Home » The global industrial vehicles market is projected to grow from USD 39.7 billion in 2023 to USD 49.2 billion by 2028, at a CAGR of 4.4%

The global industrial vehicles market is projected to grow from USD 39.7 billion in 2023 to USD 49.2 billion by 2028, at a CAGR of 4.4%






New York, April 18, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Industrial Vehicles Market in terms of Vehicle Type, Drive Type, Application, Capacity, Level of Autonomy & Region – Global Forecast to 2028” – https://www.reportlinker.com/p04208327/?utm_source=GNW
In addition, the increasing penetration of battery-operated industrial vehicles, coupled with rising trends of hydrogen-powered forklifts are expected to create new opportunities for this market.

Freight & Logistics segment is expected to grow at a significant rate during the forecast period, by application.
The freight & logistics segment of the industrial vehicles market is projected to grow at the noticeable rate during the forecast period. The freight & logistics industry heavily relies on industrial vehicles, such as forklifts, tow tractors, etc., for the efficient movement of goods and materials within warehouses, distribution centers, and ports. These vehicles are essential for the loading and unloading of cargo from trucks, trains, and ships, as well as for the storage and retrieval of goods within facilities. As such, the demand for industrial vehicles in this sector is significant and continues to grow. One of the key drivers of demand for industrial vehicles in the freight & logistics industry is the increase in e-commerce and online shopping. As more consumers are shifting toward online retailers for their respective shopping needs/demands, the volume of goods being transported and stored in warehouses & distribution centers has risen significantly. This, in turn, has created a need for more vehicles, such as forklifts, to handle the increased workload and keep up with demand.

Europe is expected to be the significant market during the forecast period.
Germany, France, the UK, Spain, Italy, and the Rest of Europe have been considered for market analysis of Europe.Europe is expected to be one of the significant markets for industrial vehicles during the forecast period and will account for significant share of the global industrial vehicles market in 2023.

The European industrial vehicles market is highly developed and organized and houses some of the major players, such as KION Group (Germany), Jungheinrich AG (Germany), and Konecranes (Finland).Germany is one of the leading warehousing markets in Europe due to its location, developed infrastructure, and technological expertise.

Its strategic position that connects Eastern Europe to Western Europe has made it a popular warehousing destination.Warehouses in Germany are bigger in size and better in quality.

The warehousing market in Germany is driven by e-commerce. As per International Trade Administration, in 2021, total e-commerce sales amounted to USD 127.5 billion, which translated to a 24% growth compared to 2020. As per International Trade Administration, it is expected that the online population in Germany is likely to increase from approximately 62 million in 2020 to approximately 68.4 million by 2025.

Warehousing is estimated to be the fastest growing segment in the industrial vehicles market during the forecast period
Warehousing is expected to be the fastest growing segment by application during the forecast period.Warehousing is a process of storing goods that will be sold or distributed in the near future.

A warehouse helps manufacturers, distributors, or retailers hold goods safely while monitoring their inventory levels.Forklifts and conveyors are major material handling equipment used in warehouses.

Industrial vehicles have been experiencing a rise in demand due to their benefits, such as higher efficiency, high accuracy, and less waste of resources, among others. For instance, industrial vehicles such as forklifts, tow tractors, aisle trucks, etc., are essential tools in the warehousing industry. These vehicles are used for a variety of material handling tasks, such as loading and unloading of products, moving pallets, and transporting goods throughout the warehouse. Industrial vehicles enable workers to move products quickly & safely in narrow aisles and tight spaces in warehouses and also reduce the risk of injuries from manual material handling. All these aforementioned factors are expected to bolster the revenue growth for warehousing segment of the global industrial vehicles market during the forecast period.

In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: OEMs – 70%, Tier I – 10%, and Others – 20%
• By Designation: CXOs – 33%, Managers – 52%, and Others – 15%
• By Region: North America – 41%, Europe – 23%, Asia Pacific – 32%, and RoW – 4%
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). These companies have strong product portfolio as well as strong distribution networks at the global level.

Research Coverage:
The report covers the industrial vehicles market, in terms of Vehicle Type & Capacity (Forklifts, Aisle Trucks, Tow Tractors, and Container Handlers), Drive Type (ICE, Battery-operated, and Gas-powered), Application (Manufacturing, Warehousing, Freight & Logistics, and Others), Level of Autonomy (Non/Semi-Autonomous and Autonomous), and Region (Asia Pacific, Europe, North America, and Row). It covers the competitive landscape and company profiles of the major players in the industrial vehicles market ecosystem.

The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall industrial vehicles market and its subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities. The report also helps stakeholders understand the current and future pricing trend of different industrial vehicles based on their capacity.

The report provides insights on the following pointers:
• Analysis of key drivers (Growth in warehousing and e-commerce sector, Technological advancements across end-use industries, Increasing focus on AGVs across end-use industries, and Increasing focus on improving workplace safety), restraints (High cost associated with automation, and High maintenance of industrial vehicles and lack of R&D facilities), opportunities (Rising demand for electrically operated industrial vehicles, Advent of smart factories in material handling industry, Development of autonomous, connected, and fleet management solutions), and challenges (Government regulations and safety concerns, and Low labor costs in emerging economies) influencing the growth of the industrial vehicles market
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the industrial vehicles market
• Market Development: Comprehensive information about lucrative markets – the report analyses the industrial vehicles market across varied regions
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the industrial vehicles market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (US), among others in the industrial vehicles market.
Read the full report: https://www.reportlinker.com/p04208327/?utm_source=GNW

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