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)
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)
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.
TABLE OF CONTENTS
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Industrial Vehicles Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 Suppliers and Component Manufacturers
4.2.2 Manufacturers
4.2.3 Technology Providers
4.2.4 End Users
4.2.5 List of Vendors in the Value Chain
5. Asia Pacific Industrial Vehicles Market - Key Market Dynamics
5.1 Asia Pacific Industrial Vehicles Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Crucial Role of Industrial Vehicles in Shaping Modern Infrastructure and Economic Growth
5.2.2 Implementation of Stringent Anti-pollution Standards
5.2.3 Rise in Demand from Mining Industry
5.3 Market Restraints
5.3.1 Significant Initial, Operational and Maintenance Costs
5.4 Market Opportunities
5.4.1 Efficient, Safe, and Cost-effective Industrial Vehicles
5.4.2 Growth of E-commerce
5.5 Future Trends
5.5.1 Increasing Smart Manufacturing Factories
5.6 Impact of Drivers and Restraints:
6. Industrial Vehicles Market - Asia Pacific Market Analysis
6.1 Asia Pacific Industrial Vehicles Market Revenue (US$ Million), 2022 - 2030
6.2 Asia Pacific Industrial Vehicles Market Forecast Analysis
7. Asia Pacific Industrial Vehicles Market Analysis - by Vehicle Type
7.1 Forklifts
7.1.1 Overview
7.1.2 Forklifts: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.2 Aisle Trucks
7.2.1 Overview
7.2.2 Aisle Trucks: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.3 Tow Tractors
7.3.1 Overview
7.3.2 Tow Tractors: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.4 Container Handlers
7.4.1 Overview
7.4.2 Container Handlers: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
7.5 Others
7.5.1 Overview
7.5.2 Others: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Industrial Vehicles Market Analysis - by Drive Type
8.1 Internal Combustion Engine
8.1.1 Overview
8.1.2 Internal Combustion Engine: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
8.2 Battery-Operated
8.2.1 Overview
8.2.2 Battery-Operated: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
8.3 Gas-Powered
8.3.1 Overview
8.3.2 Gas-Powered: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
9. Asia Pacific Industrial Vehicles Market Analysis - by Level of Autonomy
9.1 Non/Semi Autonomous
9.1.1 Overview
9.1.2 Non/Semi Autonomous: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
9.2 Autonomous
9.2.1 Overview
9.2.2 Autonomous: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Industrial Vehicles Market Analysis - by Application
10.1 Manufacturing
10.1.1 Overview
10.1.2 Manufacturing: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
10.2 Warehousing
10.2.1 Overview
10.2.2 Warehousing: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
10.3 Others
10.3.1 Overview
10.3.2 Others: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11. Asia Pacific Industrial Vehicles Market - Country Analysis
11.1 Asia Pacific
11.1.1 Asia Pacific Industrial Vehicles Market Overview
11.1.2 Asia Pacific: Industrial Vehicles Market - Revenue and Forecast Analysis - by Country
11.1.2.1 Asia Pacific: Industrial Vehicles Market - Revenue and Forecast Analysis - by Country
11.1.2.2 Australia: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.2.1 Australia: Industrial Vehicles Market Breakdown, by Vehicle Type
11.1.2.2.2 Australia: Industrial Vehicles Market Breakdown, by Drive Type
11.1.2.2.3 Australia: Industrial Vehicles Market Breakdown, by Level Of Autonomy
11.1.2.2.4 Australia: Industrial Vehicles Market Breakdown, by Application
11.1.2.3 China: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.3.1 China: Industrial Vehicles Market Breakdown, by Vehicle Type
11.1.2.3.2 China: Industrial Vehicles Market Breakdown, by Drive Type
11.1.2.3.3 China: Industrial Vehicles Market Breakdown, by Level Of Autonomy
11.1.2.3.4 China: Industrial Vehicles Market Breakdown, by Application
11.1.2.4 India: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.4.1 India: Industrial Vehicles Market Breakdown, by Vehicle Type
11.1.2.4.2 India: Industrial Vehicles Market Breakdown, by Drive Type
11.1.2.4.3 India: Industrial Vehicles Market Breakdown, by Level Of Autonomy
11.1.2.4.4 India: Industrial Vehicles Market Breakdown, by Application
11.1.2.5 Japan: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.5.1 Japan: Industrial Vehicles Market Breakdown, by Vehicle Type
11.1.2.5.2 Japan: Industrial Vehicles Market Breakdown, by Drive Type
11.1.2.5.3 Japan: Industrial Vehicles Market Breakdown, by Level Of Autonomy
11.1.2.5.4 Japan: Industrial Vehicles Market Breakdown, by Application
11.1.2.6 South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.6.1 South Korea: Industrial Vehicles Market Breakdown, by Vehicle Type
11.1.2.6.2 South Korea: Industrial Vehicles Market Breakdown, by Drive Type
11.1.2.6.3 South Korea: Industrial Vehicles Market Breakdown, by Level Of Autonomy
11.1.2.6.4 South Korea: Industrial Vehicles Market Breakdown, by Application
11.1.2.7 Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
11.1.2.7.1 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Vehicle Type
11.1.2.7.2 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Drive Type
11.1.2.7.3 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Level Of Autonomy
11.1.2.7.4 Rest of Asia Pacific: Industrial Vehicles Market Breakdown, by Application
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 Kion Group AG
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Toyota Industries Corp
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Mitsubishi Heavy Industries Ltd
