Demand for industrial vehicles for material handling and transportation tasks is set to grow at a compound annual growth rate (CAGR) of nearly 5% by 2030, bringing the total market size to $64.3 billion globally. The growth is being driven by initiatives aimed at modernizing transportation networks, building new warehouses, and enhancing logistics capabilities.
“As regions prioritize infrastructure improvements to bolster economic growth, the demand for industrial vehicles, including tow tractors and container handlers, is steadily increasing,” according to the report.
The aisle trucks segment—which includes narrow and very narrow aisle (VNA) models—is expected to see the highest growth. The Asia Pacific region is expected to hold the largest share of this type of equipment, driven by demand in manufacturing and industrial markets, especially automotive, oil and gas, and energy and utilities.
The report also forecasts demand for more equipment in the healthcare sector, where the researchers cite growing adoption of semi-autonomous and autonomous forklifts for moving pharmaceutical products, assembly of medical devices, as well as sorting and control of products.
