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Industrial Trucks Market Size

Report ID: GMI9370
Published Date: May 2024
Report Format: PDF

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Industrial Trucks Market Size

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.

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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.

Industrial Trucks Market Report Attributes
Report Attribute	Details
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:	Growing demand for e-commerce and warehousing across the globe Increasing automation and industry 4.0 adoption Expansion of manufacturing and construction sectors Labor shortages and workforce challenges in developed countries
Pitfalls & Challenges:	High maintenance costs of industrial trucks Supply chain disruptions

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of industrial trucks was reached USD 27.1 billion in 2023 and will register over 5.5% CAGR between 2024 and 2032, driven by the rise of e-commerce across the world.

The ICE propulsion segment accounted for over 60% share of the industrial trucks market in 2023 and is expected to exceed USD 26 billion by 2032, as ICE trucks are far less expensive to acquire than electric trucks.

Asia Pacific industrial trucks market held 40% revenue share in 2023 and will grow rapidly up to 2032, owing to fast industrialization.

Anhui Heli Co., Ltd., BYD Company Limited, Crown Equipment Corporation, Doosan Corporation Industrial Vehicle, Hyster-Yale Materials Handling, Inc., Hyundai Heavy Industries Co., Ltd, Jungheinrich AG, KION Group AG, and Komatsu Ltd among others.