Industrial Vehicle Market Report 2025

The industrial vehicle market size has grown strongly in recent years. It will grow from $48.18 billion in 2024 to $50.79 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to manufacturing and industrial growth, e-commerce expansion, safety and regulatory compliance, globalization of supply chains, and focus on energy efficiency.

The industrial vehicle market size is expected to see strong growth in the next few years. It will grow to $64.13 billion in 2029 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to a rise in e-commerce fulfillment centers, increasing adoption of electric vehicles, supply chain resilience, customization for industry-specific needs, integration of IoT and telematics. Major trends in the forecast period include autonomous and semi-autonomous vehicles, predictive maintenance solutions, human-machine collaboration, robotics integration, and 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 rising demand in the manufacturing industry is expected to drive the growth of the industrial vehicle market in the future. The manufacturing sector encompasses the production of goods through various processes, techniques, and technologies. The use of industrial vehicles in manufacturing enhances productivity, allows for flexible layouts, reduces manual labor, facilitates quick and efficient transportation, improves safety, enables continuous operation, and streamlines warehouse operations. For example, in May 2024, the Office for National Statistics, a UK-based government agency, reported a 0.2% increase in production output for March 2024, following a 1% rise in February. The largest contributions to this growth came from manufacturing (0.3%) and mining and quarrying (1%). Notably, the production of basic pharmaceutical products surged by 7.6%. Overall, the quarterly production output for Q1 2024 rose by 0.8%, largely due to a 1.4% growth in manufacturing. Thus, the increasing demand in the manufacturing industry is propelling 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 July 2024, Imperial Auto Industries Ltd., an India-based manufacturer of fluid transmission products, acquired Metallwerk Biebighäuser GmbH for an undisclosed amount. This acquisition is intended to expand Imperial Auto's product portfolio, strengthen its market position, and create new opportunities within the industrial vehicle components sector. Metallwerk Biebighäuser GmbH is a Germany-based company that specializes in the production of gears, gearboxes, and transmissions for industrial vehicles.

Major companies operating in the industrial vehicle market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Doosan Corporation, Anhui Heli Co. Ltd., Komatsu Ltd., Clark Material Handling Company, Hyundai Heavy Industries Co. Ltd., Lonking Holdings Limited, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co. Ltd., BYD Company Limited, Manitou Group, TCM Corporation, UniCarriers Corporation, Kalmar Global, Liebherr Group, Terex Corporation, SANY Group, JCB Ltd., Caterpillar Inc., XCMG Group, Sumitomo Heavy Industries Ltd., Merlo S.p.A., Bobcat Company, Haulotte Group, Kubota Corporation.

North America was the largest region in the industrial vehicle market in 2024. 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.

Industrial vehicles encompass any powered or push carriers employed within a factory setting to facilitate the movement of materials with minimal restrictions. These vehicles play a crucial role in mechanized load collection and delivery, eliminating the necessity for manual lifting and transportation.

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.

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