Home > Automotive > Mobility > Industrial Vehicle Market

Industrial Vehicle Market Size

Report ID: GMI5806
Published Date: May 2023
Report Format: PDF

Download Free Sample

Industrial Vehicle Market Size

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.

To get key market trends

Download Free Sample

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.

Industrial Vehicle Market Report Attributes
Report Attribute	Details
Base Year:	2022
Industrial Vehicle Market Size in 2022:	USD 45 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	5%
2032 Value Projection:	USD 75 Billion
Historical Data for:	2018 to 2022
No. of Pages:	260
Tables, Charts & Figures:	277
Segments covered:	Product Type, Propulsion Type, Application, And Region
Growth Drivers:	Increasing demand for battery-operated industrial vehicles Growing adoption of AGVs across the logistics sector Rising focus on enhancing workplace safety High demand for forklifts from the e-commerce sector Increasing technological innovations and the adoption of automation in manufacturing activities
Pitfalls & Challenges:	Real-time technical challenges High maintenance costs

Learn more about the key segments shaping this market

Download Free Sample

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of industrial vehicle surpassed USD 45 billion in 2022 and is expected to grow at 5% CAGR during 2023 to 2032 due to the increasing technological innovations and higher adoption of automation technologies in manufacturing sector.

Industrial vehicle industry size from the BEV propulsion segment will observe 5% growth till 2032 owing to the rising carbon emissions in big cities and higher demand for electric vehicles.

Asia Pacific held more than 45% of the industrial vehicle industry share in 2022 on account of the strong urbanization and rapidly expanding automobile sector.

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, and Komatsu Ltd. are some major industrial vehicle firms.