The Industrial Vehicles Market Size is experiencing a period of significant expansion, driven by a confluence of factors. Rising prominence of e-commerce, heightened safety concerns in industrial settings, and a growing emphasis on rental and leasing models are all contributing to this upward trajectory.

The Industrial Vehicles Market, valued at USD 41.02 billion in 2023, is expected to reach USD 56.23 billion by 2031. This translates to a compound annual growth rate (CAGR) of 4.02% for the forecast period from 2024 to 2031.

With online retail flourishing, the need for efficient material handling solutions within warehouses and distribution centers has become paramount. This necessitates the deployment of industrial vehicles like forklifts and automated guided vehicles (AGVs) to optimize operations. Additionally, a growing focus on workplace safety is prompting the adoption of industrial vehicles, minimizing accidents and enhancing productivity in industrial environments.