Industrial vehicles are intended to transfer commodities and manufacturing material to warehouse distribution hubs, as well as to store raw materials and finished goods. In addition, all push or motorized carts and vehicles with free movement and used for medium-distance movement of batched items in a container or pallet such as lift trucks are considered industrial vehicles. These industrial vehicles are available in a variety of capacities and are designed to accommodate specific heavy equipment trucks.
The adoption of electric-powered forklifts is increasing over the past few years and manufacturers are making remarkable efforts to exceed the performance of internal combustion (IC) engines. In addition, environmental concerns and the availability of natural resources such as natural gas, oil, coal, and others are also boosting the need to find long-term and sustainable renewable energy solutions. When material handling equipment, factories, and automobiles are considered, hydrogen fuel stands as a remarkable replacement for conventional means of powering equipment and machinery.
Moreover, companies across the globe are investing in research and development of self-driving industrial vehicles such as autonomous forklifts and tow tractors that enable autonomous material handling in both indoor and outdoor intralogistics processes & lean logistics. The increased safety and flexibility are being achieved with autonomous tow tractors, which help to drastically reduce operating costs, which creates a growth opportunity for the industrial vehicle market during the forecast period. For instance, in September 2022, Bristol-based Fusion Processing and Peterborough’s Bradshaw Electric Vehicles received funding from Innovate UK, the national agency that will enable them to develop fully autonomous, unmanned “Tow Tractor” vehicles that will be in commercial use next year. The development process will see Bradshaw’s existing third-generation T700 and T800 Tow Tractors made fully autonomous via Fusion’s CAVstar control and sensing system.
Furthermore, companies in the industrial vehicle market are focusing on new product development, particularly electric industrial vehicles. For instance, in February 2022, Clark launched the TWLi20 three-wheel electric lithium-ion powered lift truck to its industrial lift truck product portfolio. Similarly, in July 2021, Hangcha Group Co., Ltd. launched its XH series 2.0t-3.5t electric forklift truck with high-voltage lithium-ion batteries. This truck outperforms in terms of productivity and efficiency, as well as reduced noise and zero emissions.
The market segmentation is based on the drive type, level of autonomy, application and region . By drive type, it is divided into ICE, battery-operated, and gas-powered. Based on the level of autonomy, it is classified into non/semi-autonomous and autonomous. By application, it is categorized into manufacturing, warehousing, freight & logistics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Anhui Heli Co., Ltd., Cargotec Corporation, CLARK MATERIAL HANDLING, Crown Equipment Corporation, Hangcha Forklift, Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., and Toyota Industries Corporation.
The adoption of electric-powered forklifts is increasing over the past few years and manufacturers are making remarkable efforts to exceed the performance of internal combustion (IC) engines. In addition, environmental concerns and the availability of natural resources such as natural gas, oil, coal, and others are also boosting the need to find long-term and sustainable renewable energy solutions. When material handling equipment, factories, and automobiles are considered, hydrogen fuel stands as a remarkable replacement for conventional means of powering equipment and machinery.
Moreover, companies across the globe are investing in research and development of self-driving industrial vehicles such as autonomous forklifts and tow tractors that enable autonomous material handling in both indoor and outdoor intralogistics processes & lean logistics. The increased safety and flexibility are being achieved with autonomous tow tractors, which help to drastically reduce operating costs, which creates a growth opportunity for the industrial vehicle market during the forecast period. For instance, in September 2022, Bristol-based Fusion Processing and Peterborough’s Bradshaw Electric Vehicles received funding from Innovate UK, the national agency that will enable them to develop fully autonomous, unmanned “Tow Tractor” vehicles that will be in commercial use next year. The development process will see Bradshaw’s existing third-generation T700 and T800 Tow Tractors made fully autonomous via Fusion’s CAVstar control and sensing system.
Furthermore, companies in the industrial vehicle market are focusing on new product development, particularly electric industrial vehicles. For instance, in February 2022, Clark launched the TWLi20 three-wheel electric lithium-ion powered lift truck to its industrial lift truck product portfolio. Similarly, in July 2021, Hangcha Group Co., Ltd. launched its XH series 2.0t-3.5t electric forklift truck with high-voltage lithium-ion batteries. This truck outperforms in terms of productivity and efficiency, as well as reduced noise and zero emissions.
