The global industrial vehicles market is majorly propelled by the increment in the number of massive warehouses set up by e-commerce companies such as eBay and Amazon. These e-commerce warehouses majorly demand industrial vehicles to stack large quantities of products and also transportation of the stocked goods from the warehouses to the end user in a cost-efficient and effective way. The market is also propelled by the increment in the use of battery-functioned industrial vehicles with growing awareness about the environment and with government regulations for controlling the carbon-dioxide emissions from industrial vehicles. The increment in fuel prices is projected to foster the sales of fuel-efficient industrial vehicles such as battery-functioned industrial vehicles. The increment in the requirement of transporting temperature-sensitive products propels the demand for refrigerated industrial vehicles.
Also, the aspects such as the growing demand for autonomous solutions in material handling along with the increasing e-commerce segment around end-use industries are predicted to foster the demand for the industrial vehicles market.
According to the SPER market research, ‘Industrial Vehicles Market– By Application, By Vehicle Type, By Drive Type, By Aerial Work Platform, By Level of Autonomy- Regional Outlook, Competitive Strategies and Segment Forecasts to 2030’ states that the global industrial vehicles market is predicted to reach USD 60.73 billion by 2030 with a CAGR of 4.2%.
Aspects such as the increasing e-commerce segment, along with the growing demand for autonomous solutions in material handling around end-use industries will foster the demand for the global market. Growing requirements for battery-functioned industrial vehicles, in conjunction with the advent of smart factories in the material handling industry, will generate new opportunities for this market. companies functioning in the industrial vehicles market are aiming at new product development, precisely electric industrial vehicles.
In addition, the foremost aspect that propels the growth of the market is the increasing number of warehouses due to growing industrialization in segments such as e-commerce. However, the shortage of innovation and the dearth of R&D amenities for industrial vehicles limit the market growth. In addition, automatic guided vehicles and personalized industrial vehicles are linked with high installation costs, which limit the market growth. Irrespective of these challenges, the growing implementation of battery-functioned vehicles and integration of smart factories into material handling industries that will lead to modularization and digitalization, will further foster market growth in the future.
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Nonetheless, the advent of smart business in the material handling industry coupled with the growing requirement to transport temperature-sensitive products will further create immense opportunities for the growth of the industrial vehicles market throughout the review period.
Asia Pacific is predicted to be the greatest region of the global industrial vehicle market with the great growth of the automobile segment in the emerging nations of the region. The speedy industrialization in the region is leading to an augment in the requirement for utilizing industrial vehicles for transporting finished goods and raw materials for storage in warehouses.
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