According to the new report by Market Research Future (MRFR), the global industrial vehicles market is slated to acquire a significant market valuation of USD 35 billion by 2025, at a steady 3.5% CAGR over the review period.

Industrial vehicle can be defined as any vehicle which is useful to carry, push, pull, lift, stack or tier materials for use in industries. The various types of industrial vehicles are used by different industries such as tow tractors, utility vehicles, burden carriers and stock chasers among others. Industrial vehicles facilitate the movement of goods efficiently and safely with no or very low emissions.

Key Players

The prominent players identified by MRFR in the global industrial vehicles market are Crown Equipment Corporation (US), Anhui Heli Co., Ltd (China), Hangcha Group Co. Ltd (ChinaJungheinrich AG (Germany), ), Hyster-Yale Materials Handling, Inc. (US), Kion Group AG (Germany), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Konecranes plc. (Finland), Doosan Corporation (South Korea), and Toyota Industries Corporation (Japan).

Segmental analysis

The global industrial vehicles market cars as drive type, product type, application, and region.

Based on the product type, the global market has been segmented into an end-used forklift, aisle truck, container handler, tow tractor, and others. The container handler segment is anticipated to observe substantial growth over the review period owing to the growth of the transportation sector and growing demand for the management of bulky goods in warehouses.

On the basis of drive type, the global industrial vehicles market has been segmented into battery-operated, internal combustion engine (ICE), gas-powered, and others. The ICE segment accounts for the largest market share in the global industrial vehicles market over the assessment period owing to the growing usage of ICE engines in towing applications and growing demand for ICE container handles in warehouses and material management divisions.

Based on the application, the global market has been segmented into cargo, industrial, and others. The industrial segment accounts for the leading market share in the review period, driven by the improved industrialization and rising demand for automated vehicles, and forklift from numerous industry verticals for material management and inventory regulations.

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