Industrial Trucks Market Size, Share, Growth, and Industry Analysis, By Type (Gasoline, Diesel, Electric), By Application (Construction Industry, Manufacturing Industry, Transport and Shipping Industry, Others), Regional Insights, and Forecast from 2023 to 2031

Updated On: 13 November 2023

Industrial Trucks Market REPORT OVERVIEW

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global industrial trucks market size was USD 21570 Million in 2022 and market is projected to touch 33443.78 Million by 2031, exhibiting a CAGR of 5% during the forecast period 2022-2031.

Powered industrial vehicles, sometimes known as forklifts or lifting trucks, are used to carry items in a variety of industries. They can be used to lift, hoist, lower, or remove huge things on pallets or a lot of smaller objects in containers, crates, or other containers.

The industrial trucks market continues to grow due to fast increase in construction, manufacturing, transport and shipping industry.

COVID-19 Impact: Interruption in Services to Deplete Market Growth

The pandemic of COVID-19 had a negative impact on the industrial trucks market share. With the closure of industries and warehouses, the requirement for handling materials and managing inventories was completely eliminated. Due to the lockout, major corporations ceased operations in several areas. This had a direct impact on the need for equipment for handling materials. However, the industry's post-pandemic prospects are promising, owing to the anticipated expansion in urbanization, worldwide trade, and the rapid growth of warehouse management solutions that can facilitate material handling and management of warehouses.

LATEST TRENDS

"Technological Improvements to Stimulate Market Development  "

People travel to cities in search of better living conditions and work opportunities, increasing the population in urban areas along with the requirement for housing and transportation. Technological improvements in recent years have encouraged the construction sector to employ material handling technology and equipment such as digging machines, towers cranes, and industrial vehicles. Conveyors and cranes are no longer required with industrial trucks. Furthermore, these trucks are quick and efficient.

Industrial Trucks Market SEGMENTATION

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• By Type

Based on type; the market is divided into gasoline, diesel, electric  

Gasoline is the leading part of the type segment.

• By Application

Based on the application; the market is divided into construction industry, manufacturing industry, transport and shipping industry

Construction industry is the leading part of the application segment.

DRIVING FACTORS

"Rapid Rise in E-Commerce Industries to Aid Market Expansion "

The rapid rise of the e-commerce industry, which is a significant engine of the global economy, has resulted from worldwide digitalization. Global value chains and supply networks necessitate significant investment in warehousing and logistics. The e-commerce sector's efficiency is being driven by increasing demand for new warehousing and the requirement for simple transportation of building equipment. The industrial trucks market growth is being driven by an increase in demand for industrial trucks that can handle materials and equipment quickly and easily while functioning autonomously.

"ICE Segment to Foster Industry Progress "

Because ICE-powered industrial trucks are extremely effective, they are an attractive option for many industries that use them. These vehicles can operate for longer periods of time than electrical industrial vehicles, which must be recharged. Furthermore, they can easily lift and move huge goods, increasing the effectiveness of loading and unloading activities in warehouses, factories, and distribution centers. Their increased power output, quicker acceleration, and increased top speeds all help them to be more efficient in transport and material handling tasks. During the projected period, all of the aforementioned aspects are expected to promote the expansion of the ICE category within the worldwide industrial vehicles market.

RESTRAINING FACTORS

"High Maintenance of the Vehicle to Limit the Market Evolution "

Tow tractors, cranes, and aisle trucks, along with other industrial vehicles, necessitate a substantial amount of technological advancement and research and development (R&D). Manufacturers must invest extensively in R&D activities to increase these vehicles' ability to lift high loads in order to boost productivity while lowering turnaround time. It is critical to keep industrial vehicles like forklifts and aisle trucks from tipping over, sliding sideways, or dropping their loads. Furthermore, industrial vehicles demand regular upkeep in order to function securely. Industrial vehicle owners/operators, for example, must do routine checks and preventative maintenance chores. These periodic inspections should be performed by trained maintenance technicians to maintain an industrial vehicle safe and operational.

Furthermore, one should keep a record of this upkeep as well as any previous repairs. All of the aforementioned tasks come at a great expense. As a result, the high cost of industrial vehicle maintenance and the absence of R&D resources are important factors that are expected to limit prospective opportunities in the industrial vehicle market growth to a certain extent.

Industrial Trucks Market REGIONAL INSIGHTS

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"Cutting-Edge Industrial Infrastructure in Asia Pacific to Support Market Advancement "

Japan, China, South Korea, India, South Korea, together with remaining countries of Asia Pacific make up the Asia Pacific region. This region is the world's largest manufacturer of industrial vehicles that include forklifts, aisle trucks, towing tractors, and so on, and it also contains some of the world's fastest-developing economies, including China and India. Manufacturers and suppliers in China are increasing their investments in automation technologies for efficient operational operations. China's major sectors, such as automotive, production, and aerospace, are likely to assist with the growth of industrial vehicles. Furthermore, cutting-edge industrial infrastructure is luring a slew of new participants into industrial vehicle industry. Japan is well-known for its robotics. Daifuku is a major player in Japanese warehouse automation.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

List of Market Players Profiled

• Crown Equipment (U.S.)
• Hyster-Yale (U.S.)
• Jungheinrich (Germany)
• KION Group (Germany)
• Toyota Industries (Japan)
• Allied Conveyor Systems (U.S.)
• Caterpillar (U.S.)
• Dearborn Mid-West Conveyor (U.S.)
• Dorner Conveyors (U.S.)
• Fives Group (France)
• FlexLink (Sweden)
• FMC Technologies (U.S.)
• Intelligrated (U.S.)
• Interroll (Switzerland)
• Kardex (Switzerland)
• Knapp Logistik Automation (Austria)
• Legris Industries (U.K.)
• Mecalux (Spain)
• Murata Machinery (Japan)
• Nordstrong (U.S.)
• Redler (Isarel)
• RUD (India)
• Shuttleworth (U.S.)
• Swisslog (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.