Press release
Future of Industrial Truck Market: Size, Share & Forecasts to 2029
Industrial Truck Market
What Is the Projected Market Size Valuation of the Industrial Truck Market by 2025?
In recent times, the industrial truck market has consistently experienced growth. An expansion is projected from $25.57 billion in 2024 to $26.39 billion in 2025, with a Compound Annual Growth Rate (CAGR) of 3.2%. Factors contributing to this historical progression are a variety of industrial demands, growth in manufacturing and industrialization, the essential need for efficiency and productivity, attention to safety and ergonomics, and the expansion of the global supply chain.
What Is the Estimated Market Growth Value for the Industrial Truck Industry in 2029?
The market size of industrial trucks is projected to experience consistent growth in the forthcoming years. By 2029, it is expected to expand to a value of $31.66 billion with a compound annual growth rate (CAGR) of 4.7%. This growth during the forecast period is largely driven by factors such as enhancements in safety and ergonomics, the growth of global trade and logistics, the adoption of robotics and artificial intelligence, improvements in efficiency and productivity, and the expansion of manufacturing sectors. The upcoming trends during this period involve a shift towards electric trucks, automated and autonomous trucks, assimilation of data analytics and telematics, customization and adaptability, and the inclusion of superior safety elements.
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What Are the Growth Drivers and Opportunities in the Industrial Truck Market?
The expansion of the e-commerce sector is projected to bolster the industrial truck market's growth. E-commerce is the online trading of goods and services, with product transportation and storage being its integral components. As e-commerce thrives, the need for adequate warehousing provisions, including forklift operators and forklifts, escalates. The US Department of Commerce, for example, noted a 10.8% surge in e-commerce in Q3 2022 compared to the same time in 2021, with retail sales witnessing a 9.1% growth. The total e-commerce sales in 2022 sealed at $251.7 billion. Hence, the booming e-commerce sector fuels the growth of the industrial truck market.
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What Are the Primary Segments Covered in the Global Industrial Truck Market Report?
The industrial truck market covered in this report is segmented -
1) By Type: Pallet Truck, Lifting Truck, Forklift Truck, Platform Truck, Other Types
2) By Power: Fuel Operated, Electric Operated
3) By Application: Mining Application, Logistics Application, Construction Application, Other Applications
4) By End-Use Industry: Aviation Industry, Construction Industry, Manufacturing Industry, Transport And Shipping Industry
Subsegments:
1) By Pallet Truck: Manual Pallet Truck, Electric Pallet Truck
2) By Lifting Truck: Electric Lifting Truck, Manual Lifting Truck
3) By Forklift Truck: Counterbalance Forklift, Reach Truck, Order Picker, Stackers
4) By Platform Truck, Manual Platform Truck, Electric Platform Truck
5) By Other Types: Tow Tractor, Aerial Work Platform, Side Loader, Rough Terrain Forklift
What Are the Top Growth Trends in the Industrial Truck Market?
The industrial trucks market is witnessing an increasing trend of product innovations. Major players in the market are launching novel products to maintain their market dominance. Hyster-Yale Materials Handling, Inc., an American Company specializing in the design and manufacturing of lift trucks, unveiled its new A Series lift trucks in May 2022. These trucks, crafted using A+Logic, allow customization according to specific requirements. They offer outstanding fuel efficiency, are highly adaptable, and equipped with sturdy components.
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Which Companies Are Shaping the Future of the Industrial Truck Market?
Major companies operating in the industrial truck market include 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.
Which Region Holds the Largest Market Share in the Industrial Truck Industry?
Asia-Pacific was the largest region in the industrial truck market share in 2024. The regions covered in the industrial truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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