Global Industrial Vehicles Market Size Study & Forecast, by Type, Fuel Type, End Use, Weight Category and Regional Forecasts 2025-2035

The Global Industrial Vehicles Market is valued approximately at USD 107.88 billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of more than 2.36% over the forecast period 2025-2035. Industrial vehicles, which include forklifts, container handling trucks, and electric-powered vehicles, form the backbone of logistics, warehousing, and manufacturing operations across the globe. As global economies surge towards accelerated industrialization and automation, the demand for versatile and efficient industrial mobility solutions is escalating. These vehicles not only amplify operational productivity but also serve as critical tools in high-throughput environments where speed, safety, and precision are paramount. From improving load-handling capabilities in mega-warehouses to navigating narrow industrial aisles, the deployment of innovative industrial vehicle technologies is reshaping how materials are moved in modern ecosystems.

The demand surge is further driven by a confluence of macroeconomic factors such as the global expansion of e-commerce, increasing construction activities in emerging nations, and a growing emphasis on sustainable mobility within industries. Governments around the world are offering subsidies and policy incentives to encourage the transition toward cleaner fuel types, particularly electric and hybrid industrial vehicles. For example, the push for electrification has prompted large manufacturers to develop high-performance battery-operated forklifts that not only reduce emissions but also lower operating costs over time. Meanwhile, hybrid and compressed natural gas (CNG) variants are carving their niche among users seeking an equilibrium between power and sustainability. On the demand front, sectors such as manufacturing and warehousing continue to dominate the market, but the emergence of smart agriculture and modern retail logistics is opening new frontiers for industrial vehicle applications.

From a regional standpoint, North America is anticipated to maintain its dominance in the global industrial vehicles market in 2025, owing to its advanced industrial automation infrastructure, a strong warehousing sector, and the rapid uptake of electric vehicles. The region's adoption of AI-integrated industrial vehicles and automated guided vehicles (AGVs) in material handling processes exemplifies the trend. On the other hand, Asia Pacific is forecasted to witness the fastest growth throughout the forecast period, driven by booming construction projects, expanding retail supply chains, and infrastructure upgrades in populous economies such as China and India. Moreover, strong governmental focus on developing smart logistics corridors and improving industrial productivity is creating fertile ground for market expansion. In Europe, the industrial vehicle landscape is being shaped by stringent emission norms, which are nudging end users toward electric and hybrid models, especially in Germany, France, and the UK.

Major market player included in this report are:

• Toyota Industries Corporation
• Hyster-Yale Materials Handling, Inc.
• Kion Group AG
• Jungheinrich AG
• Mitsubishi Logisnext Co., Ltd.
• Crown Equipment Corporation
• Komatsu Ltd.
• Doosan Industrial Vehicle Co., Ltd.
• Anhui Heli Co., Ltd.
• Clark Material Handling Company
• Hangcha Group Co., Ltd.
• Godrej & Boyce Mfg. Co. Ltd.
• Caterpillar Inc.
• Hyundai Construction Equipment Co., Ltd.
• Lonking Holdings Limited

Global Industrial Vehicles Market Report Scope:

• Historical Data - 2023, 2024
• Base Year for Estimation - 2024
• Forecast period - 2025-2035
• Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
• Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
• Customization Scope - Free report customization (equivalent up to 8 analysts' working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values for the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within the countries involved in the study. The report also provides detailed information about crucial aspects, such as driving factors and challenges, which will define the future growth of the market. Additionally, it incorporates potential opportunities in micro-markets for stakeholders to invest, along with a detailed analysis of the competitive landscape and product offerings of key players. The detailed segments and sub-segments of the market are explained below:

By Type:

• Forklifts
• Tow Tractors
• Container Handling Trucks
• Industrial Tractors
• Electric Vehicles

By Fuel Type:

• Internal Combustion Engine
• Electric
• Hybrid
• Compressed Natural Gas
• Liquid Propane Gas

By End Use:

• Manufacturing
• Warehousing
• Construction
• Agriculture
• Retail

By Weight Category:

• Light Duty
• Medium Duty
• Heavy Duty
• Ultra Heavy Duty

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Rest of Asia Pacific
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• UAE
• Saudi Arabia
• South Africa
• Rest of Middle East & Africa

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2025 to 2035.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.