Overview and Scope
A pallet truck refers to a tool or a wheeled trolley specially designed to lift and transport pallets. A pallet truck is used in industrial material handling and movement procedures, mostly for transporting goods within the warehouse.
Sizing and Forecast
The pallet trucks market size has grown strongly in recent years. It will grow from $38.36 billion in 2023 to $41.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to automation and electrification trends, focus on safety and ergonomics, sustainability initiatives, customization and specialized solutions, rise in e-commerce activities..
The pallet trucks market size is expected to see strong growth in the next few years. It will grow to $56.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to shift towards compact and versatile solutions, efficiency and productivity enhancement, market penetration in emerging economies, customization and specialized solutions.. Major trends in the forecast period include industry 4.0 integration, efficiency and productivity improvements, compact and versatile solutions, integration of iot and telematics, innovations in design and materials..
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Segmentation & Regional Insights
The pallet trucks market covered in this report is segmented –
1) By Product Type: Standard, Quarter, Silent, Weighing, Scissor
2) By Load Capacity: Below 2000 Kg, 2000 – 4000 Kg, 4000 – 6000 Kg, Above 6000 Kg
3) By Control: Manual, Semi-Electric, Electric, Diesel, Compressed Natural Gas (CNG)
4) By End Use Industry: Food And Beverages, Retail Stores, Wholesale Distributions, Freight And Logistics, Manufacturing, Other End Use Industries
North America was the largest region in the pallet trucks market in 2023. The regions covered in the pallet trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing e-commerce usage across the globe is expected to propel the growth of the pallet truck market forward. E-commerce refers to the process of selling products and services over the internet. E-commerce businesses or enterprises primarily store goods and products in warehouses and stockrooms that use pallet jacks to transport high or low-weighed goods from one location to another over short distances for the preparation and dispatch of product orders. The growth of e-commerce is altering the entire supply chain ultimately increasing the demand for pallet trucks. For instance, according to a quarterly report published by the Census Bureau of the Department of Commerce, a US-based federal government statistical agency, total retail e-commerce sales for the third quarter of 2022 were estimated to be $1,792.0 billion with e-commerce accounting for 14.8% of total sales. Therefore, the growing e-commerce usage across the globe is subsequently propelling the pallet truck market.
Key Industry Players
Major companies operating in the pallet truck market are focusing on developing innovative products, such as platform pallet trucks, to better meet the needs of their existing consumers. Platform pallet trucks, also known as powered pallet trucks, are machinery for handling materials designed to carry big things more quickly and efficiently than human lift equipment. For instance, in April 2021, Hyster-Yale Group, Inc., a US-based manufacturing company of pallet trucks, launched the MPX Series platform pallet trucks. Platform pallet trucks from the MPX Series provide excellent ergonomics tailored to the demands of the operator. The MP20-30X trucks are excellent for medium- to high-intensity applications, and they can maneuver easily even in the most confined of spaces. The MPX Series trucks may be adjusted to the individual characteristics of an operation due to several creative alternatives. The Yale MP20-30X platform pallet trucks were created with the operator’s needs in mind during horizontal load transfer. The MP20-30X may be utilized for trailer loading and unloading, dockside labor, order picking, and cross-docking.
The pallet trucks market report table of contents includes:
1. Executive Summary
2. Pallet Trucks Market Characteristics
3. Pallet Trucks Market Trends And Strategies
4. Pallet Trucks Market – Macro Economic Scenario
5. Global Pallet Trucks Market Size and Growth
…………………
31. Global Pallet Trucks Market Competitive Benchmarking
32. Global Pallet Trucks Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pallet Trucks Market
34. Pallet Trucks Market Future Outlook and Potential Analysis
35. Appendix
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