Global Industrial Truck Market Poised for Steady Growth Amidst Regional Opportunities and Technological Advancements

The global Industrial Truck Market Size is on a trajectory of consistent growth, with its valuation reaching USD 32.54 billion in 2023 and projected to expand at a CAGR of 3.02%, culminating in approximately USD 40.07 billion by 2030. This growth is fueled by the increasing demand for efficient material handling solutions across various industries, including manufacturing, construction, and logistics. ​

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Competitive Landscape

The industrial truck market is characterized by the presence of several key players who are continually innovating to maintain their competitive edge. Notable companies include Toyota Industries Corporation, KION Group AG, Mitsubishi Logisnext Co., Ltd., Caterpillar Inc., Hyster-Yale Materials Handling, Inc., Komatsu Ltd., Jungheinrich AG, Doosan Corporation, Clark Material Handling Co. Ltd., Hangcha Group Co. Ltd., and Anhui Heli Co., Ltd. ​

Regional Demand Highlights

Asia-Pacific emerged as the dominant region in 2023, accounting for the largest market share, driven by rapid industrialization and infrastructural development in countries like China, India, and Japan. The region is expected to contribute approximately 56% of the market growth during the forecast period. ​

Europe holds the second-largest market share, with a strong emphasis on sustainable and efficient material handling solutions. The region is projected to account for over 35% of the global market share. ​

Country-Specific Insights

Growth Opportunities in Vietnam

Vietnam is taking strides towards sustainable waste management by piloting electric trucks for waste collection in Hue City. This initiative, supported by the United Nations Development Programme and the Japanese government, marks a significant step towards e-mobility in the country. ​

Consolidation Trends in Thailand

Thailand's government has introduced a loan guarantee program for pickup trucks to revitalize its automobile sector, which faced a production low and an 8.8% drop in auto exports. The initiative includes a 5 billion baht ($147.80 million) support package over seven years, aiming to boost pickup truck sales by 6,250 units. ​

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Logistics Growth in Japan

Japan's industrial truck market is projected to grow at a CAGR of 22.4%, reaching a valuation of USD 24.46 billion by 2034. The surge is attributed to the country's focus on efficient logistics in the e-commerce sector, necessitating advanced material handling solutions.

Technological Advancements in South Korea

South Korea is witnessing a noticeable shift towards electric trucks, with 7.6% of domestically produced and sold trucks being all-electric as of 2020. This transition is indicative of the country's commitment to sustainable transportation solutions

Automation Opportunities in Singapore

Singapore's strategic location and advanced infrastructure make it a hub for automation in material handling. The adoption of automated guided vehicles (AGVs) is enhancing operational efficiency in warehouses and distribution centers. ​

Market Expansion in the United States

The United States industrial truck market is projected to grow at a CAGR of 22.2%, reaching USD 52.31 billion by 2034. The growth is driven by the increasing adoption of automated guided vehicles and a robust network of enterprises across various industries. ​

Sustainability Trends in China

China is leading the shift towards liquefied natural gas (LNG)-fueled trucking, with over 108,000 LNG trucks sold in the first half of 2024. This transition is supported by government subsidies and stricter emission standards, contributing to a decline in diesel demand. ​

Innovation Updation in Europe

Europe is experiencing a surge in the adoption of electric trucks, with 7.8% of heavy trucks sold in Norway and 6.5% in Sweden being all-electric in 2024. This trend underscores the region's commitment to sustainable transportation solutions. ​

Key Recent Developments

In May 2022, Hyster-Yale Materials Handling, Inc. introduced its new A Series lift trucks, featuring A+Logic for customizable configurations and improved fuel economy. ​
In December 2022, Alta Equipment Group Inc. acquired Yale Industrial Trucks Inc., enhancing its capabilities in the lift truck and material handling markets
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Market Segmentation: In-Depth Analysis:

by Propulsion System

Gasoline
Diesel
Electric

Because industrial trucks are diesel-powered and emit CO2, their entry is restricted in metropolitan areas. Therefore, in order to limit air pollution, alternative driving systems like electrical engines that provide more torque, horsepower, and less emissions, as well as engines that run on LNG or CNG, must be used.

by End-use Industry

Construction Industry
Manufacturing Industry
Transport and Shipping Industry
Aviation Industry

Increase in technology advancement in construction and manufacturing industry has led these industries to use excavators, tower cranes, loaders, and industrial trucks, as industrial trucks are fast in operation than cranes and conveyors. Traveling frequently in search of a better life has led to a growth in the demand for passenger cars, lodging, and transportation, all of which are anticipated to propel the industrial truck market over the course of the projected period.

by Type of Movement

Forklift Truck
Lifting Truck
Pallet

Forklift trucks can carry and raise loads to a specified height or move them to a desired position because of fork-like devices at the front end of the truck. Because they are simple to operate and require little time, they are primarily utilized in the manufacturing and warehousing sectors.

Due to the need for forklift trucks from growing nations like China, India, and Japan, Asia Pacific had the largest share in 2023. During the projection period, it is also anticipated to contribute the highest CAGR of xx%.

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Market Key Players : In-Depth Analysis:

1. Combilift Material Handling Solutions
2.Doosan Corporation
3. Crown Equipment Corporation
4. Godrej & Boyce Mfg. Co. Ltd.
5. Caterpillar
6. Kion Group AG
7. SANY Group
8. Toyota Industries Corporation
9. Mitsubishi Nichiyu Forklift Co. Ltd.
10. Clark Material Handling Co. Ltd.

Note:

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