Global Construction Vehicles Market Research Report: Information by Product Type (Forklift, Tow Tractor, Aisle Truck, Container Handler, and Others), Drive Type [Internal Combustion Engine (ICE), Battery-Operated, Gas-Powered, and Others], Application (Industrial, Cargo, and Others), and Region (North America, Europe, Asia-Pacific, and Rest of the World)– Forecast till 2025
Construction Vehicles Market
Industrial vehicles are a crucial part of transport system for manufacturing and distribution industries. Rapid industrialization and high demand for goods all over the world is inducing high demand for heavy duty industrial vehicles, which in turn is propelling the growth of the global Construction Vehicles Market. Increasing trend of e-commerce is leading to the establishment of warehouse management and product distribution in e-commerce industry which is generating demand for industrial vehicles, leading to the expansion of the global Construction Vehicles Market.
According to the new report by Market Research Future (MRFR), the global Construction Vehicles Market is slated to acquire a significant market valuation of USD 35 billion by 2025, at a steady 3.5% CAGR over the review period.
The prominent players identified by MRFR in the global Construction Vehicles Market are Crown Equipment Corporation (US), Anhui Heli Co., Ltd (China), Hangcha Group Co. Ltd (ChinaJungheinrich AG (Germany), ), Hyster-Yale Materials Handling, Inc. (US), Kion Group AG (Germany), Mitsubishi Nichiyu Forklift Co., Ltd. (Japan), Konecranes plc. (Finland), Doosan Corporation (South Korea), and Toyota Industries Corporation (Japan).
The global Construction Vehicles Market cars as drive type, product type, application, and region.
Based on the product type, the global market has been segmented into an end-used forklift, aisle truck, container handler, tow tractor, and others. The container handler segment is anticipated to observe substantial growth over the review period owing to the growth of the transportation sector and growing demand for the management of bulky goods in warehouses.
On the basis of drive type, the global Construction Vehicles Market has been segmented into battery-operated, internal combustion engine (ICE), gas-powered, and others. The ICE segment accounts for the largest market share in the global Construction Vehicles Market over the assessment period owing to the growing usage of ICE engines in towing applications and growing demand for ICE container handles in warehouses and material management divisions.
Based on the application, the global market has been segmented into cargo, industrial, and others. The industrial segment accounts for the leading market share in the review period, driven by the improved industrialization and rising demand for automated vehicles, and forklift from numerous industry verticals for material management and inventory regulations.
Based on the region, the global Construction Vehicles Market ha been segmented into Asia-Pacific, North America, Europe, and the rest of the world.
Asia-Pacific has been assessed as the largest region of global industrial vehicle market in terms of value, owing to the high demand and growth of the automobile sector in the developing nations of the region such as India, China, Japan, and South Korea. The rapid industrialization in the region is leading to an upsurge in demand for using industrial vehicles for transporting end-use goods and raw materials for storing in warehouses. Asia-Pacific is followed by North America and Europe, in terms of market value.
North America and Europe have established automobile industries and higher demand. Moreover, technological advancements and stable economic dynamics also contribute to the growth of the Construction Vehicles Market over the forecast period.
Several emerging economies of Asia Pacific, Middle East, and south America such as India, China, Brazil, Mexico, and Saudi Arabia are in the process of developing smart factories in the material management industry and the rising demand for driverless industrial vehicles is also expected to create a scope of growth opportunities for the global market of industrial vehicles over the forecast period.
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