SAN FRANCISCO, Sept. 21, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Industrial Trucks - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: April 2021
Executive Pool: 873
Companies: 42 - Players covered include Anhui Heli Co. Ltd.; Caterpillar; Clark Material Handling Co. Ltd.; Combilift Material Handling Solutions; Crown Equipment Corporation; Doosan Corporation; EP Equipment Ltd.; Godrej & Boyce Mfg. Co. Ltd.; Hangcha Group Co. Ltd.; Hyster-Yale Materials Handling Inc.; Hyundai Heavy Industries Co. Ltd.; Jungheinrich AG; Kion Group AG; Komatsu Ltd.; Lonking Forklift Company Ltd.; Mitsubishi Logisnext Co., Ltd.; Mitsubishi Nichiyu Forklift Co. Ltd.; SANY Group; Toyota Industries Corporation and Others.
Coverage: All major geographies and key segments
Segments: Product Type (Counterbalanced Lift Truck, Automatic Guided Vehicle, Hand Truck, Pallet Jack, Walkie Stacker, Pallet Truck, Personnel & Burden Carrier, Platform Truck, Other Product Types); Power Source (Electric, Conventional)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Industrial Trucks Market to Reach $26.8 Billion by 2026
Amid the COVID-19 crisis, the global market for Industrial Trucks estimated at US$19.2 Billion in the year 2020, is projected to reach a revised size of US$26.8 Billion by 2026, growing at a CAGR of 5.7% over the analysis period. Counterbalanced Lift Truck, one of the segments analyzed in the report, is projected to record a 7% CAGR and reach US$6.4 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Automatic Guided Vehicle segment is readjusted to a revised 6% CAGR for the next 7-year period.
The U.S. Market is Estimated at $5.4 Billion in 2021, While China is Forecast to Reach $5.8 Billion by 2026
The Industrial Trucks market in the U.S. is estimated at US$5.4 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.8 Billion by the year 2026 trailing a CAGR of 9.4% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.1% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4% CAGR.
Hand Truck Segment to Reach US$3.2 Billion by the year 2026
In the global Hand Truck segment, USA, Canada, Japan, China and Europe will drive the 5.5% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.7 Billion in the year 2020 will reach a projected size of US$2.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. More
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SOURCE Global Industry Analysts, Inc.