Industrial Vehicles Market to Hit USD 54.09 Billion by 2030 on Account of Rising Demand in E-commerce and Logistics Coupled with Infrastructure Development Projects | Report by SNS Insider

Based on SNS Insider’s research, the industrial vehicles market is driven by a combination of factors, including the rise of e-commerce, infrastructure development, technological advancements, safety considerations, and global economic growth

Pune, Feb. 01, 2024 (GLOBE NEWSWIRE) — The Industrial Vehicles Market, as indicated by the SNS Insider report, achieved a valuation of USD 39.44 billion in 2022 and is projected to attain USD 54.09 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.02% during the forecast period from 2023 to 2030.

Market Overview 

Industrial vehicles encompass a diverse range of specialized machines designed for tasks such as material handling, transportation, and lifting within industrial settings. These robust and powerful vehicles are crucial for streamlining operations across industries like manufacturing, construction, logistics, and warehousing. Industrial vehicles are crucial for moving raw materials and finished products within manufacturing facilities, ensuring streamlined production processes.

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Market Analysis

With the boom in e-commerce, there is an increased need for efficient material handling and logistics, driving the demand for industrial vehicles. Ongoing and upcoming infrastructure development projects worldwide, such as road construction and urban development, fuel the demand for heavy-duty industrial vehicles. The integration of advanced technologies, such as automation and telematics, enhances the performance and efficiency of industrial vehicles, attracting industries to upgrade their fleets. The overall growth of the global economy contributes to increased industrial activities, further propelling the demand for industrial vehicles. As industries prioritize worker safety, the adoption of technologically advanced industrial vehicles with safety features becomes imperative, boosting industrial vehicles market growth. As industries continue to evolve, the demand for innovative and efficient industrial vehicles is expected to persist, shaping the future landscape of this dynamic market.

Industrial Vehicles Market Report Scope:

Report Attributes Details
Market Size in 2022 USD 39.44 billion
Market Size by 2030 USD 54.09 billion
CAGR CAGR of 4.02% by 2023-2030
Market Opportunity
  • The use of electric power steering systems is expected to increase significantly over the next few years
  • The market is expected to increase as a result of a better safety system being used by enterprises
Market Drivers
  • Due to tight pollution regulations, the industry is expected to grow at a rapid pace around the world
  • The market is expected to grow as a result of the increasing use of advanced driver-assist systems
Major Market Players Nexteer Automotive Group Limited, Robert Bosch Automotive Steering GmbH, Hyundai Mobis Co., Ltd., Mando Corporation, Electric Steering JTEKT Corporation, Showa Corporation, ZF TRW Automotive Holdings Corp., NSK Ltd., ThyssenKrupp Ag, China Automotive System and other key players.

Key Takeaway from Industrial Vehicles Market Study

  • The Rack Assist Type (REPS) segment stands out as a groundbreaking development in industrial vehicle technology. REPS technology leverages a rack and pinion mechanism to assist in steering, providing a more responsive and precise control system. This innovation not only improves the maneuverability of industrial vehicles but also enhances safety by reducing the risk of accidents and collisions.
  • The Steering Column segment is another pivotal area shaping the future of industrial vehicles. Steering columns, which have traditionally served as a fundamental component in vehicle steering systems, are undergoing transformative changes to meet the demands of modern industrial applications.

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Recent Developments

  • Cummins, a global leader in power solutions, has taken a collaborative stride towards the development of an Open Telematics Architecture in partnership with industry stakeholders. Through this collaborative effort, the company envisions a future where telematics systems can seamlessly integrate across diverse platforms, allowing for improved efficiency, real-time monitoring, and data-driven decision-making in the automotive ecosystem.
  • ZeroNox has recently unveiled strategic partnerships geared towards introducing Tuatara Electric Vehicles to the European market. The collaborative efforts between ZeroNox and its partners signify a significant step towards achieving a more eco-friendly transportation landscape in Europe.

Market Dynamics Analysis

The industrial vehicles market is undergoing dynamic changes driven by a multitude of factors that shape its landscape. Among the primary drivers propelling this sector forward is the global surge in industrialization and infrastructure development. As countries strive to modernize and expand their manufacturing capabilities, the demand for industrial vehicles, including forklifts, excavators, and loaders, has seen a significant uptick. Moreover, technological advancements in vehicle design and automation have further fueled market growth, enhancing operational efficiency and safety standards. Additionally, stringent environmental regulations are pushing manufacturers towards developing more sustainable and eco-friendly industrial vehicles, fostering innovation and promoting the adoption of electric and hybrid models. However, this industry is not without its challenges and restraints. One of the foremost challenges is the impact of the ongoing global supply chain disruptions and material shortages, which have led to increased production costs and delayed deliveries.

