Industrial Vehicle Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Propulsion Type (ICE, Battery-Operated, Gas-Powered), By Level of Autonomy (Non/Semi-Autonomous, Autonomous), By Application (Manufacturing, Warehousing, Freight and Logistics, Others), By Region, Competition, 2020-2030F

Market Overview

The Global Industrial Vehicle Market, valued at USD 45.60 Billion in 2024, is projected to experience a CAGR of 5.85% to reach USD 64.15 Billion by 2030. Industrial vehicles encompass specialized machinery designed for material handling, transportation, and operational efficiency across manufacturing, logistics, and mining sectors, including forklifts and automated guided vehicles. Key market drivers include the expanding e-commerce landscape and warehousing infrastructure, which necessitate efficient material handling solutions. Additionally, the rising adoption of automation and Industry 4.0 technologies to enhance productivity, coupled with efforts to reduce labor costs and governmental initiatives supporting infrastructure development, further propel market growth.

According to World Industrial Truck Statistics (WITS), global industrial truck shipments increased by 8.4% to 1.75 million units in 2023. Furthermore, according to the European Materials Handling Federation (FEM), the European materials handling, lifting, and storage equipment industry generated an annual turnover of nearly 74 billion euros in 2023. A significant challenge impeding market expansion is the substantial initial investment and operational costs associated with these vehicles, particularly advanced automated systems.

Key Market Drivers

The global industrial vehicle market is significantly influenced by the rapid expansion of e-commerce and logistics sectors. The increasing volume of online retail transactions necessitates sophisticated material handling and warehousing solutions to manage inventory, streamline order fulfillment, and ensure timely delivery. This demand directly translates into a greater need for various industrial vehicles, including forklifts, automated guided vehicles, and other specialized equipment designed for efficient movement within distribution centers. For example, according to Cyngn, in its April 2024 article "16 Warehouse Automation Trends for 2024," Amazon deployed 750,000 robots across its facilities in 2023, representing an increase of over 40% from the previous year, highlighting the direct impact of e-commerce growth on industrial vehicle deployment. Companies are investing in larger, more technologically advanced warehouses to handle the surge in goods, thereby driving the adoption of a broader range of industrial vehicles capable of enhancing throughput and optimizing space utilization.

Concurrently, the growing adoption of automation and Industry 4.0 technologies serves as another critical driver for the industrial vehicle market. This trend involves integrating advanced robotics, artificial intelligence, and the Internet of Things into manufacturing and logistics operations to boost productivity and reduce operational costs. Automated industrial vehicles, such as autonomous mobile robots, are central to these smart factory and warehouse initiatives, performing tasks ranging from material transport to precise assembly. According to the International Federation of Robotics, in its World Robotics 2024 report, 4,281,585 industrial robots were operating in factories worldwide in 2023, marking a 10% increase, demonstrating the increasing embrace of automated solutions in industrial settings. Overall, the market continues to expand its reach, with global commercial vehicle sales projected to reach 28.5 million units in 2024, an increase of 7.9% over 2023, as reported by Inside Logisitics in April 2025. This widespread adoption is vital for businesses seeking to maintain competitiveness and responsiveness in a dynamic economic landscape.

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Key Market Challenges

A significant challenge impeding the expansion of the global industrial vehicle market is the substantial initial investment and ongoing operational costs associated with these specialized machines, especially advanced automated systems. These elevated financial requirements create a considerable barrier to entry for numerous businesses, particularly smaller and medium-sized enterprises. The high capital expenditure often delays or prevents the acquisition of new equipment, directly limiting market penetration and slowing the adoption cycle across various industrial sectors.

The considerable expense involved, from purchase to maintenance and energy consumption, makes these vehicles less accessible, despite their potential for improved efficiency and labor cost reduction. This financial burden restricts the pace at which businesses can modernize their material handling operations and embrace automation, thus dampening overall market growth. For instance, according to the Industrial Truck Association, over 2.1 million industrial trucks were ordered globally in 2023. North America alone accounted for 249,000 units of these global orders. Despite such robust demand, the market's capacity for further expansion is directly restrained by these investment hurdles, preventing a broader base of potential users from upgrading or integrating advanced industrial vehicle technologies into their operations.

Key Market Trends

Two significant trends currently shaping the Global Industrial Vehicle Market are the increasing electrification and hybridization of industrial vehicle fleets and the emergence of "Anything-as-a-Service" (XaaS) business models. These trends represent a fundamental shift in both the operational characteristics and acquisition strategies for industrial vehicles, distinct from general automation or e-commerce driven demand.

Electrification and hybridization are transforming industrial vehicle operations by offering cleaner, more energy-efficient alternatives to traditional internal combustion engines. This transition is driven by environmental regulations, corporate sustainability goals, and advancements in battery technology that enhance performance and reduce operational costs. According to the International Energy Agency's Global EV Outlook 2024, electric truck sales increased 35% in 2023 compared to 2022, reaching approximately 54,000 units globally. This growth signifies a strong movement towards lower-emission vehicles in industrial transportation. Furthermore, in May 2024, Toyota Industries Corporation announced plans to expand its electric forklift manufacturing capabilities with a new production facility in Indiana, involving an investment exceeding US$100 million. This investment highlights the industry's commitment to scaling electric vehicle production to meet rising demand.

