Industrial Truck Market

Industrial Truck Market Outlook (2024 to 2034)

Worldwide revenue from the industrial truck market is estimated at US$ 29.96 billion in 2024 and has been projected to increase at a CAGR of 22.3% to reach US$ 223.66 billion by the end of 2034.

Industrial trucks are becoming increasingly prevalent globally due to their specialization in transporting goods within factories, construction sites, and other off-road settings. These trucks are designed for enhanced maneuverability in industrial environments, utilizing mechanized loading and unloading to simplify the management of daily operations for industrial workers.

There is a rising trend toward automation in nearly all activities, positively influencing the industrial truck market. Automation involves employing technology to perform tasks with minimal human intervention, thus reducing manual involvement. This encompasses a wide range of technologies and applications, including cybersecurity, process measurement, and control sensors. Integrating automation into industrial trucks enhances safety, alleviates job-related stress and injuries, and boosts productivity and efficiency among industrial workers, thereby expanding the industrial truck market.

• For example, in October 2023, Cavintek Inc., a United States-based firm, reported that nearly 80% of company leaders experienced significant productivity gains due to automation and remote workers. Additionally, 43% of organizations are planning workforce reductions through automation technology, driving demand for automation in industrial trucks.

Industrial trucks come in various types, including electric, conventional, and manual. Electric trucks are gaining traction over conventional ones, as they represent the future of the industry.

Report Attributes	Details
Industrial Truck Market Size (2024E)	US$ 29.96 Billion
Forecasted Market Value (2034F)	US$ 223.66 Billion
Global Market Growth Rate (2024 to 2034)	22.3% CAGR
North America Market Share (2024E)	25.7%
East Asia Market Growth Rate (2024 to 2034)	21.4% CAGR
Electric Truck Segment Share (2034F)	71.3%
Manufacturing Segment Value (2034F)	US$ 41.6 Billion
Key Companies Profiled	Anhui Heli Co., Ltd.; BYD Company Limited; Crown Equipment Corporation; Doosan Corporation; Industrial Vehicle; Hyster-Yale Materials Handling, Inc.; Hyundai Heavy Industries Co., Ltd.; Jungheinrich AG; KION Group AG; Komatsu Ltd.; Mitsubishi Logisnext Co., Ltd.; Toyota Industries Corporation; Doosan Corporation; Godrej & Boyce Mfg. Co. Ltd.; Caterpillar; Clark Material Handling Co. Ltd.; Hangcha Group Co. Ltd.; Lonking Forklift Company Ltd.; EP Equipment Ltd.

What’s Mainly Benefiting Industrial Truck Manufacturers?

“Expansion of e-Commerce Sector and Warehousing Operations”

The e-Commerce sector around the world is seeing substantial growth, backed by rising usage of smartphones and increasing Internet connectivity. Leading global business players, including Amazon and Alibaba, are driving this demand. Additionally, the ease of purchasing and the extensive shopping experience offered to customers are further boosting e-commerce sales. These factors are leading customers to shift from traditional shopping to online shopping.

Demand for warehousing facilities is growing at a significant pace to accommodate the storage and distribution of goods purchased online. This is driving industrial truck market growth, as these trucks play a crucial role in logistics and transportation. With e-commerce businesses aiming to enhance their supply chain networks and operational efficiency, the need for industrial trucks is expected to rise continuously in the coming years. Looking ahead, the anticipated growth in online shopping is likely to result in greater profits for industrial truck manufacturers.

“Rising Demand for Rental and Leased Industrial Trucks”

There has been a growing emphasis on rental and leasing services, with market leaders such as United Rentals and Big Rentz leading the way. New industrial projects often need these industrial trucks and other vehicles at various off-site locations, but buying these vehicles for short-term use can be very costly. As a result, there is an increasing demand for rental and lease vehicles for specific projects. This industrial truck market trend has significantly boosted the profitability of manufacturers, and more suppliers are now reaching out to rental companies to explore potential sales opportunities.

What are the Hindrances to Market Growth?

“High Cost of Industrial Vehicles and Need for Skilled Technicians”

When it comes to industrial projects, costs can sometimes reach billions, and due to these high expenses, contractors often seek to minimize other costs, including repairs on industrial vehicles. This has significantly impacted manufacturers due to the substantial repair and maintenance costs associated with these vehicles. As a result, many contractors choose alternative transportation methods, which is impeding the expansion of the industrial truck market size.

Skilled technicians are typically required to diagnose and repair issues, which further increases operational costs and leads to more contractors avoiding the purchase of industrial vehicles. However, manufacturers are addressing this issue by making industrial vehicles more effective and efficient to reduce maintenance needs.

Country-wise Analysis

With the increase in industrial projects around the world, the market is expected to reach new heights, with the United States, Canada, Japan, and South Korea emerging as major contributors to this growth. Among all these countries, the United States in North America is expected to hold a significant industrial truck market share.

What’s Amplifying Market Opportunities for Manufacturers in the United States?

