Industrial Vehicles Market worth $54.3 billion by 2027 - Exclusive Report by MarketsandMarkets

CHICAGO, May 19, 2022 /PRNewswire/ -- According to the new market research report "Industrial Vehicles Market in terms of Vehicle Type, Drive Type (ICE, Battery-operated, Gas-powered), Application, Capacity, Level of Autonomy, Aerial Work Platform (Boom Lifts, Scissor Lifts) and Region", published by MarketsandMarkets, the global Industrial Vehicles Market is projected to grow from USD 43.7 billion in 2022 to USD 54.3 billion by 2027, at a CAGR of 4.5%.

Browse in-depth TOC on "Industrial Vehicles Market"

313 – Tables 
83 – Figures 
294 – Pages

Factors such as increasing adoption of automation in industries for better productivity, along with growing e-commerce sector will boost the demand for the Industrial Vehicles Market. Increasing penetration of battery-operated industrial vehicles owing to CO2 emission concerns, in conjunction with development of smart factories in material handling industry will create new opportunities for this market.

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Forklift segment is estimated to hold the second largest market during the forecast period

Forklift is expected to be the second largest market segment by vehicle type during the forecast period. The rising levels of industrialization have increased the global demand for industrial forklifts. Additionally, setting of warehouses to support the hub and spoke model for various sectors in regions such as North America and Europe is expected to drive the demand for forklifts. Parameters such as growing industrial manufacturing, increasing demand for electric forklifts across end use industries, and introduction of safety & environmental regulations are anticipated to support the forklift segment of the Industrial Vehicles Market in the coming years. Industrial vehicle manufacturers are constantly focusing on new product development as well as product expansion to strengthen their respective product portfolios. For instance, in July 2021, Hangcha Group Co., Ltd. launched its new XH series 2.0t-3.5t electric forklift truck with high-voltage lithium-ion batteries. This truck delivers superior performance in terms of productivity and efficiency, reduces noise, and has zero emission levels.