Industrial vehicles are motor vehicles generally used in manufacturing, e-commerce industries, etc. for material handling and transportation of raw materials, semi-finished products, and finished products. These vehicles are used to load and unload finished products from warehouses, distribution centers, etc.
Forklifts also known as forklift truck or fork truck or lift truck are industrial vehicles with a fork attached to them to transporting materials over short to medium distances. Forklifts are used in the paper industry to transporting large paper reels. These machines are also used in ports and logistics centers for unloading and loading goods from a container. Forklifts are used by steel and iron manufacturers in foundries, forging plants, and steel plants for transporting raw materials, coils and other finished products. These machines are also used in the automotive industry. They are also used to handle and store large and heavy pieces of woods, radioactive waste disposal, and in the beverage industry, etc. Tow tractors are industrial vehicles for transporting raw materials and goods to and from warehouses and distribution centers. These tractors can pull multiple trailers simultaneously, which are attached to its rear, thus forming a train to transport materials. Like forklifts, tow tractors do not have a fork attached to them. Aisle trucks are used for material handling in narrow aisles. Container handlers or reach stackers are used in transporting and stacking containers over short distances. Industrial vehicles can run on gasoline, diesel, battery, LPG, CNG, etc.
By type, the industrial vehicles market is segmented into aisle trucks, tow tractors, forklifts and container handlers. By drive type, the market is segmented into internal combustion engine, battery-operated, and gas powered. By application, the market is segmented into industrial application and cargo application.
By geography, the industrial vehicles market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America. North America is a prominent industrial vehicle market in the world, with the U.S. being the largest market in this region. Canada and Mexico are other major markets in North America. Europe is another major industrial vehicle market in the world. Germany is the largest market in Europe. U.K, France, Spain, Italy, Belgium, Sweden, and Netherlands are other major markets in Europe. Asia Pacific is one of the dominant industrial vehicle markets in the world, led by China. Japan, India, South Korea, and Australia are other major markets in this region. Middle East and Africa is a significant industrial vehicle market led by Iran, Turkey, Saudi Arabia and South Africa. Latin America is another major industrial vehicle market led by Brazil and Argentina.
Rising industrialization and increasing number of warehouses are increasing the demand for industrial vehicles. Manufacturing and e-commerce industries require industrial vehicles for their day to day operations. Increasing in e-commerce business will subsequently increase the demand for industrial vehicles. Governments across the world are focusing on reducing vehicle emission. This is also driving the growth of electric industrial vehicles. Major automotive manufacturers such as BMW AG, Daimler AG and Volvo Car Corp. are focusing on developing and selling electric industrial vehicles in the coming years.
The report mentions the diverse competitive strategies implemented by key players operating in the market to gain market share. Company profiles mentions company details, market presence by geography and segments, strategic overview, SWOT analysis, and historical revenue. The report also contains details of market share analysis of key players in the market. The major firms operating in the market are Toyota Industries Corporation (Japan), Kion Group AG (Germany), Hyster-Yale Materials Handling, Inc. (the U.S), Crown Equipment Corporation (the U.S), Jungheinrich AG (Germany), Hangcha Group Co. Ltd. (China), Konecranes (Finland), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), and Anhui Heli Co., Ltd (China).
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