Growing the number of vast warehouses set up by e-commerce firms such as Amazon and eBay fuels the global demand for commercial vehicles largely. Most of these e-commerce warehouses require industrial vehicles to stack vast quantities of items and deliver the packed goods from the warehouse to the end user in a cost-effective and reliable manner. The market is also driven by increased use of battery-operated industrial vehicles with increased environmental awareness and government regulations for controlling industrial vehicle carbon dioxide emissions. Sales of fuel-efficient commercial vehicles such as battery-operated commercial vehicles are projected to boom with the increase in fuel prices. The increased need to carry temperature-sensitive products fuels demand for industrial refrigerated vehicles.
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Automation's high cost is hampering industry expansion. Though emerging economies like China, India , Brazil, Mexico, and Saudi Arabia are developing smart factories in the material handling industry and growing demand for driverless autonomous vehicles, generating opportunities for growth for the global market. At the other hand, higher production costs are impeding demand development over the review period.
The prominent players operating in the global industrial vehicles market are Crown Equipment Corporation (US), Anhui Heli Co., Ltd (China), Hangcha Group Co. Ltd (China), Jungheinrich AG (Germany), Hyster-Yale Materials Handling, Inc. (US), Kion Group AG (Germany), Konecranes plc. (Finland), Toyota Industries Corporation (Japan), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), and Doosan Corporation (South Korea).
The global industrial vehicles market is segmented as drive type, product type, application, and region.
The global industry was segmented into forklifts, tow tractors, aisle trucks, package handlers and others, depending on product form. Due to the rising transport market and increasing demand for handling bulky goods in warehouses, the container handler segment is expected to see substantial growth over the forecast period.
The global industry has been segmented by drive form into internal combustion engine ( ICE), battery-operated, gas-powered and others. The ICE category holds the largest share on the global industrial vehicles market over the projected period due to increased use of ICE engines in towing applications and increased demand for ICE container handles in the warehouse and material handling divisions. COVID-19 Impact
Based on application, the global market has been segmented into industrial, cargo, and others. Owing to accelerated industrialisation and growing demand for automated vehicles and forklifts from different market verticals for material handling and inventory management, the urban segment holds the largest share in the global urban vehicle industry over the projected period.
Geographically , the global market was split into four large regions, North America, Europe , Asia-Pacific, and the rest of the world.
Asia-Pacific has been assessed in volume as the largest market in the global electric vehicle industry due to the high demand and growth of the automotive sector in the developing countries of the region such as China, India , Japan and South Korea. The rapid industrialisation of the region contributes to an increase in demand for the use of urban vehicles to transport end-use goods and raw materials for the production of warehouses. Asia-Pacific leads North America and Europe, in terms of market share. North America and Europe have rapidly established competition for the automotive industries. However, the technological advances and favorable economic conditions would contribute to the growth of demand for commercial vehicles over the projected period.
Several Asia-Pacific emerging economies, the Middle East and South America, such as India , Brazil , China, Mexico and Saudi Arabia, are in the process of developing smart factories in the materials management industry, and the increasing demand for driverless industrial vehicles is also expected to create growth opportunities for the global industrial vehicle market over the forecast period.
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