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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