The global demand of industrial truck market is anticipated to display a healthy growth rate between 2020 and 2030 to reach a valuation of US$ 37 billion. A study by Fact.MR states that the coronavirus pandemic has proven to be detrimental to the prospects of the industrial trucks market in the short term. Suspension of limited activity in the automotive industry, coupled with the sharp fall in industrial activity during the crisis are key factors that have contributed to the problem.
“Growing concerns by business entities towards shortage of labor, and cost-efficiency in boosting productivity, in the mining, manufacturing, shipping, and railway industries are playing key roles in growth of the industrial trucks market during the forecast period,” says the FACT.MR report.
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Industrial Truck Market- Key Takeaways
- Construction and manufacturing sector applications account for larger share of revenue, owing to major investments into mechanization.
- Automated guided vehicles are gaining substantial attention, with compatibility of industry 4.0 practices.
- Asia Pacific is a lucrative market for industrial trucks owing to foreign direct investments into the construction and automotive sectors of the region.
Industrial Truck Market- Driving Factors
- High maneuverability in constrained industrial spaces, bolsters overall demand for industrial trucks.
- The trend of digitalization and e-commerce activities are major factors supporting market growth.
Industrial Truck Market- Major Restraints
- Strict regulations against air pollution in industrial spaces restricts the sales of gasoline and diesel-powered industrial trucks.
COVID-19 Impact on Industrial Truck Market
The impact of the coronavirus pandemic on the industrial trucks market has largely been negative. Prominently, lockdown and social distancing regulations imposed by governments around the world have significantly curtailed activity in non-essential industries. In addition, the major impact of the outbreak on the automotive industry in terms of component supply chains and production activities has restricted the short-term demand and supply of industrial trucks. On the other hand, applications in the burgeoning e-commerce sector is providing limited reprieve to market players during this period.
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Competitive Landscape
Doosan Industrial Vehicle Co. Ltd., Raymond Corp., Godrej, Komatsu Ltd., Crown Equipment Corp., Kion Group AG, Toyota Industries Corp., Jungheinrich AG, and Hyster-Yale Materials Handling, Inc. are some of the major players in the industrial truck market.
Industrial truck manufacturers have been extensively invested in product launch and diversification strategies to widen offerings from non-powered to fully automated industrial truck products to meet the needs of myriad end use industries.
For instance, Yale has unveiled its ERP25-30VLL series of forklift trucks which features a fully integrated lithium ion battery solution, bolstering operator cabin space. StreetDrone an UK based autonomus tech company has gained government funding for the development of software and hardware solutions for robotic industrial truck maneuvers in a Sunderland facility. Orange EV has partnered with Firefly Transportation Services for the deployment of a T-Series tandem all-electric terminal truck.
About the Report
This study offers readers a comprehensive market forecast of the industrial truck market. Global, regional and country-level analysis of the top industry trends impacting the industrial truck market is covered in this FACT.MR study. The report offers insights on the industrial truck market on the basis of product (hand truck, pallet jack, walkie stacker, pallet truck, platform trucks, counterbalanced lift truck, reach truck, turret truck, order picker, side loader, tow tractor, burden carrier, and automatic guided vehicle), power source (electric, conventional, and manual), capacity (below 2.5 tons, above 2.5 tons, and above 5 tons) and end use (logistics, retail, and manufacturing) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and MEA).
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