DataM Intelligence has released its in-depth report, “Industrial Vehicles Market Size, Share, Industry, Forecast & Outlook (2024-2031),” highlighting accelerated change in material handling, logistics, and manufacturing operations. As demand for faster, cleaner, and more efficient industrial vehicles grows, the market is witnessing rising shifts toward electrification, automation, and advanced fleet management technologies.

Market Segmentation Insights

The industrial vehicles market is segmented by product type (forklifts, automated guided vehicles, pallet trucks, etc.), drive type (electric, internal combustion, hybrid), level of autonomy (manual, semi-autonomous, fully autonomous), application (warehousing, logistics, manufacturing, construction, ports & terminals), and region. Forklifts continue to constitute a large share because of their foundational role in warehouses and logistics. Meanwhile, AGVs (automated guided vehicles) are among the fastest-growing segments, especially in fulfillment centers and smart warehouses. Electric and hybrid drive types are being adopted more rapidly, especially where environmental standards and operational costs favor low emissions and energy efficiency.

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Regional Insights

  • Asia-Pacific is emerging as the fastest-growing region for industrial vehicles. Rising manufacturing output, expanding e-commerce networks, and investments in infrastructure make it a hotspot for both demand and production.

  • North America remains a leading region by value, with strong demand driven by large warehousing operations, stringent emissions rules, and investment in automation and safety.

  • Europe is also key, especially in premium applications and regions enforcing stricter regulations on indoor air quality, emissions, and operational safety. Other regions, including Latin America and the Middle East & Africa, show growing interest, particularly for low-footprint electric models and leasing/rental options where capital costs are high.

Industry Trends & Recent Developments (2025)

  • In 2025, the global industrial vehicles market size is estimated at around USD 46.13 billion, reflecting increasing investment in electric and hybrid platforms.

  • There is rapid adoption of automation: many warehouse operators are integrating AGVs and semi-autonomous vehicles to improve throughput, reduce labor dependency, and optimize operational efficiency.

  • Regulations tightening on emissions and indoor pollutants are pushing fleet replacement: more companies are transitioning from internal combustion (IC) vehicles to battery-electric vehicles, especially for indoor and enclosed operations.

  • The “industrial vehicles as a service” (IVaaS) model (leasing & rentals, fleet management, subscription) is gaining traction, particularly among small and medium enterprises (SMEs) that prefer flexible ownership structures. 

Competitive Landscape: Key Players

Several established and emerging companies are shaping the competitive landscape in the industrial vehicles sector. Firms such as Crown Equipment Corporation, Jungheinrich AG, Kion Group AG, Konecranes, Mitsubishi Logisnext, Hangcha Group, Hyster-Yale Materials Handling, and Anhui Heli Co. Ltd. are investing in electric and autonomous technologies, expanding their product lines, and improving after-sales and digital features. They are also responding to market pressures for lower total cost of ownership, better energy efficiency, and safety features in new vehicle designs.

Strategic Outlook

Looking ahead through 2031, growth in the industrial vehicles market will largely be driven by:

  • Expansion of e-commerce, bulk logistics, and last-mile fulfillment centers that need more efficient, versatile in-plant transport.

  • Continued electrification of fleets, especially where clean-air and regulatory requirements favor low- or zero-emission solutions.

  • Adoption of autonomy and advanced telematics (predictive maintenance, fleet tracking) to reduce downtime and operational costs.

  • Flexible ownership models (leasing, renting, subscription) becoming more common, especially in regions or sectors where upfront capital is constrained.

Research Process

This report is based on a rigorous methodology combining primary research (interviews with manufacturers, distributors, fleet operators, and logistics companies) with secondary research (industry reports, trade data, regulatory filings, and company financials). Market sizing, segmentation, and forecasts were validated via both top-down and bottom-up modelling to ensure accuracy and relevance across regions and product types.

Benefits of the Report

  • Gives detailed forecasts and segmentation by product type, drive type, autonomy level, application, and region.

  • Helps manufacturers understand which vehicle types (electric, AGVs, hybrid) are emerging fastest.

  • Assists logistics providers and warehouse operators in planning fleet upgrades in response to cost, regulation, and operational efficiency.

  • Supports investors by highlighting opportunities in electrification, autonomy, and industrial vehicle service models.

Conclusion

The industrial vehicles market is poised for steady, meaningful growth to 2031, driven by electrification, automation, and the intensifying demands of e-commerce and industrial output. Although challenges such as higher capital costs for electric vehicles, infrastructure limitations, and regulatory complexity remain, companies that innovate, adapt with flexible ownership models, and deliver energy-efficient and smart operations are likely to win. As Asia-Pacific gains momentum, and North America and Europe focus on regulation and technological leadership, the industrial vehicles market is becoming more dynamic, competitive, and future-oriented.

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