Asia Pacific Industrial Vehicles Market
No. of Pages: 119 | Report Code: BMIRE00030364 | Category: Automotive and Transportation
No. of Pages: 119 | Report Code: BMIRE00030364 | Category: Automotive and Transportation
The Asia Pacific industrial vehicles market was valued at US$ 23,323.8 million in 2022 and is expected to reach US$ 35,062.6 million by 2030; it is estimated to register at a CAGR of 5.2% from 2022 to 2030. Efficient, Safe, and Cost-effective Industrial Vehicles Boost Asia Pacific Industrial Vehicles Market
The integration of autonomous industrial vehicles such as autonomous industrial vehicles (IVs) represents a transformative phase in the industrial vehicle market, fueled by improved efficiency, reduced maintenance costs, and enhanced safety records. Autonomous industrial vehicles, operating within geofenced topographies and adhering to specific rules, address one of the persistent challenges in industrial vehicle operations-wear and tear. Unlike human operators, whose driving habits can vary significantly, autonomous vehicles follow prescribed actions, minimizing the potential for routing errors, reducing wear on critical components, and improving the overall asset lifetime. Komatsu, a key player in this space, reports that its autonomous solutions has the potential to improve tire and brake life by up to 40%-which can lead to the widespread adoption of autonomous technology. Similarly, Telematics, a crucial component of autonomous trucks, relies on internet-connected sensors to monitor vehicle performance in real time. This constant feedback loop allows for proactive adjustments, ensuring that vehicles operate at optimal levels. By leveraging telematics, industrial vehicles can experience a significant reduction in error and unnecessary movement, potentially extending their lifespan by up to 50%. This not only promotes sustainability but also presents a compelling economic case for companies looking to maximize the return on their industrial vehicle investments.
The implementation of autonomous industrial vehicles in real-world applications continues to be successful. Resolute Mining's debut of the world's first fully autonomous underground gold mine in 2019 showcased the broader applicability of autonomous technology. By employing a completely autonomous operations, Resolute Mining achieved a substantial reduction in the mine's total cost of gold production-US$ 135 per ounce-and reduced operating expenses by 30%. These outcomes highlight the transformative potential of autonomous technology in optimizing operational efficiency and cost-effectiveness.
Thus, various industries are witnessing potential for extended asset lifetimes, improved safety records, and significant cost savings, which are likely to present lucrative opportunities for manufacturers and stakeholders operating in the industrial vehicle market during the forecast period.Asia Pacific Industrial Vehicles Market Overview
The rising demand for the material handling equipment and vehicles around the globe across the manufacturing sector drives the Asia Pacific industrial vehicles market growth. According to the World Industrial Vehicle Statistics Association (WITS), more than 2.34 million material-handling vehicles and equipment sales were recorded during 2021. The material handling industry saw a 43.0% increase in orders in 2021 compared to the previous year, 2020. Among the 2.34 million material handling units, around 68.8%, that is 1.61 million units, were recorded as electric-powered forklifts. Electric forklift demand is increasing at a rapid pace with a surge in consumer popularity. With a surge in the number of orders, the demand for industrial vehicles such as forklifts, aisle trucks, and pallet trucks has increased.
Asia Pacific Industrial Vehicles Market Revenue and Forecast to 2030 (US$ Million)
Strategic insights for the Asia Pacific Industrial Vehicles provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Asia Pacific Industrial Vehicles refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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Report Attribute
Details
Market size in 2022
US$ 23,323.8 Million
Market Size by 2030
US$ 35,062.6 Million
Global CAGR (2022 - 2030)
5.2%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Type
By Drive Type
By Application
Regions and Countries Covered
Asia-Pacific
Market leaders and key company profiles
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Asia Pacific Industrial Vehicles Market Segmentation
The Asia Pacific industrial vehicles market is segmented based on type, drive type, level of autonomy, application, and country.
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 the largest share in 2022.
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 the largest share in 2022.
By level of autonomy, the Asia Pacific industrial vehicles market is bifurcated into non/semi-autonomous and autonomous. The non/semi-autonomous segment held a larger share in 2022.
Based on application, the Asia Pacific industrial vehicles market is segmented into manufacturing, warehousing, and others. The manufacturing segment held the largest share in 2022.
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 dominated the Asia Pacific industrial vehicles market in 2022.
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 are some of the leading companies operating in the Asia Pacific industrial vehicles market.
1. Kion Group AG
2. Toyota Industries Corp
3. Mitsubishi Heavy Industries Ltd
4. Komatsu Ltd
5. Hyster-Yale Materials Handling Inc
6. Jungheinrich AG
7. Crown Equipment Corp
8. Konecranes Plc
9. Anhui Heli Co Ltd
The Asia Pacific Industrial Vehicles Market is valued at US$ 23,323.8 Million in 2022, it is projected to reach US$ 35,062.6 Million by 2030.
As per our report Asia Pacific Industrial Vehicles Market, the market size is valued at US$ 23,323.8 Million in 2022, projecting it to reach US$ 35,062.6 Million by 2030. This translates to a CAGR of approximately 5.2% during the forecast period.
The Asia Pacific Industrial Vehicles Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific Industrial Vehicles Market report:
The Asia Pacific Industrial Vehicles Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific Industrial Vehicles Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific Industrial Vehicles Market value chain can benefit from the information contained in a comprehensive market report.
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