Key Regional Developments

North America stands out as a key player in the industrial vehicles market, with the United States leading the way in technological innovation. The region is experiencing a surge in demand for automated and electric industrial vehicles, with a focus on enhancing operational efficiency and reducing environmental impact. In Europe, the market is heavily influenced by a growing emphasis on sustainability and environmental consciousness. Stricter emission regulations are compelling manufacturers to adopt eco-friendly alternatives such as electric and hybrid industrial vehicles. The Asia-Pacific region remains a hotbed for industrialization, fueling the demand for industrial vehicles. Countries like China and India are witnessing rapid growth in manufacturing and logistics sectors, driving the need for advanced material handling equipment.

Impact of Recession

The industrial vehicles market is intricately tied to global supply chains. The ongoing recession has disrupted these chains, causing delays in the delivery of essential components. Additionally, fluctuations in raw material costs pose challenges for manufacturers, impacting profit margins and influencing pricing strategies. Despite the economic downturn, the industrial vehicles sector is witnessing a surge in technological innovation. Companies are investing in research and development to enhance vehicle efficiency, reduce operating costs, and address environmental concerns. This strategic move not only prepares the industry for post-recession recovery but also fosters long-term sustainability.

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TABLE OF CONTENT

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

4. Impact Analysis

4.1 Impact of the Russia-Ukraine War

4.2 Impact of Ongoing Recession

4.2.1 Introduction

4.2.2 Impact on major economies

4.2.2.1 US

4.2.2.2 Canada

4.2.2.3 Germany

4.2.2.4 France

4.2.2.5 United Kingdom

4.2.2.6 China

4.2.2.7 Japan

4.2.2.8 South Korea

4.2.2.9 Rest of the World

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Global Industrial Vehicles Market Segmentation, By Type

8.1 Rack assist type (REPS)

8.2 Colum assist type (CEPS)

8.3 Pinion assist type (PEPS)

9. Global Industrial Vehicles Market Segmentation, By Component

9.1 Steering column

9.2 Sensors

9.3 Steering gear

9.4 Mechanical rack and pinion

9.5 Electronic control unit

9.6 Electric motor

9.7 Bearing

10. Global Industrial Vehicles Market Segmentation, By Vehicle Type

10.1 Passenger cars

10.2 Commercial vehicles

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.5 USA

11.2.6 Canada

11.2.7 Mexico

11.3 Europe

11.3.1 Eastern Europe

11.3.1.5 Poland

11.3.1.6 Romania

11.3.1.7 Turkey

11.3.1.8 Rest of Eastern Europe

11.3.2 Western Europe

11.3.2.4 Germany

11.3.2.5 France

11.3.2.6 UK

11.3.2.7 Italy

11.3.2.8 Spain

11.3.2.9 Netherlands

11.3.2.10 Switzerland

11.3.2.11 Austria

11.3.2.12 Rest of Western Europe

11.4 Asia-Pacific

11.4.5 China

11.4.6 India

11.4.7 Japan

11.4.8 South Korea

11.4.9 Vietnam

11.4.10 Singapore

11.4.11 Australia

11.4.12 Rest of Asia-Pacific

11.5 Middle East & Africa

11.5.1 Middle East

11.5.1.5 UAE

11.5.1.6 Egypt

11.5.1.7 Saudi Arabia

11.5.1.8 Qatar

11.5.1.9 Rest of Middle East

11.5.2 Africa

11.5.2.5 Nigeria

11.5.2.6 South Africa

11.5.2.7 Rest of Africa

11.6 Latin America

11.6.5 Brazil

11.6.6 Argentina

11.6.7 Colombia

11.6.8 Rest of Latin America

12. Company Profiles

12.1 Robert Bosch Automotive Steering GmbH,

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 Hyundai Mobis Co., Ltd.

12.3 Electric Steering JTEKT Corporation

12.4 ZF TRW Automotive Holdings Corp.

12.5 NSK Ltd.

12.6 Nexteer Automotive Group Limited

12.7 Mando Corporation

12.8 ThyssenKrupp Ag

12.9 Showa Corporation

12.10 China Automotive System

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

14. Conclusion

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