Industrial Truck Market Poised to Reach USD 80 Billion by 2034, Driven by Automation and Sustainability Trends

The latest report titled 'Global Industrial Truck Market,' published by Reports and Data, provides the reader with a comprehensive view of the global Industrial Truck industry, acquainting them with the latest market trends, industry insights, and market share. The report provides an in-depth investigation of the global market, largely focusing on each segment and sub-segment of the Industrial Truck market. The market forecasts included in the report are performed by our team of experts and are of great significance as they provide deep insights into various crucial industry parameters. These facts and figures help readers evaluate the global market growth, production, and consumption rates, volatility in demand and product prices, and upcoming market trends over the projected period. The market research report contains significant details on the global Industrial Truck market value based on market dynamics and various growth factors. The global Industrial Truck Market is projected to grow from USD 45 billion in 2024 to USD 80 billion by 2034, registering a compound annual growth rate (CAGR) of 5.8%. This growth is largely fueled by advancements in automation, rising e-commerce activity, and the growing shift toward environmentally friendly logistics solutions.

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The increasing need for efficient material handling, particularly in warehousing and logistics, is pushing companies to adopt more automated solutions. The rise of Automated Guided Vehicles (AGVs) is a major trend, with adoption growing at an estimated rate of 18% per year. According to the International Federation of Robotics, AGV usage in warehouses jumped by 25% in 2023 alone, as companies sought to improve operational efficiency and reduce labor costs.

Automation is further supported by the integration of artificial intelligence (AI) and the Internet of Things (IoT), enabling better fleet management and real-time monitoring. These technologies help reduce downtime, improve performance, and enhance safety in industrial settings.

Sustainability is another strong growth driver. With growing pressure from governments and regulatory agencies, companies are being urged to cut emissions and adopt greener technologies. The European Union's Green Deal, which aims to reduce emissions by 55% by 2030, is one of many policy frameworks encouraging the adoption of electric industrial trucks. In line with these goals, major corporations like Amazon and Walmart have committed to achieving carbon neutrality by 2040.

Regional Landscape section of the Industrial Truck Market report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.

The various regions analyzed in the report include:

• North America (U.S., Canada)

• Europe (U.K., Italy, Germany, France, Rest of EU)

• Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)

• Latin America (Chile, Brazil, Argentina, Rest of Latin America)

• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

According to the International Energy Agency, global investment in electric trucks is growing by 20% each year, with the global stock expected to reach 10 million by 2030. Governments are also stepping up support. In the U.S., the Department of Energy has allocated $2 billion for clean energy logistics projects. Similarly, China's national programs focused on reducing emissions are boosting the demand for electric and hybrid trucks.

Recent product developments are further energizing the market. For example, Toyota Industries Corporation launched a new line of electric forklifts in March 2024 featuring longer battery life and smart connectivity, marking a significant advancement in sustainable warehouse solutions.

The report bifurcates the Industrial Truck market on the basis of different product types, applications, end-user industries, and key regions of the world where the market has already established its presence. The report accurately offers insights into the supply-demand ratio and production and consumption volume of each segment.

Industrial Truck Market Segmentation
By Product Type

Electric Industrial Trucks

Internal Combustion Engine Trucks

Automated Guided Vehicles (AGVs)

Others

By Application

Warehousing

Manufacturing

Distribution Centers

Others

By End User

Retail

Automotive

Food & Beverage

Logistics

Others

By Technology

IoT-Enabled Trucks

AI-Driven Fleet Management

Others

By Distribution Channel

Direct Sales

Distributors

Online Platforms

However, the market is not without its challenges. One of the main barriers to adoption is the high cost of electric and automated trucks. Although these technologies offer long-term savings, the initial investment can be difficult for small and medium-sized businesses (SMEs) to afford. A survey by the National Association of Manufacturers revealed that 62% of SMEs cite high costs as the main hurdle to adopting advanced industrial vehicles.

Regulatory compliance adds to this burden. Meeting emissions and safety standards often requires expensive upgrades and can increase operating costs by up to 15% annually, according to the European Logistics Association. These regulations, while necessary for environmental and safety reasons, can strain companies that lack the financial or technical resources to adapt quickly.

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The section on the competitive landscape offers valuable and actionable insights related to the business sphere of the Industrial Truck Market, covering extensive profiling of the key market players. The report offers information about market share, product portfolio, pricing analysis, and strategic alliances such as mergers and acquisitions, joint ventures, collaborations, partnerships, product launches and brand promotions, among others. The report also discusses the initiatives taken by the key companies to combat the impact of the COVID-19 pandemic

Top 10 Companies

Toyota Industries Corporation

KION Group AG

Jungheinrich AG

Mitsubishi Logisnext Co., Ltd.

Crown Equipment Corporation

Hyster-Yale Materials Handling, Inc.

Hangcha Group Co., Ltd.

Anhui Heli Co., Ltd.

Komatsu Ltd.

Doosan Corporation Industrial Vehicle

In addition, there is a growing shortage of skilled workers who can manage and maintain these advanced machines. The U.S. Bureau of Labor Statistics predicts a 10% gap in skilled logistics personnel by 2025, which could slow down the transition to smarter and cleaner industrial fleets.

Companies also face challenges when integrating new technologies with their existing systems. Compatibility issues, a lack of standard protocols, and complex installation processes can delay implementation and increase costs.

Despite these hurdles, the long-term outlook for the Industrial Truck Market remains positive. The push toward automation and cleaner energy solutions, backed by policy incentives and corporate commitments, is expected to drive continued growth and innovation in the sector.

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