Industrial vehicles are a crucial part of transport system for manufacturing and distribution industries. Rapid industrialization and high demand for goods all over the world is inducing high demand for heavy duty industrial vehicles, which in turn is propelling the growth of the global Industrial Vehicles Industry. Increasing trend of e-commerce is leading to the establishment of warehouse management and product distribution in e-commerce industry which is generating demand for industrial vehicles, leading to the expansion of the global Industrial Vehicles Industry.

According to the new report by Market Research Future (MRFR), the global Industrial Vehicles Industry is slated to acquire a significant market valuation of USD 35 billion by 2025, at a steady 3.5% CAGR over the review period.

Key Players

The prominent players identified by MRFR in the global Industrial Vehicles Industry are Crown Equipment Corporation (US), Anhui Heli Co., Ltd (China), Hangcha Group Co. Ltd (ChinaJungheinrich AG (Germany), ), Hyster-Yale Materials Handling, Inc. (US), Kion Group AG (Germany), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Konecranes plc. (Finland), Doosan Corporation (South Korea), and Toyota Industries Corporation (Japan).

Segmental analysis

The global Industrial Vehicles Industry cars as drive type, product type, application, and region.

Based on the product type, the global market has been segmented into an end-used forklift, aisle truck, container handler, tow tractor, and others. The container handler segment is anticipated to observe substantial growth over the review period owing to the growth of the transportation sector and growing demand for the management of bulky goods in warehouses.

On the basis of drive type, the global Industrial Vehicles Industry has been segmented into battery-operated, internal combustion engine (ICE), gas-powered, and others.

Based on the application, the global market has been segmented into cargo, industrial, and others. The industrial segment accounts for the leading market share in the review period, driven by the improved industrialization and rising demand for automated vehicles, and forklift from numerous industry verticals for material management and inventory regulations.

Regional Analysis

Based on the region, the global Industrial Vehicles Industry ha been segmented into Asia-Pacific, North America, Europe, and the rest of the world.

Asia-Pacific has been assessed as the largest region of global industrial vehicle market in terms of value, owing to the high demand and growth of the automobile sector in the developing nations of the region such as India, China, Japan, and South Korea. The rapid industrialization in the region is leading to an upsurge in demand for using industrial vehicles for transporting end-use goods and raw materials for storing in warehouses. Asia-Pacific is followed by North America and Europe, in terms of market value.

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