2024 Industrial Vehicle Market Outlook: Size, Share, and Key Growth Drivers
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What Growth Rate is the Industrial Vehicle Market Anticipated to Experience from 2024-2033?
There has been substantial growth in the industrial vehicle market size in recent years. The market, which is projected to expand from $46 billion in 2023 to $48.87 billion in 2024, is forecasted to have a compound annual growth rate (CAGR) of 6.2%. Factors contributing to the growth during the historical period include the expansion of manufacturing and industrial sectors, growth of e-commerce, adherence to safety and regulatory standards, worldwide spread of supply chains and an emphasis on energy efficiency.
The market size for industrial vehicles is predicted to experience a considerable expansion in the coming years. It is anticipated to reach $60.47 billion by 2028, with a compound annual growth rate (CAGR) of 5.5%. The predicted growth during this period can be ascribed to the proliferation of e-commerce fulfillment centers, the rising preference for electric vehicles, the resilience of the supply chain, customization tailored to specific industrial needs, and the integration of IoT and telematics. The forecast period is likely to witness trends such as autonomous and semi-autonomous vehicles, preventative maintenance solutions, collaboration between humans and machines, the integration of robotics, and an emphasis on ergonomics.
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What Are the Significant Influencers of Growth in the industrial vehicle Market?
The continuous expansion of the e-commerce sector is anticipated to fuel the advancement of the industrial vehicle market. E-commerce encompasses purchasing and selling items or services and transferring funds or information via an electronic network, typically the internet. Due to the increase in online shopping demand, logistics firms are augmenting their vehicle fleets to cater to the escalating delivery volumes. Industrial vehicles prove pivotal in ensuring efficient and on-time delivery of goods, which guarantees consumer satisfaction in the e-commerce industry. For example, the International Trade Administration, a branch of the US Department of Commerce, reported in September 2022 that consumer e-commerce in the UK constitutes 30% of the total retail sector in the country, generating an annual revenue exceeding $120 billion from e-commerce. Consequently, the burgeoning e-commerce industry is a significant contributor to the growth trajectory of the industrial vehicle market.
What Key Segments Define the Industrial Vehicle Market?
1) By Product Type: Forklift, Tow Tractor, Aisle Truck, Container Handler
2) By Drive Type: Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered
3) By Level of Autonomy: Non Or Semi-Autonomous, Autonomous
4) By Application: Manufacturing, Warehousing, Freight And Logistics, Other Applications
What Are the Key Developments Shaping the Industrial Vehicle Market?
The industrial vehicle market is seeing emerging trends in technological advancements. Leading companies in this market are embracing novel technologies in an effort to maintain their competitive position. In November 2022, an example of this came from Germany-based Schäffer Maschinenfabrik GmbH, recognized for specializing in industrial vehicles. They introduced the Schäffer 23e T, an electric-drive telescopic wheel loader, which is a kind of 23e yard loader. It comes equipped with a substantial 31.3 kWh battery, which allows for up to eight hours of uninterrupted work and delivers an efficiency exceeding 90%. This is thrice the efficiency of machines that run on fuel. Moreover, the need for maintenance is significantly reduced as it eliminates the requirements for fuel or fuel filters.
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What Regions Are Driving Expansion in the Industrial Vehicle Market?
North America was the largest region in the industrial vehicle market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial vehicle market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Industrial Vehicle Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the industrial vehicle market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Industrial Vehicle Market Include
1. Industrial Vehicle Market Executive Summary
2. Industrial Vehicle Market Segments
3. Industrial Vehicle Market Size And Template Market Growth Rate
4. Key Industrial Vehicle Market Trends
5. Major Industrial Vehicle Market Drivers
……
25. Key Mergers And Acquisitions In The Industrial Vehicle Market
26. Top Industrial Vehicle Companies
27. Industrial Vehicle Market Opportunities And Strategies
28. Industrial Vehicle Market, Conclusions And Recommendations
29. Appendix
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