Technavio's latest report on the global industrial vehicle marketprovides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
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Technavio has published a new report on the global industrial vehicle market from 2017-2021. (Graphic: Business Wire)
Industrial vehicle market outlook
The global industrial vehicle market is expected to witness a slow growth during the forecast period. The demand for these vehicles was low in Europe and the Americas. The major demand came from APAC, owing to the growth of developing countries, such as India and China. The manufacturing sector is still reviving in the European region.
Anju Ajaykumar, a lead analyst from Technavio, specializing in research on tools and components sector, says, "The growing population will drive the retail and wholesale segments as they majorly deal with necessary products, such as groceries, textiles, electronics, and other consumer goods. Also, the growth of the e-commerce sector will play a significant role in the growth of industrial vehicles, as with the increase in sales through e-commerce websites, dealers will increase the number of warehouses to ensure the fast supply of goods to customers."
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The top three emerging trends driving the global industrial vehicle marketaccording to Technavio research analysts are:
- High payloads and low fuel consumption in semi-autonomous and autonomous vehicles
- Integration of IoT in industrial vehicles
- Growing popularity of electric forklifts
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High payloads and low fuel consumption in semi-autonomous and autonomous vehicles
The weight of vehicles can be reduced if only manufacturing is considered form the component level, such as axle or brake systems, fuel cover, and engine parts. Many manufacturers are trying to reduce the weight of vehicles by at least 10% by considering the base level. As a result, the transition from large engines to small engines with the same power output is achieved.
"The global industrial vehicle market players are trying to launch semi-automatic and fully automatic industrial vehicles that can be controlled without a driver. However, for fully driverless vehicles, they must be able to communicate with the surroundings. There should be a variety of electronic assists, sensors, electric motors, and processors incorporated to achieve this goal," according to Anju
Integration of IoT in industrial vehicles
Modern industrial vehicles incorporated with IoT are expected to be launched in the future. With the incorporation of IoT in the automotive system, the data generated will be constantly fed to the central server. Data collation will help to formulate the best practices to reduce fuel consumption.
This technology allows the admin to control the vehicle remotely. This system is expected to be very helpful in the case of emergency situations where raw materials should be moved to the production unit urgently, or the manufactured product must be moved to the delivery unit.
Growing popularity of electric forklifts
There has been a global shift toward the adoption of electric vehicles from propane, diesel, and other internal combustion engines over the last few years. Forklifts are used in large warehouses and manufacturing industries for inventory control. With the depletion of fossil fuels and increasing environmental concerns, there has been a major shift from the use of internal combustion engines to electric engines.
In addition, owing to the abundance of cheap labor and raw materials, China has become a major manufacturer of lithium-ion batteries; consequently, the price of electric vehicles is expected to decline further. Many countries, such as India, China, Germany, the UK, and the Netherlands, have adopted environmental policies that aim to reduce the use of other engines and promote the adoption of electric vehicles.
The key vendors are as follows:
- Hyster-Yale Materials Handling
- Jungheinrich
- KION GROUP
- Konecranes
- TOYOTA INDUSTRIES
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