Report : Europe 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 4.7% CAGR, Europe Industrial Vehicles Market is Speculated to be Worth US$ 23,558.96 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the Europe industrial vehicles market was valued at US$ 16,268.08 million in 2022 and is expected to reach US$ 23,558.96 million by 2030, registering a CAGR of 4.7% from 2022 to 2030. Crucial role of industrial vehicles in shaping modern infrastructure and economic growth and implementation of stringent anti-pollution standards are among the critical factors attributed to the Europe industrial vehicles market expansion.
Stringent anti-pollution standards, such as European (Stage V), are being implemented for industrial vehicles across the globe. These standards, introduced on January 1, 2019, place additional restrictions on nitrogen oxide (NOx) and particulate pollutant emissions from non-road vehicles-including those used in agriculture, construction sites, and industrial settings. The driving force behind these regulations is the urgent need to address public health concerns, improve air quality, and mitigate the impact of vehicle emissions on climate change. One of the notable responses to these environmental challenges is the accelerated electrification of industrial vehicles. This shift toward electrification is driven by the imperative to meet the emission targets set by these stringent standards. Electric and hybrid alternatives are increasingly preferred where various site vehicles are used in the construction industry, including excavators, mobile cranes, diggers, and bulldozers, as well as agricultural vehicles such as tractors and combine harvesters.
Electric and hybrid industrial vehicles help manufacturers and operators comply with stringent emission standards. These vehicles produce significantly lower levels of NOx and particulate pollutants, aligning with the regulations set by Stage V in Europe and Tier 4 Final in North America. The reduction of harmful emissions from industrial vehicles contributes to the improvement of air quality, positively impacting public health. As urbanization continues to grow, the deployment of cleaner and more sustainable industrial vehicles becomes crucial for mitigating the impact of vehicle emissions on densely populated areas. Also, the rising awareness of environmental issues and the increasing emphasis on sustainability drive the demand for cleaner and more efficient industrial vehicles. Companies that prioritize environmentally friendly practices and comply with emission standards are likely to attract a broader customer base and secure long-term market viability. The transition to electric and hybrid alternatives not only ensures compliance with regulations but also aligns with the broader goals of improving air quality, addressing climate change, and meeting consumer preferences for sustainable practices. Thus, the implementation of stringent anti-pollution standards associated with industrial vehicles drives the market.
On the contrary, significant initial, operational and maintenance costs hamper the growth of Europe industrial vehicles market.
Based on type, the Europe industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held 27.2% share of the Europe industrial vehicles market in 2022, amassing US$ 4,429.27 million. It is projected to garner US$ 6,775.66 million by 2030 to expand at 5.5% CAGR during 2022-2030.
In terms of drive type, the Europe industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held 64.0% share of the Europe industrial vehicles market in 2022, amassing US$ 10,407.30 million. It is estimated to garner US$ 17,270.92 million by 2030 to expand at 6.5% CAGR during 2022-2030.
By level of autonomy, the Europe industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held 62.3% share of Europe industrial vehicles market in 2022, amassing US$ 10,140.64 million. It is predicted to garner US$ 13,011.10 million by 2030 to expand at 3.2% CAGR during 2022-2030.
Based on application, the Europe industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held 50.5% share of the Europe industrial vehicles market in 2022, amassing US$ 8,219.54 million. It is projected to garner US$ 12,068.64 million by 2030 to expand at 4.9% CAGR during 2022-2030.
Based on country, the Europe industrial vehicles market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany held 26.9% share of Europe industrial vehicles market in 2022, amassing US$ 4,372.54 million. It is projected to garner US$ 6,704.02 million by 2030 to expand at 5.5% CAGR during 2022-2030.
Key players operating in the Europe 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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