Industrial Vehicle Market Report 2026

The industrial vehicle market size has grown steadily in recent years. It will grow from $50.11 billion in 2025 to $52.55 billion in 2026 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to manufacturing sector expansion, labor cost reduction needs, growth in warehousing activities, demand for efficient material handling, industrial productivity optimization.

The industrial vehicle market size is expected to see strong growth in the next few years. It will grow to $66.41 billion in 2030 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to automation in factories, growth of e commerce logistics, adoption of electric industrial vehicles, smart warehouse investments, focus on workplace safety. Major trends in the forecast period include adoption of autonomous industrial vehicles, shift toward battery operated material handling equipment, integration of smart sensors and telematics, rising demand for compact and maneuverable vehicles, growth of warehouse automation.

The increasing demand in the manufacturing industry is expected to propel the growth of the industrial vehicle market going forward. The manufacturing industry refers to the sector involved in producing goods through various processes, techniques, and technologies. Integrating industrial vehicles in manufacturing enhances productivity, allows flexible layouts, reduces manual labor, ensures quick transportation, improves safety, supports continuous operations, and optimizes warehouse efficiency. For instance, in May 2024, according to the Office for National Statistics, a UK-based government agency, production output rose by 0.2% in March 2024, following a 1% increase in February. The largest contributions came from manufacturing (0.3%) and mining and quarrying (1%), with basic pharmaceutical products growing 7.6%. Quarterly production output for Q1 2024 rose 0.8%, primarily driven by 1.4% manufacturing growth. Therefore, the increasing demand in the manufacturing industry is driving the industrial vehicle market.

Major companies in the industrial vehicle market are developing innovative products, such as Li-ion battery-powered electric counterbalance forklifts, to meet the growing need for decarbonization, lower total cost of ownership, greater uptime, and electrification of logistics and warehousing. Li-ion electric counterbalance forklifts integrate lithium-ion battery packs into conventional electric lift-truck platforms. For instance, in February 2024, KION North America Corporation, a US-based material-handling equipment company, launched the Linde Series 1293, a line of electric counterbalance forklifts with Linde Li-ION battery technology for 4,000-5,000 lb capacity segments. The Series 1293 features a compact chassis, integrated Li-ION batteries, high-torque electric drive, ergonomic operator controls, fast charging, and simplified service access. It offers reduced downtime, predictable charging cycles, lower energy costs, and multi-shift operation without battery swaps.

In July 2024, Imperial Auto Industries Ltd., an India-based manufacturer of fluid transmission products, acquired Metallwerk Biebighäuser GmbH for an undisclosed amount. This acquisition is intended to expand Imperial Auto's product portfolio, strengthen its market position, and create new opportunities within the industrial vehicle components sector. Metallwerk Biebighäuser GmbH is a Germany-based company that specializes in the production of gears, gearboxes, and transmissions for industrial vehicles.

Major companies operating in the industrial vehicle market report include Toyota Industries Corporation, KION Group AG, Jungheinrich AG, Mitsubishi Logisnext Co. Ltd., Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Doosan Corporation, Anhui Heli Co. Ltd., Komatsu Ltd., Clark Material Handling Company, Hyundai Heavy Industries Co. Ltd., Lonking Holdings Limited, Godrej & Boyce Manufacturing Company Limited, Hangcha Group Co. Ltd., BYD Company Limited, Manitou Group, TCM Corporation, UniCarriers Corporation, Kalmar Global, Liebherr Group, Terex Corporation, SANY Group, JCB Ltd., Caterpillar Inc., XCMG Group, Sumitomo Heavy Industries Ltd., Merlo S.p.A., Bobcat Company, Haulotte Group, Kubota Corporation.

North America was the largest region in the industrial vehicle market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the industrial vehicle market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial vehicle market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The industrial vehicle market consists of sales of excavators, dump trucks, and industrial sweepers and scrubbers. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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