Asia Pacific Industrial Vehicles Market Forecast to 2030 - Regional Analysis - by Type, Drive Type, Level of Autonomy, and Application

Description

List of Tables

The Asia Pacific industrial vehicles market was valued at US$ 23,323.8 million in 2022 and is expected to reach US$ 35,062.6 million by 2030; it is estimated to register at a CAGR of 5.2% from 2022 to 2030.

Efficient, Safe, and Cost-effective Industrial Vehicles Boost Asia Pacific Industrial Vehicles Market

The integration of autonomous industrial vehicles such as autonomous industrial vehicles (IVs) represents a transformative phase in the industrial vehicle market, fueled by improved efficiency, reduced maintenance costs, and enhanced safety records. Autonomous industrial vehicles, operating within geofenced topographies and adhering to specific rules, address one of the persistent challenges in industrial vehicle operations-wear and tear. Unlike human operators, whose driving habits can vary significantly, autonomous vehicles follow prescribed actions, minimizing the potential for routing errors, reducing wear on critical components, and improving the overall asset lifetime. Komatsu, a key player in this space, reports that its autonomous solutions has the potential to improve tire and brake life by up to 40%-which can lead to the widespread adoption of autonomous technology. Similarly, Telematics, a crucial component of autonomous trucks, relies on internet-connected sensors to monitor vehicle performance in real time. This constant feedback loop allows for proactive adjustments, ensuring that vehicles operate at optimal levels. By leveraging telematics, industrial vehicles can experience a significant reduction in error and unnecessary movement, potentially extending their lifespan by up to 50%. This not only promotes sustainability but also presents a compelling economic case for companies looking to maximize the return on their industrial vehicle investments.

The implementation of autonomous industrial vehicles in real-world applications continues to be successful. Resolute Mining's debut of the world's first fully autonomous underground gold mine in 2019 showcased the broader applicability of autonomous technology. By employing a completely autonomous operations, Resolute Mining achieved a substantial reduction in the mine's total cost of gold production-US$ 135 per ounce-and reduced operating expenses by 30%. These outcomes highlight the transformative potential of autonomous technology in optimizing operational efficiency and cost-effectiveness.

Thus, various industries are witnessing potential for extended asset lifetimes, improved safety records, and significant cost savings, which are likely to present lucrative opportunities for manufacturers and stakeholders operating in the industrial vehicle market during the forecast period.

Asia Pacific Industrial Vehicles Market Overview

The rising demand for the material handling equipment and vehicles around the globe across the manufacturing sector drives the Asia Pacific industrial vehicles market growth. According to the World Industrial Vehicle Statistics Association (WITS), more than 2.34 million material-handling vehicles and equipment sales were recorded during 2021. The material handling industry saw a 43.0% increase in orders in 2021 compared to the previous year, 2020. Among the 2.34 million material handling units, around 68.8%, that is 1.61 million units, were recorded as electric-powered forklifts. Electric forklift demand is increasing at a rapid pace with a surge in consumer popularity. With a surge in the number of orders, the demand for industrial vehicles such as forklifts, aisle trucks, and pallet trucks has increased.

Asia Pacific Industrial Vehicles Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Industrial Vehicles Market Segmentation

The Asia Pacific industrial vehicles market is segmented based on type, drive type, level of autonomy, application, and country.

Based on type, the Asia Pacific industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held the largest share in 2022.

In terms of drive type, the Asia Pacific industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held the largest share in 2022.

By level of autonomy, the Asia Pacific industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held a larger share in 2022.

Based on application, the Asia Pacific industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held the largest share in 2022.

Based on country, the Asia Pacific industrial vehicles market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific industrial vehicles market in 2022.

Kion Group AG, Toyota Industries Corp, Mitsubishi Heavy Industries Ltd, Komatsu Ltd, Hyster-Yale Materials Handling Inc, Jungheinrich AG, Crown Equipment Corp, Konecranes Plc, and Anhui Heli Co Ltd are some of the leading companies operating in the Asia Pacific industrial vehicles market.

Product Code: BMIRE00030364

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Asia Pacific Industrial Vehicles Market Landscape

4.1 Overview
4.2 Ecosystem Analysis
- 4.2.1 Suppliers and Component Manufacturers
- 4.2.2 Manufacturers
- 4.2.3 Technology Providers
- 4.2.4 End Users
- 4.2.5 List of Vendors in the Value Chain

5. Asia Pacific Industrial Vehicles Market - Key Market Dynamics

5.1 Asia Pacific Industrial Vehicles Market - Key Market Dynamics
5.2 Market Drivers
- 5.2.1 Crucial Role of Industrial Vehicles in Shaping Modern Infrastructure and Economic Growth
- 5.2.2 Implementation of Stringent Anti-pollution Standards
- 5.2.3 Rise in Demand from Mining Industry
5.3 Market Restraints
- 5.3.1 Significant Initial, Operational and Maintenance Costs
5.4 Market Opportunities
- 5.4.1 Efficient, Safe, and Cost-effective Industrial Vehicles
- 5.4.2 Growth of E-commerce
5.5 Future Trends
- 5.5.1 Increasing Smart Manufacturing Factories
5.6 Impact of Drivers and Restraints:

