Industrial Truck Market Analysis

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: