Global Industrial Vehicles Market
Dublin, June 14, 2022 (GLOBE NEWSWIRE) -- The "Global Industrial Vehicles Market in terms of Vehicle Type, Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, Aerial Work Platform (Boom Lifts, Scissor Lifts) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global industrial vehicles market is projected to grow from USD 43.7 billion in 2022 to USD 54.3 billion by 2027, at a CAGR of 4.5%.
Parameters such as increasing growth of e-commerce sector, along with the increasing demand for autonomous solutions in material handling across end-use industries will boost the demand for the industrial vehicles. In addition, the growing adoption of battery-operated industrial vehicles, paired with the advent of smart factories in the manufacturing sector will create new opportunities for this market.
Manufacturing segment is expected to grow at a significant rate during the forecast period, by application
The manufacturing segment of the industrial vehicles market is projected to grow at the noticeable rate during the forecast period. The increasing adoption of industrial vehicles in automotive, chemical, food & beverages, and healthcare, among others, is expected to drive the manufacturing segment of the market during the forecast period.
These vehicles are used in manufacturing processes to store and retrieve inventory for the production line. Benefits such as short downtime, labor cost savings, reduced accidents on the production floor, and increased efficiency and flexibility have been encouraging manufacturers to invest in new product development. These benefits will drive the demand for industrial vehicles during the forecast period.
North America is expected to be the significant market during the forecast period
North America is a hub for various renowned industrial vehicle manufacturers known for delivering quality and high-performance industrial vehicles. Factors such as large e-commerce industry and an established ecosystem for industrial as well as manufacturing companies with their own warehousing capabilities make North America an attractive market for industrial vehicle manufacturers. Moreover, an extensive 3PL network has led to the growth of the warehousing sector in North America. Exhibitions and trade shows such as ProMat and MODEX, which are held annually, also help material handling equipment manufacturers to look for prospective customers in North America.
The North American automotive industry is one of the most advanced in the world; it houses major OEMs such as Ford Motors, Tesla, General Motors, and Fiat-Chrysler. The North American Free Trade Agreement (NAFTA) has fostered the growth of the automotive industry in the region. The US, which has traditionally been a global technological leader, is the largest automotive market in North America.
A large customer base and high disposable income levels in the country have fueled the demand for electric vehicles, resulting in increased manufacturing activities by local automotive OEMs. This, in turn, requires material handling solutions to transport chassis, car bodies, engines, and other components in the automotive manufacturing units in North America. Industrial vehicles are important for handling eccentric-shaped loads, and hence their adoption in this region is growing.
Freight & Logistics segment is estimated to be the second largest market in the industrial vehicles market during the forecast period
Freight & Logistics is expected to be the second largest segment by application during the forecast period. Logistics and freight operations include material handling processes on ports, logistics hubs, and large distribution centers. With the rising intricacy of logistics operations and freight processes, the issue of waiting time and in-travel goods damage is gaining traction in the intralogistics industry. End use industries that have multinational production operations like automotive and electronics have been trying to reduce the loss and damages during logistics processes.