Concurrently, the emergence of "Anything-as-a-Service" (XaaS) business models is redefining how businesses acquire and utilize industrial vehicles. This trend moves away from large capital expenditures towards flexible, subscription-based operational expenses, providing businesses with greater financial agility and scalability. According to the Equipment Leasing and Finance Association, in its January 2024 article "ELFA Announces Top 10 Equipment Acquisition Trends for 2024", the global equipment-as-a-service (EaaS) market is experiencing an annual compound growth rate of around 50% through 2030. This indicates a strong shift in preference for service-oriented models. Illustrating this shift, in June 2023, Forklifts Group West announced an expansion of its California rental fleet from 250 to over 500 assets, incorporating Samsara telematics for advanced safety and efficiency tracking, indicating a move towards more integrated and service-based offerings for equipment access.

Segmental Insights

The Global Industrial Vehicle Market is witnessing substantial growth within its Battery-Operated segment, establishing it as the fastest-growing category. This rapid expansion is primarily attributable to the escalating global focus on environmental sustainability and the implementation of more stringent emission regulations across various regions. Businesses are increasingly adopting battery-operated industrial vehicles to adhere to evolving governmental mandates and corporate environmental, social, and governance objectives. Beyond regulatory compliance, the segment's growth is further propelled by significant operational benefits, including reduced noise pollution, lower maintenance demands owing to fewer mechanical components, and improved indoor air quality, thereby enhancing workplace conditions and efficiency. These combined factors contribute to the segment's prominent market acceleration.

Regional Insights

Asia Pacific stands as the leading region in the global industrial vehicle market, primarily driven by its extensive regional industrialization and rapid urbanization. Significant government investments in infrastructure development across major economies, including vast projects in logistics and connectivity, substantially fuel demand for industrial vehicles. Furthermore, the burgeoning e-commerce sector necessitates advanced material handling and warehousing solutions, contributing to market expansion. Robust manufacturing capabilities and supportive national policies promoting industrial automation and cleaner vehicle technologies further solidify the region's prominent market position, addressing diverse requirements from construction to logistics.

Recent Developments

• In June 2025, Konecranes commenced the global rollout of its electric empty container handler in European and North American markets, building on its successful introductions in Asia, MEA, and Latin America. This industrial vehicle, based on a proven electrical platform, offers lifting capacities ranging from 9 to 11 tonnes and accommodates various stacking heights. Customers noted its rapid acceleration, lifting speed, quick charging capabilities, and reduced noise and vibration, alongside its zero tailpipe emissions. This expansion further demonstrates Konecranes' commitment to fully electric lift trucks within the global industrial vehicle sector.

• In May 2025, Jungheinrich and EP Equipment announced a strategic partnership aimed at accelerating the global electrification of the material handling industry. This collaboration endeavors to leverage their combined expertise to enhance efficiency, productivity, and sustainability in industrial truck operations worldwide. As part of this alliance, EP Equipment will support Jungheinrich's portfolio expansion by establishing a new Mid-Tech brand, "AntOn by Jungheinrich," which will focus on electric counterbalance and warehouse trucks. This initiative reflects a joint commitment to innovative, customer-centric industrial vehicle solutions.

• In March 2024, Toyota Material Handling showcased new autonomous forklifts, the BT Reflex Autopilot and BT Staxio Autopilot, at the LogiMAT event. These industrial vehicles, specifically an autonomous front-reach forklift and a high-lift truck, were designed for efficient material handling in automated warehouses. They featured laser navigation and visual load assistance, making them suitable for high-density storage systems and advanced order picking applications. This launch underscored the company’s commitment to integrating advanced autonomous solutions into the global industrial vehicle market.

• In February 2024, Kalmar introduced enhancements to its electric reach stacker, aiming for the most environmentally friendly model globally. These advancements included the option to incorporate 47% SSAB Zero™ steel, which is produced using recycled materials and fossil-free energy sources. Customers could also select PANOLIN biodegradable hydraulic oil as an alternative to standard oil. Further innovations featured an emissions-reduction solution with a counterweight made from naturally dense, unprocessed material, designed to replace traditional cast-iron counterparts. These choices significantly advanced sustainable operations within the heavy industrial vehicle market.

Key Market Players

• Toyota
• Kion
• Jungheinrich
• Hyster-Yale
• Crown
• Mitsubishi Logisnext
• Anhui Heli
• Hangcha
• Doosan
• Komatsu

Report Scope:

In this report, the Global Industrial Vehicle Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Industrial Vehicle Market, By Propulsion Type:

o   ICE

o   Battery-Operated

o   Gas-Powered

• Industrial Vehicle Market, By Level of Autonomy:

o   Non/Semi-Autonomous

o   Autonomous

• Industrial Vehicle Market, By Application:

o   Manufacturing

o   Warehousing

o   Freight &Logistics

o   Others

• Industrial Vehicle Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the Global Industrial Vehicle Market.

Available Customizations:

Global Industrial Vehicle Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).

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