Industrial Vehicles Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024

Description

Market Overview

In 2024, the worldwide industrial vehicles industry is projected to grow from USD 43.4 billion to USD 56.4 billion by 2030, at a CAGR of 4.5% during the projection period. Industrial vehicles include a vast range of trucks for moving goods, dump vehicles for dumping construction waste or material, construction vehicles for various purposes, digging vehicles, and others such as telehandlers, forklifts, and boom lifts.

There is significant innovation in the industrial vehicles being produced in the market, with many manufacturing companies equipping them with smart technology to increase their efficiency and durability.

In addition, the use of sophisticated technology in several automobiles is positively impacting their autonomy, with the addition of advanced driver-assistance systems and semi-autonomous features to enhance performance, safety, and profitability, as well as decrease on-road accident rates.

Coupled with this, IoT technology is being used to remotely monitor real-time operational information of these vehicles and schedule refueling/charging, servicing, part replacement, and recycling/decommissioning.

The industrial sector is organized due to increasing population and economic development, and all industrial systems are working hard to meet the requirements of their products. Therefore, every segment of the industrial sector relies on a smooth supply chain facilitated by vehicles to transport end products, raw materials, and other components.

This implies that with the growth in industries, there is a need for larger spaces to conduct production, which in turn leads to the need for a fleet of construction vehicles and vehicles used to perform manufacturing-related operations.

Key Insights

Construction vehicles are expected to witness the highest CAGR, of 5.2%, during the forecast period.

Economic growth and government initiatives are driving the increase in construction rates globally.

Key construction markets include China, the U.S., and India, with rapid development in emerging nations, particularly in the Middle East.

In Mexico, the construction sector is rising due to public infrastructure enhancements and growing industrial investment.

The surge in building activities will propel the need for various construction vehicles and machines.

In 2024, trucks hold a substantial industry share, playing a vital role in moving goods, raw materials, and other products in many industries.

Trucks are crucial in the logistical chain, supporting road, inland waterway, marine, air, and rail transport.

Internal combustion engines hold the largest share, approximately 50%, due to their high performance, output, and suitability for extreme conditions and heavy workloads.

Battery-electric vehicles will experience the fastest industry growth over the projection period, driven by the need for emission-free vehicles, OEM shifts to battery-operated vehicles, and government sustainability efforts.

The manual category holds the largest market share, as most trucks operate at level 0 automation, are driver-controlled, cost-effective, and easier to maintain.

Fully autonomous vehicles will see the highest growth rate, of 4.8%, due to labor shortages and the need for increased productivity, safety, and efficiency.

The freight and logistics application is the largest and fastest-growing category, with a 2024 share of 45%, driven by expanding industries, warehousing, and e-commerce activities.

APAC holds the major industrial vehicles industry share, of 40%, in 2024, due to ongoing construction projects, industrial sector growth, emission guidelines, and the emergence of electric vehicles.

In China, BYD plans to launch an electric pickup truck, supported by strong vehicle electrification policies that encourage fleet operators to purchase electric trucks.

Product Code: 13052

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by vehicle type
- 1.4.2. Market size breakdown, by propulsion
- 1.4.3. Market size breakdown, by level of autonomy
- 1.4.4. Market size breakdown, by application
- 1.4.5. Market size breakdown, by region
- 1.4.6. Market size breakdown, by country
1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. Global Market

6.1. Overview
6.2. Market Volume, by Vehicle Type (2019-2030)
6.3. Market Revenue, by Vehicle Type (2019-2030)
6.4. Market Volume, by Propulsion (2019-2030)
6.5. Market Revenue, by Propulsion (2019-2030)
6.6. Market Volume, by Level of Autonomy (2019-2030)
6.7. Market Revenue, by Level of Autonomy (2019-2030)
6.8. Market Volume, by Application (2019-2030)
6.9. Market Revenue, by Application (2019-2030)
6.10. Market Volume, by Region (2019-2030)
6.11. Market Revenue, by Region (2019-2030)

