The Asia Pacific industrial vehicles market was valued at US$ 23.32 billion in 2022 and is expected to reach US$ 35.06 billion by 2030; it is estimated to register at a CAGR of 5.2% from 2022 to 2030.
Komatsu, a key player in this space, reports that its autonomous solutions has the potential to improve tire and brake life by up to 40%-which can lead to the widespread adoption of autonomous technology. Similarly, Telematics, a crucial component of autonomous trucks, relies on internet-connected sensors to monitor vehicle performance in real time. This constant feedback loop allows for proactive adjustments, ensuring that vehicles operate at optimal levels. By leveraging telematics, industrial vehicles can experience a significant reduction in error and unnecessary movement, potentially extending their lifespan by up to 50%. This not only promotes sustainability but also presents a compelling economic case for companies looking to maximize the return on their industrial vehicle investments.
The implementation of autonomous industrial vehicles in real-world applications continues to be successful. Resolute Mining's debut of the world's first fully autonomous underground gold mine in 2019 showcased the broader applicability of autonomous technology. By employing a completely autonomous operations, Resolute Mining achieved a substantial reduction in the mine's total cost of gold production-US$ 135 per ounce-and reduced operating expenses by 30%. These outcomes highlight the transformative potential of autonomous technology in optimizing operational efficiency and cost-effectiveness.
Thus, various industries are witnessing potential for extended asset lifetimes, improved safety records, and significant cost savings, which are likely to present lucrative opportunities for manufacturers and stakeholders operating in the industrial vehicle market during the forecast period.
Among the 2.34 million material handling units, around 68.8%, that is 1.61 million units, were recorded as electric-powered forklifts. Electric forklift demand is increasing at a rapid pace with a surge in consumer popularity. With a surge in the number of orders, the demand for industrial vehicles such as forklifts, aisle trucks, and pallet trucks has increased.
Efficient, Safe, and Cost-effective Industrial Vehicles Boost Asia Pacific Industrial Vehicles Market
The integration of autonomous industrial vehicles such as autonomous industrial vehicles (IVs) represents a transformative phase in the industrial vehicle market, fueled by improved efficiency, reduced maintenance costs, and enhanced safety records. Autonomous industrial vehicles, operating within geofenced topographies and adhering to specific rules, address one of the persistent challenges in industrial vehicle operations-wear and tear. Unlike human operators, whose driving habits can vary significantly, autonomous vehicles follow prescribed actions, minimizing the potential for routing errors, reducing wear on critical components, and improving the overall asset lifetime.Komatsu, a key player in this space, reports that its autonomous solutions has the potential to improve tire and brake life by up to 40%-which can lead to the widespread adoption of autonomous technology. Similarly, Telematics, a crucial component of autonomous trucks, relies on internet-connected sensors to monitor vehicle performance in real time. This constant feedback loop allows for proactive adjustments, ensuring that vehicles operate at optimal levels. By leveraging telematics, industrial vehicles can experience a significant reduction in error and unnecessary movement, potentially extending their lifespan by up to 50%. This not only promotes sustainability but also presents a compelling economic case for companies looking to maximize the return on their industrial vehicle investments.
The implementation of autonomous industrial vehicles in real-world applications continues to be successful. Resolute Mining's debut of the world's first fully autonomous underground gold mine in 2019 showcased the broader applicability of autonomous technology. By employing a completely autonomous operations, Resolute Mining achieved a substantial reduction in the mine's total cost of gold production-US$ 135 per ounce-and reduced operating expenses by 30%. These outcomes highlight the transformative potential of autonomous technology in optimizing operational efficiency and cost-effectiveness.
Thus, various industries are witnessing potential for extended asset lifetimes, improved safety records, and significant cost savings, which are likely to present lucrative opportunities for manufacturers and stakeholders operating in the industrial vehicle market during the forecast period.
Asia Pacific Industrial Vehicles Market Overview
The rising demand for the material handling equipment and vehicles around the globe across the manufacturing sector drives the Asia Pacific industrial vehicles market growth. According to the World Industrial Vehicle Statistics Association (WITS), more than 2.34 million material-handling vehicles and equipment sales were recorded during 2021. The material handling industry saw a 43.0% increase in orders in 2021 compared to the previous year, 2020.Among the 2.34 million material handling units, around 68.8%, that is 1.61 million units, were recorded as electric-powered forklifts. Electric forklift demand is increasing at a rapid pace with a surge in consumer popularity. With a surge in the number of orders, the demand for industrial vehicles such as forklifts, aisle trucks, and pallet trucks has increased.
Asia Pacific Industrial Vehicles Market Segmentation
The Asia Pacific industrial vehicles market is segmented based on type, drive type, level of autonomy, application, and country.- Based on type, the Asia Pacific industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held the largest share in 2022.
- In terms of drive type, the Asia Pacific industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held the largest share in 2022.
- By level of autonomy, the Asia Pacific industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held a larger share in 2022.
- Based on application, the Asia Pacific industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held the largest share in 2022.
- Based on country, the Asia Pacific industrial vehicles market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific industrial vehicles market in 2022.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Industrial Vehicles Market Landscape
5. Asia Pacific Industrial Vehicles Market - Key Market Dynamics
6. Industrial Vehicles Market - Asia Pacific Market Analysis
7. Asia Pacific Industrial Vehicles Market Analysis - by Vehicle Type
8. Asia Pacific Industrial Vehicles Market Analysis - by Drive Type
9. Asia Pacific Industrial Vehicles Market Analysis - by Level of Autonomy
10. Asia Pacific Industrial Vehicles Market Analysis - by Application
11. Asia Pacific Industrial Vehicles Market - Country Analysis
12. Industry Landscape
13. Company Profiles
14. Appendix
Companies Mentioned
- Kion Group AG
- Toyota Industries Corp
- Mitsubishi Heavy Industries Ltd
- Komatsu Ltd
- Hyster-Yale Materials Handling Inc
- Jungheinrich AG
- Crown Equipment Corp
- Konecranes Plc
- Anhui Heli Co Ltd
