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Industrial Truck Market Industry Insights, Key Drivers & Forecast to 2032
The Industrial truck market summarizes the manufactured, sold, and utilized powered industrial vehicles for material handling in large industries including manufacture, logistics, construction, and retail.
IMR Group
Description
Industrial Truck Market Synopsis:
Industrial Truck Market: Size Was Valued at USD 63.99 Billion in 2023, and is Projected to Reach USD 102.29 Billion by 2032, Growing at a CAGR of 5.35 % From 2024-2032.
The Industrial truck market summarizes the manufactured, sold, and utilized powered industrial vehicles for material handling in large industries including manufacture, logistics, construction, and retail. Forklifts, pallet jacks, and tow tractors are some of the few instruments that are used to increase output, reduce monotonous tasks, and avert risks in numerous industrial applications.
Particularly, the Industrial Truck Market has been stable and experiencing continuous growth mainly because of the shift to adopt equipment to manage industries’ supply chain. E-commerce has also risen and the new huge new outlets across the globe have further boosted the demand for industrial trucks. Improved delivery time and efficiency of operation have made forklifts and pallet trucks as important tools used in the modern business organizations and logistics and manufacturing industries. Furthermore, the automation and smart technologies investment has also led to development of enhanced industrial trucks with features of sensors, GPS, IoT among other features in operations.
The market is also threatened by the trend towards environmentally friendly and sustainable goods and services. They are currently evident today throughout the world as governments and organizations have embraced the technology to cut on emissions while improving efficiency. Automotive changes that have been made in battery technologies such as lithium-ion batteries also made use of electric trucks which are cheaper to maintain and have improved performance compared to ICE trucks.
Industrial Truck Market Trend Analysis:
Electrification of Industrial Trucks Gaining Momentum
This electrification trend is significantly impacting the Industrial Truck Market since sustainable development goals for the power train are rising significantly in corporations. Electric and hybrid industrial trucks will soon become a favorite in the market because of their environmental benefits, low operational costs, and low noise of operation as compared to ICE-powered vehicles. Other changes noticed are an increase in battery energy, better power-to-weight ratios, and, shortened recharging intervals which see electric trucks as suitable for high-duty applications in industries. This electrification in the market is due to incentives and encourages those governments are place on going green technology such as sweeteners.
Rising Demand in Emerging Economies
Such emergence can lead to high growth levels in the Industrial Truck Market in Asia Pacific, Latin America, and Africa. These areas with increasing industrialization, rate of urbanization, progressive manufacturing and logistic sectors need better material handling for their functioning. Moreover, the new facility for e-Commerce stores and warehouses among other factors including the rise in government-supported smart city initiatives has favored the demand for industrial trucks. Increased accessibility of cheap funds and the growing perception of the benefits that accrue from the deployment of automated systems in nursing also contribute to boosting market development in the specified areas.
Industrial Truck Market Segment Analysis:
Industrial Truck Market is Segmented on the basis of Product Type, Fuel Type, End User, and Region.
By Product Type, Counterbalance segment is expected to dominate the market during the forecast period
Counterbalance segment is expected to dominate the industrial truck market in the forecast period. Counterbalance trucks found their application in various industries for the following reasons These trucks can be both indoor and outdoor and are designed to move around in small aisles they are suitable for so many manufacturing plants, warehouses, and retail stores. The market has also grown with the evolution of new technologies in more modern counterbalance trucks, safety measures, unique designs and styles, and even higher efficiency rates that have all helped to improve the position of the market.
By Fuel Type, the Electric/Hybrid segment expected to hold the largest share
Electric/hybrid segment is predicted to remain same or dominant market share again largely due to inclination towards environment-friendly and energy efficient material handling equipment. They are friendly to the environment than ICE vehicles, ME and HE trucks annex less sound than those of ICE vehicles ME and HE have relatively low operational costs than ME and HE Trucks. They say that as the awareness for the environment grows and as the laws of emissions become much stricter the world needs electric and hybrid trucks. The application of an advanced battery system has also improved the functions and efficiency of these trucks for high-utility applications.
Industrial Truck Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period
North America is to provide the leading proportion of the Industrial Truck Market until due to the growth in the manufacturing and logistic industries in North America. The largest market customer for advance material-handling equipment is from the United States this is because of focus and increased automation. Use of industrial trucks has been boosted in particularly in the warehouses and delivery services since the improvement of the import of consumer and capital products via various electronic means. But current market expansion has been immensely facilitated by replacement of outmoded traditional tools with modern conservative tools.
