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Industrial Vehicles Market is expected to reach US$ 83,677.60 million by 2030

Published: Thursday, 22 Feb 2024 by The Insight Partners Share on :

Crucial Role of Industrial Vehicles in Shaping Modern Infrastructure and Economic Boost Industrial Vehicles Market Growth

According to our latest market study on "Industrial Vehicles Market Size and Forecast (2020–2030), Global and Regional Share, Trends, and Growth Opportunity – by Type, Drive Type, and Application," the market was valued at US$ 57,543.40 million in 2022 and expected to reach US$ 83,677.60 million by 2030; it is anticipated to record a CAGR of 4.8% from 2022 to 2030.

The modern economic landscape relies heavily on an expansive and intricate infrastructure network. This infrastructure encompasses a wide spectrum, ranging from the construction of roads and bridges to the efficient functioning of freight trains, cargo ships, internet provision, and electrical grids. In the US, the commitment to infrastructure development is evident in the substantial federal spending on highway and street projects, which reached approximately US$ 1.7 billion in 2021. The scale of the country's highway network is staggering, totaling four million statute miles—enough road to circumnavigate the Earth's equator 160 times. As urban centers undergo rapid expansion, the demand for infrastructural development is also increasing.

Industrial Vehicles Market Share — by Region, 2022

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The industrial vehicles market growth is also driven by the thriving global construction market, which amounted to US$ 7.3 trillion in 2021; the figure is projected to double by 2030. Furthermore, there is a surge in construction activities, and the emphasis on enhancing operational efficiency on worksites has emerged as a paramount priority for major industry players worldwide. This shift toward improving efficiency is due to an increased focus on the development of technologically advanced industrial vehicles equipped with features such as GPS tracking, autonomous capabilities, and telematics. Such innovations enhance the overall efficiency of construction and logistics operations.

There is a rise in urbanization and infrastructure projects in various countries across the globe, which leads to continuous demand for industrial machinery, construction equipment, and specialized vehicles to navigate the intricate needs of modern infrastructure development. Thus, industrial vehicles play a crucial role in shaping modern infrastructure and economic growth, which drives the market for industrial vehicles.

The ecosystem of the industrial vehicles market is a complex and interconnected network involving various stakeholders, technologies, regulations, and market dynamics. Suppliers play a crucial role by providing necessary components and parts for the assembly of industrial vehicles. This includes manufacturers of engines, transmissions, hydraulics, tires, and other essential components. Loramendi S.Coop, Yanmar Europe B.V., Doosan Infracore, Toyota Industries, Perkins, and Volvo Penta are a few of the component manufacturers and suppliers operating in the industrial vehicles market. The core entities within the ecosystem are the manufacturers of industrial vehicles. These companies design, produce, and distribute a wide range of vehicles, including forklifts, construction equipment, and material handling machinery, among others. KION Group AG; Toyota Industries Corporation; MITSUBISHI HEAVY INDUSTRIES, LTD.; Komatsu Limited; Konecranes; Anhui Heli Co., Ltd.; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; Crown Equipment Corporation; and Clark Material Handling Company are the key players operating in the industrial vehicles market. Companies specializing in technology contribute to the ecosystem by offering automation, telematics, GPS tracking, and other advanced features that enhance the performance and efficiency of industrial vehicles. Digital platforms and software providers offer solutions for fleet management, telematics, and data analytics, contributing to the optimization of industrial vehicle operations. SafeAI, Cyngn Inc, and SICK AG are a few of the technology providers operating in the industrial vehicles market. Further, manufacturing, logistics, construction, agriculture, and mining industries are a few end users of industrial vehicles.

The scope of the industrial vehicles market report focuses North America (US, Canada, and Mexico), Europe (Spain, UK, Germany, France, Italy, and Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

In terms of revenue, Asia Pacific dominated the industrial vehicles market share. The market for industrial vehicles in Asia Pacific is segmented into India, China, Japan, and South Korea. The market for industrial vehicles in Asia Pacific is likely to register the highest CAGR over the forecasted period, owing to the rapid development of construction projects. Investment by governments and companies in the mining, oil & gas exploration, and renewable energy sectors of these countries is growing rapidly. The region fulfills 10–15% of global oil and gas (O&G) needs. Moreover, Asia Pacific is the largest consumer and second-largest consumer of oil and gas, respectively, presenting opportunities for alternative energy sources. Huge oil production is witnessed in India, China, and Indonesia across Asia Pacific, while gas production across China, Malaysia, Australia, and Indonesia is considered to be the largest. The oil & gas sector requires industrial vehicles to conduct several mining and exploration activities. In October 2023, governments of various countries in Asia Pacific are expected to invest ~US$ 3.3 trillion in power generation for the next five years, with a strong focus on renewable energy. Wind and solar energy accounted for ~49% of the investment, while energy storage accounted for 12%. Such increasing investments in the energy sector and the growing oil & gas sector at a rapid pace are driving the demand for industrial vehicles. Industrial vehicles in the energy sector are used to move materials to critical sites. Also, forklifts and aisle trucks carry out several operations at the oil and gas exploration sites. Forklifts provide vertical movement, which has the lifting capabilities of the material and equipment.

Emerging countries in Asia Pacific are investing heavily in various activities such as coal, cement, mining, mineral processing, and solid waste handling, which require industrial vehicles. China is the world's largest manufacturer in terms of output and has become the world's manufacturing hub. As per the World Steel Association AISBL, China was the largest steel producer in the world, with 1,032.8 million metric ton in 2021. These coal, cement, and steel manufacturing plants require industrial vehicles to load and unload the materials at their plants. Thus, the rising industrial revolution of Asia Pacific's steel, oil & gas, and energy sectors has created massive demand for industrial vehicles.

The industrial vehicles market analysis is carried out by identifying and evaluating key players in the market across different regions. KION Group AG; Toyota Industries Corporation; MITSUBISHI HEAVY INDUSTRIES, LTD.; Komatsu Limited, Konecranes; Anhui Heli Co., Ltd.; Hyster-Yale Materials Handling, Inc.; Jungheinrich AG; Crown Equipment Corporation; and Clark Material Handling Company are a few of the key players operating in the market. The industrial vehicles market report includes growth prospects owing to the current industrial vehicles market trends and their foreseeable impact during the forecast period.

Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the market. The industrial vehicles market forecast can help stakeholders plan their growth strategies. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The market players present in the market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings.  

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