Industrial Vehicles Market: By Product, By Drive Type, By Application and Region Forecast 2020-2031
Industrial Vehicles Market: By Product, By Drive Type, By Application and Region Forecast 2020-2031
Industrial Vehicles Market size was valued at US$ 42.6 billion in 2023. It is expected to reach a value of US$ 60.7 billion by 2030, growing at a significant CAGR of 5.2% from 2024-2030. The global market provides a detailed overview of the market, which has been segmented by product, drive type, and application. By product, the market has been segmented into Forklifts, Tow Tractor, Aisle Trucks, and Container handlers. The aisle truck segment is likely the most significant and fastest-growing segment in terms of product. By drive type, the market has been segmented into Internal Combustion Engine, Battery-Operated, and Gas-Powered. The battery-operated segment holds a significant revenue share in the market. Based on the application, Industrial Vehicles is segmented into Industrial, Cargo. According to precision business insights, the cargo segment is predicted to register the fastest growth rate during the forecast period.
Study Period
2025-2031Base Year
2024CAGR
5.2%Largest Market
North-AmericaFastest Growing Market
Europe
The number of warehouses per country is rising due to the expanding demand for them to support hub and spoke models in various industries, including e-commerce, the production of automotive components, consumer goods, and electronics. Over the next coming years, the warehouse and fulfillment sector are anticipated to rise by double digits.
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Report Benchmarks |
Details |
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Report Study Period |
2025-2031 |
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Market Size in 2023 |
US$ 42.6 billion |
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Market Size in 2030 |
US$ 60.7 billion |
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Market CAGR |
5.2% |
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By Product |
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By Drive Type |
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By Application |
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By Region |
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Industrial vehicles market will be valued at US$ 42.6 billion in 2023. It is expected to reach a value of US$ 60.7 billion by 2030, growing at a significant CAGR of 5.2% from 2024-2030.
The market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.
The industrial vehicles market key players Anhui Heli Co Ltd, Crown Equipment Corporation, Hangcha Group Co Ltd, Hyster-Yale Materials Handling Inc, Jungheinrich AG, Kion Group AG, Konecranes, Mitsubishi Nichiyu Forklift Co Ltd, Toyota Industries Corpo, ZF Friedrichshafen AG
| 1.Executive Summary |
| 2.Global Industrial Vehicles Market Introduction |
| 2.1.Global Industrial Vehicles Market - Taxonomy |
| 2.2.Global Industrial Vehicles Market - Definitions |
| 2.2.1.Product |
| 2.2.2.Drive Type |
| 2.2.3.Application |
| 2.2.4.Region |
| 3.Global Industrial Vehicles Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Industrial Vehicles Market Analysis, 2020-2024 and Forecast 2025-2031 |
| 4.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Industrial Vehicles Market By Product, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 5.1. Forklift |
| 5.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Tow Tractor |
| 5.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Aisle Truck |
| 5.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Container Handler |
| 5.4.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 6.Global Industrial Vehicles Market By Drive Type, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 6.1. Internal Combustion Engine |
| 6.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Battery-Operated |
| 6.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Gas-Powered |
| 6.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Industrial Vehicles Market By Application, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 7.1. Industrial |
| 7.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Cargo |
| 7.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 8.Global Industrial Vehicles Market By Region, 2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2020-2024 and Forecast, 2025-2031, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Industrial Vehicles Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 9.1. Product Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Forklift |
| 9.1.2.Tow Tractor |
| 9.1.3.Aisle Truck |
| 9.1.4.Container Handler |
| 9.2. Drive Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Internal Combustion Engine |
| 9.2.2.Battery-Operated |
| 9.2.3.Gas-Powered |
| 9.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.Industrial |
| 9.3.2.Cargo |
| 9.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Industrial Vehicles Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 10.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Forklift |
| 10.1.2.Tow Tractor |
| 10.1.3.Aisle Truck |
| 10.1.4.Container Handler |
| 10.2. Drive Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Internal Combustion Engine |
| 10.2.2.Battery-Operated |
| 10.2.3.Gas-Powered |
| 10.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Industrial |
| 10.3.2.Cargo |
| 10.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 10.4.6.Rest of EU |
| 11.Asia Pacific (APAC) Industrial Vehicles Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 11.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Forklift |
| 11.1.2.Tow Tractor |
| 11.1.3.Aisle Truck |
| 11.1.4.Container Handler |
| 11.2. Drive Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Internal Combustion Engine |
| 11.2.2.Battery-Operated |
| 11.2.3.Gas-Powered |
| 11.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Industrial |
| 11.3.2.Cargo |
| 11.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Industrial Vehicles Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 12.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Forklift |
| 12.1.2.Tow Tractor |
| 12.1.3.Aisle Truck |
| 12.1.4.Container Handler |
| 12.2. Drive Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Internal Combustion Engine |
| 12.2.2.Battery-Operated |
| 12.2.3.Gas-Powered |
| 12.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Industrial |
| 12.3.2.Cargo |
| 12.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Industrial Vehicles Market ,2020-2024 and Forecast 2025-2031 (Sales Value USD Million) |
| 13.1. Product Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Forklift |
| 13.1.2.Tow Tractor |
| 13.1.3.Aisle Truck |
| 13.1.4.Container Handler |
| 13.2. Drive Type Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Internal Combustion Engine |
| 13.2.2.Battery-Operated |
| 13.2.3.Gas-Powered |
| 13.3. Application Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Industrial |
| 13.3.2.Cargo |
| 13.4. Country Analysis 2020-2024 and Forecast 2025-2031 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Anhui Heli Co Ltd |
| 14.2.2.Crown Equipment Corporation |
| 14.2.3.Hangcha Group Co Ltd |
| 14.2.4.Hyster-Yale Materials Handling Inc |
| 14.2.5.Jungheinrich AG |
| 14.2.6.Kion Group AG |
| 14.2.7.Konecranes |
| 14.2.8.Mitsubishi Nichiyu Forklift Co Ltd |
| 14.2.9.Toyota Industries Corpo |
| 14.2.10.ZF Friedrichshafen AG |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
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