Industrial Truck Market: Global Industry Analysis 2013-2017 and Opportunity Assessment 2018-2028


Future Market Insights

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The dynamics of the global industrial truck market have undergone rapid changes over the past decade. Technological upgrades in the field of automotive manufacturing have led to the development of improved industrial trucks. Furthermore, the quest of industries to attain greater agility and control over their operations has also led to increased sale of industrial trucks. Considering the factors mentioned above, it is legit to expect that the global industrial truck market would accumulate voluminous revenues in the years to follow.

  • The demand for inter-industry trucks is expected to supersede the demand for intra-industry trucks. The popularity of the former owes to the growing need for transporting goods to other industries for several purposes such as processing, overhauling, and fine-tuning.
  • The development of lithium ion batteries for industrial trucks by a German joint-venture could cause a demand-uptick within the market. BMZ Holding GmbH and Kion Group AG have collaborated for this joint venture.
  • A partnership agreement between Volvo and Nvidia to manufacture self-driving commercial and industrial trucks has also given an impetus to the growth of the global industrial truck market.

The needs for improved transport and logistics is felt across industries of all types and sizes. Furthermore, several industrial units are deploying innovative internal functioning archetypes to improve industrial efficiency. This has necessitated the deployment of intra-industry trucks that can reduce manual labour.  The market players within the global industrial truck market are expected to focus on increasing the agility of their trucks. The strategies of the market vendors shall play a key role in defining the growth graph of the global industrial truck market.

Industrial trucks are used to move materials from one place to another in an industry. Other than being able to move materials anywhere in the industry, industrial trucks also facilitate vertical movement for lifting capabilities, if required. Non-lift modern trucks are utilized broadly for carrying and moving loads. Other power industrial trucks, on the other hand, are provided with mechanisms, which are mostly hydraulic in nature, for lifting loads. Forklift trucks are furnished with a fork-like system towards the front end, which allows trucks to pick up loads through pallets to elevate the load to the desired height and transport it to the desired location with maximum flexibility in the industrial complex. Most industrial trucks permit deposition of loads with mechanized pickup, removing manual work in lifting as well as transporting. The Industrial trucks are rated for loads at a specified maximum weight and a specified forward centre of gravity.

Industrial Truck Market:Market Dynamics

The main factor behind the growth of the industrial truck market is the growing use of high capacity equipment in industries, rising awareness among people regarding the need to use better technology equipment for better results. Other factors promoting the growth of the industrial truck market are increasing need for for high yield and production, scarcity of labour and increasing focus on accuracy for enhancing yield and productivity. That apart, industrial trucks have become an integral component of the manufacturing industry, mining industry, railway and shipping industry and hence, the growth of these industries will also contribute towards the growth of the global industrial truck market.

However, the high price of industrial trucks and a general lack of awareness amongst people can act as a restraint to the growth of the global industrial truck market. However, the current trend to use better technology and equipment to get better results will increase the demand for industrial trucks during the forecast period.

Industrial Truck Market:Market Segmentation

On the basis of power used, the Industrial Truck Market can be segmentedas follows:

  • Fuel operated

    • Diesel

    • Gasoline

    • Liquefied Petroleum Gas or LPG

  • Electric operated

On the basis of end-use industry, the Industrial Truck Market can be segmentedas follows:

  • Construction industry

  • Manufacturing industry

  • Aviation industry

  • Transportation and shipping industry

  • Others

On the basis of the movement, the Industrial Truck Market can be segmentedas follows:

  • Pallet truck

  • Tractor

  • Lifting truck

  • Forklift truck

  • Others

Industrial Truck Market: Regional Outlook

Europe holds a major share in the global industrial truck market. It is followed by Asia-Pacific, North America and Latin America. Europe and North America are projected to be major consumers owing to the extensive applications of industrial trucks in the manufacturing and construction industry. With increasing country integration or globalisation, which is evident from the increase in international trade and inbound-outbound FDI, positive growth in one economy leads to positive growth in correlated economies. Increase in industrial production in countries, such as China, India and Germany and strong growth purchase manager index numbers from Australia, China and UK will influence the growth of end-user industries in Asia Pacific, which in turn, will influence the demand for industrial trucks in the region during the forecast period. Rest of the world is estimated to account for a relatively small share of the industrial truck market.

Industrial Truck Market: Market Participants

Some of the examples of the market participants operating across the value chain of the global Industrial Truck Market are:

  • Caterpillar

  • Crown Equipment Corporation

  • Hyster-Yale Materials Handling, Inc.

  • Jungheinrich AG



  • UniCarriers Americas Corporation

  • Komatsu Utility Co.

  • Clark Material Handling Company

  • Anhui Forklift Group

  • Lonking Forklift Company, Ltd

  • Doosan Infracore

  • Hytsu Group

  • Combilift


  • HUBTEX Maschinenbau GmbH & Co. KG

  • Paletrans Equipamentos Ltda

  • Hyundai Heavy Industries


MRR.BIZ has been compiled in-depth market research data in the report after exhaustive primary and secondary research. Our team of able, experienced in-house analysts has collated the information through personal interviews and study of industry databases, journals, and reputable paid sources.

The report provides the following information:

  • Tailwinds and headwinds molding the market’s trajectory
  • Market segments based on products, technology, and applications
  • Prospects of each segment
  • Overall current and possible future size of the market
  • Growth pace of the market
  • Competitive landscape and key players’ strategies

The main aim of the report is to:

  • Enable key stakeholder’s in the market bet right on it
  • Understand the opportunities and pitfalls awaiting them
  • Assess the overall growth scope in the near term
  • Strategize effectively with respect to production and distribution

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