The market segmentation is based on the drive type, level of autonomy, application and region . By drive type, it is divided into ICE, battery-operated, and gas-powered. Based on the level of autonomy, it is classified into non/semi-autonomous and autonomous. By application, it is categorized into manufacturing, warehousing, freight & logistics, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some major companies operating in the market include Anhui Heli Co., Ltd., Cargotec Corporation, CLARK MATERIAL HANDLING, Crown Equipment Corporation, Hangcha Forklift, Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., and Toyota Industries Corporation.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the industrial vehicle market analysis from 2021 to 2031 to identify the prevailing industrial vehicle market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's Five Forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the industrial vehicle market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global industrial vehicle market trends, key players, market segments, application areas, and market growth Strategies.
Key Market Segments
By Drive Type
- ICE
- Battery-Operated
- Gas-Powered
By Level of Autonomy
- Non/Semi-Autonomous
- Autonomous
By Application
- Manufacturing
- Warehousing
- Freight and Logistics
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- CLARK MATERIAL HANDLING
- Crown Equipment Corporation
- Mitsubishi Logisnext Co., Ltd.
- Cargotec Corporation
- Hangcha Group Co., Ltd
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- KION Group AG (KION)
- Komatsu Ltd.
- Toyota Industries Corporation
- Anhui Heli Co., Ltd.
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Table of Contents
CHAPTER 1: INTRODUCTION1.1.Report description
1.2.Key market segments
1.3.Key benefits to the stakeholders
1.4.Research Methodology
1.4.1.Secondary research
1.4.2.Primary research
1.4.3.Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1.Key findings of the study
2.2.CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1.Market definition and scope
3.2.Key findings
3.2.1.Top investment pockets
3.3.Porter’s five forces analysis
3.4.Market dynamics
3.4.1.Drivers
3.4.1.1. Surge in demand for industrial vehicles in various industries
3.4.1.2. Reduction of labor costs in organizations
3.4.1.3. Production of hydrogen fuel cell forklifts
3.4.2.Restraints
3.4.2.1. Increase in safety issues related to forklift trucks and other industrial vehicles
3.4.2.2. High initial investment and installation cost
3.4.3.Opportunities
3.4.3.1. Rise in demand for autonomous industrial vehicles
3.4.3.2. Incorporation of industry 4.0
3.4.3.3. Rise in demand for battery-operated industrial vehicles
3.5.COVID-19 Impact Analysis on the market
CHAPTER 4: INDUSTRIAL VEHICLE MARKET, BY DRIVE TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2. ICE
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3. Battery-Operated
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4. Gas-Powered
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
CHAPTER 5: INDUSTRIAL VEHICLE MARKET, BY LEVEL OF AUTONOMY
5.1 Overview
5.1.1 Market size and forecast
5.2. Non/Semi-Autonomous
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3. Autonomous
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
CHAPTER 6: INDUSTRIAL VEHICLE MARKET, BY APPLICATION
6.1 Overview
6.1.1 Market size and forecast
6.2. Manufacturing
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3. Warehousing
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country
6.4. Freight and Logistics
6.4.1 Key market trends, growth factors and opportunities
6.4.2 Market size and forecast, by region
6.4.3 Market share analysis by country
6.5. Others
6.5.1 Key market trends, growth factors and opportunities
6.5.2 Market size and forecast, by region
6.5.3 Market share analysis by country
CHAPTER 7: INDUSTRIAL VEHICLE MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Drive Type