Chapter 7. North America Market

7.1. Overview
7.2. Market Volume, by Vehicle Type (2019-2030)
7.3. Market Revenue, by Vehicle Type (2019-2030)
7.4. Market Volume, by Propulsion (2019-2030)
7.5. Market Revenue, by Propulsion (2019-2030)
7.6. Market Volume, by Level of Autonomy (2019-2030)
7.7. Market Revenue, by Level of Autonomy (2019-2030)
7.8. Market Volume, by Application (2019-2030)
7.9. Market Revenue, by Application (2019-2030)
7.10. Market Volume, by Country (2019-2030)
7.11. Market Revenue, by Country (2019-2030)

Chapter 8. Europe Market

8.1. Overview
8.2. Market Volume, by Vehicle Type (2019-2030)
8.3. Market Revenue, by Vehicle Type (2019-2030)
8.4. Market Volume, by Propulsion (2019-2030)
8.5. Market Revenue, by Propulsion (2019-2030)
8.6. Market Volume, by Level of Autonomy (2019-2030)
8.7. Market Revenue, by Level of Autonomy (2019-2030)
8.8. Market Volume, by Application (2019-2030)
8.9. Market Revenue, by Application (2019-2030)
8.10. Market Volume, by Country (2019-2030)
8.11. Market Revenue, by Country (2019-2030)

Chapter 9. APAC Market

9.1. Overview
9.2. Market Volume, by Vehicle Type (2019-2030)
9.3. Market Revenue, by Vehicle Type (2019-2030)
9.4. Market Volume, by Propulsion (2019-2030)
9.5. Market Revenue, by Propulsion (2019-2030)
9.6. Market Volume, by Level of Autonomy (2019-2030)
9.7. Market Revenue, by Level of Autonomy (2019-2030)
9.8. Market Volume, by Application (2019-2030)
9.9. Market Revenue, by Application (2019-2030)
9.10. Market Volume, by Country (2019-2030)
9.11. Market Revenue, by Country (2019-2030)

Chapter 10. LATAM Market

10.1. Overview
10.2. Market Volume, by Vehicle Type (2019-2030)
10.3. Market Revenue, by Vehicle Type (2019-2030)
10.4. Market Volume, by Propulsion (2019-2030)
10.5. Market Revenue, by Propulsion (2019-2030)
10.6. Market Volume, by Level of Autonomy (2019-2030)
10.7. Market Revenue, by Level of Autonomy (2019-2030)
10.8. Market Volume, by Application (2019-2030)
10.9. Market Revenue, by Application (2019-2030)
10.10. Market Volume, by Country (2019-2030)
10.11. Market Revenue, by Country (2019-2030)

Chapter 11. MEA Market

11.1. Overview
11.2. Market Volume, by Vehicle Type (2019-2030)
11.3. Market Revenue, by Vehicle Type (2019-2030)
11.4. Market Volume, by Propulsion (2019-2030)
11.5. Market Revenue, by Propulsion (2019-2030)
11.6. Market Volume, by Level of Autonomy (2019-2030)
11.7. Market Revenue, by Level of Autonomy (2019-2030)
11.8. Market Volume, by Application (2019-2030)
11.9. Market Revenue, by Application (2019-2030)
11.10. Market Volume, by Country (2019-2030)
11.11. Market Revenue, by Country (2019-2030)

Chapter 12. U.S. Market

12.1. Overview
12.2. Market Volume, by Vehicle Type (2019-2030)
12.3. Market Revenue, by Vehicle Type (2019-2030)
12.4. Market Volume, by Propulsion (2019-2030)
12.5. Market Revenue, by Propulsion (2019-2030)
12.6. Market Volume, by Level of Autonomy (2019-2030)
12.7. Market Revenue, by Level of Autonomy (2019-2030)
12.8. Market Volume, by Application (2019-2030)
12.9. Market Revenue, by Application (2019-2030)

