Understanding Key Drivers and Growth Opportunities in the Industrial Vehicle Market: Trends and Market Size Insights
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
What Factors Are Propelling the Market Growth of theIndustrial Vehicle Market from 2025 to 2034?
The expansion of the e-commerce sector is projected to boost the industrial vehicle market’s growth. The term e-commerce refers to the electronic network-based transaction of goods, services, funds, and data, commonly via the Internet. As a result of a spike in online purchases, logistics firms are scaling up their vehicle fleets to cope with the escalated delivery volumes. For effective and prompt goods transportation, industrial vehicles are fundamental, thereby guaranteeing customer fulfillment in the e-commerce domain. For example, consumer eCommerce in the UK has risen by 30% of the overall retail sector in September 2022, as per the US Department of Commerce’s International Trade Administration, tallying an annual e-commerce revenue exceeding $120 billion. Consequently, the burgeoning e-commerce sector is fueling the expansion of the industrial vehicle market.
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#What Long-Term Growth Rate is Expected for theIndustrial Vehicle Market Between 2025 and 2034?
The size of the industrial vehicle market has seen substantial growth in the recent past. The market, which is projected to be worth $48.18 billion in 2024, is expected to rise to $50.79 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. The significant expansion during the previous years is credited to the growth in manufacturing and industry, the rise of e-commerce, increasing focus on safety and regulatory compliance, globalization of supply chains, and emphasis on energy efficiency.
The market size of industrial vehicles is projected to witness significant expansion in the approaching years, reaching a value of $64.13 billion in 2029 with a compound annual growth rate (CAGR) of 6.0%. The expansion during the forecasted period is credited to the increasing numbers of e-commerce fulfillment centers, growing embracement of electric vehicles, enhanced supply chain resilience, targeted customization for industry-specific requirements, and the incorporation of IoT and telematics. Key trends expected throughout the forecast period consist of autonomous and semi-autonomous vehicles, preventative maintenance solutions, cooperation between humans and machines, the incorporation of robotics, and a heightened focus on ergonomics.
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How Are Market Trends and Innovations Revolutionizing theIndustrial Vehicle Industry in Recent Times?
The continuous progression of technology is a primary trend gaining traction in the industrial vehicle sector. Influential companies within this market are leveraging novel technologies to maintain market dominance. For example, Schäffer Maschinenfabrik GmbH, an industrial machinery creation firm based in Germany and focusing on industrial vehicles, introduced the Schäffer 23e T, an electric-drive telescopic wheel loader, in November 2022. The 23e T is an expanded edition of the 23e yard loader, boasting a robust 31.3 kWh battery enabling up to eight hours of non-stop operation and an efficiency exceeding 90%, approximately triple the efficiency of a fuel-dependent machine. Maintenance requirements are significantly lowered due to no need for fuel or fuel filters.
Which Key Market Players Are Shaping the Future and Growth of theIndustrial Vehicle Market?
Major companies operating in the industrial vehicle market include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Doosan Corporation, Anhui Heli Co. Ltd., Komatsu Ltd., Clark Material Handling Company, Hyundai Heavy Industries Co. Ltd., Lonking Holdings Limited, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co. Ltd., BYD Company Limited, Manitou Group, TCM Corporation, UniCarriers Corporation, Kalmar Global, Liebherr Group, Terex Corporation, SANY Group, JCB Ltd., Caterpillar Inc., XCMG Group, Sumitomo Heavy Industries Ltd., Merlo S.p.A., Bobcat Company, Haulotte Group, Kubota Corporation
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The industrial vehicle market covered in this report is segmented –
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
Subsegments:
1) By Forklift: Electric Forklifts, Internal Combustion Forklifts, Reach Trucks, Pallet Jacks
2) By Tow Tractor: Electric Tow Tractors, Internal Combustion Tow Tractors, Heavy-Duty Tow Tractors
3) By Aisle Truck: Narrow Aisle Trucks, Very Narrow Aisle Trucks, Order Pickers
4) By Container Handler: Straddle Carriers, Reach Stackers, Rubber-Tired Gantry (RTG) Cranes
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What Regions Are Dominating the Industrial Vehicle Market Growth?
North America was the largest region in the industrial vehicle market in 2024. 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
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