Global Industrial Truck Market is anticipated to reach US$ XX Mn by 2026 from US$ XX Mn in 2020 at a CAGR of XX% during the forecast period.
Global Industrial Truck Market Overview
Industrial trucks are equipped with hydraulic systems that allow them to move bigger and heavier machinery and equipment from one place to another in several industries. Industrial truck can operate with ease in limited space were conveyors and cranes cannot be used for handling large machineries, which is expected to boost industrial truck market during the forecast period. Innovations like “connected truck” in the field of research and information technology expect to gain more attention in future. This in turn is expected to accelerate the growth of the industrial truck market across the world. This report provides the detailed information according to region and contribution of all segments to the growth of the industrial truck market.
Global Industrial Truck Market Dynamics
Rapid digitalization in e-commerce sector and supply chain sector is expected to drive the growth of Industrial truck market. These sectors mainly invest in logistic and warehouses, which in return is expanding the industrial truck market across the globe due to easy transport and efficiency. Industries nowadays are facing problems in increasing high yield and production, accuracy, labor scarcity. This in turn is expected to accelerate the growth of the industrial truck market across the world. Apart from that manufacturing industry, mining industry, railway and shipping industry demands for industrial truck due to its fast and easy way of equipment handling, which leads to the growth of industrial truck market in near future. Report also states restraint to the growth of industrial truck market, which is mainly due to the high cost of industrial truck and less awareness among the people from the developing countries.
Global Industrial Truck Market Segmentation
Global Industrial Truck Market, by Propulsion System:
In urban areas, Industrial truck has limited access as they are diesel operated and led to CO2 emissions. Thus, there is need to use alternative drive system, such as LNG or CNG operated engines and electrical engines that bring higher torque, high horse power and emit lesser emissions in order to control air pollution. Therefore, in order to sustain the environment, global leaders have implemented EURO 6, EPA 10, JP09, and BS-VI India, in order to reduce air pollution. Governments of developing countries are providing incentives with programs and schemes for manufacturing of battery electric trucks, which in turn are expected to boost the growth of the electric truck market.
Global Industrial Truck Market, by End-Use Industry:
Increase in technology advancement in construction and manufacturing industry has led these industries to use excavators, tower cranes, loaders, and industrial trucks, as industrial trucks are fast in operation than cranes and conveyors. People and migrant workers are constantly travelling for better livelihood have increased the need of transportation, accommodation and demand for passenger vehicles, which are expected to drive the industrial truck market during the forecast period. To Know About The Research Methodology :- Request Free Sample Report
Global Industrial Truck Market, by Type of Movement:
Forklift trucks are equipped with fork-like systems at the front-end that allow these trucks to carry and elevate load to a desired height or transport it to the desired location. They are mostly used in manufacturing and warehouse industries due to its easy operation and less time requirement. Region wise, Asia Pacific held the maximum share in 2019 due to demand for forklift trucks from developing countries like china, India and Japan. It is also expected to contribute highest CAGR of XX% during the forecast period. Europe on the other hand shares the second highest market of forklift trucks, followed by North America.
Global Industrial Truck Market Regional Analysis
Asia pacific held the largest share in 2019 of industrial truck market and is expected to contribute 56% of growth from industrial truck during the forecast period. Also, due to advancement in technology and industrialization of developing countries like India and china have influenced the industrial truck market to grow in the near future. Increase in demand for transport, accommodation, and use of heavy machineries from construction and manufacturing industries led to the growth of industrial truck market in near future. Europe on the other hand is expected to account more than 35% of the global share in the industrial trucks market. Rising urbanization, improving infrastructure and professional logistic sector is expected to create growth of industrial truck market in Africa region.
Global Industrial Truck Market Scope: Inquire before buying
Global Industrial Truck Market, by Region:
• North America • Asia pacific • Europe • Middle East and Africa • South America
Global Industrial Truck Market: Key Players
• Combilift Material Handling Solutions • Doosan Corporation • Crown Equipment Corporation • Godrej & Boyce Mfg. Co. Ltd. • Caterpillar • Kion Group AG • SANY Group • Toyota Industries Corporation • Mitsubishi Nichiyu Forklift Co. Ltd. • Clark Material Handling Co. Ltd. • Hangcha Group Co. Ltd. • Anhui Heli Co. Ltd. • Hyster-Yale Materials Handling Inc. • Jungheinrich AG • Lonking Forklift Company Ltd. • Komatsu Ltd. • EP Equipment Ltd. • Mitsubishi Logisnext Co., Ltd.
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