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 Komatsu Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 Hyster-Yale Materials Handling Inc
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Jungheinrich AG
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 Crown Equipment Corp
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Konecranes Plc
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Anhui Heli Co Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
14. Appendix
14.1 About The Insight Partners
List of Tables
Table 1. Asia Pacific Industrial Vehicles Market Segmentation
Table 2. List of Vendors
Table 3. Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Table 4. Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million) - by Vehicle Type
Table 5. Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million) - by Drive Type
Table 6. Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million) - by Level Of Autonomy
Table 7. Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million) - by Application
Table 8. Leading Countries in Manufacturing Sector:
Table 9. Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Country
Table 10. Australia: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Vehicle Type
Table 11. Australia: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Drive Type
Table 12. Australia: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Level Of Autonomy
Table 13. Australia: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Application
Table 14. China: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Vehicle Type
Table 15. China: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Drive Type
Table 16. China: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Level Of Autonomy
Table 17. China: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Application
Table 18. India: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Vehicle Type
Table 19. India: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Drive Type
Table 20. India: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Level Of Autonomy
Table 21. India: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Application
Table 22. Japan: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Vehicle Type
Table 23. Japan: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Drive Type
Table 24. Japan: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Level Of Autonomy
Table 25. Japan: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Application
Table 26. South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Vehicle Type
Table 27. South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Drive Type
Table 28. South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Level Of Autonomy
Table 29. South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Application
Table 30. Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Vehicle Type
Table 31. Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Drive Type
Table 32. Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Level Of Autonomy
Table 33. Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million) - by Application
List of Figures
Figure 1. Asia Pacific Industrial Vehicles Market Segmentation, by Country
Figure 2. Impact Analysis of Drivers and Restraints
Figure 3. Asia Pacific Industrial Vehicles Market Revenue (US$ Million), 2022 - 2030
Figure 4. Asia Pacific Industrial Vehicles Market Share (%) - by Vehicle Type (2022 and 2030)
Figure 5. Forklifts: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 6. Aisle Trucks: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 7. Tow Tractors: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 8. Container Handlers: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 9. Others: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 10. Asia Pacific Industrial Vehicles Market Share (%) - by Drive Type (2022 and 2030)
Figure 11. Internal Combustion Engine: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 12. Battery-Operated: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 13. Gas-Powered: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 14. Asia Pacific Industrial Vehicles Market Share (%) - by Level Of Autonomy (2022 and 2030)
Figure 15. Non/Semi Autonomous: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 16. Autonomous: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 17. Asia Pacific Industrial Vehicles Market Share (%) - by Application (2022 and 2030)
Figure 18. Manufacturing: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 19. Warehousing: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 20. Others: Asia Pacific Industrial Vehicles Market - Revenue and Forecast to 2030 (US$ Million)
Figure 21. Asia Pacific Industrial Vehicles Market- Revenue by Key Countries 2022 (US$ Million)
Figure 22. Asia Pacific: Industrial Vehicles Market Breakdown, by Key Countries, 2022 and 2030 (%)
Figure 23. Australia: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million)
Figure 24. China: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million)
Figure 25. India: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million)
Figure 26. Japan: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million)
Figure 27. South Korea: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million)
Figure 28. Rest of Asia Pacific: Industrial Vehicles Market - Revenue and Forecast to 2030(US$ Million)
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
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific industrial vehicles market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific industrial vehicles market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.