Industrial Truck Market Report 2025

The industrial truck market size has grown steadily in recent years. It will grow from $25.57 billion in 2024 to $26.68 billion in 2025 at a compound annual growth rate (CAGR) of 4.3%. 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 $33.25 billion in 2029 at a compound annual growth rate (CAGR) of 5.7%. 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.

The growth of the e-commerce industry is projected to drive the expansion of the industrial truck market in the future. E-commerce refers to the buying and selling of goods over the internet, with product transport and warehousing being critical components. As the e-commerce sector grows, the need for specialized warehousing roles, such as forklift operators and the use of forklifts, also increases. For example, the US Department of Commerce, an executive department of the US federal government focused on creating commerce opportunities, reported that e-commerce grew by 10.8% in the third quarter of 2022 compared to the same period in 2021, while retail sales increased by 9.1%. Total e-commerce sales amounted to $251.7 billion in 2022. Consequently, the expanding e-commerce industry is fueling the growth of the industrial truck market.

The rising adoption of automation is expected to significantly contribute to the growth of the industrial truck market in the coming years. Automation involves using technology to perform tasks with minimal human involvement, thus reducing the need for manual labor across various operations. This encompasses a wide range of technologies and applications, including cybersecurity, process measurement and control, sensors, wireless applications, robotics, expert systems, telemetry, communications, electro-optics, and systems integration. Implementing automation in industrial trucks can help alleviate hazardous job stressors and occupational injuries, enhance productivity and efficiency, and improve manufacturing speed and efficiency. For instance, in October 2023, Cavintek Inc., a US-based company specializing in productivity software and workflow automation, revealed that nearly 80% of company leaders reported increased productivity due to automation and the use of remote workers, while 43% of organizations plan to reduce their workforce by integrating automation technology solutions. Therefore, the growing adoption of automation is driving the industrial truck market.

The expanding construction industry is projected to drive the growth of the industrial trucks market in the future. The construction sector encompasses the building and repair of roads and various service facilities, which are essential components of structures and vital for their functionality. Industrial trucks play a crucial role in this sector by transporting materials, offering maximum flexibility for movement while reducing the need for manual labor in lifting and transporting. For example, in February 2024, Eurostat, a government agency based in Luxembourg, reported that the average annual building production in the EU and the euro area grew by 0.1% and 0.2%, respectively, compared to 2022. Thus, the growth of the construction industry is set to drive the industrial trucks market.

Product innovations are emerging as a significant trend in the industrial trucks market. Leading companies in this sector are launching innovative products to maintain their competitive edge. For example, in May 2022, Hyster-Yale Materials Handling, Inc., a US-based designer and manufacturer of lift trucks, introduced its new A Series lift trucks. These trucks utilize A+Logic, a feature set designed to customize the truck according to specific needs. They are highly configurable, offer industry-leading fuel economy, and are equipped with durable components.

In December 2022, Alta Equipment Group Inc., a US-based manufacturer of industrial equipment, acquired Yale Industrial Trucks Inc. for an undisclosed amount. This acquisition is part of Alta's strategy to improve its capabilities and service offerings in the lift truck and material handling markets. The integration of Yale's expertise and product line is anticipated to enhance Alta's growth and operational efficiency, further strengthening its position in the industry. Yale Industrial Trucks Inc. is a US-based company specializing in the manufacture of industrial trucks.

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.

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. 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.

Industrial trucks are specialized carriers designed for transporting materials within a factory, providing enhanced flexibility for movement across the facility. These trucks utilize mechanized pickup and de-loading processes.

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 industrial trucks market consists of sales of hand trucks, narrow-aisle straddle trucks, turret trucks, and automatic guided vehicles used for assistance in industrial operations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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