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Industrial Vehicle Market Growth Analysis & Forecast Report | 2023-2032

The growing need for battery-operated industrial vehicles will drive the industry demand. In recent years, the demand for battery-powered engines is significantly increasing as it helps to generate low emissions. This has led to their higher deployment as the perfect green machine for warehouse and commercial projects. The environmental friendliness of battery-powered motors is another crucial factor for the market growth. However, the higher cost of automation across the automotive industry may limit the product adoption to some extent.

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Industrial Vehicle Market Growth Analysis & Forecast Report | 2023-2032

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  1. Industrial Vehicle Market 2023-2032; Growth Forecast & Industry Share Report

  2. Industry Insights • The growing need for battery-operated industrial vehicles will drive the industry demand. In recent years, the demand for battery-powered engines is significantly increasing as it helps to generate low emissions. This has led to their higher deployment as the perfect green machine for warehouse and commercial projects. The environmental friendliness of battery-powered motors is another crucial factor for the market growth. However, the higher cost of automation across the automotive industry may limit the product adoption to some extent. • Industrial vehicle market from the warehousing application segment will witness over 4% CAGR between 2023 and 2032. The increasing need for supporting hub and component models across industries, such as start-up manufacturing, e-commerce, hardware and electronics has spurred the rise in the number of regional warehouses.

  3. The ICE industrial vehicle market will surpass USD 30 billion by 2032. The growth can be attributed to the increasing usage of commercial vehicles for indoor and outdoor applications. These vehicles offer lower starting price and higher payload capacities. To cite an instance, the starting price of ICE forklifts is 20% cheaper as compared to electric forklifts. The growing need for faster operation, lower cost, ease of refueling as well as use in heavy duty applications will further drive the adoption of industrial vehicles with internal combustion engines.

  4. Regional Analysis • North America industrial vehicle market may exceed USD 9 billion by 2032, due to the rapid digitalization of vehicles in the region. For instance, the Volkswagen Group is expected to spend nearly USD 32 billion on digitalization by 2025. The growing requirement for achieving enhanced productivity, operational efficiency as well as profitability at reduced costs will further push the market growth. • Competitive Analysis • Anhui Heli Co., Ltd., Cargotec Corporation, CLARK, Crown Equipment Corporation, Doosan Industrial Vehicle, Hangcha Forklift, Hyster-Yale Materials Handling, Inc., Hyundai Construction Equipment Co., Ltd., Jungheinrich AG, KION GROUP AG, Komatsu Ltd., Konecranes, Linde Material Handling

  5. Industrial Vehicle Market @ https://www.gminsights.com/industry-analysis/industrial-vehicle-market Request for sample of this research report @ https://www.gminsights.com/request-sample/detail/5806 Request for customization: https://www.gminsights.com/roc/5806

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