Rockville, MD, Sept. 12, 2024 (GLOBE NEWSWIRE) -- As per a new study released by Fact.MR, a leading market research and competitive intelligence provider, the global industrial truck market is projected to reach a value of US$ 29.96 billion in 2024 and advance at a CAGR of 22.3% from 2024 to 2034.
Constant growth of the e-Commerce industry, rapid advancements in factory automation, and ongoing improvements in supply chain logistics are significantly boosting global demand for industrial vehicles. Industrial trucks have become crucial tools across various sectors as companies strive for higher production and efficiency.
Market expansion is particularly being fueled by the rise of mega-warehouses and distribution centers designed to support online retail. Concurrently, emerging economies are also experiencing increased adoption of these vehicles due to their expanding industrial and logistical sectors. Technological innovations are further driving demand, with electric and autonomous industrial trucks gaining popularity among businesses focused on environmental sustainability and operational efficiency. These smart vehicles, equipped with sensors and artificial intelligence, are revolutionizing material handling processes.
Economic recovery following the COVID-19 pandemic has been driving investments in manufacturing and infrastructure, further increasing the need for industrial trucks. As industries worldwide continue to modernize and expand, these versatile machines are solidifying their role as vital components in the modern industrial landscape.
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Key Takeaways from Market Study:
- The global industrial truck market is forecasted to reach US$ 223.66 billion by the end of 2034.
- The South Korea market is forecasted to expand at a CAGR of 18.8% from 2024 to 2034.
- The market in North America is projected to expand at a CAGR of 22.5% through 2034.
- East Asia is evaluated to hold a global market share of 39.3% by 2034.
- The United States is projected to occupy a share of 88.6% in North America by 2034. The market has been analyzed to reach a valuation of US$ 52.31 billion by the end of 2034.
- Based on power source, the electric segment is evaluated to expand at a CAGR of 22.3% and hold a market share of 71.3% by 2034.
“Industrial trucks are being used in drug manufacturing and distribution centers for careful handling of sensitive materials. This is a key trend benefitting manufacturers in several parts of the world,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Industrial Truck Market:
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.
AI-Driven Systems and Autonomous Guided Vehicles Enhancing Material Handling Efficiency and Safety:
Artificial intelligence-driven systems and autonomous guided vehicles (AGVs) are two examples of advanced automation technologies that significantly improve material handling processes' efficiency and safety. Trucks that run on electricity or hydrogen fuel cells are becoming more and more popular because they provide environmentally acceptable options that comply with strict environmental laws and business sustainability objectives. In the long term, these renewable energy solutions minimize operating expenses in addition to reducing emissions.
By combining telematics with the Internet of Things (IoT), real-time fleet management and predictive maintenance become feasible, minimizing downtime and enhancing vehicle utilization. Ergonomic designs and advanced safety features such as 360-degree cameras and collision avoidance systems are improving operator comfort and workplace safety.
Modular and flexible truck designs allow companies to quickly adapt to evolving operational needs. These innovations are driving a surge in industrial vehicle demand, fueling market expansion, and transforming logistics and storage as businesses seek to modernize their material handling capabilities.
Industrial Truck Industry News:
- In order to load and unload wooden items at locations in Austria and the Czech Republic, Cargotec Corporation and Pfeifer Holding GmbH, a prominent European timber supplier, reached an agreement in March 2022 for the provision of three medium-sized electric forklift trucks.
- Crown Equipment Corporation debuted its new Wave Work Assist Vehicle in January 2022. It is equipped with the most recent V-Force lithium-ion technology batteries, which provide increased battery efficiency.
- 22 new electric forklift models were introduced by Toyota Material Handling, a division of Toyota Industries Corporation, in January 2022. Four operator compartments and versions with 24V, 36V, and 48V options are part of the enlarged range.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the industrial truck market for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (hand trucks, pallet jacks, walkie stackers, pallet trucks, platform trucks, counterbalanced lift trucks, reach trucks, turret trucks, order pickers, sideloaders, tow tractors, personnel & burden carriers, automatic guided vehicles), power source (electric, conventional, manual), capacity (below 2.5 tons, above 2.5 tons), and end use (logistics, retail, manufacturing), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
Checkout More Related Studies Published by Fact.MR Research:
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Heavy Duty Truck Market: The global heavy duty truck market is evaluated at US$ 194.82 billion in 2024. According to projections by Fact.MR in its latest market study, worldwide sales of heavy-duty trucks are forecasted to increase at a CAGR of 4.6% and reach US$ 305.46 billion by 2034-end.
Lift Trucks Market: The global lift trucks market accounts for a valuation of US$ 48.52 billion in 2022 and is projected to reach US$ 94.56 billion by the end of 2032. This is because worldwide sales of lift trucks are predicted to increase at a noteworthy CAGR of 6.9% from 2022 to 2032.
Forklift Truck Market: The global forklift truck market size is estimated to be valued at US$ 62,252.2 million in 2024. Sales of forklift trucks are expected to incline at a CAGR of 7.5% through 2034. A valuation of US$ 128,303.7 million is anticipated for the forklift truck market by 2034.
Forklift Truck Safety Solution Market: The global forklift truck safety solution market is estimated at US$ 6.65 billion in 2024. Worldwide demand for forklift truck safety solutions is projected to increase at a noteworthy CAGR of 12.9% and reach a market value of US$ 22.37 billion by the end of 2034.
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