Report : Asia Pacific Industrial Vehicles Market Forecast to 2030 - Regional Analysis - by Type (Forklifts, Aisle Trucks, Tow Tractors, Container Handlers, and Others), Drive Type (Internal Combustion Engine, Battery-Operated, and Gas-Powered), Level of Autonomy (Non/Semi-autonomous and Autonomous), and Application (Manufacturing, Warehousing, and Others)
At 5.2% CAGR, Asia Pacific Industrial Vehicles Market is Speculated to be Worth US$ 35,062.57 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Asia Pacific industrial vehicles market was valued at US$ 23,323.84 million in 2022 and is expected to reach US$ 35,062.57 million by 2030, registering a CAGR of 5.2% from 2022 to 2030. Rise in demand from mining industry and efficient, safe, and cost-effective industrial vehicles are among the critical factors attributed to the Asia Pacific industrial vehicles market expansion.
The escalating global demand for minerals and natural resources has propelled a surge in mining activities. As a result, the mining sector requires industrial vehicles to reshape the landscape of industrial machinery utilization. A few instances that indicate a rise in mining activities across the globe are mentioned below:
- The government of China has implemented a series of policies and incentives to encourage the construction of green mines, resulting in the listing of 1,254 mining companies on the national green mine directory till 2021. With nearly 40,000 mines in China, the green mining sector records a rise in mining activities and associated services.
As mining activities expand across diverse geographical regions, the demand for specialized industrial vehicles tailored to the unique challenges of mining operations has widely increased. industrial vehicles, play a key role in the extraction, transportation, and processing of minerals. The scale and complexity of modern mining operations necessitate the use of advanced industrial vehicles equipped with cutting-edge technologies to enhance efficiency, safety, and productivity.
The growing emphasis on sustainability and eco-friendly solutions in the mining industry further fuels the demand for innovative industrial vehicles. Electric vehicles and hybrid vehicles are increasingly preferred as eco-friendly alternatives in order to address concerns about emissions, air quality, and the carbon footprint of mining operations. As a result, manufacturers of industrial vehicles are developing electric-powered trucks and loaders, contributing to a more sustainable and responsible approach to mining activities.
Moreover, the rapid rise in urbanization and infrastructure development in emerging nations contribute to an increased need for raw materials, fostering an environment conducive to sustained growth in mining activities. The expansion of mining projects in remote and harsh terrains amplifies the requirement for rugged and durable industrial vehicles. Specialized vehicles equipped with features such as all-terrain capabilities, advanced suspension systems, and enhanced durability become essential for navigating challenging landscapes and ensuring uninterrupted mining operations, especially in the most adverse conditions. The surge in commodity prices and an increased focus on securing a stable supply chain for critical minerals further drive the demand for industrial vehicles in mining.
Thus, there is an increased demand for technologically advanced, autonomous, and environmentally sustainable vehicles tailored to the specific needs of mining operations, which fuels the industrial vehicle market growth.
On the contrary, significant initial, operational and maintenance costs hamper the growth Asia Pacific industrial vehicles market.
Based on type, the Asia Pacific industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held 27.8% share of the Asia Pacific industrial vehicles market in 2022, amassing US$ 6,494.25 million. It is projected to garner US$ 10,238.25 million by 2030 to expand at 5.9% CAGR during 2022-2030.
In terms of drive type, the Asia Pacific industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held 64.0% share of the Asia Pacific industrial vehicles market in 2022, amassing US$ 14,917.64 million. It is estimated to garner US$ 25,317.06 million by 2030 to expand at 6.8% CAGR during 2022-2030.
By level of autonomy, the Asia Pacific industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held 57.8% share of Asia Pacific industrial vehicles market in 2022, amassing US$ 13,478.15 million. It is predicted to garner US$ 18,530.71 million by 2030 to expand at 4.1% CAGR during 2022-2030.
Based on application, the Asia Pacific industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held 52.6% share of the Asia Pacific industrial vehicles market in 2022, amassing US$ 12,279.87 million. It is projected to garner US$ 18,997.17 million by 2030 to expand at 5.6% CAGR during 2022-2030.
Based on country, the Asia Pacific industrial vehicles market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 37.2% share of Asia Pacific industrial vehicles market in 2022, amassing US$ 8,669.58 million. It is projected to garner US$ 12,580.78 million by 2030 to expand at 4.8% CAGR during 2022-2030.
Key players operating in the Asia Pacific industrial vehicles market are Kion Group AG, Toyota Industries Corp, Mitsubishi Heavy Industries Ltd, Komatsu Ltd, Hyster-Yale Materials Handling Inc, Jungheinrich AG, Crown Equipment Corp, Konecranes Plc, and Anhui Heli Co Ltd., among others.
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