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Industrial Vehicle Market Share

Report ID: GMI5806
Published Date: Aug 2024
Report Format: PDF

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Industrial Vehicle Market Share

Toyota Material Handling and Jungheinrich AG hold a significant market share of 25% of the industrial vehicle industry in 2023. Major companies operating in the market are employing various strategies to stay competitive in the market. One key focus is technological innovation, with companies investing in research and development to enhance the performance, efficiency, and features of their vehicles. This includes advancements in battery technology, telematics, and automation to meet the evolving needs of industrial applications.

Moreover, strategic collaborations with energy companies and infrastructure providers are helping industrial vehicle manufacturers address charging infrastructure challenges. By participating in public-private partnerships and engaging with government initiatives, these companies aim to accelerate the development of a robust charging network.

Industrial Vehicle Market Companies

Major players operating in the industrial vehicle industry are:

Hangcha Forklift
Hyundai Construction Equipment
Jungheinrich AG
KION Group
MITSUBISHI LOGISNEXT CO., LTD.
Sany Group
Toyota

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Global market Size for industrial vehicle was valued at USD 44.8 billion in 2023 and is anticipated to register over 7% CAGR between 2024 and 2032 due to the growing industries in developing nations and rapid pace of technological advancements and innovations.

The forklift segment in the industrial vehicle market held 33% revenue share in 2023, driven by the need for environmentally friendly production vehicles and equipment in various industries.

Asia Pacific market held 45% revenue share in 2023 due to the growing population and increased industrialization in developing nations.

Hangcha Forklift, Hyundai Construction Equipment, Jungheinrich AG, KION Group, MITSUBISHI LOGISNEXT CO., LTD., Sany Group, and Toyota.