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Industrial Vehicle Market Trends

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

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Industrial Vehicle Market 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.

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.