The global industrial vehicle market to grow at a CAGR of 3.13% during the period 2017-2021.
Global Industrial Vehicle Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
According to the report, one of the major drivers for this market is Rapid industrialization. The world has witnessed a rapid growth in industrialization over the last few years. Developing countries, such as China, Indonesia, and India, are trying to bring more industries and attract investments to their countries to improve their economy.
The latest trend gaining momentum in the market is 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.
Further, the report states that one of the major factors hindering the growth of this market is Slowdown in Chinese economy. According to the World Bank, China is considered as the world's biggest market for manufacturing and retail goods and ranks below the consumption value of the US. Globally, China accounted for almost one-tenth of the household consumption in 2015. This shows that any decline in the Chinese economy will negatively affect the global market.