The Industrial Vehicles Market is set to experience significant growth, with a projected increase from USD 49.2 billion in 2024 to USD 64.3 billion by 2030, representing a CAGR of 4.6%. The market is expected to be driven by government investments in infrastructure development projects worldwide, which will require a robust fleet of industrial vehicles for efficient material handling and transportation operations.
The fastest-growing segment in the industrial vehicles market is anticipated to be aisle trucks, with Asia Pacific expected to hold a significant market share. The manufacturing and industrial sectors in this region, particularly in industries such as automotive, oil & gas, and energy & utilities, are driving the demand for aisle trucks to ensure efficient warehouse and factory operations.
In the healthcare sector, there is a growing adoption of non/semi-autonomous and autonomous forklifts for the movement of pharmaceutical products, assembly of medical devices, and control of expired products. The integration of artificial intelligence and machine learning is expected to transform interactions between humans and machines in the healthcare industry.
Germany is poised to lead the industrial vehicles market in Europe, driven by its robust industrial landscape and stringent safety standards. Key market players in the industrial vehicles industry include Toyota Industries Corporation, KION Group AG, Mitsubishi Logisnext Co., Ltd, Jungheinrich AG, Crown Equipment Corporation, and Hyster-Yale Materials Handling, Inc.
Overall, the industrial vehicles market is expected to witness substantial growth in the coming years, fueled by infrastructure development projects, technological advancements, and the increasing demand for efficient material handling and transportation solutions.
