Industrial Truck Market Growth, Size, Share, Trends, Key Players Analysis, and Forecast till 2031

The industrial truck market is expected to register a CAGR of 9.3% during 2023–2031. The evolution of advanced technologies in the manufacturing and logistic sector and growing electrification in industrial vehicles to reduce carbon emissions is likely to remain a key trend in the market.

Industrial Truck Market Analysis

• The growing industrialization and manufacturing, the need for operational efficiency, and the development of the global supply chain are driving the expansion of industrial trucks in the upcoming years.
•  Industrial trucks help in moving goods and help in reducing manual intervention, A growing focus on workplace safety is driving the demand for the industrial truck market.

Industrial Truck Market Overview

• The global expansion of e-commerce is a key driving factor for the increasing demand for industrial trucks.
•  E-commerce relies on timely and reliable delivery, so warehouses need to have advanced systems in place for efficiently selecting, packing, and shipping goods. Industrial vehicles are essential for retrieving items for order fulfillment, loading outgoing orders for delivery, unloading incoming shipments, and storing goods in designated locations.
• Due to their efficiency and ease of transportation, these industries primarily invest in logistics and warehouses, which in turn is driving global market expansion for industrial trucks.
• Additionally, the industrial truck market is expected to grow in the near future due to the high demand for these vehicles from the manufacturing, mining, railroad, and shipping industries.

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Industrial Truck Market: Strategic Insights

Industrial Truck Market

• Market Size 2023
  US$ XX Million
• Market Size 2031
  US$ XX Million

Market Dynamics

GROWTH DRIVERS

• Growth of Manufacturing and Logistic Sector

FUTURE TRENDS

• Electrification of Industrial Trucks

OPPORTUNITIES

• Growing Advancement in the Mining Sector

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Pallet Truck
• Lifting Truck
• Forklift Truck
• Platform Truck

Power

• Fuel Operated
• Electric Operated

Industrial Vertical

• Construction Industry
• Manufacturing Industry
• Aviation Industry

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Industrial Truck Market Drivers and Opportunities

Growth of Manufacturing and Logistic Sector to Favor the Market

• The continuous global trend of industrialization and logistic sector growth primarily drives the industrial truck market. The adoption of industrial trucks is being driven by the need for effective material handling and logistics solutions as industries grow and production volumes rise.
• The demand for industrial vehicles is partly attributed to the supply chain’s subsequent optimization.
• Modern supply chain management depends heavily on efficient material handling and logistics, thereby, businesses are investing in automated and adaptable vehicles that can operate in the dynamic environments of warehouses and distribution centers.

Electrification of Industrial Trucks

• Industrial trucks that operate on batteries have become significant traction in recent years.
• The main benefit of battery-powered engines is their environmentally friendly design.
• These engines are ideal for industrial and warehouse projects because they emit fewer emissions.
• Therefore, as smart factories and battery-operated vehicles become more widely used in the material handling industries, digitalization and modularization will follow, further propelling market growth and generating enormous opportunities for the industry in the upcoming years.

Industrial Truck Market Report Segmentation Analysis

Key segments that contributed to the derivation of the industrial truck market analysis are type, power, and industrial vertical.

• Based on type, the industrial truck market is pallet trucks, lifting trucks, forklift trucks, platform trucks and others.
• Based on the power, the industrial truck market is divided into Fuel operated and electric-operated.
• Based on the industrial vertical, the industrial truck market is divided into the construction industry, manufacturing industry, aviation industry and others.

Industrial Truck Market Share Analysis by Geography

• The industrial truck market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering industrial truck market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the industrial truck market in these regions.

Industrial Truck Market Market Report Scope

Industrial Truck Market News and Recent Developments

The industrial truck market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the industrial truck market are listed below:

• The KION Group had launched its fuel cell systems for its industrial trucks. The global intralogistics company has developed a 24-volt system for warehouse trucks. Up to 5,000 fuel cell systems per year can be manufactured on the new production line at the Hamburg plant. The Group is investing more than €11 million in this technology. A 48-volt system is to be added to the fuel cell portfolio in the next years. (Source: KION Group, Press Release, Nov 2024)

Industrial Truck Market Report Coverage and Deliverables

The “Industrial Truck Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Industrial truck market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Industrial truck market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Industrial truck market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the industrial truck market
• Detailed company profiles