Chapter 13. Canada Market

13.1. Overview
13.2. Market Volume, by Vehicle Type (2019-2030)
13.3. Market Revenue, by Vehicle Type (2019-2030)
13.4. Market Volume, by Propulsion (2019-2030)
13.5. Market Revenue, by Propulsion (2019-2030)
13.6. Market Volume, by Level of Autonomy (2019-2030)
13.7. Market Revenue, by Level of Autonomy (2019-2030)
13.8. Market Volume, by Application (2019-2030)
13.9. Market Revenue, by Application (2019-2030)

Chapter 14. Germany Market

14.1. Overview
14.2. Market Volume, by Vehicle Type (2019-2030)
14.3. Market Revenue, by Vehicle Type (2019-2030)
14.4. Market Volume, by Propulsion (2019-2030)
14.5. Market Revenue, by Propulsion (2019-2030)
14.6. Market Volume, by Level of Autonomy (2019-2030)
14.7. Market Revenue, by Level of Autonomy (2019-2030)
14.8. Market Volume, by Application (2019-2030)
14.9. Market Revenue, by Application (2019-2030)

Chapter 15. France Market

15.1. Overview
15.2. Market Volume, by Vehicle Type (2019-2030)
15.3. Market Revenue, by Vehicle Type (2019-2030)
15.4. Market Volume, by Propulsion (2019-2030)
15.5. Market Revenue, by Propulsion (2019-2030)
15.6. Market Volume, by Level of Autonomy (2019-2030)
15.7. Market Revenue, by Level of Autonomy (2019-2030)
15.8. Market Volume, by Application (2019-2030)
15.9. Market Revenue, by Application (2019-2030)

Chapter 16. U.K. Market

16.1. Overview
16.2. Market Volume, by Vehicle Type (2019-2030)
16.3. Market Revenue, by Vehicle Type (2019-2030)
16.4. Market Volume, by Propulsion (2019-2030)
16.5. Market Revenue, by Propulsion (2019-2030)
16.6. Market Volume, by Level of Autonomy (2019-2030)
16.7. Market Revenue, by Level of Autonomy (2019-2030)
16.8. Market Volume, by Application (2019-2030)
16.9. Market Revenue, by Application (2019-2030)

Chapter 17. Italy Market

17.1. Overview
17.2. Market Volume, by Vehicle Type (2019-2030)
17.3. Market Revenue, by Vehicle Type (2019-2030)
17.4. Market Volume, by Propulsion (2019-2030)
17.5. Market Revenue, by Propulsion (2019-2030)
17.6. Market Volume, by Level of Autonomy (2019-2030)
17.7. Market Revenue, by Level of Autonomy (2019-2030)
17.8. Market Volume, by Application (2019-2030)
17.9. Market Revenue, by Application (2019-2030)

Chapter 18. Spain Market

18.1. Overview
18.2. Market Volume, by Vehicle Type (2019-2030)
18.3. Market Revenue, by Vehicle Type (2019-2030)
18.4. Market Volume, by Propulsion (2019-2030)
18.5. Market Revenue, by Propulsion (2019-2030)
18.6. Market Volume, by Level of Autonomy (2019-2030)
18.7. Market Revenue, by Level of Autonomy (2019-2030)
18.8. Market Volume, by Application (2019-2030)
18.9. Market Revenue, by Application (2019-2030)

Chapter 19. Japan Market

19.1. Overview
19.2. Market Volume, by Vehicle Type (2019-2030)
19.3. Market Revenue, by Vehicle Type (2019-2030)
19.4. Market Volume, by Propulsion (2019-2030)
19.5. Market Revenue, by Propulsion (2019-2030)
19.6. Market Volume, by Level of Autonomy (2019-2030)
19.7. Market Revenue, by Level of Autonomy (2019-2030)
19.8. Market Volume, by Application (2019-2030)
19.9. Market Revenue, by Application (2019-2030)

