Industrial Vehicle Market and COVID-19 Impact Analysis, By Product Type (Forklift, Tow Tractor, Aisle Truck, and Container Handler), By Application (Industrial, Cargo, and Others), By Propulsion (ICE Vehicle, BEV Vehicle, and Hybrid Vehicle), and Regional Forecast, 2024-2032

The global industrial vehicle market share is expected to grow significantly due to high developments and increasing projects of industrial developments in metropolitan and second-tier cities. The e-commerce and warehousing sectors are the primary drivers for the industrial vehicle market. It has led to a rise in global logistics activities. It has increased the demand for warehouse spaces and the trends and adaptation of EV and autonomous vehicle technology in industrial vehicles. The primary purpose of industrial vehicles is to transport production materials such as raw or finished goods to warehouses, industries, and storage units. Industrial vehicles come in varying sizes designed according to industry-specific needs.

The entire automotive industry observes a rapid shift toward adapting EV and autonomous vehicle technology. However, as the autonomous vehicle technology implementation is in the initial development stages, several companies have started investing in latest technologies, such as AI, and other marketing initiatives to strengthen their market position. Swift technological developments are also causing advancements in manufacturing and design too.

The modernization of EVs and autonomous vehicles is occurring due to increased demand for logistics, warehouses as well as safety matters. For instance, there is brisk transformation in the supply of EVs due to increasing climate change and sustainability concerns.

Impact of COVID-19 on the Industrial Vehicle Market

The outbreak of the COVID-19 pandemic in 2020 and strict regulations and measures introduced by the governments affected many sectors. To ensure public safety, many nationals introduced nationwide lockdowns to flatten the curve of COVID-19 that disrupted major industries, including the automotive sector. With major manufacturers strictly following the regional government regulations for the past 1 to 1.5 years, the industrial vehicle sector noticed a significant delay. The post-COVID-19 sales were severely affected. Commercial sales worldwide dropped from 27 million units in 2019 to 24 million in 2020. In China, new vehicle sales fell by 92% in February 2020, whereas in India, the sale of commercial vehicles dropped by 33% in 2020 compared to the previous year. In Europe, the total sales of vehicles dropped by 7.2% compared to last year’s sales.

Key Insights

The report will cover the following key insights:

• Key Industry Developments – Mergers, Acquisitions, and Partnerships


• Porter’s Five Forces Analysis


• PEST Analysis


• Technological Developments


• Impact of COVID-19 on the Industrial Vehicle Market

Analysis by Product Type 

Forklifts are the most commonly found industrial vehicle for any job site related to handling and carrying heavy loads in a safe fashion. Forklifts are mainly used at construction sites and warehouses, primarily dealing with unloading and loading goods. Due to the flourishing e-commerce sector, the demand for warehouses has increased significantly, which has increased the demand for industrial vehicles. As warehouses look for better productivity, transparency, and reduced operational costs, these aspects are expected to increase the demand for various warehouse vehicles such as forklifts. The growth of the tow tractor is attributed to technological advancement/development. For instance, in 2021, Toyota tested out the autonomous driving demonstration at Haneda airport in 2021 and developed an autonomous tow tractor equipped with advanced location tracking and driver performance. For total quality and safety assurances and increased transparency, the development of new technologies such as complete autonomy and adaptation of EV in tow tractors is expected.

Regional Analysis

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Asia Pacific is the most dominant region in the commercial and industrial vehicle sector, with China, Japan, South Korea, and India being the major countries. Although Asia Pacific is a dominant region for automotive, due to the COVID-19 outbreak, this region also suffered a significant loss in manufacturing and sales of vehicles like any other region. As China is the hub of prominent vendors, it is expected to have a substantial market share. India, following China, has become the third largest heavy truck manufacturer in the world.

Key Players Covered

The report will include the profiles of key players such as Toyota Industries Corporations (Japan), Tata Motors (India), KION Group AG (Germany), Mitsubishi Loginext Co, Ltd (Japan), Junghenrich (Germany), and Crown Equipment Corporation (U.S.).

Segmentation

Key Industry Developments

• In May 2022, Tata Motors launched e-transport cargo solutions with a new electric commercial vehicle named Ace EV with a commitment to achieving Zero Carbon Footprint Emissions. Tata Motors also revealed the signing of a strategic memorandum with Amazon, BigBasket, MoEVing, and a few others.


• In June 2022, Mitsubishi Logisnext revealed a new Uni-Carriers forklift 80-Volt E-pneumatics truck. The forklifts are equipped with long-lasting batteries that provide maximum performance, simultaneously minimizing the need for frequent battery changing/changes.


• Jungheinrich Energy Systems recently opened a 25 MW battery storage capacity facility with the help of the local government. JT Energy Systems, a joint venture between battery manufacturer Triathlon and Jungheinrich AG, will store mainly renewable electricity in its Freiberg battery storage facility in the future.


• In 2021, Toyota conducted trial operations for flights using Autonomous Tow Tractors. Toyota’s site data, derived from nearly 60,000 connected smart trucks already in operation, shows that most companies can eliminate substantial waste in resources by improving utilization levels, typically at just 35%.