The global pallet trucks market is expected to register a CAGR of 6.8% during 2022 – 2028 with China, Europe and North America accounting for significant market value shares by the end of the forecast period.
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The market value growth of the global pallet trucks market will remain attractive as market is expected to grow continuously at the at a CAGR of 6.8% in terms of value during the forecast period 2022 – 2028. In the report, average volume per year from pallet trucks has been expressed in volume (‘000 Units). On the basis of control, the electric segment is expected to register attractive growth over the forecast period, while the manual segment is poised to dominate in terms of volume. Based on design type, the silent and weighing segment will gain market share penetration during the forecast period.
The annual revenue from pallet trucks globally is valued to be US$ 29,734.6 Mn by the end of 2022, which is further anticipated to grow at steady pace over the years. The dominating regions, i.e. North America, China and Western Europe are collectively to account for majority share in the global pallet trucks market. These regions are likely to dominate the global market over the forecast period.
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Global Pallet Trucks Market Dynamics
End users are compelling manufacturers to develop pallet trucks that are more cost efficient and offer better operability for a wider range of applications. As a result, manufacturers are developing pallet trucks incorporated with additional features, making them safer and interactive to use along with other features such as comfort and digitalization. The major contribution in end use will be created by wholesale distribution, owing to the boom in the e-commerce market.
Market players are focusing on this segment and are launching new models for warehouse specific applications. As technology continues to evolve, pallet trucks will continue to become more energy efficient. In addition, innovative features that are being adopted focussing on enhancing riders comfort and protection will become essential components of all kinds of Pallet Trucks. On the other hand, the low replacement rate is expected to hinder the growth of the pallet trucks market. However, the replacement of fuel powered to electric pallet trucks is likely to gain pace in the coming years.
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Global Pallet Trucks Market Forecast
On the basis of control, Future Market Insights suggests that the electric segment will drive the overall market as end users will shift towards opting environment-friendly vehicles. On the basis of type, silent pallet trucks will be an attractive segment for retail stores that require low noise during operations. Among end users, the wholesale distribution segment accounts for significant value share. In terms of volume, the manufacturing segment is expected to grow at attractive CAGR over the forecast period.
The China pallet trucks market will dominate the global pallet trucks market, due to the huge consumer goods market in the country. The market has huge potential in China owing to high demand for pallets from consumer good wholesalers, manufacturers, and transportation service providers. The Western Europe pallet trucks market will be a target market for market participants looking to penetrate in the electric segment. Latin America and MEA are estimated to grow with above average CAGRs respectively over the forecast period. South Africa is expected to hold a major revenue share in the MEA Pallet Trucks market over the forecast period.
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Global Pallet Trucks Market Competitive Landscape
Examples of some of the market participants in the global pallet trucks market reportinclude Toyota Industries, KION Group, Jungheingrich AG, Goscor Lift Trucks, Hyster Company, Hyundai Heavy Industries, Liftek FZC, Linde Material Handling, Thermote & Vanhalst Group, Nido Machineries Pvt Ltd, Nilkamal Limited, Pr Industrial S.r.l., Presto Lifts Inc. and others.
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