Chapter 20. China Market

20.1. Overview
20.2. Market Volume, by Vehicle Type (2019-2030)
20.3. Market Revenue, by Vehicle Type (2019-2030)
20.4. Market Volume, by Propulsion (2019-2030)
20.5. Market Revenue, by Propulsion (2019-2030)
20.6. Market Volume, by Level of Autonomy (2019-2030)
20.7. Market Revenue, by Level of Autonomy (2019-2030)
20.8. Market Volume, by Application (2019-2030)
20.9. Market Revenue, by Application (2019-2030)

Chapter 21. India Market

21.1. Overview
21.2. Market Volume, by Vehicle Type (2019-2030)
21.3. Market Revenue, by Vehicle Type (2019-2030)
21.4. Market Volume, by Propulsion (2019-2030)
21.5. Market Revenue, by Propulsion (2019-2030)
21.6. Market Volume, by Level of Autonomy (2019-2030)
21.7. Market Revenue, by Level of Autonomy (2019-2030)
21.8. Market Volume, by Application (2019-2030)
21.9. Market Revenue, by Application (2019-2030)

Chapter 22. Australia Market

22.1. Overview
22.2. Market Volume, by Vehicle Type (2019-2030)
22.3. Market Revenue, by Vehicle Type (2019-2030)
22.4. Market Volume, by Propulsion (2019-2030)
22.5. Market Revenue, by Propulsion (2019-2030)
22.6. Market Volume, by Level of Autonomy (2019-2030)
22.7. Market Revenue, by Level of Autonomy (2019-2030)
22.8. Market Volume, by Application (2019-2030)
22.9. Market Revenue, by Application (2019-2030)

Chapter 23. South Korea Market

23.1. Overview
23.2. Market Volume, by Vehicle Type (2019-2030)
23.3. Market Revenue, by Vehicle Type (2019-2030)
23.4. Market Volume, by Propulsion (2019-2030)
23.5. Market Revenue, by Propulsion (2019-2030)
23.6. Market Volume, by Level of Autonomy (2019-2030)
23.7. Market Revenue, by Level of Autonomy (2019-2030)
23.8. Market Volume, by Application (2019-2030)
23.9. Market Revenue, by Application (2019-2030)

Chapter 24. Brazil Market

24.1. Overview
24.2. Market Volume, by Vehicle Type (2019-2030)
24.3. Market Revenue, by Vehicle Type (2019-2030)
24.4. Market Volume, by Propulsion (2019-2030)
24.5. Market Revenue, by Propulsion (2019-2030)
24.6. Market Volume, by Level of Autonomy (2019-2030)
24.7. Market Revenue, by Level of Autonomy (2019-2030)
24.8. Market Volume, by Application (2019-2030)
24.9. Market Revenue, by Application (2019-2030)

Chapter 25. Mexico Market

25.1. Overview
25.2. Market Volume, by Vehicle Type (2019-2030)
25.3. Market Revenue, by Vehicle Type (2019-2030)
25.4. Market Volume, by Propulsion (2019-2030)
25.5. Market Revenue, by Propulsion (2019-2030)
25.6. Market Volume, by Level of Autonomy (2019-2030)
25.7. Market Revenue, by Level of Autonomy (2019-2030)
25.8. Market Volume, by Application (2019-2030)
25.9. Market Revenue, by Application (2019-2030)

Chapter 26. Saudi Arabia Market

26.1. Overview
26.2. Market Volume, by Vehicle Type (2019-2030)
26.3. Market Revenue, by Vehicle Type (2019-2030)
26.4. Market Volume, by Propulsion (2019-2030)
26.5. Market Revenue, by Propulsion (2019-2030)
26.6. Market Volume, by Level of Autonomy (2019-2030)
26.7. Market Revenue, by Level of Autonomy (2019-2030)
26.8. Market Volume, by Application (2019-2030)
26.9. Market Revenue, by Application (2019-2030)