7.2.3 North America Market size and forecast, by Level of Autonomy
7.2.4 North America Market size and forecast, by Application
7.2.5 North America Market size and forecast, by country
7.2.5.1 U.S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Drive Type
7.2.5.1.3 Market size and forecast, by Level of Autonomy
7.2.5.1.4 Market size and forecast, by Application
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Drive Type
7.2.5.2.3 Market size and forecast, by Level of Autonomy
7.2.5.2.4 Market size and forecast, by Application
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Drive Type
7.2.5.3.3 Market size and forecast, by Level of Autonomy
7.2.5.3.4 Market size and forecast, by Application
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Drive Type
7.3.3 Europe Market size and forecast, by Level of Autonomy
7.3.4 Europe Market size and forecast, by Application
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Drive Type
7.3.5.1.3 Market size and forecast, by Level of Autonomy
7.3.5.1.4 Market size and forecast, by Application
7.3.5.2 France
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Drive Type
7.3.5.2.3 Market size and forecast, by Level of Autonomy
7.3.5.2.4 Market size and forecast, by Application
7.3.5.3 UK
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Drive Type
7.3.5.3.3 Market size and forecast, by Level of Autonomy
7.3.5.3.4 Market size and forecast, by Application
7.3.5.4 Italy
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Drive Type
7.3.5.4.3 Market size and forecast, by Level of Autonomy
7.3.5.4.4 Market size and forecast, by Application
7.3.5.5 Rest of Europe
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Drive Type
7.3.5.5.3 Market size and forecast, by Level of Autonomy
7.3.5.5.4 Market size and forecast, by Application
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Drive Type
7.4.3 Asia-Pacific Market size and forecast, by Level of Autonomy
7.4.4 Asia-Pacific Market size and forecast, by Application
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Drive Type
7.4.5.1.3 Market size and forecast, by Level of Autonomy
7.4.5.1.4 Market size and forecast, by Application
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Drive Type
7.4.5.2.3 Market size and forecast, by Level of Autonomy
7.4.5.2.4 Market size and forecast, by Application
7.4.5.3 India
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Drive Type
7.4.5.3.3 Market size and forecast, by Level of Autonomy
7.4.5.3.4 Market size and forecast, by Application
7.4.5.4 South Korea
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Drive Type
7.4.5.4.3 Market size and forecast, by Level of Autonomy
7.4.5.4.4 Market size and forecast, by Application
7.4.5.5 Rest of Asia-Pacific
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Drive Type
7.4.5.5.3 Market size and forecast, by Level of Autonomy
7.4.5.5.4 Market size and forecast, by Application
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Drive Type
7.5.3 LAMEA Market size and forecast, by Level of Autonomy
7.5.4 LAMEA Market size and forecast, by Application
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Drive Type
7.5.5.1.3 Market size and forecast, by Level of Autonomy
7.5.5.1.4 Market size and forecast, by Application
7.5.5.2 Middle East
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Drive Type
7.5.5.2.3 Market size and forecast, by Level of Autonomy
7.5.5.2.4 Market size and forecast, by Application
7.5.5.3 Africa
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Drive Type
7.5.5.3.3 Market size and forecast, by Level of Autonomy
7.5.5.3.4 Market size and forecast, by Application
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning Strategies
8.3. Product Mapping of Top 10 Player
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
9.1 CLARK MATERIAL HANDLING
9.1.1 Company overview
9.1.2 Key Executives
9.1.3 Company snapshot
9.1.4 Operating business segments
9.1.5 Product portfolio
9.1.6 Business performance
9.1.7 Key strategic moves and developments
9.2 Crown Equipment Corporation
9.2.1 Company overview
9.2.2 Key Executives
9.2.3 Company snapshot
9.2.4 Operating business segments
9.2.5 Product portfolio
9.2.6 Business performance
9.2.7 Key strategic moves and developments
9.3 Mitsubishi Logisnext Co., Ltd.
9.3.1 Company overview
9.3.2 Key Executives
9.3.3 Company snapshot
9.3.4 Operating business segments
9.3.5 Product portfolio
9.3.6 Business performance
9.3.7 Key strategic moves and developments
9.4 Cargotec Corporation
9.4.1 Company overview
9.4.2 Key Executives
9.4.3 Company snapshot
9.4.4 Operating business segments
9.4.5 Product portfolio
9.4.6 Business performance
9.4.7 Key strategic moves and developments
9.5 Hangcha Group Co., Ltd
9.5.1 Company overview
9.5.2 Key Executives
9.5.3 Company snapshot
9.5.4 Operating business segments
9.5.5 Product portfolio
9.5.6 Business performance
9.5.7 Key strategic moves and developments
9.6 Hyster-Yale Materials Handling, Inc.
9.6.1 Company overview
9.6.2 Key Executives
9.6.3 Company snapshot
9.6.4 Operating business segments
9.6.5 Product portfolio
9.6.6 Business performance
9.6.7 Key strategic moves and developments
9.7 Jungheinrich AG
9.7.1 Company overview
9.7.2 Key Executives
9.7.3 Company snapshot
9.7.4 Operating business segments
9.7.5 Product portfolio
9.7.6 Business performance
9.7.7 Key strategic moves and developments
9.8 KION Group AG (KION)
9.8.1 Company overview
9.8.2 Key Executives
9.8.3 Company snapshot
9.8.4 Operating business segments
9.8.5 Product portfolio
9.8.6 Business performance
9.8.7 Key strategic moves and developments
9.9 Komatsu Ltd.
9.9.1 Company overview
9.9.2 Key Executives
9.9.3 Company snapshot
9.9.4 Operating business segments
9.9.5 Product portfolio
9.9.6 Business performance
9.9.7 Key strategic moves and developments
9.10 Toyota Industries Corporation
9.10.1 Company overview
9.10.2 Key Executives
9.10.3 Company snapshot
9.10.4 Operating business segments
9.10.5 Product portfolio
9.10.6 Business performance
9.10.7 Key strategic moves and developments
9.11 Anhui Heli Co., Ltd.
9.11.1 Company overview
9.11.2 Key Executives
9.11.3 Company snapshot
9.11.4 Operating business segments
9.11.5 Product portfolio
9.11.6 Business performance
9.11.7 Key strategic moves and developments
List of Tables
Table 1. Global Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 2. Industrial Vehicle Market for Ice, by Region, 2021-2031 (Revenue, $Million)
Table 3. Industrial Vehicle Market for Battery-Operated, by Region, 2021-2031 (Revenue, $Million)
Table 4. Industrial Vehicle Market for Gas-Powered, by Region, 2021-2031 (Revenue, $Million)
Table 5. Global Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 6. Industrial Vehicle Market for Non/Semi-Autonomous, by Region, 2021-2031 (Revenue, $Million)
Table 7. Industrial Vehicle Market for Autonomous, by Region, 2021-2031 (Revenue, $Million)
Table 8. Global Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 9. Industrial Vehicle Market for Manufacturing, by Region, 2021-2031 (Revenue, $Million)
Table 10. Industrial Vehicle Market for Warehousing, by Region, 2021-2031 (Revenue, $Million)
Table 11. Industrial Vehicle Market for Freight and Logistics, by Region, 2021-2031 (Revenue, $Million)
Table 12. Industrial Vehicle Market for Others, by Region, 2021-2031 (Revenue, $Million)
Table 13. Industrial Vehicle Market, by Region, 2021-2031 (Revenue, $Million)
Table 14. North America Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 15. North America Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 16. North America Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 17. North America Industrial Vehicle Market, by Country, 2021-2031 (Revenue, $Million)
Table 18. U.S. Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 19. U.S. Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 20. U.S. Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 21. Canada Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 22. Canada Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 23. Canada Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 24. Mexico Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 25. Mexico Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 26. Mexico Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 27. Europe Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 28. Europe Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 29. Europe Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 30. Europe Industrial Vehicle Market, by Country, 2021-2031 (Revenue, $Million)
Table 31. Germany Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 32. Germany Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 33. Germany Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 34. France Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 35. France Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 36. France Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 37. UK Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 38. UK Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 39. UK Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 40. Italy Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 41. Italy Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 42. Italy Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 43. Rest of Europe Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 44. Rest of Europe Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 45. Rest of Europe Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 46. Asia-Pacific Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 47. Asia-Pacific Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 48. Asia-Pacific Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 49. Asia-Pacific Industrial Vehicle Market, by Country, 2021-2031 (Revenue, $Million)
