Industrial Vehicles Market by Vehicle Type, Drive Type, Application, Capacity, Range Level, Aerial Work Platform and Region – Global Forecast to 2027 – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Global industrial vehicle market in terms of vehicle type, drive type (ICE, battery-powered, gasoline-powered), application, capacity, range level, aerial work platform (nacelles lifts, scissor lifts) and region – Forecasts until 2027″ report has been added to from ResearchAndMarkets.com offer.

The global commercial vehicle market is expected to grow from USD 43.7 billion in 2022 to USD 54.3 billion by 2027, at a CAGR of 4.5%.

The manufacturing segment is expected to grow at a significant rate during the forecast period, by application

The manufacturing segment of the industrial vehicle market is expected to grow at a notable rate during the forecast period. Rising adoption of industrial vehicles in automotive, chemical, food & beverage, and healthcare sectors, among others, is expected to drive the manufacturing segment of the market during the forecast period.

These vehicles are used in manufacturing processes to store and retrieve inventory for the production line. Benefits such as short downtime, labor cost savings, reduced on-site accidents, and increased efficiency and flexibility have encouraged manufacturers to invest in new product development. . These benefits will drive the demand for commercial vehicles during the forecast period.

North America is expected to be the important market during the forecast period

North America is a hub for various renowned industrial vehicle manufacturers known for providing quality and high performance industrial vehicles. Factors such as the large e-commerce industry and an established ecosystem for industrial and manufacturing companies with their own warehousing capabilities make North America an attractive market for industrial vehicle manufacturers. Additionally, an extensive 3PL network has driven the growth of the warehousing industry in North America. Exhibitions and trade shows such as ProMat and MODEX, which take place annually, also help materials handling equipment manufacturers find potential customers in North America.

The North American automotive industry is one of the most advanced in the world; it is home to major OEMs such as Ford Motors, Tesla, General Motors and Fiat-Chrysler. The North American Free Trade Agreement (NAFTA) has encouraged the growth of the automotive industry in the region. The United States, which has traditionally been a global technology leader, is the largest automotive market in North America.

A large customer base and high levels of disposable income in the country have fueled the demand for electric vehicles, which has led to an increase in the manufacturing activities of local automotive suppliers. This, in turn, requires material handling solutions to transport chassis, bodies, engines and other components to automotive manufacturing units in North America. Industrial vehicles are important for handling eccentrically shaped loads and hence their adoption in this region is growing.

Freight & Logistics segment is estimated to be the second largest market in the commercial vehicle market during the forecast period

Freight and Logistics is expected to be the second largest segment by application during the forecast period. Logistics and freight operations include handling processes in ports, logistics hubs and large distribution centers. With the increasing complexity of logistics operations and freight processes, the problem of waiting time and damage to goods during the journey is gaining ground in the intralogistics industry. End-use industries that have multinational production operations like automotive and electronics have tried to reduce loss and damage during logistics processes.

Logistics and freight operations include handling processes in ports, logistics hubs and large distribution centers. With the increasing complexity of logistics operations and freight processes, the problem of waiting time and damage to goods during the journey is gaining ground in the intralogistics industry. End-use industries that have multinational production operations like automotive and electronics have tried to reduce loss and damage during logistics processes.

Market dynamics

Drivers

• Growth of e-commerce and warehousing

• Technological advances aimed at increasing productivity

• Growing demand for automation solutions in material handling across industries

• Increased focus on improving workplace safety

Constraints

• High cost of automation

• Lack of R&D facilities and high maintenance of industrial vehicles

Opportunities

• Growing demand for battery-powered industrial vehicles

• Advent of smart factories in the material handling industry

Challenges

• Government regulations and security issues

• Low Labor Costs Limit Adoption of Commercial Vehicles in Emerging Economies

Companies cited

• Action Construction Equipment Ltd.

• Aichi Society

• Altec Industries

• Anhui Heli Co.Ltd.

• Bronto Lift

• Cargotec Company

• clark

• Combilift

• Crown Equipment Company

• Daifuku

• Doosan industrial vehicle

• Genkinger GmbH

• Godrej & Boyce

• Hangcha Group Co., Ltd.

• Haulotte Group

• Hubtex Maschinenbau & Co. Kg

• Hyster-Yale Materials Handling, Inc.

• Hyundai Construction Equipment India Pvt. ltd.

• Spa International Imer

• JC Bamford Excavators Ltd.

• JBT

• Jlg Industries, Inc.

• Jungheinrich AG

• Kion Group AG

• Komatsu

• Konecranes

• Linamar Company

• Lonking Machinery Co., Ltd.

• Manitou Group

• Mitsubishi Logisnext Co., Ltd.

• Noblelift Intelligent Equipment Co, Ltd.

• Omg Srl.

• Paletrans forklifts

• Palfinger AG

• Sinoboom Intelligent Equipment Co,Ltd.

• Tuba

• Stocklin Logistics AG

• Svetuck AB

• Tadano Ltd.

• Terex Company

• Toyota Industries Corporation

• V. Mariotti Srl

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