Powered Industrial Trucks Market Growth, Size, Share, Trends, and Forecast 2032

Powered Industrial Trucks Industry Prospective:

The global powered industrial trucks market size was worth around USD 55.23 billion in 2023 and is predicted to grow to around USD 75.28 billion by 2032 with a compound annual growth rate (CAGR) of roughly 3.5% between 2024 and 2032.

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Powered Industrial Trucks Market: Overview

Powered industrial trucks are engine-driven vehicles that are used to handle and move palletized goods inside warehouses and manufacturing facilities (PIT). Occasionally, it's called a lift truck or a forklift. They're required for efficiently carrying and storing items. PITs are designed for certain purposes and are available in a multitude of types. A couple of the most common types include forklifts and pallet jacks. OSHA (Occupational Safety and Health Administration) has established PIT requirements to ensure the equipment operates safely. The powered industrial trucks market is being driven by several factors including technological advancement, the growing electrification of vehicles, the rising e-commerce industry, and many others.

Key Insights

• As per the analysis shared by our research analyst, the global powered industrial trucks market is estimated to grow annually at a CAGR of around 3.5% over the forecast period (2024-2032).
• In terms of revenue, the global powered industrial trucks market size was valued at around USD 55.23 billion in 2023 and is projected to reach USD 75.28 billion, by 2032.
• Rising product launch is expected to drive the powered industrial trucks industry growth over the forecast period.
• Based on the type, the weight: <5 ton segment is expected to grow at the highest CAGR during the projected timeframe.
• Based on the application, the warehousing segment is expected to capture a significant market share over the projected period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Powered Industrial Trucks Market: Growth Drivers

The growing e-commerce industry drives market growth

The powered industrial trucks market is expanding due to the expansion of the e-commerce sector and the increased emphasis on improving worker security and safety in the logistics sector. Furthermore, by adopting such vehicles, the growing number of logistics, e-commerce, and online shopping orders companies are concentrating on boosting operational efficiency. Additionally, the growing customer base, evolving consumer expectations, and shifting purchasing behaviors are all contributing to the market's expansion. Moreover, during the projected period, customers' growing technology knowledge and smartphone use are gaining momentum, and the growing internet penetration is supporting market expansion. In addition, the third-party logistics firms that oversee the warehouses of online retailers are using forklift trucks more frequently for material handling tasks. These elements are supporting the expansion of the market.

Powered Industrial Trucks Market: Restraints

High cost and lack of infrastructure hinder market growth

The raw materials used to make powered industrial trucks include cast iron, aluminum, stainless steel, hardened steel, brass, bronze, and various metal alloys. Because of the lack of availability and inflation, the costs of these raw commodities are rising. The equipment's cost of production goes up as a result. This is the powered industrial trucks industry’s constraining force. Moreover, developing and undeveloped economies' inadequate transportation infrastructure hinders the expansion of their markets.

Powered Industrial Trucks Market: Opportunities

Growing collaboration offers a lucrative opportunity for market growth

The growing collaboration is expected to offer a lucrative opportunity for powered industrial trucks market growth over the forecast period. For instance, in December 2023, Komatsu's 930E electric drive mining truck, the best-selling ultra-class haul truck globally, will get a hydrogen fuel cell power module co-developed by General Motors and Komatsu. Leading hydrogen fuel cell innovator GM and multinational mining and construction equipment maker Komatsu will collaborate to create and validate the technology. Diesel engine-powered applications can be electrified with hydrogen fuel cells since they are lightweight and easy to refill. Without sacrificing the vehicle's ability to carry heavy cargo, hydrogen offers an efficient way to cram a lot of energy inside. Furthermore, with a nominal payload of 320 tons, fuel cells offer a great zero tailpipe emissions solution for trucks with heavy hauling needs, such as the Komatsu 930E mining truck. These vehicles usually spend their entire lives in a single mine, which makes it easier to size and implement an efficient infrastructure for hydrogen refueling the fleet of vehicles.