Table 50. China Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 51. China Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 52. China Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 53. Japan Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 54. Japan Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 55. Japan Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 56. India Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 57. India Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 58. India Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 59. South Korea Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 60. South Korea Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 61. South Korea Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 62. Rest of Asia-Pacific Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 63. Rest of Asia-Pacific Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 64. Rest of Asia-Pacific Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 65. LAMEA Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 66. LAMEA Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 67. LAMEA Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 68. LAMEA Industrial Vehicle Market, by Country, 2021-2031 (Revenue, $Million)
Table 69. Latin America Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 70. Latin America Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 71. Latin America Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 72. Middle East Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 73. Middle East Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 74. Middle East Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 75. Africa Industrial Vehicle Market, by Drive Type, 2021-2031 (Revenue, $Million)
Table 76. Africa Industrial Vehicle Market, by Level of Autonomy, 2021-2031 (Revenue, $Million)
Table 77. Africa Industrial Vehicle Market, by Application, 2021-2031 (Revenue, $Million)
Table 78. Clark Material Handling: Key Executives
Table 79. Clark Material Handling: Company Snapshot
Table 80. Clark Material Handling: Operating Segments
Table 81. Clark Material Handling: Product Portfolio
Table 82. Clark Material Handling: Net Sales
Table 83. Clark Material Handling: Key Strategies
Table 84. Crown Equipment Corporation: Key Executives
Table 85. Crown Equipment Corporation: Company Snapshot
Table 86. Crown Equipment Corporation: Operating Segments
Table 87. Crown Equipment Corporation: Product Portfolio
Table 88. Crown Equipment Corporation: Net Sales
Table 89. Crown Equipment Corporation: Key Strategies
Table 90. Mitsubishi Logisnext Co. Ltd.: Key Executives
Table 91. Mitsubishi Logisnext Co. Ltd.: Company Snapshot
Table 92. Mitsubishi Logisnext Co. Ltd.: Operating Segments
Table 93. Mitsubishi Logisnext Co. Ltd.: Product Portfolio
Table 94. Mitsubishi Logisnext Co. Ltd.: Net Sales
Table 95. Mitsubishi Logisnext Co. Ltd.: Key Strategies
Table 96. Cargotec Corporation: Key Executives
Table 97. Cargotec Corporation: Company Snapshot
Table 98. Cargotec Corporation: Operating Segments
Table 99. Cargotec Corporation: Product Portfolio
Table 100. Cargotec Corporation: Net Sales
Table 101. Cargotec Corporation: Key Strategies
Table 102. Hangcha Group Co. Ltd.: Key Executives
Table 103. Hangcha Group Co. Ltd.: Company Snapshot
Table 104. Hangcha Group Co. Ltd.: Operating Segments
Table 105. Hangcha Group Co. Ltd.: Product Portfolio
Table 106. Hangcha Group Co. Ltd.: Net Sales
Table 107. Hangcha Group Co. Ltd.: Key Strategies
Table 108. Hyster-Yale Materials Handling, Inc.: Key Executives
Table 109. Hyster-Yale Materials Handling, Inc.: Company Snapshot
Table 110. Hyster-Yale Materials Handling, Inc.: Operating Segments
Table 111. Hyster-Yale Materials Handling, Inc.: Product Portfolio
Table 112. Hyster-Yale Materials Handling, Inc.: Net Sales
Table 113. Hyster-Yale Materials Handling, Inc.: Key Strategies
Table 114. Jungheinrich AG: Key Executives
Table 115. Jungheinrich AG: Company Snapshot
Table 116. Jungheinrich AG: Operating Segments
Table 117. Jungheinrich AG: Product Portfolio
Table 118. Jungheinrich AG: Net Sales
Table 119. Jungheinrich AG: Key Strategies
Table 120. Kion Group AG (Kion): Key Executives
Table 121. Kion Group AG (Kion): Company Snapshot
Table 122. Kion Group AG (Kion): Operating Segments
Table 123. Kion Group AG (Kion): Product Portfolio
Table 124. Kion Group AG (Kion): Net Sales
Table 125. Kion Group AG (Kion): Key Strategies
Table 126. Komatsu Ltd.: Key Executives
Table 127. Komatsu Ltd.: Company Snapshot
Table 128. Komatsu Ltd.: Operating Segments
Table 129. Komatsu Ltd.: Product Portfolio
Table 130. Komatsu Ltd.: Net Sales
