Industrial Vehicles Market worth USD 64.3 billion by 2030 - Exclusive Report by MarketsandMarkets™

in the foreseeable future. Companies such as Daifuku Co., Ltd, JBT, Kion Group AG, Toyota Industries Corporation, and Kuka AG, among others, provide AGVs tailored for healthcare. For instance, in April 2023, EK Robotics GmbH unveiled MEDI MOVE, a transport platform explicitly designed for automated transport systems in hospitals within the healthcare industry.

Germany to lead the industrial vehicles market in Europe.

During the forecast period, Germany is poised to lead as the fastest growing and largest market for industrial vehicles in Europe, driven by several key factors. Germany's robust industrial landscape, particularly in manufacturing, automotive, and logistics, propels industrial vehicle demand. Moreover, major players such as KION Group AG (Germany) and Jungheinrich AG (Germany), who are actively expanding their business within Germany and internationally, significantly influence market growth. For example, in February 2023, KION Group AG announced that it is building a new spare parts and solutions distribution center near Aschaffenburg, Germany, for industrial trucks and services along with supply chain solutions segments of the company. Such development, like establishing distribution centers, is a testament to Germany's expanding industrial vehicles market. Additionally, Germany's stringent safety standards and emphasis on operational efficiency further drive the country's adoption of industrial vehicles. With these favorable market conditions, Germany remains poised to maintain prominence in the European industrial vehicles market.

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Key Market Players:

The major players in Industrial Vehicles Companies include Toyota Industries Corporation (Japan), KION Group AG (Germany), Mitsubishi Logisnext Co., Ltd (Japan), Jungheinrich AG (Germany), Crown Equipment Corporation (US), and Hyster-Yale Materials Handling, Inc. (US), among others.

Recent Developments

In March 2024, EP Equipment (China) announced that Boendgen Baustoffe (Germany) purchased the EFL electric forklift series to upgrade its fleet.

In January 2024, Hyster-Yale Materials Handling, Inc. (US) launched the J32-40UTTL Li-Ion forklift truck. The new electric truck has a load-carrying capacity of 1.4 to 1.8 tons.

In December 2023, Konecranes (Finland) announced that it had supplied 7 Konecranes SMV 16-1200 C (16 ton) forklifts to Eldorado Brasil (Brazil) along with two gantry cranes in Q3 of 2023.

In September 2023, Marvell announced the plans for a new R&D center in Pune, India. This upcoming establishment is expected to double the current workforce capacity.

In November 2023, KION Group AG announced the launch of 24-volt Fuel Cell Systems for its warehouse trucks. The company added that up to 5,000 fuel cell systems can be produced yearly at the Hamburg plant. The company has invested around USD 11.9 Million in this project.

In September 2023, Toyota Material Handling Japan (TMHJ), a segment of Toyota Industries Corporation, introduced a new fuel cell lift truck (FC lift truck).

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