Industrial Truck Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Industrial trucks are specialized goods carriers that are designed to carry materials within a factory. It is specially made for extra flexibility in movement across the factory. These trucks use mechanized pickup and de-loading.

Sizing and Forecast
The industrial truck market size has grown steadily in recent years. It will grow from $24.72 billion in 2023 to $25.94 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%.  The  growth in the historic period can be attributed to demand from diverse industries, industrialization and manufacturing growth, efficiency and productivity demands, safety and ergonomics, global supply chain expansion..

The industrial truck market size is expected to see strong growth in the next few years. It will grow to $31.68 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.  The growth in the forecast period can be attributed to safety and ergonomics enhancements, global trade and logistics growth, adoption of robotics and ai, efficiency and productivity improvements, expansion of manufacturing sectors.. Major trends in the forecast period include shift towards electric trucks, automation and autonomous trucks, data analytics and telematics integration, customization and adaptability, enhanced safety features..

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the industrial truck market share in 2023. The regions covered in the industrial truck market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The growth of the e-commerce industry is expected to propel the growth of the industrial truck market going forward. E-commerce refers to the activity of buying and selling goods through the internet. Product transport and warehousing are the most important part of e-commerce. As the e-commerce industry is growing, the demand for proper warehousing specialties such as forklift operators and forklifts also increases. For instance, according to the US Department of Commerce, an executive department of the US federal government creating opportunities in commerce, e-commerce increased by 10.8% in the third quarter of 2022 as compared to the same period in 2021 and retail sales increased by 9.1%. Total e-commerce sales totaled $251.7 billion in 2022. As a result, the growing e-commerce industry is driving the growth of the industrial truck market.

Key Industry Players
In May 2021, Leavitt Machinery, a US-based company of industrial trucks, acquired Provincial Lift Truck Inc. for an undisclosed amount. Through the acquisition, Leavitt Machinery's internal infrastructure and resources are enhanced, allowing for future expansion in Ontario. The partnership with Leavitt Machinery is going to allow Provincial Lift Truck Inc. to better assist clients through technology, offer funds to boost product and personnel investment, and permit continuing expansion within Ontario. Provincial Lift Truck Inc. is a Canada-based company of industrial trucks.

The industrial truck market report table of contents includes:
1. Executive Summary

2. Industrial Truck Market Characteristics

3. Industrial Truck Market Trends And Strategies

4. Industrial Truck Market - Macro Economic Scenario

5. Global Industrial Truck Market Size and Growth

.

31. Global Industrial Truck Market Competitive Benchmarking

32. Global Industrial Truck Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Industrial Truck Market

34. Industrial Truck Market Future Outlook and Potential Analysis

35. Appendix

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