LONDON--(BUSINESS WIRE)--The new industrial truck market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
Get detailed insights on the COVID-19 pandemic crisis and recovery analysis of the industrial truck market.
Get FREE report sample within MINUTES
"One of the primary growth drivers for this market is the growth of e-commerce in several countries,” says a senior analyst for the industrials industry at Technavio. The vendors should focus on growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover, Technavio expects the industrial truck market size to grow by 221.01 thousand units during the period 2020-2024.
Industrial Truck Market Segment Highlights for 2020
- The industrial truck market is expected to post a year-over-year growth rate of -5.15%.
- Based on the product, the electric truck saw maximum growth in 2019. The growth of e-commerce is driving the market. However, the implementation of stringent environmental laws and regulations may impede the market growth.
- The growth of the segment will be significant during the forecast period.
Regional Analysis
- 56% of the growth will originate from the APAC region.
- The increasing demand from the food and beverage industry will significantly influence the industrial truck market's growth in this region.
- China and India are the key markets for the industrial trucks in APAC. This report provides an accurate prediction of the contribution of all segments to the growth of the industrial truck market size.
Click here to learn about report detailed analysis and insights on how you can leverage them to grow your business.
Related Reports on Industrials Include:
Global Truck-as-a-Service Market- The truck-as-a-service market is segmented by service (digital freight brokerage, telematics, data analytics, and truck platooning) and geography (North America, Europe, APAC, MEA, and South America). Click Here to Get an Exclusive Free Sample Report
Global Forklift Trucks Market- The forklift truck market is segmented by class type (class I, class II, class III, class IV, and class V) and geography (APAC, Europe, MEA, North America, and South America). Click Here to Get an Exclusive Free Sample Report
Notes:
- The industrial truck market size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The industrial truck market is segmented by product (Electric truck and Non-electric) and geography (APAC, Europe, North America, South America, and MEA).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Anhui Heli Co. Ltd., Caterpillar Inc., Crown Equipment Corp., Hangcha Group Co. Ltd., Hyster-Yale Materials Handling Inc., Hyundai Construction Equipment Co. Ltd., Jungheinrich AG, KION GROUP AG, Mitsubishi Heavy Industries Ltd., and Toyota Industries Corp.
Register for a free trial today to access 17,000+ market research reports using Technavio's SUBSCRIPTION platform
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