6. Industrial Vehicles Market - Asia Pacific Market Analysis

6.1 Asia Pacific Industrial Vehicles Market Revenue (US$ Million), 2022 - 2030
6.2 Asia Pacific Industrial Vehicles Market Forecast Analysis

7. Asia Pacific Industrial Vehicles Market Analysis - by Vehicle Type

7.1 Forklifts
- 7.1.1 Overview
- 7.1.2 Forklifts: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.2 Aisle Trucks
- 7.2.1 Overview
- 7.2.2 Aisle Trucks: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.3 Tow Tractors
- 7.3.1 Overview
- 7.3.2 Tow Tractors: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.4 Container Handlers
- 7.4.1 Overview
- 7.4.2 Container Handlers: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.5 Others
- 7.5.1 Overview
- 7.5.2 Others: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)

8. Asia Pacific Industrial Vehicles Market Analysis - by Drive Type

8.1 Internal Combustion Engine
- 8.1.1 Overview
- 8.1.2 Internal Combustion Engine: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
8.2 Battery-Operated
- 8.2.1 Overview
- 8.2.2 Battery-Operated: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
8.3 Gas-Powered
- 8.3.1 Overview
- 8.3.2 Gas-Powered: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)

9. Asia Pacific Industrial Vehicles Market Analysis - by Level of Autonomy

9.1 Non/Semi Autonomous
- 9.1.1 Overview
- 9.1.2 Non/Semi Autonomous: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
9.2 Autonomous
- 9.2.1 Overview
- 9.2.2 Autonomous: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)

10. Asia Pacific Industrial Vehicles Market Analysis - by Application

10.1 Manufacturing
- 10.1.1 Overview
- 10.1.2 Manufacturing: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
10.2 Warehousing
- 10.2.1 Overview
- 10.2.2 Warehousing: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
10.3 Others
- 10.3.1 Overview
- 10.3.2 Others: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)

11. Asia Pacific Industrial Vehicles Market - Country Analysis

11.1 Asia Pacific
- 11.1.1 Asia Pacific Industrial Vehicles Market Overview
- 11.1.2 Asia Pacific: Industrial Vehicles Market - Revenue and Forecast Analysis - by Country
  - 11.1.2.1 Asia Pacific: Industrial Vehicles Market - Revenue and Forecast Analysis - by Country
  - 11.1.2.2 Australia: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.2.1 Australia: Industrial Vehicles Market Breakdown, by Vehicle Type
    - 11.1.2.2.2 Australia: Industrial Vehicles Market Breakdown, by Drive Type
    - 11.1.2.2.3 Australia: Industrial Vehicles Market Breakdown, by Level Of Autonomy
    - 11.1.2.2.4 Australia: Industrial Vehicles Market Breakdown, by Application
  - 11.1.2.3 China: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.3.1 China: Industrial Vehicles Market Breakdown, by Vehicle Type
    - 11.1.2.3.2 China: Industrial Vehicles Market Breakdown, by Drive Type
    - 11.1.2.3.3 China: Industrial Vehicles Market Breakdown, by Level Of Autonomy
    - 11.1.2.3.4 China: Industrial Vehicles Market Breakdown, by Application
  - 11.1.2.4 India: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.4.1 India: Industrial Vehicles Market Breakdown, by Vehicle Type
    - 11.1.2.4.2 India: Industrial Vehicles Market Breakdown, by Drive Type
    - 11.1.2.4.3 India: Industrial Vehicles Market Breakdown, by Level Of Autonomy
    - 11.1.2.4.4 India: Industrial Vehicles Market Breakdown, by Application
  - 11.1.2.5 Japan: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.5.1 Japan: Industrial Vehicles Market Breakdown, by Vehicle Type
    - 11.1.2.5.2 Japan: Industrial Vehicles Market Breakdown, by Drive Type
    - 11.1.2.5.3 Japan: Industrial Vehicles Market Breakdown, by Level Of Autonomy
    - 11.1.2.5.4 Japan: Industrial Vehicles Market Breakdown, by Application
  - 11.1.2.6 South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.6.1 South Korea: Industrial Vehicles Market Breakdown, by Vehicle Type
    - 11.1.2.6.2 South Korea: Industrial Vehicles Market Breakdown, by Drive Type
    - 11.1.2.6.3 South Korea: Industrial Vehicles Market Breakdown, by Level Of Autonomy
    - 11.1.2.6.4 South Korea: Industrial Vehicles Market Breakdown, by Application
  - 11.1.2.7 Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
    - 11.1.2.7.1 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Vehicle Type
    - 11.1.2.7.2 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Drive Type
    - 11.1.2.7.3 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Level Of Autonomy
    - 11.1.2.7.4 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Application

12. Industry Landscape

12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions

13. Company Profiles

13.1 Kion Group AG
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 Toyota Industries Corp
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 Mitsubishi Heavy Industries Ltd
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 Komatsu Ltd
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 Hyster-Yale Materials Handling Inc
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 Jungheinrich AG
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 Crown Equipment Corp
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 Konecranes Plc
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Products and Services
- 13.8.4 Financial Overview
- 13.8.5 SWOT Analysis
- 13.8.6 Key Developments
13.9 Anhui Heli Co Ltd
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments

14. Appendix

14.1 About The Insight Partners