Global Industrial Vehicles market size was US$ XX Bn in 2019 and is expected to reach US$ XX Bn by 2027, at a CAGR of XX% during forecast period.
Market Definition
Industrial vehicles are the type of vehicles, which are used in manufacturing and e-commerce industries. These vehicles are used for transportation of raw materials, furnished products and material handling.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Market Dynamics
The global industrial vehicles market research report presents in-depth analysis of growth drivers, restrain factors, challenges and future opportunities of the market. The growing industrialization in various sector is the major key attribute behind the growth of industrial vehicles market. Development of warehouses to support hub and spoke model for different industry is driving the growth of market. Also technological advancements such as driverless vehicles in industries is driving the growth of market. Furthermore, the introduction of new factories and e-commerce platform across the globe is another major driver in the growth of market.
High initial investment in automation is the major restrain factor that could hamper the growth of market. Maintenance cost and failure of any technology part are the retrain factors that could hinder the growth of market.
Global Industrial Vehicles Market: Segmentation Analysis
By product type, Container handlers segment is dominated the market and is expected to grow at CAGR of XX% during forecast period. This is owing to the increasing transportation sector and rising demand for handling large goods in warehouse. Container handlers have the large material handling capacity with high reliability. Furthermore, the container handling equipment is used for moving containers to and from commercial trucks. Aisle trucks segments is also expected to grow during forecast period owing to its low operational costs, reliability, and efficiency.
By drive type, internal combustion engine (ICE) segment dominated the industrial vehicles market in 2018 and is expected to maintain its dominance at high CAGR during the forecast period. This is owing to its benefits such as better acceleration and lift speeds and lower maintenance costs. Gasoline engines, LPG engines, CNG engines, and diesel engines are comes under internal combustion engines, which are used in industrial electric vehicle. Furthermore, ICE provides benefits such as high drivability and durability which results into the growth of market.
Global Industrial Vehicles Market: Regional Analysis
Region wise, Asia Pacific held the largest market share in 2018 and is expected to dominate the market at CAGR of XX% during forecast period. Developing economies such as India, China and Japan are the key contributors in the growth of market. This is owing to the rapid growing industrialization across the region.
Also the growing demand of industrial vehicles for transportation of finished goods and raw materials are driving the growth of market in the region.
The objective of the report is to present a comprehensive analysis of the Global Industrial Vehicles Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Industrial Vehicles Market dynamics, structure by analyzing the market segments and project the Global Industrial Vehicles Market. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Industrial Vehicles Market make the report investor’s guide.
The Scope of Global Industrial Vehicles Market
Global Industrial Vehicles Market, By Product Type
• Forklifts
• Tow tractors
• Aisle trucks
• Container handlers
Global Industrial Vehicles Market, By Drive Type
• Internal combustion engine
• Battery-operated
• Gas-powered
Global Industrial Vehicles Market, By Application
• Industrial applications
• Cargo applications
Global Industrial Vehicles Market, By Region
• North America
• Europe
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