The global industrial vehicle market size was worth around USD 41.2 Billion in 2022 and is predicted to grow to around USD 61.3 Billion by 2030 with a compound annual growth rate (CAGR) of roughly 5.1% between 2023 and 2030.
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➤ Global warehouse facilities and expanding e-commerce are what propel market expansion.
The need for warehouses to serve hub and spoke models in several industries, including as e-commerce, automotive component production, consumer goods, and electronics, is driving an increase in the number of warehouses per region. Over the next five years, the storage and fulfillment industry is expected to grow at a twice-the-current rate. E-commerce grew in popularity in the US, accounting for nearly 15% of all retail transactions in 2020, up from 10% in 2019.
➤ Lack of R&D facilities impedes the expansion of the market
Strict rules and a lack of R&D facilities are impeding the growth of the industrial vehicle business. Innovation and R&D are essential components of industrial vehicles. OEMs need to invest a lot of money in R&D to enhance industrial vehicles’ capacity to carry large loads and boost productivity in order to reduce turnaround times. To stop forklifts from toppling over, slipping sideways, or spilling their load, an excellent research and development center is required. Industrial vehicles also need a lot of maintenance to run well. Owners of industrial vehicles must therefore conduct regular inspections and preventative maintenance. This should be done by a trained maintenance professional to maintain industrial vehicles in a safe environment.
➤ There is a significant opportunity due to the growing demand for industrial vehicles that run on batteries.
Rechargeable batteries are used to power industrial vehicles that run on batteries. Battery-powered industrial vehicles have been increasingly popular lately. The main advantage of battery-operated engines is their environmental sustainability. Because these engines produce less carbon dioxide, they are the perfect environmentally friendly machinery for industrial and warehouse activities.
➤ Strict government rules are a significant obstacle.
Over the past few years, laws pertaining to industrial vehicle safety and pollution have gotten increasingly complex and stringent. One in six workplace fatalities in the United States are believed to be the result of forklift accidents, according to the Occupational Safety and Health Administration (OSHA). Every year, over 100 people lose their lives in forklift accidents, which cost the company $135 million. According to OSHA, almost 70% of forklift incidents might have been avoided with regular safety training and safeguards.
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The Global Industrial Vehicle Market is segmented based on product, application and region
Global Industrial Vehicle Market: Product Segment Analysis
● Forklifts
● Aisle Trucks
● Tow Tractors
● Container Handlers
Global Industrial Vehicle Market: Application Segment Analysis
● Manufacturing
● Warehousing
● Freight & Logistics
● Others
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The global Industrial Vehicle market profiles key players such as:
● Crown Equipment Corporation
● Anhui Heli Co. Ltd
● Hangcha Forklift
● Hyster-Yale Group Inc.
● Kion Group AG
● Jungheinrich AG
● Konecranes
● MITSUBISHI HEAVY INDUSTRIES LTD.
● Toyota Industries Corporation
● C. & J. Clark International
● Doosan Corporation
● Manitou Group
● CARGOTEC CORPORATION
???? Current Events:
• Mitsubishi Logisnext Americas unveiled mid-sized 4-wheel internal combustion pneumatic tire forklifts with PF (D) 120N and PF (D) 80N models in November 2021. Forklifts with these engines are available for purchase from any dealer associated with the UniCarriers brand.
• Lift-Tek Elecar S.p.A. (Italy) and Lift Technologies, Inc. (USA), better known as Lift-Tek, are the manufacturers and distributors of forklift masts. They were acquired by Cascade Corporation, a Toyota Industries Corporation subsidiary, in October 2021. Cascade Corporation has purchased all of Lift-Tek’s shares.
➤ Asia Pacific is anticipated to hold a dominant position in the market over the forecast period.
Throughout the projected period, the industrial vehicle market is anticipated to be dominated by the Asia Pacific region. The region’s fast industrialization is creating a growing demand for industrial trucks to transport finished goods and raw materials for storage in warehouses. Furthermore, the region’s expanding e-commerce and building industries are to blame for the market’s expansion during the projected year.
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