Canada is also claiming a strong position and has a high level of acting on market, particularly the main fields include construction, retail and automotive etc. The emergence of full-electric and hybrid trucks, along with corresponding investments in smart solutions in logistics, acted positively on the market in North America. Moreover, the government higher standards of sustainable work environment and safety needs have made organizations to adopt to increased industrial trucks safety and energy truck needs.
Active Key Players in the Industrial Truck Market:
Anhui Heli Co., Ltd. (China)
BYD Company Ltd. (China)
Clark Material Handling Company (United States)
Crown Equipment Corporation (United States)
Doosan Corporation Industrial Vehicle (South Korea)
Hyster-Yale Materials Handling, Inc. (United States)
Jungheinrich AG (Germany)
KION Group AG (Germany)
Komatsu Ltd. (Japan)
Lonking Holdings Limited (China)
Mitsubishi Logisnext Co., Ltd. (Japan)
Toyota Industries Corporation (Japan)
UniCarriers Corporation (Japan)
Volvo Group (Sweden)
Zhejiang Hangcha Group Co., Ltd. (China)
Other Active Players.
Chapter 1: Introduction
1.1 Scope and Coverage
Chapter 2:Executive Summary
Chapter 3: Market Landscape
3.1 Market Dynamics
3.1.1 Drivers
3.1.2 Restraints
3.1.3 Opportunities
3.1.4 Challenges
3.2 Market Trend Analysis
3.3 PESTLE Analysis
3.4 Porter’s Five Forces Analysis
3.5 Industry Value Chain Analysis
3.6 Ecosystem
3.7 Regulatory Landscape
3.8 Price Trend Analysis
3.9 Patent Analysis
3.10 Technology Evolution
3.11 Investment Pockets
3.12 Import-Export Analysis
Chapter 4: Industrial Truck Market by Product Type
4.1 Industrial Truck Market Snapshot and Growth Engine
4.2 Industrial Truck Market Overview
4.3 Warehouse Pedestrian Rider Counterbalance
4.3.1 Introduction and Market Overview
4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
4.3.3 Key Market Trends, Growth Factors and Opportunities
4.3.4 Warehouse Pedestrian Rider Counterbalance: Geographic Segmentation Analysis
Chapter 5: Industrial Truck Market by Fuel Type
5.1 Industrial Truck Market Snapshot and Growth Engine
5.2 Industrial Truck Market Overview
5.3 Diesel Gasoline & LPG/CNG Electric/Hybrid
5.3.1 Introduction and Market Overview
5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
5.3.3 Key Market Trends, Growth Factors and Opportunities
5.3.4 Diesel Gasoline & LPG/CNG Electric/Hybrid: Geographic Segmentation Analysis
Chapter 6: Industrial Truck Market by End User
6.1 Industrial Truck Market Snapshot and Growth Engine
6.2 Industrial Truck Market Overview
6.3 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
6.3.1 Introduction and Market Overview
6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
6.3.3 Key Market Trends, Growth Factors and Opportunities
6.3.4 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries: Geographic Segmentation Analysis
Chapter 7: Company Profiles and Competitive Analysis
7.1 Competitive Landscape
7.1.1 Competitive Benchmarking
7.1.2 Industrial Truck Market Share by Manufacturer (2023)
7.1.3 Industry BCG Matrix
7.1.4 Heat Map Analysis
7.1.5 Mergers and Acquisitions
7.2 ANHUI HELI CO. LTD. (CHINA)
7.2.1 Company Overview
7.2.2 Key Executives
7.2.3 Company Snapshot
7.2.4 Role of the Company in the Market
7.2.5 Sustainability and Social Responsibility
7.2.6 Operating Business Segments
7.2.7 Product Portfolio
7.2.8 Business Performance
7.2.9 Key Strategic Moves and Recent Developments
7.2.10 SWOT Analysis
7.3 BYD COMPANY LTD. (CHINA)
7.4 CLARK MATERIAL HANDLING COMPANY (UNITED STATES)
7.5 CROWN EQUIPMENT CORPORATION (UNITED STATES)
7.6 DOOSAN CORPORATION INDUSTRIAL VEHICLE (SOUTH KOREA)
