Global Industrial Vehicle Market 2017-2021

Overview of the global industrial vehicle market

Technavio's research analysis on the global industrial vehicle market identifies that the increasing demand for automated devices will be one of the major factors that will have a positive impact on the growth of the market. The demand for automated vehicles is increasing because it eliminates the need for human input to navigate and function by automatically sensing the environment. This, in turn, improves the efficiency of transportation of loads of material, identify places where products are stocked, and arrange products according to names. Various industries that are involved in the repetitive movement of materials in high volumes are investing in automated utility vehicles. In addition, vendors are offering these vehicles at reduced prices. Consequently, the preference for industrial vehicles will also increase as they reduce the cost of warehouse management. Our market research analysts predict that this global market will register a revenue of more than USD 22 billion by 2021.

Large warehouses and manufacturing industries depend on forklifts for inventory control. However, the need for electric engines is growing due to the increasing environmental concerns and depletion of fossil fuels. The popularity of electric vehicles will continue to increase due to the declining prices of batteries. The growing popularity of electric forklift will be one of the key trends that will stimulate the growth of the global industrial vehicle market during the predicted period.

Competitive landscape and key vendors

The industrial vehicle market is fragmented due to the presence of regional vendors and global vendors. Large players in the market are focusing on providing industry-specific vehicles and high-quality products. Regional vendors are focusing on providing limited varieties of products. Furthermore, small vendors are finding it difficult to sustain in the market due to the growing need for research and development investments.

Key vendors in this market are:

• Hyster-Yale Materials Handling
• Jungheinrich
• KION GROUP
• Konecranes
• TOYOTA INDUSTRIES

Other prominent vendors in the market include Anhui Heli Industrial Vehicle, Cargotec, Crown Equipment, Daifuku, Hangcha, Hyundai Construction Equipment Europe, Manituo, MITSUBISHI LOGISNEXT, Ross Electric Vehicles, SSI SCHAEFER, and Taylor-Dunn.

Segmentation by product type and analysis of the industrial vehicle market

• Internal combustion engine
• Battery-operated

Gasoline engines, LPG engines, CNG engines, and diesel engines are the four types of internal combustion engines used in an industrial electric utility vehicle. These internal combustion engines are extensively used in the automotive sector due to their low cost. This is due to the reduction in the manufacturing cost of these engines. Consequently, the industrial vehicle market will witness considerable growth in the internal combustion engine segment during the next few years.

Segmentation by geography and analysis of the industrial vehicle market

• Americas
• APAC
• EMEA

Countries such as China, India, Indonesia, and Japan are witnessing an increasing demand for industrial vehicles due to the rising foreign direct investments. The rising initiatives, such as the privatization of the public sector and industrialization will improve their economies. This in turn, will boost the adoption of commercial vehicles in various industries, such as retail and wholesale, logistics, mechanical, automobile and electrical engineering, food, chemical, warehouses, and production centers.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global industrial vehicle market?
• What are the key market trends impacting the growth of the global industrial vehicle market?
• What are the challenges to market growth?
• Who are the key vendors in the global industrial vehicle market?
• What are the market opportunities and threats faced by the vendors in the global industrial vehicle market?
• What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
• What are the key outcomes of the five forces analysis of the global industrial vehicle market?

Technavio also offers customization on reports based on specific client requirement.

This research report on the global industrial vehicle market is a crucial part of Technavio's heavy industry and offers insights into the market space for the tools and components sector. Technavio's market research reports present insights on the market share and size, forecast, major trends, and industry analysis to help clients devise robust strategies.

We implement an in-depth market research approach of primary and secondary data collection methods and assess the shifting pattern of the demand-supply landscape for the tools and components sector. This market research report on the global industrial vehicle market offers major insights into the influencing market trends, drivers, and imperative challenges that will affect the growth of this market in focus.

This report covers vendors like Toyota Industries Corporation, Hyster-Yale Materials Handling, Konecranes PLC, Jungheinrich AG, Anhui Heli Co,?Crown Equipment Corporation, Hangcha Group Co. Ltd, and Mitsubishi Nichiyu Forklift Co. to help the client expand in the niche markets.

This report on the global industrial vehicle market also takes into account the growth of related markets like Internal Combustion Engine, which is expected to show a hike of an impressive CAGR of around 7% by 2021. The upcoming industry research report on the global industrial vehicle market also offers insights into rapidly evolving segments of tools and components industry, including sectors like engineering tools. Additionally, the report also presents insights into the changing competitive landscape and gives clients an accurate picture of the future direction of the heavy industry.

Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.