MarketsandMarkets has released the report "Industrial Vehicles Market by Product Type (Forklift, Tow Tractor, Aisle Truck, and Container Handler), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Application (Industrial and Cargo), and Region - Global Forecast to 2021." The global market is estimated to be USD $13.45 Billion in 2016, and is projected to grow at a CAGR of 1.86% from 2016-2021, to reach USD $14.75 Billion by 2021.
The growth of this market is fueled by increased industrialization and the increasing number of warehouses being set up globally.
Internal combustion engine industrial vehicles to hold the largest share in the Industrial Vehicles Market, by drive type
The internal combustion engine (ICE) segment is estimated to account for the largest share in the Industrial Vehicles Market. The primary advantage of ICE industrial vehicles is that their engines produce more torque and are suitable for towing applications. ICE engines offer better acceleration and lift speeds, and have lower maintenance costs than battery-operated industrial vehicles and gas-powered vehicles. They are consequently used in most outdoor applications.
Container handlers: A promising market due to the increase in global trade
Container handlers are expected to hold the largest share, in term of value, in the Industrial Vehicles Market. This can be attributed to the need to increase lifting heights to enable goods to be stacked at greater heights, which has triggered the demand for reliable and technologically advanced industrial vehicles. The demand for container handlers is high in developed countries such as North America and Europe. The demand is expected to increase in emerging economies such as China, and India, where new infrastructure projects are being launched.
Asia-Pacific: Largest market for industrial vehicles
Asia-Pacific is estimated to account for the largest share, in terms of value, of the global industrial vehicle market in 2016. The region comprises some of the fastest developing economies in the world, including China, India and South Korea. This has led to an increase in industrial vehicle production volumes over the years, with OEMs catering not only to the domestic demand but to overseas demand as well.
The report analyzes all major players in the Industrial Vehicles Market, including Toyota Industries Corporation (Japan), KION Group AG (Germany), Hyster-Yale Materials Handling, Inc. (U.S.), Crown Equipment Corporation (U.S.), and Jungheinrich AG (Germany).
Source: OEM Off-Highway