The Report Industrial Vehicles Market by Drive Type ( ICE, Battery-Operated, Gas Operated ) by Application ( Manufacturing, Warehousing, Freight & Logistics, Others) by Aerial Work Platform (Boom Lifts, Scissor Lifts ) by Level of Autonomy( Non/Semi-Autonomous, Autonomous) , Industry & Region- Forecast 2029. New opportunities for industry expansion are anticipated. Businesses in the industrial vehicle industry are focusing on creating cutting-edge products, especially electric industrial vehicles. For instance, in February 2023, Clark added the new TWLi20 three-wheel electric lithium-ion driven lift truck to their lineup of industrial lift trucks.
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Market Value :
Industrial Vehicles Market size was valued at US$ 44.91 Bn. in 2022 and the total revenue is expected to grow at 4.7 % of CAGR through 2023 to 2029, reaching nearly US$ 61.94 Bn.
Industrial Vehicles Market Segment Analysis :
Based on Drive Type :
Rechargeable batteries are used to power industrial vehicles that run on batteries. Recently, battery-powered business automobiles have become very popular. Batteries power the engines, which has advantages for the environment. These commercial trucks are a highly inexperienced tool for warehousing and business chores because these engines emit fewer pollution. Globally, the vast majority of logistics service providers are focusing on lowering their carbon footprint. Battery-operated motors have received a lot of attention from industrial automakers looking to cut CO2 emissions and other exhaust pollutants.
Commercial battery-powered vehicles provide benefits in terms of energy efficiency. These vehicles run on fuel that costs about 75% less to operate than propane. In Western Europe, electric forklifts make up about 70% of the fleet. Furthermore, there are fewer.
Based on Application Type, based on application warehousing held the highest CAGR in 2022.
Because OEM supply is so important to the automotive industry, having a functioning structure aids in generating and improving efficiency. Most of us imagine the auto industry as having a single production line that creates cars. It is more complex than that due to the various parts, such as steering wheels and infotainment systems.
It is essential to manage the supply chain in a way that minimises errors and maximises cost effectiveness as a result. For instance, having important vendors close to the company warehouse might increase the efficiency of using corporate drivers, tractors, and other machinery. Lead times can be cut down and inventory levels can be kept low by keeping the final location of storage components near by. A solid warehouse plan is crucial since it directly impacts the productivity and effectiveness of the firm warehouse. ensuring some consistency and error prevention to make sure the right part always gets there in the right place and on time.
A warehouse management system (WMS) is a piece of software that plans and manages a warehouse’s daily operations. The WMS assists in receiving, placing, and packing of commodities as well as choosing, packing, and shipping orders. The enterprise resource planning system (ERP) might include warehouse management, or it can be developed as a distinct application. Initially, warehouse inventory management systems provided access to fundamental characteristics such storage location data.
Based on the Aerial Work Platform, the Boom lifts segment held the largest market share in 2022.
Construction projects involving the creation of roads, mines, irrigation systems, urban infrastructure, airports, trains, and ports regularly make use of boom lifts. Due to end users’ greater preference for purchasing used boom lifts rather than new ones, which results from the high cost of new equipment, the boom lift market is constrained.
Articulating boom lifts, Telescopic boom lifts, Straight boom lifts, Genie boom lifts, and Towable boom lifts are just a few of the several designs available for boom lifts. They have features like a turntable that can rotate 360 degrees and a chassis width that enables them to fit through narrow industrial aisleways and busy work locations. Boom lifts make it simple to move and direct machines from the ground up.
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Regional Insights:
Asia-Pacific is anticipated to hold the largest share of the global industrial vehicle market due to the region’s rising nations’ quick growth in the automobile sector. The demand for industrial trucks to transport finished goods and raw materials to warehouses has increased as a result of the area’s rapid industrialization.
Asia-Pacific region comprises developed nations like Japan and South Korea as well as developing economies like China and India. The region, which includes China and India, has one of the fastest-growing economies in the world and is a significant industrial vehicle producer. Industrial vehicle production volumes have risen over time as a result of OEMs meeting both domestic and foreign demand. Major industrial vehicle manufacturers are trying to establish themselves in this local market.
Industrial Vehicles Market Key Companies :
1. Crown Equipment Corporation (US), 2. Hyster-Yale Materials Handling, Inc. (US), 3. Altec Industries (US), 4. CLARK MATERIAL HANDLING (US), 5. Lonking Forklift Co., Ltd. (China), 6. EP Equipment, Ltd. (China), 7. Hangcha Group Co. Ltd (China), 8. Noblelift Intelligent Equipment (China), 9. Anhui Heli Co., Ltd (China), 10. Liuzhou LiuGong Forklift Co.,Ltd (China), 11. Hubtex Maschinenbau GmbH & Co. KG (Germany), 12. Hubtex Maschinenbau GmbH & Co. KG (Germany), 13. Jungheinrich AG (Germany), 14. Kion Group AG (Germany), 15. Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), 16. Toyota Industries Corporation (Japan), 17. Aichi Corporation (Japan), 18. MORITA HOLDINGS CORPORATION (Japan), 19. Komatsu Ltd. (Japan), 20. Doosan Corporation (South Korea), 21. Hyundai Heavy Industries (South Korea), 22. Action Construction Equipment Ltd. (India), 23. Godrej & Boyce Mfg. Co. Ltd. (India)
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