United States Industrial Vehicle Market was valued at USD 40 Billion in 2022 and is projected to reach USD 58 Billion by 2030, growing at a CAGR of 6.0% from 2024 to 2030.
The U.S. industrial vehicle market is undergoing significant transformations, driven by technological advancements, policy shifts, and evolving industry demands. As of 2023, the market was valued at approximately $44.8 billion and is projected to grow at a compound annual growth rate (CAGR) of over 7% between 2024 and 2032, reaching an estimated $76.5 billion by 2031.
Several factors contribute to this robust growth:
Technological Advancements: The rapid development of electric and hybrid powertrains has led to more efficient and environmentally friendly industrial vehicles. Innovations in battery technology, such as lithium-ion batteries, are enhancing vehicle performance and reliability. For instance, BYD's introduction of its Blade Battery technology in January 2023 has set new standards in safety and efficiency.
Expansion of E-commerce: The surge in e-commerce has necessitated the establishment of massive warehouses by companies like Amazon and eBay. These warehouses require industrial vehicles to transport stocked goods efficiently, driving demand in the sector.
Automation and Safety Initiatives: To enhance workplace safety and productivity, manufacturers are adopting automation. The shift towards "forklift-free" operations, utilizing alternatives like overhead cranes and autonomous vehicles, aims to reduce the approximately 7,500 injuries and nearly 100 fatalities associated with forklifts annually.
However, the market faces challenges, including potential policy changes. President Trump's proposed auto tariffs, set to begin on April 2, 2025, could increase the cost of automobiles imported into the U.S., potentially decreasing demand for these vehicles. Analysts predict a subsequent decline in the demand for platinum group metals, essential components in vehicle exhaust systems, with platinum possibly dropping by 1% and palladium by 4%.
Despite these challenges, the U.S. industrial vehicle market is poised for substantial growth, driven by technological innovations and the expanding e-commerce sector. The industry's ability to adapt to policy changes and safety concerns will be crucial in maintaining this upward trajectory.
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Toyota Industries
Kion Group
Hyster-Yale Materials Handling
Mitsubishi Nichiyu Forklift
Jungheinrich
Crown Equipment Corporation
Hangcha Group
Konecranes
Clark Material Handling Company
Anhui Heli
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US Industrial Vehicle Market
Forklifts
Logistics Vehicles (e.g., pallet jacks, tow tractors)
Construction Vehicles (e.g., bulldozers, excavators)
Agricultural Vehicles (e.g., tractors, harvesters)
Mining Vehicles (e.g., dump trucks, loaders)
Internal Combustion Engine
Electric Battery Powered
Hybrid Systems
Hydrogen Fuel Cell
Construction
Agriculture
Logistics and Warehousing
Mining and Quarrying
Forestry
Light-Duty Vehicles (up to 3,000 kg)
Medium-Duty Vehicles (3,000 kg - 10,000 kg)
Heavy-Duty Vehicles (above 10,000 kg)
Construction and Demolition
Manufacturing
Transportation and Logistics
Mining
Agriculture and Forestry
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Industrial Vehicle Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US Industrial Vehicle Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Industrial Vehicle Market, By Type
6. US Industrial Vehicle Market, By Application
7. US Industrial Vehicle Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Industrial Vehicle Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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