Industrial Truck Market Report 2026

The industrial truck market size has grown steadily in recent years. It will grow from $26.39 billion in 2025 to $27.54 billion in 2026 at a compound annual growth rate (CAGR) of 4.3%. The growth in the historic period can be attributed to growth of manufacturing facilities, expansion of warehouse infrastructure, demand for efficient material handling, industrialization in emerging economies, reliance on fuel operated trucks.

The industrial truck market size is expected to see steady growth in the next few years. It will grow to $33.45 billion in 2030 at a compound annual growth rate (CAGR) of 5%. The growth in the forecast period can be attributed to growth of e commerce logistics, adoption of autonomous material handling, investments in smart factories, stricter emission regulations, rising demand for electric industrial vehicles. Major trends in the forecast period include rising adoption of electric industrial trucks, integration of automation in material handling, growing demand for warehouse optimization, expansion of industrial trucks in logistics, focus on energy efficient material transport.

The increasing adoption of automation is expected to propel the growth of the industrial truck market in the coming years. Automation refers to the use of technology to perform activities with minimal human input, reducing the need for manual involvement across various operations. It encompasses a wide range of technologies, including robotics, sensors, process measurement and control, expert systems, telemetry, wireless applications, electro-optics, cybersecurity, communications, and systems integration. In industrial trucks, automation can reduce exposure to hazardous tasks, minimize occupational injuries, increase productivity and efficiency, and improve overall manufacturing speed. For instance, in October 2023, according to Cavintek Inc., a US-based productivity software and workflow automation company, nearly 80% of business leaders reported increased productivity through automation and the use of remote workers, with 43% of organizations planning workforce reductions via automation technologies. Therefore, the increasing adoption of automation is driving the growth of the industrial truck market.

Major companies in the industrial truck market are focusing on innovative products, such as hydrogen fuel-cell propulsion systems and higher-voltage electric drivetrains, to meet growing demand for rapid refueling, lower operational emissions, and longer runtimes in multi-shift logistics and outdoor yard operations. Hydrogen fuel-cell propulsion systems generate electricity from hydrogen to power electric motors, enabling clean and efficient transportation. For instance, in November 2023, KION Group AG, a Germany-based intralogistics company, launched a 24-volt fuel-cell system for warehouse trucks. The compact system integrates a hydrogen fuel-cell stack with power electronics and a modular interface for existing truck platforms. It provides continuous onboard power, fast refueling compared with battery swap cycles, and reduced downtime, while lowering lifecycle emissions when hydrogen is sourced renewably. Compared with internal-combustion engines, it also reduces local NOx/PM emissions and noise, enhancing operational sustainability.

In March 2024, Hyundai Motor Company, a South Korea-based automotive and mobility technology firm, partnered with Iveco Group N.V. to accelerate electric heavy-duty truck adoption in European markets. This collaboration combines Hyundai’s expertise in electric and fuel-cell vehicle technologies with Iveco’s manufacturing footprint and market presence, enabling the development and deployment of battery-electric and fuel-cell heavy-duty trucks across Europe. Iveco Group N.V. is a Netherlands-based company that designs, manufactures, and distributes heavy, medium, and light-duty trucks, buses, and powertrain solutions globally.

Major companies operating in the industrial truck market report include Combilift Material Handling Solutions, Doosan Corporation, Crown Controls Corp., Caterpillar Inc, Kion Group AG, 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, Toyota Industries Corporation, Manitou Group, Linde Material Handling GmbH.

Asia-Pacific was the largest region in the industrial truck market share in 2025. The regions covered in the industrial truck market report include Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial truck market report include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

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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