Industrial vehicles are designed to transport goods and production materials to warehouse distribution centers and storage of raw materials & finished goods. These industrial vehicles come in various sizes and are configured to mount specialized heavy equipment trucks. Currently, battery-operated industrial vehicles are being increasingly adopted over internal combustion enginedriven and gas-powered industrial vehicles, as they are economical, compact, environmental friendly, reliable, and efficient.
The key factor that drives the growth of the market is the growing number of warehouses owing to increasing industrialization in sectors such as e-commerce. However, lack of innovation and dearth of R&D facilities for industrial vehicles restrain the market growth. Moreover, automatic guided vehicles and customized industrial vehicles are associated with high installation costs, which hinder the market growth. Irrespective of these challenges, increasing adoption of battery-operated vehicles and integrating smart factories into material handling industries that will lead to modularization and digitalization, will further boost the market growth in future.
The market segmentation is based on product type, drive type, and application. By product type, it is divided into forklift, tow tractor, aisle truck, and container handler. By drive type it is classified into internal combustion engine, battery-operated, and gas-powered. By application, it is categorized into industrial and cargo. Geographically, it has been analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Prominent players profiled in the report include Anhui Heli Co., Ltd, Crown Equipment Corporation, Hangcha Group Co. Ltd. Hyster-Yale Materials Handling, Inc., Jungheinrich AG, Kion Group AG, Konecranes, Mitsubishi Nichiyu Forklift Co., Ltd., and Toyota Industries Corporation.
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the industrial vehicle market.
- In-depth analysis has been carried out by constructing market estimations for key market segments between 2017 and 2023.
- The report provides a quantitative analysis of the current trends and future estimations from 2017 to 2023, which helps identify prevailing market opportunities.
- Competitive intelligence of the industry helps understand the competitive scenario across geographies.
Industrial Vehicle Market Key Segments:
- Tow Tractor
- Aisle Truck
- Container Handler
- Internal Combustion Engine
- North America
- Rest of Asia-Pacific
- Rest of Europe
- Latin America
- The Middle East
Key Players in the Value Chain
- Anhui Heli Co., Ltd
- Crown Equipment Corporation
- Hangcha Group Co. Ltd.
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- Kion Group AG
- Mitsubishi Nichiyu Forklift Co., Ltd.
- Toyota Industries Corpo