Industrial Vehicle Market 2023-2032; Growth Forecast & Industry Share Report

 As per a recent research report, Industrial Vehicle Market to surpass USD 75 bn by 2032.

The growing need for battery-operated industrial vehicles will drive the industry demand. In recent years, the demand for battery-powered engines is significantly increasing as it helps to generate low emissions. This has led to their higher deployment as the perfect green machine for warehouse and commercial projects. The environmental friendliness of battery-powered motors is another crucial factor for the market growth. However, the higher cost of automation across the automotive industry may limit the product adoption to some extent.

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Industrial vehicle market from the warehousing application segment will witness over 4% CAGR between 2023 and 2032. The increasing need for supporting hub and component models across industries, such as start-up manufacturing, e-commerce, hardware and electronics has spurred the rise in the number of regional warehouses. The growing count of distribution centers and warehouses has further accelerated the adoption of trucks for easily transporting goods. The surging e-commerce sales along with the growing facility distribution and sales offices will add to the market growth.

The ICE industrial vehicle market will surpass USD 30 billion by 2032. The growth can be attributed to the increasing usage of commercial vehicles for indoor and outdoor applications. These vehicles offer lower starting price and higher payload capacities. To cite an instance, the starting price of ICE forklifts is 20% cheaper as compared to electric forklifts. The growing need for faster operation, lower cost, ease of refueling as well as use in heavy duty applications will further drive the adoption of industrial vehicles with internal combustion engines.

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North America industrial vehicle market may exceed USD 9 billion by 2032, due to  the rapid digitalization of vehicles in the region. For instance, the Volkswagen Group is expected to spend nearly USD 32 billion on digitalization by 2025. The growing requirement for achieving enhanced productivity, operational efficiency as well as profitability at reduced costs will further push the market growth.

Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Industrial vehicle market 360º synopsis, 2018 - 2032

2.2    Business trends

2.2.1    Total Addressable Market (TAM)

2.3    Regional trends

2.4    Product type trends

2.5    Propulsion type trends

2.6    Application trends

Chapter 3   Industrial Vehicle Market Insights

3.1    Impact on COVID-19

3.2    Russia-Ukraine war impact

3.3    Industry ecosystem analysis

3.4    Vendor matrix

3.5    Profit margin analysis

3.6    Technology & innovation landscape

3.7    Patent analysis

3.8    Key news and initiatives

3.9    Cost structure analysis

3.10    Regulatory landscape

3.11    Impact forces

3.11.1    Growth drivers

3.11.1.1    Increasing demand for battery-operated industrial vehicles

3.11.1.2    Growing adoption of AGVs in the logistics sector

3.11.1.3    Rising focus on enhancing workplace safety

3.11.1.4    High demand for forklifts in the e-commerce sector

3.11.1.5    Increasing technological innovations and the adoption of automation in manufacturing activities

3.11.2    Industry pitfalls & challenges

3.11.2.1    Real-time technical challenges

3.11.2.2    High maintenance costs

3.12    Growth potential analysis

3.13    Porter’s analysis

3.14    PESTEL analysis

 

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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