According to a new report published by Allied Market Research, titled, โIndustrial Vehicle Market,” The industrial vehicle market was valued at $45.1 billion in 2021, and is estimated to reach $76.5 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
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Growing uses of ICE engines in towing applications and increasing demand for ICE container handles in the warehouse and material handling divisions are expected to propel the demand for the segment in the forecast years. For instance, in April 2022, Clark launched a new diesel forklift series, the L-series with load capacities from 2000 to 3300 kg for a wide range of indoor and outdoor applications, such as logistics, distribution, and manufacturing. The L-Series is designed for markets in the Middle East and Africa.
Moreover, the growing need for safer and more efficient drive systems is driving the development and adoption of semi-autonomous and autonomous industrial vehicles. In addition, semi-autonomous driving offers greater driving control and driver safety and offers promising growth opportunities. For instance, in April 2019, Hyster-Yale Group, Inc. collaborated with Honeywell to develop a new line of industry-first pallet trucks controlled by voice technology. These new semi-autonomous lift trucks will be equipped to seamlessly integrate with the Honeywell Vocollect voice solution, an industry-leading system that helps workers improve accuracy and productivity through voice interactions.
In addition,ย a self-driving forklift is a computer-enabled system integrated with artificial intelligence that takes real-time decisions about material handling & picking and can move around obstacles and workers safely, these features help to reduce accidents in the workplace. However, autonomous vehicles and mobile robots enhance the precision and agility of regular industrial tasks, especially in warehousing & industrial environments.
๐๐ป๐๐ฒ๐ฟ๐ฒ๐๐๐ฒ๐ฑ ๐๐ผ ๐ฃ๐ฟ๐ผ๐ฐ๐๐ฟ๐ฒ ๐๐ต๐ฒ ๐ฅ๐ฒ๐๐ฒ๐ฎ๐ฟ๐ฐ๐ต ๐ฅ๐ฒ๐ฝ๐ผ๐ฟ๐? ๐๐ป๐พ๐๐ถ๐ฟ๐ฒ ๐๐ฒ๐ณ๐ผ๐ฟ๐ฒ ๐๐๐๐ถ๐ป๐ด – ย https://www.alliedmarketresearch.com/purchase-enquiry/2881
Covid-19 Scenario
- In numerous industries, including the manufacturing, automotive, and steel industries, the COVID-19 outbreak has had a substantial impact. At the end of March 2020, steel production in the U.S. was down 12.7% annually. Additionally, in January and February 2020, imports of steel fell sharply. This is anticipated to have an effect on the majority of production facilities and interrupt the market growth of industrial vehicles.
- However, Due to the Covid-19 outbreak, several industries that are focused on producing cutting-edge technology have implemented a variety of developmental techniques, including the deployment and installation of autonomous vehicles. These techniques are expected to have a positive effect on the global market throughout the forecast period.
KEY FINDINGS OF THE STUDY
- By drive type, the ICE segment is anticipated to exhibit significant growth in the near future.
- By Level of autonomy, the non/semi-autonomous system segment is anticipated to exhibit significant growth in the near future.
- By application, the manufacturing segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
Key players operating in theย global industrial vehicle marketย includeย Anhui Heli Co., Ltd., Cargotec Corporation, CLARK MATERIAL HANDLING, Crown Equipment Corporation, Hangcha Forklift, Jungheinrich AG, Kion Group AG, Komatsu Ltd., Mitsubishi Logisnext Co., Ltd., and Toyota Industries Corporation.
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