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Industrial Truck Market Report 2024 - Industrial Truck Market Size, Growth, And Insights
Industrial Truck Market
According to The Business Research Company's, The industrial truck market size has grown steadily in recent years. It will grow from $24.72 billion in 2023 to $25.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth in the historic period can be attributed to demand from diverse industries, industrialization and manufacturing growth, efficiency and productivity demands, safety and ergonomics, global supply chain expansion.
The industrial truck market size is expected to see strong growth in the next few years. It will grow to $31.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to safety and ergonomics enhancements, global trade and logistics growth, adoption of robotics and ai, efficiency and productivity improvements, expansion of manufacturing sectors.. Major trends in the forecast period include shift towards electric trucks, automation and autonomous trucks, data analytics and telematics integration, customization and adaptability, enhanced safety features.
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Market Drivers and Trends:
The growth of the e-commerce industry is expected to propel the growth of the industrial truck market going forward. E-commerce refers to the activity of buying and selling goods through the internet. Product transport and warehousing are the most important part of e-commerce. As the e-commerce industry is growing, the demand for proper warehousing specialties such as forklift operators and forklifts also increases. For instance, according to the US Department of Commerce, an executive department of the US federal government creating opportunities in commerce, e-commerce increased by 10.8% in the third quarter of 2022 as compared to the same period in 2021 and retail sales increased by 9.1%. Total e-commerce sales totaled $251.7 billion in 2022. As a result, the growing e-commerce industry is driving the growth of the industrial truck market.
Product innovations are a key trend gaining popularity in the industrial trucks market. Major companies in the market are introducing innovative products to sustain their position in the market. For instance, in May 2022, Hyster-Yale Materials Handling, Inc., a US-based designer, and manufacturer of lift trucks, launched new A Series lift trucks. The new trucks are designed using A+Logic, which is a set of features that helps to fine-tune the truck as per their needs. These trucks are highly configurable and have industry-leading fuel economy, and are fitted with robust components.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Combilift Material Handling Solutions; Doosan Corporation; Crown Controls Corp.; Caterpillar Inc; Kion Group AG; Toyoda Automatic Loom Works Ltd.; Mitsubishi Nichiyu Forklift Co. Ltd; Clark Material Handling Co. Ltd; Hangcha Group Co. Ltd; Anhui Heli Co. Ltd; Hyster-Yale Materials Handling Inc.; Jungheinrich AG; Komatsu Ltd; Dearborn Mid-West Company LLC; UniCarriers Americas Corporation; Lonking Forklift Company Ltd; HD Hyundai Co Ltd; Nissan Forklift Corp.; TCM Limited; Sanyo Electric Co. Ltd.; The Liebherr Group; CNH Industrial; Volvo Group; Eaton Corporation PLC; GE Power Conversion; ASEA Brown Boveri; Siemens AG; Kawasaki Heavy Industries Ltd.; Sumitomo Corporation; Toshiba Corporation; Hitachi Ltd.
Industrial Truck Market 2024 Key Insights:
• The industrial truck market will grow to $31.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• Growth Of E-Commerce Industry Boosts Industrial Truck Market
• Innovative Product Developments Driving Growth In Industrial Trucks Market
• Asia-Pacific was the largest region in the industrial truck market share in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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