Logistics and freight operations include material handling processes on ports, logistics hubs, and large distribution centers. With the rising intricacy of logistics operations and freight processes, the issue of waiting time and in-travel goods damage is gaining traction in the intralogistics industry. End use industries that have multinational production operations like automotive and electronics have been trying to reduce the loss and damages during logistics processes. All these factors are expected to drive the freight & logistics segment in the Asia Pacific region during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in Industrial Vehicles Market
4.2 Industrial Vehicles Market, by Vehicle Type
4.3 Industrial Vehicles Market, by Drive Type
4.4 Industrial Vehicles Market, by Application
4.5 Aerial Work Platform Market, by Type
4.6 Industrial Vehicles Market Growth Rate, by Region
5 Market Overview
5.2 Market Dynamics
220.127.116.11 Growing E-Commerce and Warehousing
18.104.22.168 Technological Advancements Aimed at Increasing Productivity
22.214.171.124 Increasing Demand for Automation Solutions in Material Handling Across Industries
126.96.36.199 Rising Focus on Improving Workplace Safety
188.8.131.52 High Cost of Automation
184.108.40.206 Lack of R&D Facilities and High Maintenance of Industrial Vehicles
220.127.116.11 Increasing Demand for Battery-Operated Industrial Vehicles
18.104.22.168 Advent of Smart Factories in Material Handling Industry
22.214.171.124 Government Regulations and Safety Concerns
126.96.36.199 Low Labor Costs Restrict Adoption of Industrial Vehicles in Emerging Economies
5.3 Trends & Disruptions Impacting the Market
5.4 Industrial Vehicles Market Scenarios (2022-2027)
5.4.1 Most Likely Scenario
5.4.2 Optimistic Scenario
5.4.3 Pessimistic Scenario
5.5 Porter's Five Forces
5.6 Industrial Vehicles Market Ecosystem
5.7 Value Chain Analysis
5.8 Pricing Analysis
5.9 Key Stakeholders & Buying Criteria
5.9.1 Key Stakeholders in Buying Process
5.9.2 Buying Criteria
5.10 Macroeconomic Indicators
5.10.1 Gdp Trends and Forecast for Major Economies
5.10.2 World Motor Vehicle Production Statistics in 2020 & 2021
5.11 Patent Analysis
5.12 Case Study
5.12.1 Thyssenkrupp's Decision for Flexible Automation
5.12.2 Automation of Coko-Werk GmbH & Co. Kg
5.12.3 Toyota Delivers Sustainable Agv Solutions for Panasonic Energy
5.12.4 Large Toyota Agv Fleet Helped Future-Proof Albert Heijn's Distribution Centers
5.12.5 Toyota's Automated Forklifts Supported Elm.Leblanc's 4.0 Journey
5.12.6 Inductive Charging System for Agvs
5.13 Technological Analysis
5.14 Trade Analysis
5.15 Regulatory Landscape
5.16 Key Conference & Events in 2022
6 Industrial Vehicles Market, by Vehicle Type & Capacity
6.1.1 Operational Data
6.1.3 Research Methodology
6.2.1 Growth of E-Commerce Industry to Drive Segment
6.2.2 Forklift Market, by Capacity
6.2.3 <5 Ton
6.2.4 5-10 Ton
6.2.5 11-36 Ton
6.2.6 >36 Ton
6.3 Aisle Truck
6.3.1 Increasing Adoption of Narrow Aisle Arrangements in Warehouses to Drive Segment
6.3.2 Aisle Truck Market, by Capacity
6.3.3 <1 Ton
6.3.4 1-2 Ton
6.3.5 >2 Ton
6.4 Tow Tractor
6.4.1 Increasing Focus on Automation in Manufacturing to Drive Segment
6.4.2 Tow Tractor Market, by Capacity
6.4.3 <5 Ton
6.4.4 5-10 Ton
6.4.5 11-30 Ton
6.4.6 >30 Ton
6.5 Container Handler
6.5.1 Steady Growth of Maritime Transport to Drive Segment
6.5.2 Container Handler Market, by Capacity
6.5.3 <30 Ton
6.5.4 30-40 Ton
6.5.5 >40 Ton
6.6 Automated Guided Vehicles
