Industrial Trucks Demand is Growing at a 6% CAGR by 2030; Counterbalanced Lift Trucks to Contribute 20% of Global Revenue

Published April 17, 2023

The industrial truck market is fragmented on a global scale and is predicted to grow at a CAGR of 6% from 2020 to 2030.

Industrial vehicles are used to transport materials inside of factories or warehouses. The COVID-19 outbreak has tragically had a considerable influence on the viability of micro, small, and large-scale manufacturing firms, as evidenced by the decline in industrial vehicle sales.

However, a quick return to manufacturing is predicted to lead to a considerable increase in industrial truck sales, reaching to US$37 billion by the end of 2030.

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Counterbalanced lift trucks will continue to be in the lead with 20% of global sales. In every industry vertical, these trucks are generally utilised to hoist heavyweights. The bulk of micro firms and smaller organisations still use manual industrial trucks to carry weights since they are significantly less expensive.

The research offers a macroeconomic and corporate outlook of the market for industrial trucks. Industry experts make suggestions in this study that will prepare the market’s participants for a better future.

Industrial Trucks Market Analysis by Product

By making up 20% of global sales, counterbalanced lift trucks will continue to lead the way. These trucks are primarily used to lift heavyweights in every industry vertical. Because they are substantially less expensive, manual industrial trucks are still used by the majority of micro enterprises and smaller businesses to lift weights.

Large businesses are also quickly implementing automated technologies to minimise their personnel and boost productivity. Additionally, enterprises are using automated guided vehicles to cut utility costs and improve workplace safety. The automated guided vehicles (AGV) segment is expected to expand at a fantastic CAGR of 15% as a result. The estimated value pool for this sector until 2030 is a startling US$ 4 Bn.

Key Highlights 

  • The study analyses the state of the latest worldwide Industrial Trucks market.
  • The paper investigates the pandemic scenarios that are most likely to have a long-term impact on the sector.
  • The paper examines in great detail how the world market for Industrial Trucks is changing.
  • The research examines how the worldwide Industrial Trucks market is changing, the target markets with the greatest prospects, and emerging trends that could directly or indirectly affect your organisation.
  • The report identifies prospects as well as the main obstacles you may face in the near future.

A thorough analysis of the entire market is made possible by the inclusion of granular segmentation by end-use, category, function, and geographic region in the global Industrial Trucks market report. Similarly, the existing and anticipated expansion of the Industrial Trucks business affects the market share of publications.

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The research also includes profiles of the Industrial Trucks industry’s goods, sales, returns, competitive landscape, market structure, industry drivers, and key business challenges. The study calculates the market’s current growth rate, projected future growth, and the key drivers that will affect that growth in 2022. The research also anticipates sales for the years 2022 to 2032 and calculates the number of product sold from 2015 to 2020.

 Industrial Trucks Market: Segmentation

  • 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
  • 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

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The key business strategies discussed in this market research revolve around-  

  • How key players in the Industrial Trucks market are maintaining their competitive advantage in the wake of globalization?
  • What changing dynamics in the Industrial Trucks industry specify about the future opportunities for manufacturers?
  • How Covid-19 pandemic affected sales in the Industrial Trucks market and what strategies are expected to recover from its impact?
  • What business tactics are gaining attention and influencing Industrial Trucks market rivalry?
  • What is the current Industrial Trucks market share?

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