Industrial Vehicle Market Analysis

Industrial Vehicle Market Analysis

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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.
 

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.
 

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.
 

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.