Global Industrial Vehicle Market: Overview
Industrial vehicles are nothing but motor vehicles which are specially designed for the transportation of the goods and for logistics purposes between warehouse distribution centers to the stores that contain finished inventory. Industrial vehicles are available in variable sizes and are constructed in such a way that they can carry heavy goods. The industrial vehicles play an important role in the transportation of goods to the retail outlet, loading and unloading stock from the warehouse, and storage of raw materials and finished goods.
Global Industrial Vehicle Market: Growth Factors
Rapid industrialization and increase in the number of warehouses for better management of manufacturing industries and e-commerce have globally driven the global industrial vehicle market. Global economic change and increasing population are other factors that are contributing to the market growth. Technological advancements and increasing need for stacking boost the global industrial vehicle market growth. There is a huge demand for vehicles that are automated, that works on battery and driverless thus propelling the market growth. Internal combustion engines are in high demand in the modern manufacturing firms, development firms, and shipping organizations. However, customized industrial vehicles require huge installation costs which hamper the market growth to some extent.
Global Industrial Vehicle Market: Segmentation
The global industrial vehicle market is segmented based on its application, product type, drive type, and geography. The application segment is categorized into cargo applications and industrial applications. Based on product type, the global market is bifurcated into aisle trucks, forklifts, container handlers, and tow tractors. The container handler dominates the global industrial vehicle market. The drive type segment is fragmented into battery-operated, internal combustion engine, and gas-powered. Geographically the global market is segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Global Industrial Vehicle Market: Regional Analysis
Asia-Pacific region dominates the industrial vehicle market owing to rapid industrialization and increase in the establishing warehouses in order to support hub for various industrial sectors anticipates to drive the global industrial vehicle market. Some fastest developing countries such as South Korea, China, and India are contributing a good market share across the world. In these countries, new infrastructure projects are being launched which is fueling the demand for container handlers. Industrial vehicle production has increased in the North American region. The original equipment manufacturers are catering the increasing demand in this region thus contributing to the market growth. Companies in Europe are focusing heavily on R&D in order to improve the efficiency of the industrial vehicles in order to reduce the turnaround time and increase the capacity of lifting heavy loads. The demand for container handlers is high in Europe and North America, which is positively affecting the global market.
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Global Industrial Vehicle Market: Competitive Players
Major players in the global industrial vehicle market include Toyota Industries Corporation, Hangcha Group Co. Ltd., Kion Group AG, Anhui Heli Co., Ltd., and Konecranes. Other influencing players include Mitsubishi Nichiyu Forklift Co., Ltd., Crown Equipment Corporation, Jungheinrich AG, and Hyster-Yale Materials Handling, Inc.