Industrial Vehicles Market worth $64.3 billion by 2030 – Exclusive Report by MarketsandMarkets™

Chicago, April 17, 2024 (GLOBE NEWSWIRE) — Industrial Vehicles Market size is projected to grow from USD 49.2 billion in 2024 to USD 64.3 billion by 2030, at a CAGR of 4.6%., according to a new report by MarketsandMarkets™. 

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Report Attributes Details
Market size value in 2024: USD 49.2 billion
Projected to reach 2030: USD 64.3 billion
CAGR: 4.6%
Base Year Considered: 2023
Forecast Period: 2024-2030
Largest Market: Asia Pacific
Region Covered: Asia Pacific, Europe, North America, and Rest of the World
Segments Covered: Vehicle Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers), Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, & Region
Companies Covered: Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (US).

Government investments in infrastructure development projects are fueling the growth of the industrial vehicles industry on a global scale. Initiatives aimed at modernizing transportation networks, constructing new warehouses, and enhancing logistics capabilities require a robust fleet of industrial vehicles for efficient material handling and transportation operations. As regions prioritize infrastructure improvements to bolster economic growth, the demand for industrial vehicles, including tow tractors and container handlers, is steadily increasing.

Aisle trucks segment is anticipated to show the fastest growth in the global industrial vehicles market.

During the forecast period, the aisle truck market will experience the highest compound annual growth rate (CAGR) in volume. Asia Pacific is anticipated to hold a significant market share. In this region, the aisle truck segment of the industrial vehicles market is propelled by the manufacturing and industrial sectors, notably in industries such as automotive, oil & gas, and energy & utilities. Many industries, including food & beverages, electronics, and automobiles, necessitate large-scale deployment of material handling equipment like aisle trucks to ensure efficient warehouse and factory operations. In April 2023, Toyota Material Handling, a subsidiary of Toyota Industries Corporation (Japan), announced two additional models within its Very Narrow Aisle (VNA) truck series: the Toyota BT Vector VCE100A and VCE120A. These introductions feature an enhanced and modernized ergonomic operator compartment, incorporating intuitive controls and an interactive color touchscreen.

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The healthcare application segment has promising avenues in the global industrial vehicles market.

In the healthcare sector, there is a growing adoption of non/semi-autonomous and autonomous forklifts for the hygienic and secure movement of pharmaceutical products, assembly of medical devices, and sorting and control of expired products. Integrating artificial intelligence (AI) and machine learning is expected to transform interactions between humans and machines, enhance drug recovery processes, and facilitate risk analytics applications. The ongoing digitalization is anticipated to bring substantial changes to hospital operations. As a result, there is an increased need for efficient handling of medical equipment and medicines, coupled with strict regulations imposed by the Food and Drug Administration (FDA), further driving the demand for autonomous industrial vehicles.

Autonomous industrial vehicles find applications in the healthcare industry’s manufacturing, distribution, and warehousing processes, specifically for diagnostic instruments, testing instruments, and surgical devices. This trend is expected to propel the global industrial vehicles market in the foreseeable future. Companies such as Daifuku Co., Ltd, JBT, Kion Group AG, Toyota Industries Corporation, and Kuka AG, among others, provide AGVs tailored for healthcare. For instance, in April 2023, EK Robotics GmbH unveiled MEDI MOVE, a transport platform explicitly designed for automated transport systems in hospitals within the healthcare industry.

Germany to lead the industrial vehicles market in Europe.

During the forecast period, Germany is poised to lead as the fastest growing and largest market for industrial vehicles in Europe, driven by several key factors. Germany’s robust industrial landscape, particularly in manufacturing, automotive, and logistics, propels industrial vehicle demand. Moreover, major players such as KION Group AG (Germany) and Jungheinrich AG (Germany), who are actively expanding their business within Germany and internationally, significantly influence market growth. For example, in February 2023, KION Group AG announced that it is building a new spare parts and solutions distribution center near Aschaffenburg, Germany, for industrial trucks and services along with supply chain solutions segments of the company. Such development, like establishing distribution centers, is a testament to Germany’s expanding industrial vehicles market. Additionally, Germany’s stringent safety standards and emphasis on operational efficiency further drive the country’s adoption of industrial vehicles. With these favorable market conditions, Germany remains poised to maintain prominence in the European industrial vehicles market.

Key Market Players:

The Industrial Vehicles Companies are Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Hyster-Yale Materials Handling, Inc. (US), among others.

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