What Has Been The Evolution of the Industrial Truck Market in Recent Years?
The industrial truck market has seen considerable growth due to a variety of factors.
• The market size of the industrial truck has seen consistent expansion in the past few years. A rise from $25.57 billion in 2024 to $26.68 billion in 2025, with a compound annual growth rate (CAGR) of 4.3%, is estimated. The driving forces behind the growth during the historical phase include the demand across various industries, the spike in industrialization and manufacturing, requirements for efficiency and productivity, matters of safety and ergonomics, and the extension of the global supply chain.
How Will the Industrial Truck Template Market?
The Industrial Truck market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to witness robust expansion in the forthcoming years, the market size of industrial trucks is projected to escalate to $33.25 billion by 2029, registering a compound annual growth rate (CAGR) of 5.7%.
This growth during the forecast period is due to improvements in safety and ergonomics, increase in global trade and logistics, integration of robotics and AI, enhancements in efficiency and productivity, and enlargement of manufacturing sectors. The market trends expected to dominate during this phase include a shift towards electric trucks, adoption of automation and autonomous trucks, incorporation of data analytics and telematics, customization and adaptability of operations, and bolstered safety features.
Which Factors Are Boosting Growth In The Industrial Truck Market?
The exponential expansion of the e-commerce sector is predicted to drive the growth of the industrial truck market in the future. This sector is characterized by the online trading of goods. The most crucial elements of e-commerce are the transportation of products and warehousing. With the ongoing expansion of the e-commerce sector, the need for specialized warehousing equipment like forklifts and trained personnel such as forklift operators is on the rise. For instance, the US Department of Commerce, a federal government executive department fostering commercial opportunities, reported that e-commerce grew by 10.8% in the third quarter of 2022 compared to the corresponding period in 2021, and retail sales increased by 9.1%. 2022's total e-commerce sales were estimated to be $251.7 billion. Therefore, the booming e-commerce sector is stimulating the expansion of the industrial truck market.
What Key Areas Define The Segmentation Of The Global Industrial Truck Market?
The industrial truck market covered in this report is segmented –
1) By Type: Pallet Truck, Lifting Truck, Forklift Truck, Platform Truck, Other Types
2) By Power: Fuel Operated, Electric Operated
3) By Application: Mining Application, Logistics Application, Construction Application, Other Applications
4) By End-Use Industry: Aviation Industry, Construction Industry, Manufacturing Industry, Transport And Shipping Industry
Subsegments:
1) By Pallet Truck: Manual Pallet Truck, Electric Pallet Truck
2) By Lifting Truck: Electric Lifting Truck, Manual Lifting Truck
3) By Forklift Truck: Counterbalance Forklift, Reach Truck, Order Picker, Stackers
4) By Platform Truck, Manual Platform Truck, Electric Platform Truck
5) By Other Types: Tow Tractor, Aerial Work Platform, Side Loader, Rough Terrain Forklift
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How Are Emerging Trends Reshaping The Dynamics Of The Industrial Truck Market?
The emergence of product innovations is a prevailing trend in the industrial trucks market that is being observed. In order to maintain their market standing, top-tier companies are unveiling cutting-edge products. To illustrate, Hyster-Yale Materials Handling, Inc., an American firm that designs and produces lift trucks, introduced their new A Series lift trucks in May 2022. These newly launched trucks have been designed with the inclusion of A+Logic, a selection of features that allow the truck to be customized according to requirements. Not only are these trucks remarkably customizable, but they also boast an unrivaled fuel efficiency and are equipped with sturdy components.
Who Are the Key Players In The Industrial Truck Market?
Major companies operating in the industrial truck market include:
• Combilift Material Handling Solutions
• Doosan Corporation
• Crown Controls Corp.
• Caterpillar Inc
• Kion Group AG
• Toyoda Automatic Loom Works Ltd.
• 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.
• Sumitomo Corporation
• Toshiba Corporation
• Hitachi Ltd.
What Is The Most Dominant Region In The Industrial Truck Market?
Asia-Pacific was the largest region in the industrial truck market share in 2024. The regions covered in the industrial truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
