In order to achieve a worth of US$ 37 billion by 2030, it is projected that the worldwide industrial truck market will exhibit a robust growth rate between 2020 and 2030. According to a Fact.MR study, the coronavirus pandemic has demonstrated to be negative to the short-term prospects of the industrial truck market. The steep decline in industrial production during the crisis and the suspension of certain restricted activity in the automotive sector are two important contributing reasons.
“Growing concerns by business entities towards shortage of labor, and cost-efficiency in boosting productivity, in the mining, manufacturing, shipping, and railway industries are playing key roles in growth of the industrial trucks market during the forecast period,” says the FACT.MR report.
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Key Statistics Supporting the Surge
- Construction and manufacturing sector applications account for larger share of revenue, owing to major investments into mechanization.
- Automated guided vehicles are gaining substantial attention, with compatibility of industry 4.0 practices.
- Asia Pacific is a lucrative market for industrial trucks owing to foreign direct investments into the construction and automotive sectors of the region.
- High maneuverability in constrained industrial spaces, bolsters overall demand for industrial trucks.
- The trend of digitalization and e-commerce activities are major factors supporting market growth.
Market Participants
Doosan Industrial Vehicle Co. Ltd., Raymond Corp., Godrej, Komatsu Ltd., Crown Equipment Corp., Kion Group AG, Toyota Industries Corp., Jungheinrich AG, and Hyster-Yale Materials Handling, Inc. are some of the major players in the industrial truck market.
Industrial truck manufacturers have been extensively invested in product launch and diversification strategies to widen offerings from non-powered to fully automated industrial truck products to meet the needs of myriad end use industries.
For instance, Yale has unveiled its ERP25-30VLL series of forklift trucks which features a fully integrated lithium ion battery solution, bolstering operator cabin space. StreetDrone an UK based autonomus tech company has gained government funding for the development of software and hardware solutions for robotic industrial truck maneuvers in a Sunderland facility. Orange EV has partnered with Firefly Transportation Services for the deployment of a T-Series tandem all-electric terminal truck.
Market Structure
- By Product :
- Hand Truck
- Two-Wheeled Hand Truck
- Dolly
- Floor Hand Truck
- Pallet Jack
- Manual Pallet Jack
- Powered Pallet Jack
- Walkie Stacker
- Manual Walkie Stacker
- Powered Walkie Stacker
- Pallet Truck
- Platform Truck
- Walkie Platform Truck
- Rider Platform Truck
- Counterbalanced Lift Truck
- Sit-Down Counterbalanced Lift Truck
- Stand-Up Counterbalanced Lift Truck
- Reach Truck
- Turret Truck
- Operator-Down Turret Truck
- Operator-Up Turret Truck
- Order Picker
- Sideloader
- Tow Tractor
- Personnel And Burden Carrier
- Automatic Guided Vehicle (AGV)
- Tow AGV
- Unit Load AGV
- Unit Load AGV
- Light Load AGV
- Fork AGV
- Hand Truck
- By Power Source :
- Electric
- Conventional (IC Engine)
- Manual
- By Capacity :
- Below 2.5 Tons
- Below 2.5 Tons
- By End Use :
- Logistics
- Retail
- Manufacturing
- Food & Beverages
- Automotive
- Pharmaceutical
- Chemical General Manufacturing
- Aerospace & Defence
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- MEA
The industrial trucks market report will improve the revenue impact of businesses in various industries by:
- Providing a framework tailored toward understanding the attractiveness quotient of various products/solutions/technologies in the industrial trucks market
- Guiding stakeholders to identify key problem areas pertaining to their consolidation strategies in the global industrial trucks market and offers solutions
- Assessing the impact of changing regulatory dynamics in the regions in which companies are keen on expanding their footprints
- Provides understanding of disruptive technology trends to help businesses make their transitions smoothly
- Helping leading companies make strategy recalibrations ahead of their competitors and peers
- Offers insights into promising synergies for top players aiming to retain their leadership position in the industrial trucks market.
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