7.7 HYSTER-YALE MATERIALS HANDLING INC. (UNITED STATES)
7.8 JUNGHEINRICH AG (GERMANY)
7.9 KION GROUP AG (GERMANY)
7.10 KOMATSU LTD. (JAPAN)
7.11 LONKING HOLDINGS LIMITED (CHINA)
7.12 MITSUBISHI LOGISNEXT CO. LTD. (JAPAN)
7.13 TOYOTA INDUSTRIES CORPORATION (JAPAN)
7.14 UNICARRIERS CORPORATION (JAPAN)
7.15 VOLVO GROUP (SWEDEN)
7.16 ZHEJIANG HANGCHA GROUP CO. LTD. (CHINA)
7.17 OTHER ACTIVE PLAYERS
Chapter 8: Global Industrial Truck Market By Region
8.1 Overview
8.2. North America Industrial Truck Market
8.2.1 Key Market Trends, Growth Factors and Opportunities
8.2.2 Top Key Companies
8.2.3 Historic and Forecasted Market Size by Segments
8.2.4 Historic and Forecasted Market Size By Product Type
8.2.4.1 Warehouse Pedestrian Rider Counterbalance
8.2.5 Historic and Forecasted Market Size By Fuel Type
8.2.5.1 Diesel Gasoline & LPG/CNG Electric/Hybrid
8.2.6 Historic and Forecasted Market Size By End User
8.2.6.1 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
8.2.7 Historic and Forecast Market Size by Country
8.2.7.1 US
8.2.7.2 Canada
8.2.7.3 Mexico
8.3. Eastern Europe Industrial Truck Market
8.3.1 Key Market Trends, Growth Factors and Opportunities
8.3.2 Top Key Companies
8.3.3 Historic and Forecasted Market Size by Segments
8.3.4 Historic and Forecasted Market Size By Product Type
8.3.4.1 Warehouse Pedestrian Rider Counterbalance
8.3.5 Historic and Forecasted Market Size By Fuel Type
8.3.5.1 Diesel Gasoline & LPG/CNG Electric/Hybrid
8.3.6 Historic and Forecasted Market Size By End User
8.3.6.1 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
8.3.7 Historic and Forecast Market Size by Country
8.3.7.1 Russia
8.3.7.2 Bulgaria
8.3.7.3 The Czech Republic
8.3.7.4 Hungary
8.3.7.5 Poland
8.3.7.6 Romania
8.3.7.7 Rest of Eastern Europe
8.4. Western Europe Industrial Truck Market
8.4.1 Key Market Trends, Growth Factors and Opportunities
8.4.2 Top Key Companies
8.4.3 Historic and Forecasted Market Size by Segments
8.4.4 Historic and Forecasted Market Size By Product Type
8.4.4.1 Warehouse Pedestrian Rider Counterbalance
8.4.5 Historic and Forecasted Market Size By Fuel Type
8.4.5.1 Diesel Gasoline & LPG/CNG Electric/Hybrid
8.4.6 Historic and Forecasted Market Size By End User
8.4.6.1 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
8.4.7 Historic and Forecast Market Size by Country
8.4.7.1 Germany
8.4.7.2 UK
8.4.7.3 France
8.4.7.4 The Netherlands
8.4.7.5 Italy
8.4.7.6 Spain
8.4.7.7 Rest of Western Europe
8.5. Asia Pacific Industrial Truck Market
8.5.1 Key Market Trends, Growth Factors and Opportunities
8.5.2 Top Key Companies
8.5.3 Historic and Forecasted Market Size by Segments
8.5.4 Historic and Forecasted Market Size By Product Type
8.5.4.1 Warehouse Pedestrian Rider Counterbalance
8.5.5 Historic and Forecasted Market Size By Fuel Type
8.5.5.1 Diesel Gasoline & LPG/CNG Electric/Hybrid
8.5.6 Historic and Forecasted Market Size By End User
8.5.6.1 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
8.5.7 Historic and Forecast Market Size by Country
8.5.7.1 China
8.5.7.2 India
8.5.7.3 Japan
8.5.7.4 South Korea
8.5.7.5 Malaysia
8.5.7.6 Thailand
8.5.7.7 Vietnam
8.5.7.8 The Philippines
8.5.7.9 Australia
8.5.7.10 New Zealand
8.5.7.11 Rest of APAC
8.6. Middle East & Africa Industrial Truck Market
8.6.1 Key Market Trends, Growth Factors and Opportunities
8.6.2 Top Key Companies
8.6.3 Historic and Forecasted Market Size by Segments
8.6.4 Historic and Forecasted Market Size By Product Type
8.6.4.1 Warehouse Pedestrian Rider Counterbalance
8.6.5 Historic and Forecasted Market Size By Fuel Type
8.6.5.1 Diesel Gasoline & LPG/CNG Electric/Hybrid