“Use of Automated Guided Vehicles for Easier Operation and Material Transport”

Attribute	United States
Market Value (2024E)	US$ 7.02 Billion
Growth Rate (2024 to 2034)	22.2% CAGR
Projected Value (2034F)	US$ 52.31 Billion

The United States has always been at the forefront of technological advancements. In the industrial vehicles segment, there is now a trend toward automated guided vehicles, which are making it much easier for industrial workers to operate and transport materials. This trend is increasing the demand for modern industrial trucks in the country. The country has a large network of existing and emerging enterprises across various industries, indicating a substantial client base ready to invest in industrial vehicles. This is further stimulating the demand for industrial trucks nationwide.

Why is There High Need for Industrial Trucks in Japan?

“High Focus on Efficient Logistics in e-Commerce”

Attribute	Japan
Market Value (2024E)	US$ 3.23 Billion
Growth Rate (2024 to 2034)	22.4% CAGR
Projected Value (2034F)	US$ 24.46 Billion

When it comes to the East Asia region, countries like China and India are developing at a significant pace with many industrial projects, creating a significant demand for industrial trucks. This situation presents a strong opportunity for Japan to export trucks and increase its influence in the East Asia region. In addition, the Asia Pacific region is experiencing a surge in e-commerce sales, which is expected to further boost the need for industrial trucks to support efficient logistics.

Category-wise Analysis

The global industrial truck market is segmented based on power source and end-use industry. The primary power sources include electric, conventional (IC engine), and manual. Various types of industrial trucks are utilized across different sectors, depending on these factors.

Why are More Contractors Choosing Electric Industrial Trucks?

“Electric Power Source Offering Environmental Benefits and Cost-Effectiveness”

Attribute	Electric
Segment Value (2024E)	US$ 21.45 Billion
Growth Rate (2024 to 2034)	22.3% CAGR
Projected Value (2034F)	US$ 159.47 Billion

Electric power sources have become a widely used option for industrial trucks in various industrial projects. Contractors are increasingly choosing electric power sources due to their environmental benefits, cost-effectiveness, and operational efficiency. This shift towards electric power sources reflects a broader industry trend toward sustainability and reduced carbon emissions.

Which End-Use Industry Extensively Uses Industrial Trucks for Operations?

“Widespread Use of Industrial Trucks in Retail Sector to Optimize Inventory Management”

Attribute	Retail
Segment Value (2024E)	US$ 15.02 Billion
Growth Rate (2024 to 2034)	20% CAGR
Projected Value (2034F)	US$ 93.13 Billion

Use of industrial trucks in the retail sector is driven by the need to optimize inventory management, enhance order fulfillment processes, and boost overall productivity. As e-commerce continues to grow, the demand for industrial trucks in retail is expected to rise further in the coming years. Consequently, more manufacturers are maintaining contact with retail companies and suppliers to enhance their profit opportunities, making this a notable trend in the market.

Competitive Landscape

Key players in the industrial truck market are forming strategic partnerships, such as agreements, to supply electric forklifts for specialized applications to cater to specific regional demands. Companies are focusing on technological innovation by introducing vehicles equipped with advanced lithium-ion batteries to improve vehicle efficiency and performance.

• In March 2022, Cargotec Corporation entered into an agreement with Pfeifer Holding GmbH, a leading European timber supplier, to provide three medium-sized electric forklift trucks for loading and unloading wooden products at sites in Austria and the Czech Republic.
• In January 2022, Crown Equipment Corporation unveiled its new Wave Work Assist Vehicle, featuring the latest V-Force lithium-ion technology batteries, which offer improved battery efficiency.
• In January 2022, Toyota Material Handling, a subsidiary of Toyota Industries Corporation, launched 22 new electric forklift models. The expanded range includes four operator compartments and models with 24V, 36V, and 48V options.

Fact.MR provides detailed information about the price points of key manufacturers of industrial trucks positioned across the world, sales growth, production capacity, and speculative technological expansion, in this updated market report.

Segmentation of Industrial Truck Market Research

• By Product:

  • Hand Trucks
    • Two-Wheeled Hand Trucks
    • Dolly
    • Floor Hand Trucks
  • Pallet Jacks
    • Manual Pallet Jacks
    • Powered Pallet Jacks
  • Walkie Stackers
    • Manual Walkie Stackers
    • Powered Walkie Stackers
  • Pallet Trucks
  • Platform Trucks
    • Walkie Platform Trucks
    • Rider Platform Trucks
  • Counterbalanced Lift Trucks
    • Sit-Down Counterbalanced Lift Trucks
    • Stand-Up Counterbalanced Lift Trucks
  • Reach Trucks
  • Turret Trucks
    • Operator-Down Turret Trucks
    • Operator-Up Turret Trucks
  • Order Pickers
  • Sideloaders
  • Tow Trucks
  • Personnel and Burden Carriers
  • Automatic Guided Vehicles
    • Tow AGVs
    • Unit Load AGVs
    • Light Load AGVs
    • Fork AGVs

• By Power Source:

  • Electric
  • Conventional (IC Engine)
  • Manual

• By Capacity:

  • Below 2.5 Tons
  • Above 2.5 Tons

• By End Use:

  • Logistics
  • Retail
  • Manufacturing
  • Food & Beverages
  • Automotive
  • Pharmaceuticals
  • Chemical General Manufacturing
  • Aerospace & Defense

• By Region:

  • North America
  • Western Europe
  • Eastern Europe
  • Latin America
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa