Industrial Truck Market

By Power Used;

Fuel Operated, Diesel, Gasoline, Liquefied Petroleum Gas or LPG and Electric Operated

By Fuel Type;

Electric, Diesel, Gasoline and Hybrid

By Movement;

Pallet Truck, Tractor, Lifting Truck, Forklift Truck and Others

By End-Use Industry;

Construction, Manufacturing, Aviation, Transportation & Shipping and Others

By Geography;

North America, Europe, Asia Pacific, Middle East & Africa and Latin America - Report Timeline (2021 - 2031).
Report ID: Rn911880445 Published Date: August, 2025 Updated Date: September, 2025

Industrial Truck Market Overview

Industrial Truck Market (USD Million)

Industrial Truck Market was valued at USD 30,034.97 million in the year 2024. The size of this market is expected to increase to USD 39,417.69 million by the year 2031, while growing at a Compounded Annual Growth Rate (CAGR) of 4.0%.


Industrial Truck Market

*Market size in USD million

CAGR 4.0 %


Study Period2025 - 2031
Base Year2024
CAGR (%)4.0 %
Market Size (2024)USD 30,034.97 Million
Market Size (2031)USD 39,417.69 Million
Market ConcentrationHigh
Report Pages341
30,034.97
2024
39,417.69
2031

Major Players

  • Caterpillar
  • Crown Equipment Corporation
  • Hyster-Yale Materials Handling, Inc.
  • Jungheinrich AG
  • KION GROUP AG
  • TOYOTA INDUSTRIES CORPORATION
  • UniCarriers Americas Corporation
  • Komatsu Utility Co.
  • Clark Material Handling Company
  • Anhui Forklift Group
  • Lonking Forklift Company, Ltd
  • Doosan Infracore
  • Hytsu Group
  • Combilift
  • TAILIFT MATERIAL HANDLING TAIWAN CO., LTD
  • HUBTEX Maschinenbau GmbH & Co. KG
  • Paletrans Equipamentos Ltda

Market Concentration

Consolidated - Market dominated by 1 - 5 major players

Industrial Truck Market

Fragmented - Highly competitive market without dominant players


The Industrial Truck Market is witnessing significant momentum as industries seek smarter, faster, and safer material handling solutions. Adoption has risen by nearly 40%, with companies leveraging these vehicles to improve logistics speed, reduce labor intensity, and optimize workflows across supply chains, highlighting their growing role in industrial operations.

Operational Efficiency Accelerating Use
Driven by a need for greater productivity, almost 35% of organizations now employ industrial trucks to minimize downtime and streamline goods movement. These trucks not only enhance capacity but also deliver safety, accuracy, and efficiency, making them indispensable in high-volume industrial environments.

Innovation Strengthening Market Adoption
Advancements such as automation, electric drivetrains, and intelligent monitoring systems are reshaping this market. Around 50% of newly deployed trucks incorporate these upgrades, enabling smarter load handling, improved fuel economy, and predictive maintenance capabilities that ensure long-lasting performance and operational reliability.

Sustainable Transition Driving Growth
With industries focusing on sustainable logistics, nearly 45% of businesses are shifting toward electric and hybrid trucks. These options reduce environmental impact, improve energy savings, and align with green manufacturing goals, reinforcing the importance of sustainable equipment in modern industrial ecosystems.

Outlook and Expansion Potential
The Industrial Truck Market is poised for further expansion, with over 55% of companies expected to boost investments in advanced truck fleets. Enhanced automation, AI-driven controls, and eco-friendly solutions will fuel the market’s evolution, positioning industrial trucks as a vital element in ensuring efficiency and scalability in future operations.

  1. Introduction
    1. Research Objectives and Assumptions
    2. Research Methodology
    3. Abbreviations
  2. Market Definition & Study Scope
  3. Executive Summary
    1. Market Snapshot, By Power Used
    2. Market Snapshot, By Fuel Type
    3. Market Snapshot, By Movement
    4. Market Snapshot, By End-Use Industry
    5. Market Snapshot, By Region
  4. Industrial Truck Market Dynamics
    1. Drivers, Restraints and Opportunities
      1. Drivers
        1. Growing Demand for Warehouse Automation
        2. Expansion of E-commerce and Logistics Sector
        3. Focus on Workplace Safety and Ergonomics
      2. Restraints
        1. High Initial Costs of Industrial Trucks
        2. Complexity of Integration with Existing Systems
        3. Regulatory and Environmental Compliance
      3. Opportunities
        1. Advancements in Autonomous Industrial Trucks
        2. Integration of IoT and Connectivity Features
        3. Expansion into Emerging Markets
    2. PEST Analysis
      1. Political Analysis
      2. Economic Analysis
      3. Social Analysis
      4. Technological Analysis
    3. Porter's Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of Substitutes
      4. Threat of New Entrants
      5. Competitive Rivalry
  5. Market Segmentation
    1. Industrial Truck Market, By Power Used, 2021 - 2031 (USD Million)
      1. Fuel Operated
      2. Diesel
      3. Gasoline
      4. Liquefied Petroleum Gas or LPG
      5. Electric Operated
    2. Industrial Truck Market, By Fuel Type, 2021 - 2031 (USD Million)

      1. Electric

      2. Diesel

      3. Gasoline

      4. Hybrid

    3. Industrial Truck Market, By Movement, 2021 - 2031 (USD Million)
      1. Pallet Truck
      2. Tractor
      3. Lifting Truck
      4. Forklift Truck
      5. Others
    4. Industrial Truck Market, By End-Use Industry, 2021 - 2031 (USD Million)

      1. Construction

      2. Manufacturing

      3. Aviation

      4. Transportation & Shipping

      5. Others

    5. Industrial Truck Market, By Geography, 2021 - 2031 (USD Million)
      1. North America
        1. United States
        2. Canada
      2. Europe
        1. Germany
        2. United Kingdom
        3. France
        4. Italy
        5. Spain
        6. Nordic
        7. Benelux
        8. Rest of Europe
      3. Asia Pacific
        1. Japan
        2. China
        3. India
        4. Australia & New Zealand
        5. South Korea
        6. ASEAN (Association of South East Asian Countries)
        7. Rest of Asia Pacific
      4. Middle East & Africa
        1. GCC
        2. Israel
        3. South Africa
        4. Rest of Middle East & Africa
      5. Latin America
        1. Brazil
        2. Mexico
        3. Argentina
        4. Rest of Latin America
  6. Competitive Landscape
    1. Company Profiles
      1. Caterpillar
      2. Crown Equipment Corporation
      3. Hyster-Yale Materials Handling, Inc.
      4. Jungheinrich AG
      5. KION GROUP AG
      6. TOYOTA INDUSTRIES CORPORATION
      7. UniCarriers Americas Corporation
      8. Komatsu Utility Co.
      9. Clark Material Handling Company
      10. Anhui Forklift Group
      11. Lonking Forklift Company, Ltd
      12. Doosan Infracore
      13. Hytsu Group
      14. Combilift
      15. TAILIFT MATERIAL HANDLING TAIWAN CO., LTD
      16. HUBTEX Maschinenbau GmbH & Co. KG
      17. Paletrans Equipamentos Ltda
  7. Analyst Views
  8. Future Outlook of the Market