Report : South & Central 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 2.7% CAGR, South & Central America Industrial Vehicles Market is Speculated to be Worth US$ 3,576.59 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America industrial vehicles market was valued at US$ 2,890.06 million in 2022 and is expected to reach us$ 3,576.59 million by 2030, registering a CAGR of 2.7% from 2022 to 2030. Increasing smart manufacturing factories and growth of e-commerce are among the critical factors attributed to the South & Central America industrial vehicles market expansion.
The ongoing digital transformation of production processes and business models in industrial companies presents a significant growth trend for the industrial vehicle market in upcoming years. With the increasing interconnection of machinery and equipment, along with the integration of sensors, there is a wealth of data being generated. By harnessing the power of big data and artificial intelligence, these companies can achieve greater transparency, efficiency, and cost reduction.
Smart manufacturing techniques, which encompass AI, ML, robotics, automation, and IoT, play a crucial role in creating efficient and adaptable production systems. These technologies can be applied across various industries such as automotive, warehouse, logistics, and manufacturing, enabling improvements in multiple processes. For instance, in product design, smart manufacturing techniques can facilitate more innovative and optimized designs. In production planning and scheduling, these technologies can enhance efficiency by optimizing resource allocation and reducing downtime. Quality control can be improved through real-time monitoring and predictive analytics, minimizing defects and ensuring higher product standards. Additionally, supply chain management can be streamlined through enhanced visibility and coordination.
By adopting smart manufacturing techniques, industrial companies can unlock new growth opportunities. The increased efficiency and productivity resulting from these technologies can lead to cost savings and improved competitiveness. Moreover, the ability to leverage data-driven insights enables companies to make more informed decisions, identify optimization opportunities, and respond quickly to market demands. As a result, the industrial vehicle market can benefit from this growth trajectory, as the demand for South & Central America used in various industrial processes, such as material handling, transportation, and logistics, is likely to increase over the forecast period. This presents a promising outlook for the industrial vehicle market as it aligns with the evolving needs of digitally transformed industries.
On the contrary, significant initial, operational and maintenance costs hamper the growth of South & Central America industrial vehicles market.
Based on type, the South & Central America industrial vehicles market is segmented into forklifts, aisle trucks, tow tractors, container handlers, and others. The forklifts segment held 27.7% share of the South & Central America industrial vehicles market in 2022, amassing US$ 801.63 million. It is projected to garner US$ 1,009.69 million by 2030 to expand at 2.9% CAGR during 2022-2030.
In terms of drive type, the South & Central America industrial vehicles market is segmented into internal combustion engine, battery-operated, and gas-powered. The battery-operated segment held 59.2% share of the South & Central America industrial vehicles market in 2022, amassing US$ 1,710.27 million. It is estimated to garner US$ 2,438.07 million by 2030 to expand at 4.5% CAGR during 2022-2030.
By level of autonomy, the South & Central America industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held 66.7% share of South & Central America industrial vehicles market in 2022, amassing US$ 1,929.03 million. It is predicted to garner US$ 2,117.64 million by 2030 to expand at 1.2% CAGR during 2022-2030.
Based on application, the South & Central America industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held 51.3% share of South & Central America industrial vehicles market in 2022, amassing US$ 1,481.79 million. It is predicted to garner US$ 1,930.98 million by 2030 to expand at 3.4% CAGR during 2022-2030.
Based on country, the South & Central America industrial vehicles market is categorized into Brazil, Argentina, and the Rest of South & Central America. Brazil held 81.8% share of South & Central America industrial vehicles market in 2022, amassing US$ 2,364.07 million. It is projected to garner US$ 3,011.49 million by 2030 to expand at 3.1% CAGR during 2022-2030.
Key players operating in the South & Central America 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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