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Industrial Trucks Market was valued at USD 27.1 billion in 2023 and is estimated to register a CAGR of over 5.5% between 2024 and 2032. The rise of e-commerce across the world is fueling the adoption of industrial trucks. As e-commerce depends on prompt & dependable delivery, warehouses require sophisticated systems for picking, packing, and shipping items quickly. Industrial vehicles play an important part in unloading arriving shipments, storing goods in specified areas, retrieving things for order fulfillment, and loading outgoing orders for delivery.
In April 2024, the government of India published a report on “E-Commerce Boom in India”. It stated that the future of e-commerce in India is promising, with projections indicating annual growth rates of 18% through 2025. India's internet economy is experiencing exponential growth, anticipated to reach USD 1 trillion by 2030. This growth presents extensive opportunities for both businesses and consumers, with e-commerce leading the way, projected to achieve a market size of USD 325 billion by 2030.This demonstrates the overall rise in e-commerce, which in turn, would fuel the market growth.
Report Attribute | Details |
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Base Year: | 2023 |
Industrial Trucks Market Size in 2023: | USD 27.1 Billion |
Forecast Period: | 2024-2032 |
Forecast Period 2024-2032 CAGR: | 5.5% |
2032 Value Projection: | USD 45 Billion |
Historical Data for: | 2021-2023 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 350 |
Segments covered: | Type, Propulsion, Operator type, End-user Industry |
Growth Drivers: |
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Pitfalls & Challenges: |
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The high maintenance costs of industrial trucks pose major challenges to the industrial trucks market, potentially slowing down growth. Regular maintenance is essential for keeping industrial trucks safe, dependable, and compliant with laws. However, the cost of components, specialist personnel, and downtime during repairs can considerably increase a company's operating costs. This may be a hurdle, particularly for smaller organizations, perhaps causing them to postpone or skip necessary maintenance.
The industrial trucks industry is witnessing significant advancements in automation, robotics, and AI. Automated Guided Vehicles (AGVs) and Autonomous Mobile Robots (AMRs) operate autonomously in warehouses and factories, following predefined pathways or adapting to their surroundings via sensors. They can perform monotonous tasks, such as carrying supplies, freeing up human workers for more complicated duties and increasing the overall productivity.
Automation using AI and robots enables optimal warehouse layouts, increased picking & sorting accuracy, and faster reaction times to order fulfilment requirements. This leads to a huge increase in the overall warehousing and industrial productivity. The industrial and logistics sectors are experiencing an increasing labor shortage. Automation using industrial vehicles outfitted with AI and robots can bridge this gap by automating repetitive jobs, allowing firms to maximize their personnel and stay competitive.
Based on propulsion, the ICE segment accounted for a market share of over 60% in 2023 and is expected to exceed USD 26 billion by 2032. ICE trucks, which are normally fueled by diesel or gasoline, are far less expensive to acquire than electric trucks. This is an important factor for budget-conscious firms, where upfront costs are vital. The infrastructure for fueling ICE trucks with easily accessible diesel or gasoline is extensively developed worldwide. ICE trucks are available in a greater range of types and sizes to meet a variety of industrial requirements. They can also carry bigger loads and operate for longer periods of time on a single tank of fuel than electric trucks, which may have restrictions due to battery size.
Based on the end-user industry, the manufacturing segment held approximately 26% share of the industrial trucks market in 2023. Manufacturing facilities require a continuous flow of raw materials, work-in-process items, and final products. Industrial trucks, such as pallet jacks and reach trucks, are used to unload incoming materials from trucks & containers, move materials around the production floor between different workstations, feed materials into production lines, and transport finished products to warehouses or shipping areas.
Asia Pacific region dominated about 40% share of the industrial trucks market in 2023. The region is a manufacturing powerhouse, with China, India, and Japan leading the way. This fast industrialization augments the demand for industrial vehicles to transport goods in industries and building sites. Furthermore, Asia Pacific is experiencing a boom in e-commerce, along with worldwide trends. This requires effective warehouse operations and material handling solutions, boosting the demand for trucks and other machinery in warehouses and distribution centers.
The U.S. is at the forefront of technological advancements. Manufacturing and logistics industries are rapidly embracing automation solutions, such as Automated Guided Vehicles (AGVs) and industrial trucks, integrated with AI and robotics. This trend is generating demand for modern industrial trucks in the country. In addition, the U.S. has a large network of existing and emerging enterprises in a variety of industries. This indicates a large client base willing to invest in industrial vehicles to boost their material handling operations.
European countries including France, Germany, the UK, and the Netherlands are witnessing significant growth in the industrial trucks market. Labor shortages and the ongoing search for efficiency are spurring businesses toward automation solutions across Europe. This comprises industrial vehicles with various levels of automation, such as AGVs, which can navigate warehouses independently. Furthermore, to address climate change, European countries are putting in place stronger emission laws, promoting the development of electric industrial trucks as they produce fewer emissions than traditional fuel-powered vehicles.
With a vision to become a global leader in innovation and technology, the UAE places emphasis on adopting automation and digitalization in industrial operations. This includes the deployment of advanced industrial trucks equipped with automation features, IoT connectivity, and robotics to improve efficiency and productivity. Also, the UAE is committed to sustainability and environmental conservation, evident through initiatives like the UAE Vision 2021 and Dubai Clean Energy Strategy 2050. As part of these efforts, there's growing interest in electric and alternative fuel-powered industrial trucks to reduce carbon emissions and enhance environmental sustainability.
Toyota Industries Corporation and Jungheinrich hold a significant market share in the industrial trucks business. Toyota invests heavily in research and development to innovate and develop new technologies for its industrial trucks. This includes advancements in automation, electrification, connectivity, and safety features to meet the evolving needs of customers and stay ahead of competitors
Jungheinrich provides comprehensive intralogistics solutions beyond just industrial trucks, including warehouse management systems, automation technologies, and consulting services. By offering integrated solutions for material flow optimization, Jungheinrich adds value to its customers' operations and differentiate itself in the market.
Major players operating in the industrial trucks industry are:
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Market, By Type
Market, By Propulsion
Market, By Operator Type
Market, By End-user Industry
The above information is provided for the following regions and countries: