Analysis of Industrial Trucks market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
The global industrial trucks market is fragmented and is slated to grow at a value CAGR of 6% over the forecast period (2020-2030).
Industrial trucks are utilized to transport material within factories or warehouse premises. Unfortunately, the COVID-19 pandemic has hugely affected the survival of micro, small, and large-scale manufacturing operations, resulting in reduced sales of industrial trucks.
According to Fact.MR’s research, the market is set to lose sales worth two-lakh units by the end of 2020 as compared to 2019. However, speedy resumption of manufacturing activity is foreseen to spike sales of industrial trucks to the tune of US$ 37 Bn by the end of 2030.
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Counterbalanced lift trucks will stay in the vanguard by contributing 20% of global revenue. These trucks are mainly utilized in every industry vertical to lift heavyweights. Most micro industries and smaller firms are still utilizing manual industrial trucks for lifting weights because of their significantly lower price.
In addition, large enterprises are rapidly adopting automated technologies to reduce their workforce and increase their productivity. Moreover, automated guided vehicle are being utilized in industries to reduce utility cost and increase workplace safety. As a result, the automated guided vehicles (AGV) segment is projected to grow at a stellar CAGR of 15%. Value pool for this segment is pegged at a staggering US$ ~4 Bn through 2030.
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Electric trucks will foray aggressively in the market and are estimated to grow at a CAGR of 9% through the forecast time frame. Over the last few years, the deployment of electric vehicles has been growing rapidly, particularly for industrial trucks. Also, a seismic shift has been witnessed among end-users towards electric trucks owing to their multiple benefits such as smooth and noiseless operation, lower maintenance and reduced emissions.
However, smaller enterprises show divergent preferences with high reliance on IC engines and manual industrial trucks. This is also due to the unaffordability of electric trucks.
Europe holds the largest share in the global industrial trucks market followed by North America and the Asia Pacific. Owing to the extensive utilization of industrial trucks in the manufacturing and construction industry, Europe & East Asia contribute around 60% to the global revenue.
Further, the East Asian industrial trucks market is estimated to grow two-fold through the forecast period. This is attributed to a boom in the construction industry and accelerated demand for luxury vehicles and ramped up production.
Globally, various governments are joining hands to stop the further spread of the virus. Countries such as the United States, India, South Korea, Germany, Italy, and Japan are the worst affected among the major industrial trucks consumers. Today, the COVID-19 outbreak has exposed several challenges within the industrial trucks market as well as related product companies.
However, close to 40% of the world’s industrial trucks supply is connected to Europe. In the first quarter of 2020, the industrial trucks sales in European countries plunged by 25%, directly affecting global revenue. According to Fact.MR research, going by the optimistic scenario, the industrial trucks market will experience a V-shaped recovery curve in Asian, European, and American countries.
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“Due to the COVID-19 effect, shortfalls on the demand side are compelling factories to cease their operations. As a result, industrial trucks sales volume is expected to decline in the coming 3-4 months, curtailing the earnings of industrial trucks manufacturers during that time.”
The recent global industrial trucks market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities and threats to the expansion of the global industrial trucks market. A detailed segmental analysis, based on product, power source, capacity, and end use, has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution and market value analysis provides an in-depth perspective about the future scope of the global industrial trucks market. In addition, a separate section on market structure has also been provided. The section provides a detailed analysis of key market players and the strategies for expansion in the industrial trucks market.
Fact.MR’s study on the industrial truck market offers information divided into four important segments - product, power source, capacity, end-use, and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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The global industrial trucks market is slated to grow at a value CAGR of 6% over the forecast period.
Sales of industrial trucks is expected valued at US$ 37 Bn by the end of 2030.
Counterbalanced lift trucks will stay in the vanguard by contributing 20% of global revenue.
Europe holds the largest share in the global industrial trucks market followed by North America and the Asia Pacific.
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