Table 131. Komatsu Ltd.: Key Strategies
Table 132. Toyota Industries Corporation: Key Executives
Table 133. Toyota Industries Corporation: Company Snapshot
Table 134. Toyota Industries Corporation: Operating Segments
Table 135. Toyota Industries Corporation: Product Portfolio
Table 136. Toyota Industries Corporation: Net Sales
Table 137. Toyota Industries Corporation: Key Strategies
Table 138. Anhui Heli Co. Ltd.: Key Executives
Table 139. Anhui Heli Co. Ltd.: Company Snapshot
Table 140. Anhui Heli Co. Ltd.: Operating Segments
Table 141. Anhui Heli Co. Ltd.: Product Portfolio
Table 142. Anhui Heli Co. Ltd.: Net Sales
Table 143. Anhui Heli Co. Ltd.: Key Strategies
List of Figures
Figure 1. Segmentation of Industrial Vehicle Market,2021-2031
Figure 2. Industrial Vehicle Market,2021-2031
Figure 3. Top Investment Pockets, by Region
Figure 4. Porter Five-1
Figure 5. Porter Five-2
Figure 6. Porter Five-3
Figure 7. Porter Five-4
Figure 8. Porter Five-5
Figure 9. Industrial Vehicle Market:Drivers, Restraints and Opportunities
Figure 10. Industrial Vehicle Market,By Drive Type,2021(%)
Figure 11. Comparative Share Analysis of Ice Industrial Vehicle Market, 2021 and 2031(%)
Figure 12. Comparative Share Analysis of Battery-Operated Industrial Vehicle Market, 2021 and 2031(%)
Figure 13. Comparative Share Analysis of Gas-Powered Industrial Vehicle Market, 2021 and 2031(%)
Figure 14. Industrial Vehicle Market,By Level of Autonomy,2021(%)
Figure 15. Comparative Share Analysis of Non/Semi-Autonomous Industrial Vehicle Market, 2021 and 2031(%)
Figure 16. Comparative Share Analysis of Autonomous Industrial Vehicle Market, 2021 and 2031(%)
Figure 17. Industrial Vehicle Market,By Application,2021(%)
Figure 18. Comparative Share Analysis of Manufacturing Industrial Vehicle Market, 2021 and 2031(%)
Figure 19. Comparative Share Analysis of Warehousing Industrial Vehicle Market, 2021 and 2031(%)
Figure 20. Comparative Share Analysis of Freight and Logistics Industrial Vehicle Market, 2021 and 2031(%)
Figure 21. Comparative Share Analysis of Others Industrial Vehicle Market, 2021 and 2031(%)
Figure 22. Industrial Vehicle Market by Region,2021
Figure 23. U.S. Industrial Vehicle Market,2021-2031($Million)
Figure 24. Canada Industrial Vehicle Market,2021-2031($Million)
Figure 25. Mexico Industrial Vehicle Market,2021-2031($Million)
Figure 26. Germany Industrial Vehicle Market,2021-2031($Million)
Figure 27. France Industrial Vehicle Market,2021-2031($Million)
Figure 28. UK Industrial Vehicle Market,2021-2031($Million)
Figure 29. Italy Industrial Vehicle Market,2021-2031($Million)
Figure 30. Rest of Europe Industrial Vehicle Market,2021-2031($Million)
Figure 31. China Industrial Vehicle Market,2021-2031($Million)
Figure 32. Japan Industrial Vehicle Market,2021-2031($Million)
Figure 33. India Industrial Vehicle Market,2021-2031($Million)
Figure 34. South Korea Industrial Vehicle Market,2021-2031($Million)
Figure 35. Rest of Asia-Pacific Industrial Vehicle Market,2021-2031($Million)
Figure 36. Latin America Industrial Vehicle Market,2021-2031($Million)
Figure 37. Middle East Industrial Vehicle Market,2021-2031($Million)
Figure 38. Africa Industrial Vehicle Market,2021-2031($Million)
Figure 39. Top Winning Strategies, by Year
Figure 40. Top Winning Strategies, by Development
Figure 41. Top Winning Strategies, by Company
Figure 42. Product Mapping of Top 10 Players
Figure 43. Competitive Dashboard
Figure 44. Competitive Heatmap of Top 10 Key Players
Figure 45. Top Player Positioning, 2021
Figure 46. Clark Material Handling.: Net Sales ($Million)
Figure 47. Crown Equipment Corporation.: Net Sales ($Million)
Figure 48. Mitsubishi Logisnext Co. Ltd..: Net Sales ($Million)
Figure 49. Cargotec Corporation.: Net Sales ($Million)
Figure 50. Hangcha Group Co. Ltd.: Net Sales ($Million)
Figure 51. Hyster-Yale Materials Handling, Inc..: Net Sales ($Million)
Figure 52. Jungheinrich AG.: Net Sales ($Million)
Figure 53. Kion Group AG (Kion).: Net Sales ($Million)
Figure 54. Komatsu Ltd..: Net Sales ($Million)
Figure 55. Toyota Industries Corporation.: Net Sales ($Million)
Figure 56. Anhui Heli Co. Ltd..: Net Sales ($Million)
Executive Summary
The Industrial Vehicles Market is expected to experience a significant growth rate of 5.6% from 2022 to 2031 owing to rising demand for autonomous industrial vehicles.Vehicles used for the loading or unloading of cargo or other objects from vehicles, containers, or racks are considered industrial vehicles. Industrial vehicles are carriers designed to convey items within a factory area with the greatest maneuverability. Most industrial vehicles allow mechanical load collection and delivery, removing the need for manual lifting and transportation. Industrial trucks are classed as hand trucks or power trucks based on their mode of transportation.
