LONDON, April 18, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the industrial truck market forecasts the global industrial truck market size to grow from $24 billion in 2022 to $25.1 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The global industrial truck market size is then expected to grow to $30 billion in 2027 at a CAGR of more than 4%.
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The expansion of the e-commerce industry is projected to drive the expansion of the industrial truck market in the future. E-commerce is the activity of purchasing and selling items through the internet. The most significant aspect of e-commerce is product transit and warehousing. As the e-commerce business expands, so does the demand for warehousing specialists such as forklift operators and forklifts. According to the US Department of Commerce, an executive branch of the US federal government responsible for developing business prospects, e-commerce increased by 10.8% in the third quarter of 2022 compared to the same period in 2021, while retail sales increased by 9.1%. In 2022, total e-commerce revenues will be $251.7 billion. As a result, the increasing e-commerce industry is propelling the industrial truck market forward.
Major players in the industrial truck market are Combilift Material Handling Solutions, Doosan Corporation, Crown Equipment Corporation, Caterpillar Inc., Kion Group AG, Toyota Industries Corporation, Mitsubishi Nichiyu Forklift Co. Ltd., Clark Material Handling Co. Ltd.
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Product innovation is a crucial trend that is gaining traction in the industrial truck market. To maintain their market position, major market players are introducing novel items. For example, Hyster-Yale Materials Handling, Inc., a US-based designer and manufacturer of lift trucks, will unveil new A Series lift trucks in May 2022. The new vehicles are equipped with A+Logic, which is a set of technologies that allows the driver to fine-tune the truck to their specific demands. These trucks are extremely customisable, with industry-leading fuel economy and sturdy components.
Asia-Pacific was the largest region in the industrial truck market in 2022. The regions covered in the global industrial truck market analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The global industrial truck market is segmented by type into pallet truck, lifting truck, forklift truck, platform truck, other types; by power into fuel operated, electric operated; by application into mining application, logistics application, construction application, other applications; by end-use industry into aviation industry, construction industry, manufacturing industry, transport and shipping industry.
Industrial Truck Global Market Report 2023 by The Business Research Company provides insights on the industrial truck market size, industrial truck market segments, industrial truck market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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