The global industrial vehicles market is expected to witness substantial growth, reaching USD 49.2 billion by 2028, with a compound annual growth rate (CAGR) of 4.4% during the period from 2023 to 2028. The growth of the market is driven by factors such as the booming e-commerce industry and an increasing focus on workplace safety. The emergence of smart factories in material handling industries and the growing popularity of hydrogen-powered forklifts also present favorable opportunities for the industrial vehicles market in the coming years.
The aisle trucks segment is anticipated to hold the largest market share in terms of both value and volume throughout the forecast period. The increasing demand for e-commerce and warehousing activities contributes to the revenue growth of the aisle trucks segment. Moreover, the adoption of automation solutions in material handling processes and the emphasis on workplace safety further propel the growth of this segment.
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In terms of drive type, the battery-operated segment is expected to dominate the industrial vehicles market during the forecast period. Battery-operated vehicles are preferred in various end-use industries due to their environmental friendliness, quiet operation, low operational and maintenance costs, and ease of use compared to internal combustion engine (ICE) and gas-powered vehicles. Major manufacturers in the industry, such as Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Hyster-Yale Materials Handling, Inc., Crown Equipment Corporation, and Hangcha Group Co., Ltd., offer a range of battery-operated industrial vehicles with different load capacities.
The Asia Pacific region is projected to have the largest market share in the industrial vehicles market by 2028. This region, including countries like China, India, Japan, South Korea, and the rest of Asia Pacific, is a leading producer of industrial vehicles and home to rapidly developing economies. The region’s industrial vehicle production volumes have been on the rise, with OEMs catering to both domestic and international demand. Major players in the market are expanding their presence in Asia Pacific to capitalize on the growing opportunities. For instance, KION Group recently inaugurated a new forklift truck plant in China. Factors such as population growth, increasing GDP, infrastructure investments, and rising per capita income contribute to the growth of the industrial vehicles market in the Asia Pacific region.
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The industrial vehicles market is predominantly led by key players including Toyota Industries Corporation, KION Group AG, Mitsubishi Logisnext Co., Ltd., Jungheinrich AG, and Crown Equipment Corporation. These companies play a significant role in shaping the market and driving innovation in the industry.
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