Industrial Truck Market size was estimated at USD 28.7 billion in 2024 and is projected to attain USD 61.2 billion in 2037 surging at a CAGR of 6% during the forecast period i.e. 2025 to 2037. In 2025, the industry size of industrial truck is estimated at USD 30.4 billion.
Industrial truck play a significant role as they are designed to shift heavy loads within industrial complexes, such as warehouses, factories, and distribution centers. Industrial truck offer whole range of equipment, such as forklifts, pallet jacks, tow tractors, and platform trucks, with specifications depending on load-carrying capacity, terrain, and maneuverability requirements.
Their design integrates high-tech approaches aimed at optimizing the operational efficiency, safety, and durability of industrial truck. For instance, in April 2024, Daimler India Commercial Vehicles, declared to enter the Indian zero-emission truck market. It has begun a nationwide clinical trial for its eCanter light-duty electric truck, anticipated to go on sale within the next six to twelve months. Moreover, how they affect improving supply chain operations with reduced operational cost is key to evaluating the general impact on industrial productivity.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6% |
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Base Year Market Size (2024) |
USD 28.7 billion |
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Forecast Year Market Size (2037) |
USD 61.2 billion |
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Regional Scope |
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Propulsion (ICE, Electric)
ICE segment is anticipated to account for industrial truck market share of more than 74% by the end of 2037. The segment’s growth is majorly driven by its proven reliability, high load-bearing capacity, and ability to operate in various environments, especially in outdoor and heavy-duty applications. While the pressure for sustainability and increasing adoption of electric alternatives is shifting this industry, ICE is still the go-to choice for most industrial options. For instance, in August 2021, Hangcha Group introduced the new XH series of 2.0t to 3.5t high-voltage electric forklift trucks with lithium-ion batteries. It offers excellent performance as an IC truck, including low cost of ownership, reduced noise level, efficiency, productivity, and zero emissions.
End user (Food & beverage, automotive, Retail & e-commerce, Construction & mining, Manufacturing, Pharmaceuticals, Logistics & warehousing, Others)
In the industrial truck market, manufacturing companies are dominating the end users segment. More automated and electric-powered trucks are being adopted inside manufacturing facilities as companies seek productivity improvements, lower labor costs, and less downtime. For instance, in March 2024, MAN leverages the proficiency of Plus to support the growth of driverless transportation between logistics hubs. This partnership aimed to expedite the deployment of autonomous trucks with the promise of mitigating driver shortages, reducing fatigue accidents, and optimizing transport procedures. The industrial truck market is a significant contributor to the application that supports an automated and efficient environment.
Our in-depth analysis of the industrial truck market includes the following segments:
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Propulsion |
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Operator Type |
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End user |
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Type |
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Asia Pacific Market Statistics
By the end of 2037, Asia Pacific industrial truck market is projected to dominate around 42% revenue share. In addition, the local government's support for smart manufacturing, accompanied by enormous investment in infrastructure, has sped up the trend toward advanced industrial truck, including electric and autonomous vehicles. Labor shortages, coupled with a need to increase productivity, accelerate automation and efficiency.
In India, the pivotal growth drivers for the industrial truck market are the rapidly emerging manufacturing and e-commerce sectors. For instance, in October 2023, it was announced that Amazon partnered with Eicher e-trucks, as its transport service partner to streamline its e-commerce deliveries efficiently in India. Moreover, continuous urbanization and industrialization have transformed the material handling and logistics process into effortless tasks and thus have raised the demand for industrial truck to carry out these activities in an efficient manner reducing more labor work.
The growing interest of China in supply chain modernization and the rapidly expanding nature of the logistics sector are the leading factors in the growth of the industrial truck market. It shows a great need for effective material handling and automation solutions to support the extensive industrial and distribution networks. For instance, in September 2023, FAW TRUCKS trucks were distinguished by their outstanding performance. Furthermore, FAW TRUCKS have had their chassis designs carefully optimized to offer superior handling and suspension, guaranteeing safe driving in a variety of road conditions.
North America Market Analysis
North America is the most rapidly growing region in the industrial truck market, driven by increased investment by leading manufacturers to expand manufacturing facilities and surge efficient operations. For instance, in December 2022, Kion North America, a manufacturer of industrial truck announced an investment of USD 40 million to expand its operations in South Carolina. It aimed to offer a comprehensive range of conventional lift trucks and specialized offerings such as automation, telematics, and fleet management and expand its clientele.
The U.S. industrial truck market has a huge existing and emerging network of companies in various sectors. This is a huge number of clients who are keen on investing in industrial vehicles to improve their material handling processes. For instance, in December 2023, U.S. companies are expanding their electric vehicle fleets, and last year was monumental. An astounding 10,265 electric trucks hit the road in 2023, according to a new EDF analysis of class 2b-8 fleet announcements.
Companies in Canada are optimizing their supply chain for operations efficiency in transportation and logistics solutions. For instance, in September 2024, the biggest food distributor in the country, Sysco, has started utilizing electric tractor trucks, and Freightliner Cascadia trucks to its fleet based in its operations in Victoria. In that area, Sysco provides services to more than 1,500 businesses, including eateries, medical facilities, and educational establishments.
The competitive environment in the industrial truck market is largely driven by the growing demand for automation and diligent logistics solutions, which has made many businesses invest in the creation of electric and driverless industrial truck. The industrial truck market is also impacted by strategic alliances, mergers, and acquisitions that would increase operational capabilities and product offerings. For instance, in June 2023, GM announced an investment worth USD 632 million in its Fort Wayne facility to render funding for new tools, conveyors, and equipment to facilitate its Chevrolet Silverado 1500 and GMC Sierra 1500 trucks.
Here’s the list of some key players of industrial truck market:
Author Credits: Saima Khursheed
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