Industrial Truck Global Market Report 2024

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 expansion observed in the historical period can be attributed to demand from various industries, the growth of industrialization and manufacturing, demands for efficiency and productivity, considerations of safety and ergonomics, and the expansion of the global supply chain.

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 anticipated growth in the forecast period can be attributed to enhancements in safety and ergonomics, the growth of global trade and logistics, the adoption of robotics and AI, improvements in efficiency and productivity, and the expansion of manufacturing sectors. Key trends in the forecast period include a shift towards electric trucks, the integration of automation and autonomous trucks, the incorporation of data analytics and telematics, emphasis on customization and adaptability, and the integration of enhanced safety features.

The industrial truck market is poised to experience growth driven by the expanding e-commerce industry. E-commerce involves buying and selling goods online, with product transport and warehousing being crucial components. The increasing demand for proper warehousing, including the need for forklift operators and forklifts, aligns with the growth of the e-commerce sector. Notably, the US Department of Commerce reported a 10.8% increase in e-commerce during the third quarter of 2022 compared to the same period in 2021, with retail sales rising by 9.1%. Total e-commerce sales reached $251.7 billion in 2022, highlighting the significant impact of the growing e-commerce industry on the industrial truck market.

The adoption of automation is anticipated to drive the industrial truck market's growth in the foreseeable future. Automation involves employing technology to perform tasks with minimal human intervention, spanning various technologies such as robotics, sensors, and wireless applications. In the context of industrial trucks, automation can enhance workplace safety, productivity, and efficiency, particularly in the manufacturing sector. As reported by Cavintek Inc. in October 2023, approximately 80% of company leaders observed increased productivity through automation and the use of remote workers. Furthermore, 43% of organizations plan to reduce their workforce by implementing automation technology solutions, underscoring the role of automation in propelling the industrial truck market.

The growth of the industrial truck market is further fueled by the booming construction industry. Industrial trucks play a pivotal role in transporting materials within the construction sector, offering flexibility and efficiency in material handling tasks. According to Oxford Economics, the global construction industry experienced a growth of 6.6% in 2021, and it is projected to expand by 35% by 2030. This growth trajectory in the construction industry is set to drive the demand for industrial trucks.

Innovation in products stands out as a prominent trend in the industrial truck market, with major companies introducing novel offerings to maintain their market position. In May 2022, Hyster-Yale Materials Handling, Inc., a US-based lift truck designer and manufacturer, launched the A Series lift trucks featuring A+Logic, a set of features for fine-tuning the trucks based on specific needs. These trucks offer high configurability, industry-leading fuel economy, and robust components.

In May 2021, Leavitt Machinery, a US-based industrial truck company, acquired Provincial Lift Truck Inc for an undisclosed amount. This acquisition enhances Leavitt Machinery's internal infrastructure and resources, facilitating future expansion in Ontario. Provincial Lift Truck Inc., a Canada-based industrial truck company, benefits from the partnership by gaining access to technology, financial support for product and personnel investment, and the opportunity for continued expansion within Ontario.

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.

Asia-Pacific was the largest region in the industrial truck market share in 2023. The regions covered in the industrial truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial truck market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of industrial trucks include pallet trucks, lifting trucks, forklift trucks, platform trucks, and others. A pallet truck is specifically designed for transporting pallets used in warehousing goods. These trucks operate on fuel or electricity and serve various applications, including mining, logistics, construction, and more. They find use in diverse industries such as aviation, construction, manufacturing, and transportation and shipping.

The industrial trucks market research report is one of a series of new reports that provides industrial trucks market statistics, including the industrial trucks industry global market size, regional shares, competitors with an industrial trucks market share, detailed industrial trucks market segments, market trends, and opportunities, and any further data you may need to thrive in the industrial trucks industry. This industrial trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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