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“Increased industrialization and setting up of warehouses will likely drive the industrial vehicles market”
The industrial vehicles market is estimated to be USD 13.45 billion in 2016, and is projected to grow at a CAGR of 1.86% from 2016 to 2021, to reach USD 14.75 billion by 2021. The growth of this market is fueled by increased industrialization and setting up of warehouses for various sectors such as e-commerce and manufacturing Automatic guided vehicles and customized industrial vehicles have a high installation cost; this is a major restraint for the industrial vehicles market.
“Battery-operated industrial vehicles to be the fastest growing segment in the industrial vehicles market”
Battery-operated industrial vehicles are being increasingly adopted as they are environmentally friendly, reliable, and efficient. These vehicles are economical, and are generally preferred for small warehouses or narrow aisles due to their compactness. Given these advantages, the battery-operated industrial vehicle market is expected to surpass the markets for internal combustion engine-driven and gas-powered industrial vehicles.
“Europe is the fastest growing market for industrial vehicles”
The European region is the fastest growing market for industrial vehicles. Research and development efforts form an integral part of the European economy. The European Union’s key strategy for 2010–2020 identifies research and development as the key measure for economic growth. Industrial vehicle manufacturers are investing heavily in developing technologically advanced products. The demand for advanced products will likely drive the industrial vehicles market in Europe.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs.
The break-up of the primaries is as follows:
- By Company Type - Tier 1 - 42 %, Tier 2 - 26%, Others - 32%
- By Designation - C level - 40%, D level - 29%, Others - 31%
- By Region - North America - 38%, Europe - 22%, Asia-Pacific - 30%, Africa - 10%
The report segments the industrial vehicles market and forecasts its size, by volume and value, on the basis of region (North America, Asia-Pacific, Europe, and Africa), product type (forklifts, tow tractors, aisle trucks, and container handlers), drive type (internal combustion engine, battery-operated, and gas-powered), and applications (industrial applications and cargo applications).
Reasons To Buy the Report:
The report provides insights about the following points:
- Market Penetration: Comprehensive information about the industrial vehicles market offered by the top 10 players in the market
- Product Development/Innovation: Detailed insights into upcoming technologies, R&D activities, and new product launches in the industrial vehicles market
- Market Development: Comprehensive information about types of industrial vehicles. The report analyzes the market for various industrial vehicles across multiple regions
- Market Diversification: Exhaustive information about new products, untapped regional markets, recent developments, and investments in the industrial vehicles market
- Competitive Assessment: In-depth assessment of the market shares, strategies, products, and manufacturing capabilities of leading players in the industrial vehicles market