Industrial Vehicle Market Analysis

Industrial Vehicle Market Analysis

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Based on vehicle type, the market is divided into tow tractors, forklifts, container handlers, aisle trucks, and others. The forklift segment accounted for over 33% of the market share in 2023 and is anticipated to experience substantial growth over the forecast period. The increasing use of forklifts in the manufacturing and industrial sectors is a key factor contributing to the segment's growth. The demand for forklifts is driven by the need for environmentally friendly production vehicles and equipment in various industries.
 

Electric forklifts are designed to save energy and reduce maintenance costs. They further decrease the likelihood of industry downtime by reducing the need for servicing and replacements. Additionally, growing awareness about environmental pollution and its effects on human health is encouraging the industry to adopt forklifts. For instance, in 2022, Jungheinrich globally introduced two new series of durable forklift trucks. The newly launched EFG forklifts serve as cost-effective entry-level models designed for traditional transportation and stacking duties within the 1.6 to 3-tonne range.
 

Based on application, the market is categorized into manufacturing, warehousing, freight & logistics, and others. The manufacturing segment accounted for a market share of around 41% in 2023 and is poised for significant growth over the forecast period. The growing acceptance of vehicles in the industry is fueled by the need for increased production efficiency and the adoption of sustainability practices. The demand for industrial vehicles in production facilities is driven by increasing concerns about environmental responsibility and the working environment. These efforts aim to lower costs, increase accessibility, and enhance the appeal of vehicles, thereby promoting their wider adoption and supporting environmental sustainability.
 

Asia Pacific is experiencing growth in the industrial vehicle market. The region accounted for a market share of over 45% in 2023. The region's market is expanding due to the growing population and increased industrialization in developing nations. Many Asian countries have significant industrial bases and manufacturing sectors, necessitating the use of industry-specific vehicles to support market growth. The demand for heavy-duty trucks in industrial manufacturing facilities is driving this market expansion. In addition, the market has the potential to grow sustainably due to increasing awareness of environmental pollution and shifting consumer preferences towards vehicles, even for industrial applications. Encouraging government initiatives supporting the use of vehicles is also driving the regional market for industrial vehicles.
 

Moreover, the U.S. is anticipated to experience the fastest growth in the industrial vehicle market. This growth is driven by increasing consumer adoption of vehicles and the presence of major players in the automobile segment, which are boosting vehicle sales in the region. The expansion of the industrial vehicle industry in the area is also being fueled by rising investments in R&D for the development and introduction of new vehicles. For instance, in May 2024, Toyota Motor North America, Inc. (Toyota) and FuelCell Energy, Inc. launched the "Tri-gen" system at the Port of Long Beach, California. The latest launch Tri-gen uses biogas to renewable hydrogen, produce renewable electricity, and usable water, and is designed to support the vehicle distribution and processing center for Toyota Logistics Services (TLS) at Long Beach.
 

In Europe, the market for industrial vehicles is growing, due to increased adoption of eco-friendly production methods and growing demand for sustainability in manufacturing facilities. Further, the market provides development, distribution, and other services for a variety of vehicle types that are useful for industrial regions' manufacturing, storage, and lifting needs. The market for industrial cars is expanding, supported by growing consumer preferences for vehicles and increased involvement from key companies in the automotive industry in the development of these vehicles.