6.6.1 Growing Need for Automation in Material-Handling Processes to Drive Segment
6.6.2 Challenges of Agvs
188.8.131.52 Low Labor Costs Restricting Adoption of Agvs in Emerging Economies
184.108.40.206 Technical Challenges Related to Sensing Elements
6.7 Personnel Carriers
6.7.1 Increasing Levels of Industrialization to Drive Segment
6.8 Key Primary Insights
7 Industrial Vehicles Market, by Drive Type
7.1.1 Operational Data
7.1.3 Research Methodology for Drive Type Segment
7.2 Ice Industrial Vehicles
7.2.1 Increasing Usage in Heavy-Duty Applications to Drive Segment
7.3 Battery-Operated Industrial Vehicles
7.3.1 Growing Co2 Emission Concerns Across the Globe to Drive Segment
7.4 Gas-Powered Industrial Vehicles
7.4.1 Suitability in Outdoor Applications to Drive Segment
7.5 Key Primary Insights
8 Industrial Vehicles Market, by Application
8.1.1 Operational Data
8.1.3 Research Methodology for Application Type Segment
8.2.1 Increase in Global Manufacturing Post-Pandemic to Drive Segment
8.2.3 Metals & Heavy Machinery
8.2.6 Food & Beverages
8.3.1 Increasing Product Differentiation and Reduced Pallet Size to Drive Segment
8.4 Freight & Logistics
8.4.1 Need for Reduction in Delivery Time and Rising Concerns Over Damages and Loss of Goods to Drive Segment
8.6 Key Primary Insights
9 Industrial Vehicles Market, by Level of Autonomy
10 Aerial Work Platform Market, by Type
10.1.1 Operational Data
10.1.3 Research Methodology for Type Segment
10.2 Boom Lift
10.2.1 Growth of Construction Sector to Drive Demand
10.3 Scissor Lift
10.3.1 Growth of Logistics Sector to Drive Demand
10.4 Key Primary Insights
11 Industrial Vehicles Market, by Region
12 Competitive Landscape
12.2 Revenue Analysis of Top Companies
12.2.1 Market Share of Key Players
12.3 Competitive Scenario
12.3.2 New Product Launches
12.3.3 Others, 2018-2022
12.4 Company Evaluation Quadrant for Industrial Vehicles Market
12.4.2 Emerging Leaders
12.5 Sme Evaluation Quadrant for Industrial Vehicles Market
12.5.1 Progressive Companies
12.5.2 Responsive Companies
12.5.3 Dynamic Companies
12.5.4 Starting Blocks
12.6 Company Evaluation Quadrant for Aerial Work Platform Market
12.6.2 Emerging Leaders
12.7 Right to Win, 2018-2022
13 Company Profiles
13.1 Key Players (Industrial Vehicles Market)
13.1.1 Toyota Industries Corporation
13.1.2 Kion Group Ag
13.1.3 Mitsubishi Logisnext Co., Ltd.
13.1.4 Jungheinrich Ag
13.1.5 Crown Equipment Corporation
13.1.6 Hyster-Yale Materials Handling, Inc.
13.1.7 Hangcha Group Co., Ltd.
13.1.9 Anhui Heli Co. Ltd.
13.2 Other Key Players (Industrial Vehicles Market)
13.2.2 Doosan Industrial Vehicle
13.2.3 Manitou Group
13.2.4 Cargotec Corporation
13.2.5 Action Construction Equipment Ltd.
13.2.6 Hyundai Construction Equipment India Pvt. Ltd.
13.2.7 V. Mariotti Srl
13.2.11 Lonking Machinery Co., Ltd.
13.2.12 Hubtex Maschinenbau & Co. Kg
13.2.13 Godrej & Boyce
13.2.14 Svetuck Ab
13.2.15 Stocklin Logistik Ag
13.2.16 Omg Srl.
13.2.17 Paletrans Forklifts
13.2.18 Genkinger GmbH
13.3 Key Players (Aerial Work Platforms)
13.3.1 Jlg Industries, Inc.
13.3.2 Tadano Ltd.
13.3.3 Terex Corporation
13.3.4 Linamar Corporation
13.4 Other Key Players (Aerial Work Platforms)
13.4.1 Haulotte Group
13.4.2 Aichi Corporation
13.4.3 Palfinger Ag
13.4.4 Imer International Spa
13.4.5 Sinoboom Intelligent Equipment Co, Ltd.
13.4.6 Altec Industries
13.4.7 J C Bamford Excavators Ltd.
13.4.8 Noblelift Intelligent Equipment Co, Ltd.
13.4.9 Bronto Skylift
14 Analyst's Recommendations
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