Press release
Industrial Truck Market: Strong Growth Predicted with CAGR of 5.7% and Leading Market Key Players
Industrial Truck Market
What Is The Projected Market Size Of The Global Industrial Truck Market And Its Growth Rate?
- The industrial truck market has shown steady growth in recent years.
- The market's value was $25.57 billion in 2024 and projected to increase to $26.68 billion in 2025. This increase corresponds to a compound annual growth rate (CAGR) of 4.3%.
- The growth can be attributed to demand from diverse industries, industrialization and manufacturing growth, efficiency and productivity demands, safety and ergonomics, and global supply chain expansion.
- In the future, the industrial truck market is expected to continue its robust growth, with the projected value of $33.25 billion in 2029 at a CAGR of 5.7%.
- The key drivers for this growth in the forecast period include safety and ergonomics enhancements, global trade and logistics growth, the adoption of robotics and AI, efficiency and productivity improvements, and the expansion of manufacturing sectors.
What Is Driving The Growth In The Industrial Truck Market?
The rising e-commerce industry is a significant driver pushing forward the growth of the industrial truck market. E-commerce - the activity of buying and selling goods online - has a crucial demand for efficient transportation and warehousing. The growth of e-commerce, therefore, increases the demand for forklifts and their operators. For instance, as per the US Department of Commerce, e-commerce rose by 10.8% in Q3 of 2022 compared to the same period in 2021, and retail sales rose by 9.1% with a total e-commerce sales of $251.7 billion in 2022. Hence, the thriving e-commerce industry is fueling the industrial truck market's growth.
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Who Are the Key Players Driving Industrial Truck Market Growth?
- 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
- Kawasaki Heavy Industries Ltd
- Sumitomo Corporation
- Toshiba Corporation
- Hitachi Ltd
What Are The Key Trends In The Industrial Truck Market?
Key trends shaping the industrial truck market's future include:
- Shifting towards electric trucks
- Automation and autonomous trucks
- Data analytics and telematics integration
- Customization and adaptability
- Enhanced safety features
What Are The Segments Of The Global Industrial Truck Market?
The industrial truck market is segmented by:
1) Type: Pallet Truck, Lifting Truck, Forklift Truck, Platform Truck, Other Types
2) Power: Fuel Operated, Electric Operated
3) Application: Mining Application, Logistics Application, Construction Application, Other Applications
4) End-Use Industry: Aviation Industry, Construction Industry, Manufacturing Industry, Transport And Shipping Industry
Which Region Leads The Industrial Truck Market?
Asia-Pacific was the largest contributor to the industrial truck market in 2024. The market report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Industrial Truck Market Global Market Report?
- Market Size Analysis: Analyze the Industrial Truck Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Industrial Truck Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Industrial Truck Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Industrial Truck Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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