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Industrial Trucks Market Trends

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

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Industrial Trucks Market Trends

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.

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.