Industrial trucks are needed at manufacturing and construction sites due to their high mobility and load carrying capacity
- Consistent advances in technology, worldwide, have led to a boom in manufacturing, construction, transport, and shipping industries. Industrial trucks are equipped with hydraulic systems that enable them to move bigger and heavier machinery and equipment from one place to another in several industries. Some industrial trucks are employed for special movement of goods. For instance, forklift trucks are equipped with fork-like systems at the front-end that enable these trucks to carry and elevate load to a desired height or transport it to the desired location.
- Conveyors or cranes cannot be used to handle large equipment or heavy material in certain parts of industries with limited space. In such limited spaces, industrial trucks can operate with ease and eliminate the need of design and installing cranes or conveyors. Rising demand for industrial trucks in restricted production and manufacturing spaces is majorly attributed to its ability to work in restricted spaces and flexibility.
Key drivers of global industrial truck market
- Worldwide digitalization has led to rapid expansion of the e-commerce sector, which is a key driver of the global economy. Global value chains and supply chains demand considerable investment in building warehouses and logistics. Increasing demand for new warehouses and the need for easy transportation of construction equipment is driving the efficiency of the e-commerce sector. Rise in demand for industrial trucks, which provide a solution to material and equipment handling in a fast and easy way while working independently, is driving the market for industrial trucks.
- Demand and development of electric vehicles is propelling the demand for new manufacturing equipment, which requires expansion of existing manufacturing plants. Lack of space, environmental policies, and high land costs have prompted several plants to outsource the manufacture of parts and equipment to different manufacturers located in various cities and countries. Large capacity and high load carrying vehicles are required to transport such heavy parts and equipment from different locations. This drives the demand for industrial trucks, which offer solution for transportation of heavy parts and equipment.
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Stringent exhaust gas regulations in order to reduce air pollution restricts use of industrial trucks in urban areas
- Global leaders have implemented stringent exhaust gas emission regulations, such as EURO 6, EPA 10, JP09, and BS-VI India, in order to reduce air pollution. For instance, according to study published in European Heart Journal, in 2018, approximately 8.8 million people died due to air pollution. Urban areas have concentrated population due to unavailability of space for infrastructure expansion. Industrial trucks have restricted access to urban areas to reduce exhaust emissions in order to curb air pollution, as they are diesel operated and emit high CO2 emissions. This further restrains the use of diesel operated industrial trucks in urban areas. Industrial trucks need an alternative drive system, such as LNG or CNG operated engines and electrical engines that deliver higher torque, high horse power and emit lesser emissions in order to control air pollution.
Construction industry followed by manufacturing industry to hold favorable market for industrial trucks
- For better livelihood and job opportunities, people migrate to urban areas, thereby increasing urban population and the demand for accommodation and transport. Technological advancements in the last few years have prompted the construction industry to adopt machinery and equipment for material handling such as excavators, tower cranes, loaders, and industrial trucks. Industrial trucks eliminate the need for conveyors & cranes. Moreover, these trucks are fast and efficient.
- Increase in demand for passenger vehicles for transportation is attributed to a rise in urban population. These all factors showcase the growing need for industrial trucks in construction and manufacturing industries, which in turn is driving the market.
Asia Pacific to hold a major share of global industrial truck market
- Increase in the demand for industrial trucks in Asia Pacific can be attributed to continued urbanization indicating boom in the construction industry and increase in the demand for luxury vehicles indicating increased production. Industrial trucks are utilized in industrial and construction sectors in order to handle large equipment, which in turn is boosting the market for industrial trucks.
- Countries in Asia Pacific, such as China and India, are witnessing rise in FDIs in automotive and construction industries, which in turn is estimated to fuel the market in the region during the forecast period
- Owing to economic growth in countries such as Saudi Arabia, Qatar, and the UAE in Middle East and Africa is boosting the construction industry in the region. This indicates a rise in the demand for industrial trucks in the region.
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Key players operating in global industrial truck market:
The industrial truck market is highly concentrated with top manufacturers. A few of the key players operating in the industrial truck market are:
- Combilift Material Handling Solutions
- Doosan Corporation
- Crown Equipment Corporation
- Godrej & Boyce Mfg. Co. Ltd.
- 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.
- Hyundai Heavy Industries Co. Ltd.
Global Industrial Truck Market: Research Scope
Global Industrial Truck Market, by Propulsion System-
Global Industrial Truck Market, by End-use Industry
- Aviation Industry
- Construction Industry
- Manufacturing Industry
- Transport and Shipping Industry
Global Industrial Truck Market, by Type of Movement
- Forklift Truck
- Lifting Truck
- Pallet Truck
Global Industrial Truck Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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The following regional segments are covered comprehensively:
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- Asia Pacific
- Latin America
- The Middle East and Africa
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
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