Industrial Vehicle Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Industrial Vehicle Market is segmented By Drive Type (ICE, Battery-Operated, Gas-powered), By Level of Autonomy (Non/Semi-autonomous, Autonomous), By ....
Industrial Vehicle Market Size
Market Size in USD
CAGR4.6%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 4.6% |
| Market Concentration | High |
| Major Players | Anhui Heli Co. Ltd., Crown Equipment Corporation, Hangcha Forklift, Hyster-Yale Materials Handling, Jungheinrich AG |
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Industrial Vehicle Market Analysis
The Global Industrial Vehicle Market is estimated to be valued at USD 41.7 Bn in 2024 and is expected to reach USD 65.6 Bn by 2031, growing at a compound annual growth rate (CAGR) of 4.6% from 2024 to 2031.
The industrial vehicle market has been witnessing positive growth trends over the past few years. Factors such as rapid industrialization and growing need for material handling across industries have increased the demand for industrial vehicles. Moreover, increasing automation in manufacturing and warehousing facilities has augmented the use of automated guided vehicles and tow tractors. Growing e-commerce and automotive industries will further drive the demand for industrial vehicles in the coming years. However, high initial investments may hinder the market growth to some extent. Overall, the industrial vehicle market is expected to offer lucrative opportunities with technological advancements in vehicle automation and connectivity.