Global Industrial Truck Market 2024 Future Trends, Scope, Industry Analysis And Forecast To 2033

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..

Market Overview -
Industrial trucks are specialized goods carriers that are designed to carry materials within a factory. It is specially made for extra flexibility in movement across the factory. These trucks use mechanized pickup and de-loading.

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Growth Of E-Commerce Industry Boosts Industrial Truck Market
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.

Competitive Landscape -
Major companies operating in the industrial truck market report are 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. .

Innovative Product Developments Driving Growth In Industrial Trucks 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.

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Key Segments -
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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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