Because e-commerce giants like Amazon and eBay have put up a significant number of warehouses. Modern e-commerce warehouses require industrial trucks for product storage, and it is highly economical to deliver the stocked goods from the warehouse to the final consumer. Also, the market for industrial vehicles is currently being driven by an increase in the use of battery-operated industrial vehicles.
The estimated market size of this Industrial vehicles market is predicted to be valued at USD 38 billion, with a CAGR rate of 3%.
With respect to the Covid-19, there was a complete Stoppage in the manufacturing transportation activities. Which resulted in the disruption of the supply chain and economic slowdown. This has badly impacted several sectors such as automobiles, transportation, and logistics. Also, transportation and logistics sectors acquired around 50% of the market share in the Industrial vehicle market. During the Covid-19 scenario, the demand for the Industrial Vehicles has been reduced.
Regional analysis
In terms of the geographical area, the industrial vehicles market has been largely divided into 4 major regions namely, North America, Europe, Asia-Pacific, and the rest of the world. From all the regions, Asia Pacific is projected to hold the largest market share because of the growth in the automobile sector, Industrialization, usage of Industrial vehicles for the purpose of transportation of the finished goods and raw materials.
Another region, which is expected to dominate in the upcoming years is North America. For the reason being, North America connects manufacturers consumers through various transportation modes like Freight rail, Air and express delivery services; maritime transport; and truck transport.
Market Segmentation
For the successive growth of the Industrial vehicles market, the market has been particularly Segmented into 3 segments i.e on the basis of Product type, Drive type by Application. Based on Product, the market is been splitted into Forklift,
Tow Tractor, Aisle Truck Container Handler. The container handler segment is predicted to be an upward trend. On the basis of Drive, it's been classified as Internal Combustion Engine (Ice),
Battery Operated Gas Powered. Out of this the ICE segment holds the largest market share. Lastly, on the basis of Application it's been further divided between Industrial cargo.
Key players
Leading companies that are currently dominating in the global Industrial vehicle market are Anhui Heli Co. Ltd (China), Crown Equipment Corporation (US), Hangcha Group Co. Ltd (China), Hyster-Yale Materials Handling Inc. (US), Jungheinrich AG (Germany), Kion Group AG (Germany), Konecranes plc. (Finland), Mitsubishi Nichiyu Forklift Co. Ltd. (Japan), Toyota Industries Corporation (Japan) Doosan Corporation (South Korea). These companies have been more focused on the sale of advanced products based on latest technologies.
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