Report : North America 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 4.6% CAGR, North America Industrial Vehicles Market is Speculated to be Worth US$ 15,723.18 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the North America industrial vehicles market was valued at US$ 11,001.35 million in 2022 and is expected to reach US$ 15,723.18 million by 2030, registering a CAGR of 4.6% 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 North America industrial vehicles market expansion.
The modern economic landscape relies heavily on an expansive and intricate infrastructure network. This infrastructure encompasses a wide spectrum, ranging from the construction of roads and bridges to the efficient functioning of freight trains, cargo ships, internet provision, and electrical grids. In the US, the commitment to infrastructure development is evident in the substantial federal spending on highway and street projects, which reached approximately US$ 1.7 billion in 2021. The scale of the country's highway network is staggering, totaling four million statute miles-enough road to circumnavigate the Earth's equator 160 times. As urban centers undergo rapid expansion, the demand for infrastructural development is also increasing.
The growth in industrial vehicle demand is also driven by the thriving global construction market, which amounted to US$ 7.3 trillion in 2021; the figure is projected to double by 2030. Furthermore, there is a surge in construction activities, and the emphasis on enhancing operational efficiency on worksites has emerged as a paramount priority for major industry players worldwide. This shift toward improving efficiency is due to an increased focus on the development of technologically advanced industrial vehicles equipped with features such as GPS tracking, autonomous capabilities, and telematics. Such innovations enhance the overall efficiency of construction and logistics operations.
There is a rise in urbanization and infrastructure projects in various countries across the globe, which leads to continuous demand for industrial machinery, construction equipment, and specialized vehicles to navigate the intricate needs of modern infrastructure development. Thus, industrial vehicles play a crucial role in shaping modern infrastructure and economic growth, which drives the market for industrial vehicles.
On the contrary, significant initial, operational and maintenance costs hamper the growth of North America industrial vehicles market.
Based on type, the North America industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held 26.5% share of the North America industrial vehicles market in 2022, amassing US$ 2,917.91 million. It is projected to garner US$ 4,431.15 million by 2030 to expand at 5.4% CAGR during 2022-2030.
In terms of drive type, the North America industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held 59.9% share of the North America industrial vehicles market in 2022, amassing US$ 6,591.57 million. It is estimated to garner US$ 11,229.65 million by 2030 to expand at 6.9% CAGR during 2022-2030.
By level of autonomy, the North America industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held 64.8% share of North America industrial vehicles market in 2022, amassing US$ 7,132.53 million. It is predicted to garner US$ 8,983.05 million by 2030 to expand at 2.9% CAGR during 2022-2030.
Based on application, the North America industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held 50.8% share of the North America industrial vehicles market in 2022, amassing US$ 5,592.55 million. It is projected to garner US$ 8,037.50 million by 2030 to expand at 4.6% CAGR during 2022-2030.
Based on country, the North America industrial vehicles market is categorized into the US, Canada, and Mexico. The US held 75.8% share of North America industrial vehicles market in 2022, amassing US$ 8,341.46 million. It is projected to garner US$ 11,872.52 million by 2030 to expand at 4.5% CAGR during 2022-2030.
Key players operating in the North America industrial vehicles market are Kion Group AG, Toyota Industries Corp, Mitsubishi Heavy Industries Ltd, Komatsu Ltd, Hyster-Yale Materials Handling Inc, Jungheinrich AG, CLARK Material Handling Co, Crown Equipment Corp, Konecranes Plc, and Anhui Heli Co Ltd., among others.
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