Industrial Vehicle Market Size By Product Type (Tow Tractors, Forklifts, Container Handlers, Aisle Trucks), By Propulsion Type (ICE, BEV, Hybrid), By Application (Manufacturing, Warehousing, Freight & Logistics) & Forecast 2023 – 2032

Industrial Vehicle Industry Analysis

Industrial Vehicle Market size surpassed USD 45 billion in 2022 and is anticipated to grow 5% CAGR from 2023 to 2032 attributed to rising technological innovations and the adoption of automation technologies in manufacturing sector.
 

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The high cost associated with the maintenance for industrial vehicles such as forklifts, tow tractors, and aisle trucks, is one of the major challenges restraining the industry growth. Maintenance requires skilled technicians to do the routine checkup and keep the machine running. In addition, the rising government regulations on vehicle safety will be a major impediment to market development by 2032.
 

COVID-19 Impact

The COVID-19 pandemic led to a moderate impact on electrical devices and EV batteries due to global supply chain disruptions. The raw material procurement process got delayed, resulting in increasing prices for batteries, further impacting the business expansion. However, the impact was short-lived, the reduced number of COVID-19 cases and the implementation of subsequent strategies by government & non-government organizations has supported the industrial vehicle market growth.
 

Industrial Vehicle Industry Trends

The industrial vehicle industry development is being driven by the increasing demand for battery-operated industrial vehicles in recent years. The biggest advantage of battery-powered motors is their environmental friendliness. These engines produce low emissions, making them the perfect green machine for warehouse & commercial projects. Thus, the integration of smart factories and battery-powered vehicles in the industry will lead to digitalization and modularization, further augmenting market expansion and creating business opportunities by 2023. The emergence of smart services in the consumer goods industry coupled with the increasing demand for temperature-sensitive cargo will positively contribute to the automotive industry growth during the forecast period.
 

Industrial Vehicle Product Type Segmentation

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The forklift product segment is expected to hold the highest industrial vehicle market share by 2032. The rapidly evolving e-commerce industry leads to the formation of many warehouses and the need to properly manage the warehouse supply chain. In addition, warehouse owners are focusing on increasing transparency, reducing operating costs, and increasing productivity in warehouses & offices. These factors will increase the demand for forklifts, such as standing forklifts & narrow aisle forklifts, with operational precision and good navigation in narrow aisles, floors & mezzanines. The increasing demand for electric forklifts among recycling plant owners and chemical plants is expected to stimulate the forklift industry growth.
 

Industrial Vehicle Market Propulsion Type Segmentation

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The battery electric vehicle shipment is expected to witness 5% growth between 2023 and 2032. Concerns about the negative effects of climate change and rising carbon emissions in big cities have led to an increased demand for electric vehicles. The emergence of a new market for electric vehicles for industrial uses is expected to drive the BE segment demand. Lithium-ion batteries offer several advantages such as battery acid control that make them suitable in data centers. Furthermore, several government policies are supporting market growth. For instance, the Government of India is targeting a 100% conversion of two- & three-wheelers to electric vehicles by 2030.
 

Industrial Vehicle Application Segmentation

The manufacturing segment will grow significantly during the forecast period. The increasing use of transportation in industries including automobiles, chemicals, food & beverages, and healthcare is expected to drive product production by 2032. In the above-mentioned industries, these vehicles are used to move stock from the production line to the storage. The benefits provided by these vehicles, such as reduced downtime, cost-savings, fewer accidents on ground, and improved efficiency, have encouraged companies to invest in these new products, thus increasing industrial vehicle market demand by end of 2032.
 

Industrial Vehicle Regional Analysis

The Asia Pacific industrial vehicle captured highest share of 45% in 2022. The region is expected to dominate the automotive sector during 2023-2032. This is due to rapid urbanization, the growth of the industry, and the increased use of vehicles to transport raw materials and finished products. The region, which includes China and India, is one of the world's largest economies and a major automobile manufacturer. The volume of the automotive industry has been increasing over the years since original products are not only in domestic demand but also in international demand. Large investment companies are growing in the Asia-Pacific region to gain a foothold in this local market.
 

Industrial Vehicle Industry Leaders

Major companies operating in the industrial vehicle market include Anhui Heli Co., Ltd., Cargotec Corporation, CLARK, Crown Equipment Corporation, Doosan Industrial Vehicle, Hangcha Forklift, Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, KION GROUP AG, Komatsu Ltd., Konecranes, Linde Material Handling, Manitou.com, MITSUBISHI LOGISNEXT CO., LTD., Motrec International Inc., Raymond Corporation, Sany Group, and TOYOTA INDUSTRIES CORPORATION.
 

Industrial Vehicle Industry News

• In September 2022, FPT Industrial, the global powertrain brand of Iveco Group, made a minority investment in Blue Energy Commercial Vehicles Private Ltd, a Pune-based zero-emission truck technology company that manufactures clean energy trucks under the brand, Blue Energy Motors. The investment demonstrates FPT Industrial's strong commitment to the expansion of Blue Energy Motors and its plans to play a key role in India's decarbonization process. While the focus is currently on natural gas, the partnership hopes to transfer the technology to electricity in the future.
   
• In Nov 2021, Mitsubishi Logisnext Americas group, the manufacturer and provider of UniCarriers Forklifts launched PF(D)80N – PF(D)120N model series, 4-wheel internal combustion mid-sized pneumatic tire forklifts. These engine-powered forklifts are available to all UniCarriers brand dealers. These models provide high same quality and reliability and can be used in tough applications.
   

This industrial vehicle market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million and Shipments in Units from 2018 to 2032, for the following segments:

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Market, By Product

• Tow tractors
• Forklifts
• Container handlers
• Aisle trucks
• Others

Market, By Propulsion

• ICE
• BEV
• Hybrid

Market, By Application

• Manufacturing
• Warehousing
• Freight & logistics
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC
  • South Africa