution centers, is a testament to Germany's expanding industrial vehicles market. Additionally, Germany's stringent safety standards and emphasis on operational efficiency further drive the country's adoption of industrial vehicles. With these favorable market conditions, Germany remains poised to maintain prominence in the European industrial vehicles market.

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Key Market Players:

The major players in Industrial Vehicles Companies include 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), among others.

Recent Developments

In March 2024, EP Equipment (China) announced that Boendgen Baustoffe (Germany) purchased the EFL electric forklift series to upgrade its fleet.

In January 2024, Hyster-Yale Materials Handling, Inc. (US) launched the J32-40UTTL Li-Ion forklift truck. The new electric truck has a load-carrying capacity of 1.4 to 1.8 tons.

In December 2023, Konecranes (Finland) announced that it had supplied 7 Konecranes SMV 16-1200 C (16 ton) forklifts to Eldorado Brasil (Brazil) along with two gantry cranes in Q3 of 2023.

In September 2023, Marvell announced the plans for a new R&D center in Pune, India. This upcoming establishment is expected to double the current workforce capacity.

In November 2023, KION Group AG announced the launch of 24-volt Fuel Cell Systems for its warehouse trucks. The company added that up to 5,000 fuel cell systems can be produced yearly at the Hamburg plant. The company has invested around USD 11.9 Million in this project.

In September 2023, Toyota Material Handling Japan (TMHJ), a segment of Toyota Industries Corporation, introduced a new fuel cell lift truck (FC lift truck).

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