Pune, Jan. 03, 2023 (GLOBE NEWSWIRE) -- Global market for Industrial Vehicles was USD 42.9 Bn in 2021 from the supply side, claimed Sr. Research Analyst Ms. Neha Nalwade while publishing the report. Maximize Market research published the global market and industry analysis report on the Industrial Vehicles market on 3rd January and is available in the market now
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Research Methodology:
The Industrial Vehicles Market is segmented based on Drive Type, Application, Aerial Work Platform, and region. The growth of various segments helps user of the reprot in obtaining data and analysis of the various growth factors expected to be prominent across the market in freocast period.
Bottom-up approaches are used to estimate the Industrial Vehicles market size. Major Key Players in the Industrial Vehicles market are identified through secondary research and their market revenues are determined through primary and secondary research. Primary research includes reaching out to participants through emails, telephonic conversations, referrals, professional networks, and formal interactions. Secondary research involved a study of the top manufacturers' SEC filings, annual reports, company websites, financial reports, press releases, and investor presentations for a competitive scenario and shape of the industry.
Industrial Vehicles Market Overview
Industrial vehicles are designed to transfer products and processing equipment to raw material and manufactured item storage locations as well as warehouse distribution centers. This industrial vehicle is available in a variety of sizes and is designed to attach specialist heavy equipment vehicles. Battery-powered industrial vehicles are becoming increasingly popular in comparison to those driven by internal combustion engines and gas because of their affordability, compactness, environmental friendliness, reliability, and efficiency.
Industrial Vehicles Market Dynamics
The number of warehouses per region is increasing as a result of the growing demand for them to support hub and spoke models in a variety of industries, including e-commerce, automotive component manufacturing, consumer products, and electronics. Over the next five years, the warehousing and fulfillment industry is expected to grow by double-digits.
The ICE of industrial vehicles is one of the most popular types of engines that run on diesel or gasoline. This type of ICE industrial vehicle is suitable for both indoor and outdoor applications. These vehicles offer a higher cargo capacity and reduced initial expenses. For example, ICE forklifts have a 20% cheaper initial cost than electric forklifts. Lower initial prices, high operating speeds, simplicity of refueling, and use in heavier-duty applications are expected to stimulate demand for ICE industrial vehicles.
The lack of R&D facilities and strict regulations hamper the growth of the industrial vehicle market. Industrial vehicles need a significant amount of R&D and creativity. OEMs must make major R&D efforts to improve industrial vehicles' capacity to carry high loads and increase productivity in order to speed up turnaround.
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Industrial Vehicles Market Regional Insights
North America is a hub for a number of well-known industrial vehicle manufacturers recognized for producing high-quality, high-performance industrial vehicles. North America is an attractive market for industrial vehicle manufacturers because of factors such as a strong e-commerce sector and an established ecosystem for industrial as well as manufacturing companies with their own storage facilities. Furthermore, an extensive 3PL network has fueled the rise of the North American warehousing sector.
The Asia-Pacific region is expected to account for the largest share of the global industrial vehicle market. Due to the region's rapid industrialization, there is an increased demand for industrial trucks to transport finished products and raw materials to warehouses.
Industrial Vehicles Market Segmentation
By Drive Type
- ICE
- Battery-Operated
- Gas Operated
By Application
- Manufacturing
- Warehousing
- Freight & Logistics
- Others
By Aerial Work Platform
- Boom Lifts
- Scissor Lifts
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Industrial Vehicles Market Key Competitors
- Crown Equipment Corporation (US)
- Hyster-Yale Materials Handling, Inc. (US)
- Altec Industries (US)
- CLARK MATERIAL HANDLING (US)
- Lonking Forklift Co., Ltd. (China)
- EP Equipment, Ltd. (China)
- Hangcha Group Co. Ltd (China)
- Noblelift Intelligent Equipment (China)
- Anhui Heli Co., Ltd (China)
- Liuzhou LiuGong Forklift Co.,Ltd (China)
- Hubtex Maschinenbau GmbH & Co. KG (Germany)
- Hubtex Maschinenbau GmbH & Co. KG (Germany)
- Jungheinrich AG (Germany)
- Kion Group AG (Germany)
- Mitsubishi Nichiyu Forklift Co., Ltd. (Japan)
- Toyota Industries Corporation (Japan)
- Aichi Corporation (Japan)
- MORITA HOLDINGS CORPORATION (Japan)
- Komatsu Ltd. (Japan)
- Doosan Corporation (South Korea)
- Hyundai Heavy Industries (South Korea)
- Action Construction Equipment Ltd. (India)
- Godrej & Boyce Mfg. Co. Ltd. (India)
- Cargotec Corporation (Finland)
- Combilift (Ireland)
- Goldbell Group (Singapore)
- Motrec International Inc. (Canada)
- Manitou (France)
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Key questions answered in the Industrial Vehicles Market are:
- What is the Industrial Vehicles?
- What is the growth rate of the Industrial Vehicles Market over the forecast period?
- What is the nature of competition in the Industrial Vehicles industry in developed and developing economies?
- Who are the key players in the Industrial Vehicles Market?
- Who are the market leaders in Industrial Vehicles in the Asia Pacific?
- Who are the market leaders in Industrial Vehicles Market in Japan and China?
- Who are the market leaders in Industrial Vehicles Market in India, China, Japan and South Korea?
- What are the factors affecting growth in the Industrial Vehicles Market?
- Who held the largest market share in Industrial Vehicles Market?
- What are the factors for the growth of the Asia-Pacific region in the Industrial Vehicles Market?
- What are the best investment opportunities in the Industrial Vehicles Market?
- What strategies have helped established players reduce supplier, purchasing and logistics costs for the Industrial Vehicles market?
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About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. We have professional corporate relationships with a variety of organizations, which helps us in collecting market data which allows us to generate accurate research data tables and ensures the highest level of accuracy in our market forecasts. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. Every information presented in our reports is obtained from primary interviews with top managers from leading companies. Our secondary data procurement methodology includes deep online and offline research as well as discussions with industry professionals and analysts.
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