The global pallet trucks market is poised to grow at a positive CAGR of ~ 6.9% over the forecast period (2019-2028). The market has witnessed significant traction in the past couple of years owing to penetrative e-commerce and heightened demand for warehouses. The use of material handling equipment in warehouses for shipment of goods has boosted the adoption of Pallet trucks to facilitate movement and storage.
The soaring demand for material handling equipment to enhance functional efficiency is further foreseen to augment the growth prospects of the pallet trucks market. The utilization of pallet trucks to enhance workplace safety and productivity are some of the factors further reinforcing its adoption. Owing to the proliferation of pallet trucks with technological advancements such as automated guided vehicles and growth of Logistics & Wholesale distribution, the market is foreseen to auger well over the forecast period.
Download Free Sample Copy of this Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=614
Key Takeaways of the Global Pallet trucks Market
- Electric and compressed natural gas based pallet trucks account for over 73% of the overall absolute dollar opportunity in global pallet trucks market by the end of the forecast period
- Collectively, Quarter and silent pallet trucks types are anticipated to hold ~35% in the overall incremental value opportunity over the projection period.
- Standard pallet trucks account for ~61% of the overall market share due to its Benefits such as high quality components and higher efficiency. This segment is estimated to register significant growth throughout the forecast duration.
- Wholesale distribution and logistics are the key sectors giving an uptick to pallet trucks demand, owing to which these segments are estimated to account for over 44% of value share in the overall market.
- South East Asia & Pacific are foreseen to expand ~2X by the end of the forecast period
“The Adoption of Electric Vehicle (EV) Technology in the Freight Sector is Foreseen to Open New Growth Avenues for Pallet Trucks Manufacturers”, says a Fact.MR analyst.
Standard Type Pallet Trucks to Capture 64% of Absolute Dollar Opportunity, Weighing and Scissor type Buckling Up
The standard pallet trucks appear to be the prominent contributor in terms of value share. Benefits such as higher efficiency, low-cost maintenance, and easy repair are reinforcing demand of standard pallet trucks in the overall market.
Owing to the above mentioned facts the standard pallet trucks segment is foreseen to cross ~US$ 35 billion mark by the end of the forecast period by capturing over 64% of the overall absolute dollar opportunity by the end of 2028.
However, weighing and scissor type pallet trucks are expected to capture a value share of ~19% by the end of the forecast period.
Technology advancements are further enabling mapping and location navigation. Such developments are expected to fuel the adoption of pallet trucks in the global market.
Automation in Wholesale and Logistics Sector to Drive Pallet Truck Market
Growth in retail, FMCG (Fast Moving Consumer Goods), auto, chemical and pharmaceutical industries is driving pallet trucks’ volume growth to the next level. The organized warehousing sector is poised for an interesting time ahead in the short to medium term forecast due to its increasing warehouse efficiency by making use of tools and technology wherever possible.
For instance, the use of top notch technology can greatly speed up order picking, especially when the warehouse is large. Wholesale distribution and logistics segments appear to be the prominent end use sectors in the global pallet trucks market and are estimated to capture a value share of over ~48% by the end of forecast period.
Get Customization on this Report for Specific Research Solutions:https://www.factmr.com/connectus/sample?flag=RC&rep_id=614
Pallet Trucks Manufacturers Leveraging Geographical Expansion and Partnerships to Lure End Users
The report reveals some of the prominent market players, including Toyota Industries Corporation, Kion Group, Mitsubishi Logisnest Company, Jungheinrich AG, and Crown Equipments who are continuously focusing on geographical expansion and partnerships with prominent manufacturers with industrial expertise in order to increase their presence in the global market. For instance,
- In January 2019, Germany’s Kion Group AG plans to expand its factory in Summerville, S.C., in a move to escape a 25% tariff that the U.S. levied on forklifts imported from China.
- In April 2019, the assets of Hoist Liftruck Mfg., LLC, have been acquired by Toyota Industries North America, Inc.
- In April 2018, Mitsubishi Forklift America Inc., has expanded its forklift parts facility footprint to include a new regional distribution center in Dallas, Texas.
Product Automation to be Key Winning Imperative
Industry leaders are focusing on investing significantly in a wide array of technologies, such as automation, IOT, vision guidance systems, lasers, and GPS. A growing need for automation and increasing labor costs fuel the market for the adoption of automatic guided vehicles (AGV).
For instance, In May 2019, Raymond Corporation launched automated lift truck stacker, the Raymond Courier 3030 stacker which utilizes automatic guided vehicle technology, moving independently around warehouses for lifting & storing pallets. Such developments will significantly rub off on demand for pallet trucks in the near future.
Key Segments of the Pallet trucks Market
Fact.MR’s study on the pallet trucks market offers information classified into four important segments: control type, product type, load capacity, and region. This market report proposes comprehensive data and information about the important market changing aspects and evolution structures related with these categories.
- Semi Electric
- Compressed Natural Gas (CNG)
- Below 2000 KG
- 2000-4000 KG
- 4000-6000 KG
- Above 6000 KG
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East & Africa
Get Full Access of this Report through our PayPal Payment Option: https://www.factmr.com/checkout/614
Market research and consulting agency with a difference! That’s why 80% of Fortune 1,000 companies trust us for making their most critical decisions. While our experienced consultants employ the latest technologies to extract hard-to-find insights, we believe our USP is the trust clients have on our expertise. Spanning a wide range – from automotive & industry 4.0 to healthcare & retail, our coverage is expansive, but we ensure even the most niche categories are analyzed. Our sales offices in United States and Dublin, Ireland. Headquarter based in Dubai, UAE. Reach out to us with your goals, and we’ll be an able research partner.
US Sales Office:
11140 Rockville Pike
Rockville, MD 20852
Tel: +1 (628) 251-1583