Industrial Vehicles Market worth $54.3 billion by 2027 - Exclusive Report by MarketsandMarkets - Seite 2

ICE segment is expected to hold the second largest share in the Industrial Vehicles Market during the forecast period

ICE is expected to be the second largest segment by drive type during the forecast period. ICE of industrial vehicles is one of the common types of engines that run on petrol or diesel. This type of ICE industrial vehicle is used for both indoor and outdoor applications. These vehicles tend to have a superior load capacity and lower upfront costs. For instance, the upfront cost of ICE forklifts is lower than electric forklifts by approximately 20%. Lower initial costs, high operating speeds, ease of refueling, and utilization in heavier-duty applications are factors anticipated to drive the demand for ICE industrial vehicles.

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Europe is expected to have significant share in the Industrial Vehicles Market in 2027.

Europe is estimated to account for approximately 33% of the global Industrial Vehicles Market in 2027 by value. Europe has been the most developed market in terms of implementation of automation in warehousing and material handling processes. High labor costs, shortage of space, and stringent worker safety rules are primary factors leading to high penetration of automation technologies in the European material handling ecosystem. LogiMAT, Intralogistics Europe, and CeMAT are a few of the popular trade shows and exhibitions held annually in Europe. The European Industrial Vehicles Market is highly developed and organized and houses some of the major players in the Industrial Vehicles Market such as Jungheinrich AG (Germany) and KION Group (Germany), and Konecranes (Finland).

Key Players:  

Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd. (Japan), Jungheinrich AG (Germany), and Crown Equipment Corporation (US).

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