Industrial vehicle market to top $69 billion by 2030

The Business Research Company says the global industrial vehicle market is heading toward more than $69 billion by 2030, led by forklifts, warehouse automation and electrification. Asia-Pacific is projected to be the largest regional market, while the United States remains the biggest single-country market.

Why it matters: - Industrial vehicles sit at the center of warehouse, manufacturing and logistics operations. - Growth in e-commerce, electrification and automation is reshaping what buyers want from forklifts, tow tractors and other material-handling equipment. - The market’s expansion points to rising demand for cleaner, more efficient fleets as companies face labor pressure and tighter emissions rules.

What happened: - The Business Research Company released its Industrial Vehicle Global Market Report 2026, covering market size, trends and forecasts through 2035. - The report says the industrial vehicle market is forecast to exceed $69 billion by 2030. - The report estimates the market will grow at a 7% compound annual growth rate through 2030. - The report places industrial vehicles at roughly 2% of the overall motor vehicles market and about 1% of the transport industry by 2030. - The report says the top ten companies will hold about 30% of projected 2025 revenue, showing a moderately fragmented market.

The details: - Toyota Industries Corporation, Jungheinrich AG, Crown Equipment Corporation, KION Group AG, Hyster-Yale Materials Handling Inc., BYD Company Limited, Anhui Heli Co. Ltd. and Hangcha Group Co. Ltd. are each expected to take about 3% of 2025 revenue. - Komatsu Ltd. and Caterpillar Inc. are each projected at 2% of 2025 revenue. - Toyota Industries Corporation held the top global sales position in 2025 with a 3% share. - Toyota Industries’ industrial vehicle division sells forklifts, warehouse equipment, automated guided vehicles and broader material-handling systems. - Forklifts are expected to be the largest product segment, with 43% of the market in 2030, or about $30 billion. - The report breaks the market down by drive type into internal combustion engine, battery-operated and gas-powered vehicles. - The report also segments the market by autonomy level into non-autonomous, semi-autonomous and fully autonomous vehicles. - Application segments include manufacturing, warehousing, freight and logistics, and other uses. - Asia-Pacific is projected to become the largest regional market by 2030 at $26 billion, up from $18 billion in 2025, for an 8% CAGR. - The United States is projected to be the largest single-country market in 2030 at $16 billion, up from $12 billion in 2025, for a 6% CAGR. - Forklifts, tow tractors, aisle trucks and container handlers are expected to add more than $18 billion in market value by 2030. - Forklifts are projected to add $9 billion, container handlers $4 billion, aisle trucks $3 billion and tow tractors $2 billion from 2025 to 2030. - Lithium-ion battery-powered forklifts are changing the market by supporting decarbonization, efficiency and electrified material handling. - In February 2024, KION North America Corporation launched the Linde Series 1293 electric counterbalance forklifts with lithium-ion battery technology. - The new forklifts are designed for industrial use with 4,000- to 5,000-pound capacities, fast-charging capability, high-torque electric drives and ergonomic features. - The report identifies major raw material suppliers including ArcelorMittal, Nippon Steel Corporation, POSCO Holdings, Baosteel Group, thyssenkrupp AG, Nucor Corporation, Rio Tinto, BHP Group, Alcoa Corporation, Norsk Hydro ASA, BASF SE, Covestro AG, SABIC, LyondellBasell Industries, LG Chem, Panasonic Energy Co. Ltd., Samsung SDI, CATL, Umicore and Glencore. - The report lists wholesalers and distributors such as Wajax Corporation, Alta Equipment Group Inc., Equipment Depot, Briggs Equipment, Papé Material Handling, Arnold Machinery Company, Gregory Poole Equipment Company, Eastern Lift Truck Co. Inc., LiftOne LLC, Leavitt Machinery, Fraza, Holt Industrial Rentals, Williams Machinery, Thompson Lift Truck, Morrison Industrial Equipment, Welch Equipment Company, Medley Equipment Company and Fallsway Equipment Company. - The report names end users including Amazon, Walmart Inc., DHL Group, FedEx Corporation, UPS, Maersk, Toyota Motor Corporation, Volkswagen Group, Ford Motor Company, General Motors Company, Siemens AG, Schneider Electric SE, Procter & Gamble Company, The Coca-Cola Company, Nestlé S.A., Unilever PLC, PepsiCo Inc., Bosch Group, Samsung Electronics and Foxconn Technology Group.

Between the lines: - The report suggests the market is still open to challengers, but scale, engineering capability and service networks remain key barriers. - Growth in autonomous systems, telematics, robotics and AI fleet management points to a market moving beyond basic vehicle sales toward connected logistics infrastructure. - Environmental regulation is making electrification a buying requirement, not just a feature. - Labor shortages are increasing the appeal of autonomous forklifts and robotic transport equipment because they can reduce dependence on manual labor.

What’s next: - The fastest growth is likely to remain concentrated in electrified and automated material-handling equipment. - Asia-Pacific should keep gaining share as China, India and Southeast Asia expand warehouse and logistics infrastructure. - The U.S. market should continue to benefit from warehouse modernization, smart logistics investment and the shift to energy-efficient fleets. - The report’s 2026 edition adds market attractiveness scoring, TAM analysis, company scoring matrix graphics and tables, Excel-based forecasting dashboards and market hotspot infographics.

The bottom line: - Industrial vehicles are becoming more electric, more automated and more strategically important to global supply chains.