Powered Industrial Trucks Market: Challenges

High maintenance of vehicles poses a major challenge to market expansion

Industrial vehicles such as cranes, aisle trucks, and tow tractors require a significant amount of research and development (R&D) and technological improvement. To expand these vehicles' lifting capacity and reduce turnaround times, manufacturers will need to make significant investments in research and development. This will increase productivity. Preventing industrial vehicles such as aisle trucks and forklifts from toppling over, slewing to the side, or losing their loads is vital. Moreover, industrial vehicles require routine maintenance to operate safely. For instance, owners and operators of industrial vehicles need to do regular inspections and preventative maintenance tasks. To keep an industrial vehicle safe and functional, skilled maintenance specialists should do these routine inspections.

Powered Industrial Trucks Market: Segmentation

The global powered industrial trucks industry is segmented based on type, application, and region.

Based on the type, the global powered industrial trucks market is bifurcated into weight: <5 tons, weight: 5-10 tons, weight: 10-30 tons, and weight: >30 tons. The weight: <5 ton segment is expected to grow at the highest CAGR during the projected timeframe. For manufacturing companies and warehouses with limited space, these smaller PITs are perfect. Warehouses with narrower aisles and a greater emphasis on space efficiency are becoming more and more common as e-commerce takes off. Furthermore, sub-5-ton alternatives often have cheaper initial purchase and maintenance expenses than bigger PITs. Businesses, particularly smaller ones, seeking affordable material handling solutions will find this appealing. Thus, this is expected to drive the segment expansion.

Based on the application, the global powered industrial trucks industry is bifurcated into warehousing, manufacturing, freight & logistics, and others. The warehousing segment is expected to capture a significant market share over the projected period. Automation is a continuous goal for warehouses to lower expenses and increase efficiency. This covers the usage of automated storage and retrieval systems (ASRS) and automated guided vehicles (AGVs), both of which depend on specialized PITs to operate. Furthermore, warehouses are being forced to invest in PITs to make up for a lack of personnel because of the labor shortage in many regions of the world.

Powered Industrial Trucks Market: Report Scope

Powered Industrial Trucks Market: Regional Analysis

Asia Pacific is expected to dominate the market during the forecast period

The Asia Pacific is expected to capture the largest powered industrial trucks market share over the forecast period. Some of the main factors propelling the growth of the market in the region are the rising demand for powered industrial trucks due to their low manufacturing costs, the quick development of the supply chain network, encouraging government initiatives for their adoption, and the trend of replacing traditional forklift trucks. It is anticipated that by 2030, China will have produced over 80,000 forklifts. Additionally, the growing number of infrastructure development and construction projects in the Asia Pacific area is fostering market expansion. At an estimated cost of US$ 338 million, the Airports Authority of India (AAI) intends to build new airports as well as extend and upgrade several existing airports over the next four to five years.

Besides, North America is expected to hold a prominent powered industrial trucks industry share over the projected period. Because of the expanding need in the warehouse industry as well as other industries like automotive, retail, and others, powered industrial truck sales are rising dramatically in North America. As a result, the growing industry's expansion and the attractive potential prospects it offers for market participants are being driven by the growing need for powered industrial products. This anticipated rise is the fault of significant US players. These companies are making significant investments to replace their outdated fork trucks with modern, state-of-the-art forklift trucks. The use of hydrogen and other alternative energy sources is growing in the global market for powered industrial trucks. Governments across different regions support the growth of the powered industrial vehicle market through a range of incentives and initiatives.

Powered Industrial Trucks Market: Competitive Analysis

The global powered industrial trucks market is dominated by players like:

• Hangcha Group
• KION GROUP AG
• Toyota Industries
• Mitsubishi Logisnext
• Jungheinrich
• Crown Equipment Corporation
• Hyster-Yale Materials Handling
• CLARK
• Konecranes
• Komatsu
• Doosan
• Manitou Group
• Cargotec
• ACE
• Mariotti
• Combilift
• DAIFUKU
• Aichi Corporation
• JBT Corporation
• Svetruck AB
• ALETRANS
• Genkinger
• Anhui Heli Co. Ltd.
• Lonking

The global powered industrial trucks market is segmented as follows:

By Type

• Weight: <5 Ton
• Weight: 5-10 Ton
• Weight: 10-30 Ton
• Weight: >30 Ton

By Application

• Warehousing
• Manufacturing
• Freight and Logistics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa