Industrial Vehicles Market

SKU: DMAUTR5662 | Last Updated On: Sep 26 2022 | Available Formats

Industrial Vehicles Market Expected to reach a high CAGR 6.4% By 2029: DataM Intelligence

[150 Pages Report] Industrial Vehicles Market size was worth US$ XX million in 2021 and is estimated to show significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 6.4% within the forecast period (2022-2029).

Industrial vehicles deliver goods and production materials to warehouse distribution hubs, raw materials and completed goods storage. These industrial vehicles are available in various capacities and can be equipped with specialized heavy equipment trucks. Battery-powered industrial vehicles are becoming more popular than internal combustion engines- and gas-powered ones because they are more cost-effective, small, environmentally friendly, reliable and efficient.

All push or motorized carts and vehicles with free movement are considered industrial vehicles. Motorized vehicles such as lift trucks are used for medium-distance movement of batched items in a container or pallet. For short moves, manual or semi-powered carts are used. Single load transporters can only move one load from one point to another at a time. Because each step only involves a single resource and a single destination, such devices are relatively simple to model.

On the other hand, multiple load transporters can simultaneously carry multiple loads from multiple sources to multiple destinations. Because there may be regulations specifying when to retrieve additional loads and when to deliver the goods currently on board, determining capacity and operation for multiple load transporters can be highly complicated.

Market Dynamics

The growing manufacturing and e-commerce industry has accelerated the demand for industrial vehicles.

The need for industrial vehicles increases as industrialization and warehouses grow. Industrial vehicles are required for day-to-day operations in manufacturing and e-commerce businesses. Increasing e-commerce business is expected to increase the demand for industrial vehicles.

For instance, the warehouse and fulfillment sector is predicted to double digits over the next five years. Industrial warehousing is also predicted to develop in India's manufacturing facilities during the next few years. In 2019, quality warehouse stock totaled 211 million square feet across eight Indian cities: NCR, Mumbai, Bengaluru, Pune, Kolkata, Chennai, Hyderabad and Ahmedabad. 

Furthermore, In U.S., e-commerce sales increased from around 10% of total retail sales in 2019 to around 15% in 2020. As per U.S. Bureau of Labor Statistics, the number of warehouses in U.S. climbed from 15,255 in 2011 to 19,194 in 2020. With worldwide online e-commerce sales expected to double in the next five years, the global stock will grow by nearly 28,500 warehouses. The growth in warehouses and the e-commerce industry will raise demand for industrial vehicles. As a result, revenues for the industrial vehicle market are expected to rise throughout the forecast period.

Lack of R&D facilities coupled with stringent regulations hurdles industrial vehicle market growth. 

Industrial vehicles necessitate a large amount of R&D and innovation. OEMs must invest extensively in R&D to improve industrial vehicles' ability to lift high loads and increase efficiency to reduce turnaround time. An excellent R&D facility is necessary to prevent forklifts from tipping over, falling sideways or dropping their load. Furthermore, industrial vehicles require extensive maintenance to run properly. As a result, industrial vehicle owners must do routine inspections and preventive maintenance. Thus, a qualified maintenance person should do this to keep industrial vehicles in safe working conditions.

Furthermore, industrial vehicle safety and pollution requirements have become increasingly stringent and complex. Forklift accidents kill over 100 lives each year, costing the industry roughly US$135 million. According to OSHA, standardized training and safety practices might have prevented roughly 70% of forklift incidents. In order to protect safety, the Australian government has imposed various key modifications in the forklift manufacturing business. For instance, the maximum speed of counterbalance forklifts and reach trucks traveling with high masts have been limited to 5 km/h.

Although the regulations are meant for workers' safety and security purposes, growing safety concerns have hampered industrial vehicle market growth due to rising government regulations.

COVID-19 Impact Analysis

The rising pandemic risk posed by COVID–19 has impacted the industrial vehicles market, which is likely to see a price fall due to a balanced-to-long supply. Various companies have seen their supply chains disrupted across the globe due to regional lockdowns.

Furthermore, the COVID-19 pandemic has wreaked havoc on several economies worldwide. The warehouse, the major application area for industrial vehicles, has seen a major downfall due to the COVID-19 outbreak and is expected to have long-term repercussions. As the virus spreads globally, an outbreak or transportation delay in one region might have a disastrous effect on the rest of the world, prompting shutdowns owing to warehouse closures or missing or delayed supplies. Some companies were left with extra inventory they couldn't move sitting in inventory, while others were at a stop while waiting for inventory to arrive at their depleted warehouse. Some industries saw unprecedented demand, while others saw demand decline, negatively influencing the warehousing market and challenging growth conditions for the industrial vehicles market.

However, following COVID-19, warehouse and supply chain industries have adapted and implemented automation technologies, including Assisted Guided Vehicles (AGV), forklift automation, robotics and smart sorting, to help businesses thrive in today's changing environment. Thus the adoption of advanced technology is expected to create huge opportunities for the industrial vehicle to grow the post-COVID-19 impact

Industrial Vehicles Market - Strategic Insights

Metrics

Details

Market CAGR

6.4%

Segments Covered

By Product,  By Drive Type, By Level of Autonomy, By Aerial Work Platform, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Segment Analysis 

The global industrial vehicles market is segmented on product, drive type, level of autonomy, aerial work platform, application and region.

Due to dependable functioning, cheap operating costs and efficiency of aisle trucks, they are gaining market traction at a global level

The global industrial vehicles market is segmented into forklift, tow tractor, aisle truck and container handlers based on product. Out of the mentioned product, aisle truck holds a dominating market position in the global industrial vehicle market. An aisle truck is used to transport and stack goods in aisles 8 to 12 feet wide. It is powered by electric motors and is often available to stand-up riders. Because it can operate in considerably smaller aisles, it boosts efficiency by providing greater storage space. 

Due to their dependable functioning, cheap operating costs and efficiency, aisle trucks are in high demand. Aisle trucks have various advantages, including comfort, safety and greater load/lift capacity in tight places. As a result, the aisle truck category in the industrial vehicle market is gaining popularity and will likely grow significantly.

Furthermore, these industrial vehicles are environmentally friendly and tiny, allowing them to squeeze into very narrow corridors that other types of industrial vehicles cannot. In addition, the growing demand for battery-operated aisle trucks is likely to boost the total industrial vehicle market in Europe and North America. Various companies are also investing in boosting the market share of aisle trucks. For instance, in 2020, in 2022, Yale Materials Handling Corporation introduced a new narrow aisle reach truck, which is meant to help warehouses manage the expanding inventories associated with e-commerce in high-density storage configurations. The Yale NR/NDR-DC/EC reach trucks, available in 3,000 to 4,500-pound load capacities with single or double reach capabilities, can transport heavier goods to greater heights and depths to maximize storage capacity.

Furthermore, the Yale narrow aisle reach truck, a lift truck designed for success in high-density warehousing applications, has received a 2021 GOOD DESIGN Award. The reach truck was also named the winner of the Material Handling Product News and Plant Engineering Product of the Year Awards 2020.

Geographical Analysis

Asia-Pacific dominates the industrial vehicles market due to the rapid urbanization along with the presence of major industrial vehicle manufacturers in the region

Emerging economies like China and India and developed nations like Japan and South Korea make up Asia-Pacific. The region is a major producer of industrial vehicles and includes some of the world's fastest-growing economies, such as China and India. Over time, this has resulted in a growth in industrial vehicle production levels, with OEMs catering to domestic and international demand.

Furthermore, Major industrial vehicle manufacturers such as Toyota Industries Corporation and Mitsubishi Logisnext Co., Ltd are expanding in Asia-Pacific to establish themselves in this promising market. 

China is expected to lead Asia-Pacific industrial vehicle market during the projected period, followed by Japan. High labor costs, the need to expand manufacturing processes without compromising quality standards and government incentives for industrial infrastructure improvement projects all contribute to the industrial vehicles market in Asia-Pacific.

Competitive Landscape

The global industrial vehicles market is highly competitive with local and global key players. Key players contributing to the market's growth are Hangcha Group Co. Ltd., Hyster-Yale Materials Handling, Inc., Anhui Heli Co., Ltd, Crown Equipment Corporation, Jungheinrich AG, Kion Group AG, Konecranes, Mitsubishi Logisnext Co., Toyota Industries Corporation and among others. 

The major companies are adopting several growth strategies such as product launches, acquisitions and collaborations, contributing to the global growth of the Industrial Vehicles market.

• For instance, In October 2021, Cascade Corporation, a subsidiary of Toyota Industries Corporation, acquired Lift Technologies, Inc. and Lift-Tek Elecar S.p.A., more commonly referred to as Lift-Tek, which manufactures and sells forklift masts. Cascade Corporation purchased all of the Lift-shares. Tek's

Konecranes

Overview: Konecranes Oyj is a crane and lifting equipment manufacturer and service provider with its headquarters in Hyvinkää. The company’s products are for industries handling heavy loads, which means ports, shipyards, intermodal terminals and bulk material terminals. The company was founded in 1947 and made its 1st delivery in 1959, making the truck a great car

Product Portfolio: 

• Electric forklifts, 10-18 tons: The Konecranes E-VER lift truck combines traditional lift trucks' quality, power and productivity with the most environmentally friendly technology available. It's powered by a powerful Li-ion battery ideal for heavy-duty labor and was designed with the client in mind. It has the latest digital performance monitoring technologies and features that make a driver feel comfortable and prepared for whatever the day may bring.

Key Development

• In April 2020, Konecranes introduced the E-VER forklift's new product in its existing portfolio. The product offers an advanced digital experience to the end-users.

FAQ

What is the Industrial Vehicles Marketgrowth?

The market is growing at a CAGR of 6.4%.

What is Industrial Vehicles Market size in 2021

The Industrial Vehicles Market size was valued at USD YY million in 2021.

Who are the key players in Industrial Vehicles Market?

Crown Equipment Corporation, Jungheinrich AG, Kion Group AG, Konecranes, Mitsubishi Logisnext Co.

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