A key factor driving the growth of the industrial vehicles market includes a rise in the prevalence of the e-commerce industry in the region. For instance, in October 2019, Shopify Inc., a Canada-based e-commerce company, completed the acquisition of 6 River Systems, Inc., a global provider of fulfillment solutions using collaborative robots. This acquisition is a critical step to accelerating the growth of Shopify’s fulfillment network by using 6 River Systems’ fleet of collaborative mobile robots and cloud-based software. Furthermore, players operating in North American countries are introducing a new range of high-quality batteries for forklifts and industrial trucks, which in turn is anticipated to boost the growth of the industrial vehicle market. For instance, in February 2020, Mitsubishi Caterpillar Forklift America Inc. (MCFA), a forklift truck provider in the U.S., Canada, and Mexico, announced the offering of highly efficient Lithium-ion batteries for its new electric pneumatic tire forklifts.
The industrial vehicle market is segmented into drive type, level of autonomy, application, and region. By drive type, it is divided into ICE, battery-operated, and gas-powered. By level of autonomy, it is classified into non/semi-autonomous and autonomous. By application, it is categorized into manufacturing, warehousing, freight & logistics, and others. Region-wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include Anhui Heli Co., Ltd., Cargotec Corporation, CLARK MATERIAL HANDLING, Crown Equipment Corporation, Hangcha Forklift, Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., Toyota Industries Corporation. The players in the market have been actively engaged in the adoption of various Strategies such as contracts, collaborations, product launches, and product development to remain competitive and gain an advantage over the competitors in the market. For instance, in May 2022, CLARK MATERIAL HANDLING launched its S40-60 IC pneumatic forklift with weightlifting capacities up to 12,000 pounds with new features such as an optimal center of gravity and self-activating parking brake along with additional safety features such as an integrated back-up camera.
Key Market Insights
By drive type, the ICE segment was the highest revenue contributor to the market, and is estimated to reach $38,190.9 million by 2031, with a CAGR of 5.4%. However, the battery-operated segment is estimated to be the fastest growing segment with a CAGR of 6.1% during the forecast period.By level of autonomy, the non/semi-autonomous segment was the highest revenue contributor to the market, with $37,048.5 million in 2021, and is estimated to reach $60,920.8 million by 2031, with a CAGR of 5.3%.
By application, the manufacturing segment dominated the global market, and is estimated to reach $39,310.8 million by 2031, with a CAGR of 4.9%. However, the freight and logistics segment is expected to be the fastest growing segment with a CAGR of 6.7% during the forecast period.
Based on region, Asia-Pacific was the highest revenue contributor, accounting for $17,954.1 million in 2021, and is estimated to reach $32,491.6 million by 2031, with a CAGR of 6.3%.
Companies Mentioned
- CLARK MATERIAL HANDLING
- Crown Equipment Corporation
- Mitsubishi Logisnext Co., Ltd.
- Cargotec Corporation
- Hangcha Group Co., Ltd
- Hyster-Yale Materials Handling, Inc.
- Jungheinrich AG
- KION Group AG (KION)
- Komatsu Ltd.
- Toyota Industries Corporation
- Anhui Heli Co., Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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