Chapter 27. South Africa Market

27.1. Overview
27.2. Market Volume, by Vehicle Type (2019-2030)
27.3. Market Revenue, by Vehicle Type (2019-2030)
27.4. Market Volume, by Propulsion (2019-2030)
27.5. Market Revenue, by Propulsion (2019-2030)
27.6. Market Volume, by Level of Autonomy (2019-2030)
27.7. Market Revenue, by Level of Autonomy (2019-2030)
27.8. Market Volume, by Application (2019-2030)
27.9. Market Revenue, by Application (2019-2030)

Chapter 28. U.A.E. Market

28.1. Overview
28.2. Market Volume, by Vehicle Type (2019-2030)
28.3. Market Revenue, by Vehicle Type (2019-2030)
28.4. Market Volume, by Propulsion (2019-2030)
28.5. Market Revenue, by Propulsion (2019-2030)
28.6. Market Volume, by Level of Autonomy (2019-2030)
28.7. Market Revenue, by Level of Autonomy (2019-2030)
28.8. Market Volume, by Application (2019-2030)
28.9. Market Revenue, by Application (2019-2030)

Chapter 29. Competitive Landscape

29.1. List of Market Players and their Offerings
29.2. Competitive Benchmarking of Key Players
29.3. Product Benchmarking of Key Players
29.4. Recent Strategic Developments

Chapter 30. Company Profiles

30.1. Toyota Industries Corporation
- 30.1.1. Business overview
- 30.1.2. Product and service offerings
- 30.1.3. Key financial summary
30.2. Doosan Corporation
- 30.2.1. Business overview
- 30.2.2. Product and service offerings
- 30.2.3. Key financial summary
30.3. AB Volvo
- 30.3.1. Business overview
- 30.3.2. Product and service offerings
- 30.3.3. Key financial summary
30.4. Tata Motors Limited
- 30.4.1. Business overview
- 30.4.2. Product and service offerings
- 30.4.3. Key financial summary
30.5. Caterpillar Inc.
- 30.5.1. Business overview
- 30.5.2. Product and service offerings
- 30.5.3. Key financial summary
30.6. Scania CV AB
- 30.6.1. Business overview
- 30.6.2. Product and service offerings
- 30.6.3. Key financial summary
30.7. Hino Motors Ltd.
- 30.7.1. Business overview
- 30.7.2. Product and service offerings
- 30.7.3. Key financial summary
30.8. PACCAR Inc.
- 30.8.1. Business overview
- 30.8.2. Product and service offerings
- 30.8.3. Key financial summary
30.9. Daimler Truck AG
- 30.9.1. Business overview
- 30.9.2. Product and service offerings
- 30.9.3. Key financial summary
30.10. Mahindra & Mahindra Ltd.
- 30.10.1. Business overview
- 30.10.2. Product and service offerings
- 30.10.3. Key financial summary
30.11. Kion Group AG
- 30.11.1. Business overview
- 30.11.2. Product and service offerings
- 30.11.3. Key financial summary
30.12. MITSUBISHI LOGISNEXT CO. LTD.
- 30.12.1. Business overview
- 30.12.2. Product and service offerings
- 30.12.3. Key financial summary
30.13. Crown Equipment Corporation
- 30.13.1. Business overview
- 30.13.2. Product and service offerings
- 30.13.3. Key financial summary
30.14. Deere & Company
- 30.14.1. Business overview
- 30.14.2. Product and service offerings
- 30.14.3. Key financial summary
30.15. Jungheinrich AG
- 30.15.1. Business overview
- 30.15.2. Product and service offerings
- 30.15.3. Key financial summary

Chapter 31. Appendix

31.1. Abbreviations
31.2. Sources and References
31.3. Related Reports

Industrial Vehicles Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)