Industrial Vehicle Global Market Report 2024

The industrial vehicle market size has grown strongly in recent years. It will grow from $46 billion in 2023 to $48.87 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth observed in the historical period can be ascribed to the expansion of manufacturing and industry, the increased prevalence of e-commerce, adherence to safety and regulatory standards, the globalization of supply chains, and a concerted focus on enhancing energy efficiency.

The industrial vehicle market size is expected to see strong growth in the next few years. It will grow to $60.47 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be linked to the expansion of e-commerce fulfillment centers, a growing embrace of electric vehicles, the emphasis on supply chain resilience, tailoring solutions to meet industry-specific requirements, and the integration of IoT and telematics. Noteworthy trends expected in the forecast period encompass the deployment of autonomous and semi-autonomous vehicles, the implementation of predictive maintenance solutions, the collaboration between humans and machines, the integration of robotics, and a heightened focus on ergonomics.

The anticipated growth of the industrial vehicle market is expected to be propelled by the burgeoning e-commerce industry. E-commerce involves the electronic buying and selling of goods and services, facilitated through online platforms. The increased reliance on online transactions has led logistics companies to expand their vehicle fleets to meet the rising demands for timely deliveries. Industrial vehicles play a crucial role in the e-commerce sector, ensuring the efficient and punctual transportation of goods to enhance customer satisfaction. For instance, as of September 2022, the International Trade Administration reported a 30% increase in consumer e-commerce in the UK, contributing to over $120 billion in annual e-commerce revenue, constituting 30% of the country's overall retail sector. Thus, the growing e-commerce industry serves as a driving force for the industrial vehicle market.

The escalating demand within the manufacturing industry is poised to drive the growth of the industrial vehicle market. The manufacturing industry encompasses economic activities dedicated to the production of goods using various processes, techniques, and technologies. The integration of industrial vehicles into manufacturing processes offers benefits such as increased productivity, adaptable manufacturing layouts, reduced manual labor, efficient and rapid transportation, improved safety standards, continuous operational capabilities, and optimized warehouse operations. As of March 2022, a report from the United Nations Industrial Development Organization indicated a notable 9.4% increase in global manufacturing production in 2021. Therefore, the rising demand within the manufacturing industry stands as a catalyst for the growth of the industrial vehicle market.


The adoption of technological advancements emerges as a prominent trend in the industrial vehicle market. Major players in the industrial vehicle market are incorporating cutting-edge technologies to maintain their competitive positions. For example, in November 2022, Schäffer Maschinenfabrik GmbH, a German company specializing in industrial machinery manufacturing, introduced the Schäffer 23e T - an electric-drive telescopic wheel loader. This telescopic version of the 23e yard loader is equipped with a robust 31.3 kWh battery, providing up to eight hours of continuous operation with an impressive efficiency exceeding 90%, approximately three times that of a fuel-powered machine. Moreover, its maintenance requirements are significantly reduced as it operates without the need for fuel or fuel filters.

Major companies in the industrial vehicle market are innovating by introducing new products, such as the 8-wheeler truck. An 8-wheeler truck is a commercial vehicle or lorry equipped with a total of eight wheels. In June 2022, Ashok Leyland Limited, an automotive manufacturing company based in India, launched the AVTR 2620. Built on the latest iteration of the AVTR modular truck platform, the AVTR 2620 offers various cabin and feature options. With the lift axle engaged, it functions as a 25.5 T (6x2) truck, providing customers with superior Total Cost of Operation (TCO) benefits and payload flexibility. The truck features a 200 horsepower Ashok Leyland engine with iGen6 technology, enhancing fuel economy. The AVTR 2620 can also be used as a 25.5 T (6x2) truck with the lift axle depressed, offering customers optimal TCO benefits and payload flexibility.

In October 2021, Cascade Corporation, a US-based company specializing in technology and equipment for materials handling, acquired Lift Technologies Inc. and Lift-Tek Elecar S.p.A. The acquisition enables Cascade Corporation to offer Lift-Tek masts with Cascade attachments to clients seeking unique solutions for the front end of their forklift or automated guided vehicle (AGV). Additionally, it expands the company's selection of specially designed forklift solutions. Lift Technologies Inc. is a US-based provider of industrial material handling vehicles, while Lift-Tek Elecar S.p.A. is an Italy-based producer of industrial vehicles, including masts, carriages, and fork positioners.

Major companies operating in the industrial vehicle market report are John Deere, Komatsu Ltd., Toyota Industries Corporation, Faurecia, Lear Corp., Yamaha Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Doosan Corp., Kion Group AG, Mahle Group, Benteler Automotive, GKN Automotive, Jungheinrich AG, Konecranes Oyj, Crown Equipment Corporation, Manitou, Hyster-Yale Group Inc., Anhui Heli Co. Ltd., Hangcha Group Co. Ltd, Hyster-Yale Materials Handling Inc., Hyundai Construction Equipment Co. Ltd., Godrej Material Handling, Ace Cranes, Mitsubishi Logisnext Co. Ltd., Clark Material Handling Company, Nebula Automotive Pvt. Ltd., Cargotec Oyj, Atlas ATV, Rohnel Motors.

North America was the largest region in the industrial vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial vehicle market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary categories of industrial vehicles include forklifts, tow trucks, aisle trucks, and container handlers. Forklifts, for example, are compact vehicles equipped with two power-operated prongs at the front, designed for the transportation and stacking of materials in various settings such as warehouses, shipping depots, and other industrial locations. They serve as essential tools for lifting and moving heavy loads. Forklifts are available in diverse drive types, including internal combustion engines (ICE), battery-operated, gas-powered, and exhibit various levels of autonomy, ranging from non- or semi-autonomous to fully autonomous. These vehicles find applications in manufacturing, warehousing, freight and logistics, among other industrial processes.

The industrial vehicle research report is one of a series of new reports that provides industrial vehicle market statistics, including the industrial vehicle industry's global market size, regional shares, competitors with an industrial vehicle market share, detailed industrial vehicle market segments, market trends and opportunities, and any further data you may need to thrive in the industrial vehicle industry. This industrial vehicle market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The industrial vehicle market consists of sales of excavators, dump trucks, and industrial sweepers and scrubbers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


This product will be delivered within 3-5 business days.