The global industrial vehicles market growth is projected to grow from USD 49.2 Billion in 2024 to USD 64.3 Billion by 2030, at a CAGR of 4.6%. The industrial vehicles market is experiencing steady growth due to increased automation and efficiency demands in warehouses and manufacturing facilities. Additionally, the expansion of e-commerce and logistics sectors drives the demand for material handling equipment and transportation solutions.
Based on Application: Logistics and freight operations encompass material handling processes in ports, logistics hubs, and extensive distribution centers. With the increasing complexity of logistics operations and freight procedures, the challenges of waiting time and damage to in-transit goods are gaining prominence in the intralogistics industry. Industries with multinational production operations, such as automotive and electronics, are actively seeking strategies to minimize losses and damages during logistics processes.
The logistics sector strategically leverages cloud logistics, data analytics, and blockchain technologies. Leading companies like DHL Supply Chain & Global Forwarding, Kuehne + Nagel International AG, and DB Schenker strongly emphasize implementing automation, robotics, and autonomous vehicles in their operations. For instance, in February 2024, the company partnered with Robust.AI to create and implement an advanced fleet of warehouse robots. Further, in May 2023, DHL Supply Chain partnered with Locus Robotics to implement 5,000 autonomous mobile robots (AMRs) across several sites.
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Based on Level of Autonomy: Autonomous industrial vehicles offer several operational advantages, such as movement in narrow aisles compared to the space required by conventional industrial vehicles to maneuver. The warehouse modification is less than needed for other material handling systems like stacker cranes. The AI system optimizes the movement of industrial vehicles, such as forklifts, to increase energy efficiency; heavy loads can be efficiently transported without any danger. These advantages have resulted in demand for autonomous vehicles in material handling operations, which will support the growth of the autonomous segment of the industrial vehicles market during the forecast period. The key players in the autonomous industrial vehicles market include Toyota Industries Corporations (Japan), Kion Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), and Hyster-Yale Materials Handling (US), among others.
Autonomous industrial vehicles in distribution centers and manufacturing plants are more cost-effective than manned forklifts for repetitive processes. These vehicles can be integrated into continuous round-the-clock operations, covering several shifts. In addition, autonomous industrial vehicles substantially reduce damage to shelving, pallets, and loads, as they can navigate more accurately and safely than non-autonomous industrial vehicles. For instance, in September 2023, Toyota Material Handling Japan (TMHJ), a subsidiary of Toyota Industries Corporation, developed an autonomous lift truck equipped with AI technology. This innovation enables the truck to autonomously identify truck and load positions and generate optimal travel routes for loading operations. This facilitates automation even in scenarios with variable truck stopping locations and load positions beyond traditional fixed-position loading.
By Drive Type: Battery-operated industrial vehicles utilize rechargeable batteries as their power source. They have garnered significant attention recently due to their eco-friendly nature, emitting fewer emissions than traditional engines. This makes them particularly suitable for warehouse and industrial applications, aligning with the growing emphasis on environmental sustainability.
The adoption of battery-operated industrial vehicles has seen a notable increase, driven primarily by environmental concerns and a heightened awareness of industrial activities’ environmental impact. Companies worldwide actively seek to reduce their carbon footprint, with many logistics providers prioritizing emission reduction initiatives. Responding to these environmental challenges, industrial vehicle manufacturers have shifted their focus towards battery-operated alternatives. Additionally, battery-operated engines offer superior efficiency compared to ICE counterparts, with ICE engines typically experiencing significant energy losses during operation. Most manufacturers, such as KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Toyota Industries Corporation (Japan), Hangcha Group Co., Ltd. (China), etc., offer battery-operated aisle trucks in their respective product offerings. Due to the limited space in warehouses, these electric aisle trucks are gaining significant traction in the global market. For instance, in September 2023, Hangcha Group Co., Ltd. (China) announced the launch of its new rough terrain electric forklift.
By Region: Europe, encompassing Germany, France, the UK, Spain, Italy, and the rest of the continent, emerges as a pivotal hub for the industrial vehicles market. The region witnesses significant growth propelled by several factors. Historically, Europe has been at the forefront of automation adoption in warehousing and material handling, driven by high labor costs, space limitations, and stringent safety regulations. The emergence of localized distribution centers post-Brexit further fuels demand while industries like manufacturing, pharmaceuticals, and logistics continue to burgeon, requiring efficient material handling solutions. Notably, Europe hosts significant players in the industrial vehicles sector, including KION Group AG (Germany), Jungheinrich AG (Germany), and Konecranes (Finland), contributing to the market’s robust development. For example, in February 2023, KION Group AG announced that it is building a new spare parts and solutions distribution center near Aschaffenburg, Germany, for industrial trucks and services along with supply chain solutions segments of the company. Such development, like establishing distribution centers, serves as a testament to Europe’s expanding industrial vehicles market.
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