Industrial Vehicles Market to Observe Highest Growth of USD 58.79 billion with an Excellent CAGR of 4.05% by 2029

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Industrial Vehicles Market to Observe Highest Growth of USD 58.79 billion with an Excellent CAGR of 4.05% by 2029


Industrial Vehicles market report is an extensive study that offers insights into the market's status during the forecast period of 2023-2030. The market research presented in this report equips firm management with accurate and current information about consumer demands, evolving preferences, attitudes, and purchasing intentions. It serves as a valuable resource for strategic planning. The report includes detailed company profiles of the major market players and brands that are leading the Industrial Vehicles market, highlighting their impactful moves such as product launches, joint ventures, mergers, and acquisitions. These actions, in turn, have significant implications for sales, imports, exports, revenue, and the compound annual growth rate (CAGR). The Industrial Vehicles report sets a high standard in providing comprehensive market information.

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Data Bridge Market Research analyses that the industrial vehicles market was valued at USD 42.79 billion in 2021 and is expected to reach USD 58.79 billion by 2029, registering a CAGR of 4.05% during the forecast period of 2022 to 2029.

Industrial vehicles are manufactured to transport production materials and goods to warehouse distribution centers and storage of finished goods and raw materials. These industrial vehicles come in many sizes and are designed to mount specialized heavy equipment trucks. Now, battery-operated industrial vehicles are being progressively adopted over gas-powered industrial vehicles and the internal combustion engine, as they are friendly, reliable, economical, compact, environmental and efficient.

Some of the major players operating Industrial Vehicles market are

  • Anhui Heli Co. Ltd (China)
  • Crown Equipment Corporation (U.S.)
  • Hangcha Forklift (China)
  • Hyster-Yale Group, Inc., (U.S.)
  • Jungheinrich AG (Germany)
  • Kion Group AG (Germany)
  • Konecranes (Finland)
  • Toyota Industries Corporation (Japan)
  • Doosan Corporation (South Korea)
  • C. J. Clark International  (U.K.)
  • Manitou Group (Japan)
  • Daifuku Co., Ltd (Japan)
  • SSI Schaefer Systems SA (Pty) (South Africa)
  • Hyundai Construction Equipment Europe (Belgium)
  • Polaris Inc. (U.S.)

Key Market Segments Covered in Industrial Vehicles Market Industry Research

Product Type


  • 5 Ton
  • 5-10 Ton
  • 11-36 Ton
  • 36 Ton

Tow Tractor

  • 5 Ton
  • 5-10 Ton
  • 11-30 Ton
  • 30 Ton

Aisle Truck

  • 1 Ton
  • 1-2 Ton
  • 2 Ton

Container Handler

  • 30 Ton
  • 30-40 Ton
  • 40 Ton


Drive Type

  • Internal Combustion Engine (ICE)
  • Battery-Operated, Gas-Powered
  • Others


  • Industrial
  • Cargo
  • Others

Industrial Vehicles Market Regional Analysis/Insights

The industrial vehicles market is analysed and market size insights and trends are provided by country, product type, drive type and application as referenced above.

The countries covered in the industrial vehicles market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia Pacific dominates the industrial vehicles market in terms of market revenue. This is due to the rapid urbanization, the development of the automobile sector, and increasing usages of industrial vehicles for transporting finished raw material and goods.

North America is projected to be the fastest developing regions during the forecast period of 2022-2029 due to growing popularity of driverless industrial vehicle in this region.


  • Growing adoption of industrial vehicle

The growing adoption of industrial vehicles in automotive, healthcare, chemical, food and beverages, and among others, is anticipated to drive the manufacturing segment of the industrial vehicle market during the forecast period because these vehicles are also used in the manufacturing processes to retrieve and store inventory for the production line.

  • Digitalization of Vehicles

The rapid digitalization of vehicles also accelerate the market growth of industrial vehicle. The demand for achieving improved productivity, operational efficiency and profitability at reduced costs positively impacts the market's growth. The increase in substantial infrastructure and government funding on technological improvisation of these vehicles drives the market further.

Furthermore, increasing technological advancement to improve productivity, growing need of the warehouses, growing usages of battery-operated industrial vehicles are some of the major factors expected to increase the growth of the industrial vehicles market in the forecast period of 2020-2027.


  • Increasing demand for battery-operated industrial vehicles

Rechargeable batteries are used in battery-operated industrial vehicles to power respective vehicles. Recent years, Battery-operated industrial vehicles have been gaining substantial traction. The major advantage of battery-operated engines is there eco-friendly nature. These engines produce lower emissions, making them a perfect green machine for warehouse and industrial projects. So the growing adoption of integrating smart factories and battery-operated vehicles into material handling industries will lead to digitalization and modularization which will further boost the market growth and create immense opportunities for the market in upcoming year.

The advent of smart business in the material handling industry coupled with the increasing need to transport temperature sensitive products will further generate immense opportunities for the growth of the industrial vehicles market during the forecast period of 2022-2029.  

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How does this Industrial Vehicles Market Insights Help?

  •  Industrial Vehicles Market share (regional, product, application, end-user) both in terms of volume and revenue along with CAGR
  • The Key parameters which are driving this market and restraining its growth
  • What all challenges manufacturers will face as well as new opportunities and threats faced by them
  • To learn about the market strategies that are being adopted by your competitors and leading organizations
  • To Increase insightful analyses of the market and have a comprehensive understanding of the “Industrial Vehicles  Market” and its commercial landscape

  • Part 01: Executive Summary
  • Part 02: Scope of The Report
  • Part 03: Research Methodology
  • Part 04: Market Landscape
  • Part 05: Pipeline Analysis
  • Part 06: Market Sizing
  • Part 07: Five Forces Analysis
  • Part 08: Market Segmentation
  • Part 09: Customer Landscape
  • Part 10: Regional Landscape
  • Part 11: Decision Framework
  • Part 12: Drivers and Challenges
  • Part 13: Market Trends
  • Part 14: Vendor Landscape
  • Part 15: Vendor Analysis
  • Part 16: Appendix

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Queries Resolved In This Report:

  1. Which will be the specialties at which Industrial Vehicles Market players profiling with intensive designs, financials, and furthermore, ongoing headways should set nearness?
  2. Which will be the foreseen development rates for your own Industrial Vehicles economy out and out and furthermore for each portion inside?
  3. Which will be the Industrial Vehicles application and sorts and estimate joined intently by makers?
  4. Which will be the dangers which will attack growth?
  5. The length of the Industrial Vehicles market opportunity?
  6. How Industrial Vehicles Market share advance vacillations their value from various assembling brands?


People looking to enrich the decision-making capability by following points must buy the report:

  1. Breakdown of market share of the top Industrial Vehicles industry players
  2. Evaluations of market share for the regional and country level sectors
  3. Estimation of Industrial Vehicles market for the forecast period of all the aforementioned classes, sub classes, and the domestic markets
  4. Tactical recommendation for the newbies
  5. Tactical recommendation in primary business industries based on the Industrial Vehicles market forecast

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