The rise in the volume of materials that have to be transported is escalating rapidly, leading to an increased demand for industrial vehicles. Market reports associated to the automobile industry have been put forward by Market Research Future which generates reports on other industry verticals that target the study of recent market scenarios better. The market is expected to record a phenomenal CAGR in the forecast period.
The escalated demand for burden carriers, utility vehicles, tow tractors, and stock chasers is anticipated to bolster the demand for industrial vehicles in the approaching years. The establishment of massive warehouses by e-commerce giants is likely to provide an optimistic bearing for industrial vehicles market. Furthermore, the demand witnessed for battery operated industrial vehicles is predicted to make new prospects available for the expansion of the industrial vehicle market.
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The segmental analysis of the industrial vehicle market is carried out on the basis of product type, drive type, application, and region. On the basis of product type, the industrial vehicle market is segmented on the basis of tow tractor, aisle truck, forklift, container handler, and others. Based on drive type, the industrial vehicle market is segmented into internal combustion engine, gas-powered, battery-operated, and others. On the basis of application, the industrial vehicle market is segmented into cargo, industrial, and others. The regions included in the industrial vehicle market are Europe, Asia Pacific, North America and the rest of the world.
Detailed Regional Analysis
The regional analysis of the industrial vehicle market involves regions such as Europe, Asia Pacific, North America and the rest of the world. The Asia Pacific is projected to be the principal region for industrial vehicle market with the elevated growth of the automobile sector in the emerging nations of the region. The speedy industrialization pace in the region is contributing to the growth for using industrial vehicles for improved transportation of finished goods & raw materials and its storing at warehouses. The Asia Pacific region will be followed by the North American and the European region as the concept of driverless industrial vehicles gains popularity in the region which has created cost efficiency in the industrial vehicle market.
The market shows an escalated growth pace due to the positive influence exerted by the market forces. The absorbed costs in the market are easily dealt with, opening up more room for development in the market. The promotional and other related expenses are improved particularly due to the progress of the market. The competitors are devotedly undertaking the obstacles to development and are building strategies that can lead to a beneficial effect on the market’s growth. Certain regions in the market are expected to achieve an absolute advantage in the market place due to optimized strategies. The accretive nature of some of the assets in the market is expected to boost the growth potential of the market. Additionally, the alliances being created in the market are expected to further motivate the expansion of the market in the coming years.
The significant contenders in the Industrial vehicles market are Crown Equipment Corporation (U.S.), Hangcha Group Co. Ltd. (China), Jungheinrich AG (Germany), Hyster-Yale Materials Handling, Inc. (U.S.), Anhui Heli Co., Ltd (China), Kion Group AG (Germany), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Konecranes Plc. (Finland), Toyota Industries Corporation (Japan) and others.
Feb 2019 Plug Power Inc., a fuel cell manufacturing company that provides fuel cell products to replace lead-acid batteries in electric handling and industrial vehicles, will establish a new facility in Eastman Business Park, for which the firm will invest $3.7 million in the facility. The facility will manufacture membrane electrode assemblies or fuel cell components. The state dedicated up to $1.2 million in Excelsior job credits for the project.
Corporation (Japan) and others.
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