8.6.6 Historic and Forecasted Market Size By End User
8.6.6.1 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
8.6.7 Historic and Forecast Market Size by Country
8.6.7.1 Turkiye
8.6.7.2 Bahrain
8.6.7.3 Kuwait
8.6.7.4 Saudi Arabia
8.6.7.5 Qatar
8.6.7.6 UAE
8.6.7.7 Israel
8.6.7.8 South Africa
8.7. South America Industrial Truck Market
8.7.1 Key Market Trends, Growth Factors and Opportunities
8.7.2 Top Key Companies
8.7.3 Historic and Forecasted Market Size by Segments
8.7.4 Historic and Forecasted Market Size By Product Type
8.7.4.1 Warehouse Pedestrian Rider Counterbalance
8.7.5 Historic and Forecasted Market Size By Fuel Type
8.7.5.1 Diesel Gasoline & LPG/CNG Electric/Hybrid
8.7.6 Historic and Forecasted Market Size By End User
8.7.6.1 Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries
8.7.7 Historic and Forecast Market Size by Country
8.7.7.1 Brazil
8.7.7.2 Argentina
8.7.7.3 Rest of SA
Chapter 9 Analyst Viewpoint and Conclusion
9.1 Recommendations and Concluding Analysis
9.2 Potential Market Strategies
Chapter 10 Research Methodology
10.1 Research Process
10.2 Primary Research
10.3 Secondary Research
Q1: What would be the forecast period in the Industrial Truck Market: research report?
A1: The forecast period in the Industrial Truck Market research report is 2024-2032.
Q2: Who are the key players in the Industrial Truck Market?
A2: Anhui Heli Co., Ltd. (China), BYD Company Ltd. (China), Clark Material Handling Company (United States), Crown Equipment Corporation (United States), Doosan Corporation Industrial Vehicle (South Korea), Hyster-Yale Materials Handling, Inc. (United States), Jungheinrich AG (Germany), KION Group AG (Germany), Komatsu Ltd. (Japan), Lonking Holdings Limited (China), Mitsubishi Logisnext Co., Ltd. (Japan), Toyota Industries Corporation (Japan), UniCarriers Corporation (Japan), Volvo Group (Sweden), Zhejiang Hangcha Group Co., Ltd. (China), Other Active Players.
Q3: What are the segments of the Industrial Truck Market?
A3: The Industrial Truck Market: is segmented into Product Type, Fuel Type, End User, and region. By Product Type, the market is categorized into Warehouse Pedestrian Rider Counterbalance4. BY Fuel type, the market is categorized into Diesel Gasoline & LPG/CNG Electric/Hybrid. By End User, the market is categorized into Retail & Wholesale Transportation & Logistics Automotive & Electrical Engineering Food Industry Other Industries (Chemical, Timber, and Paper and Print Industry). By region, it is analyzed across North America (U.S., Canada, Mexico), Eastern Europe (Russia, Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe), Western Europe (Germany, UK, France, The Netherlands, Italy, Russia, Spain, Rest of Western Europe), Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New-Zealand, Rest of APAC), Middle East & Africa (Turkiye, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa), South America (Brazil, Argentina, Rest of SA).
Q4: What is the Industrial Truck Market?
A4: The Industrial truck market summarizes the manufactured, sold and utilized powered industrial vehicles for material handling in large industries including manufacture, logistics, construction, and retail. Forklifts, pallet jacks, and tow tractors are some of the few instruments that are used to increase output, reduce monotonous tasks, and avert risks in numerous industrial applications.
Q5: How big is the Industrial Truck Market?
A5: Industrial Truck Market: Size Was Valued at USD 63.99 Billion in 2023, and is Projected to Reach USD 102.29 Billion by 2032, Growing at a CAGR of 5.35 % From 2024-2032.
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