Pallet Trucks Market – Global Industry Analysis, Trends, Statistics, and Forecast (2023-2029)

Pallet Trucks Market was valued at US$ 4.42 Bn. in 2022. Global Pallet Trucks Market size is estimated to grow at a CAGR of 7.85%.
Pallet Trucks Market Overview:
Pallet trucks are commonly seen in warehouse, distribution center, retail stockroom, grocery store, or transportation operation. The rapid expansion of e-commerce industry and packaged food are expected to drive market growth for pallet trucks. E-commerce companies are expected to increase the number of warehouses and distribution centres to facilitate last mile delivery, which will lead to drive demand for pallet trucks during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Pallet Trucks Market Dynamics:
The demand for material handling equipment to improve functional efficiency is one of the key drivers of the pallet trucks market. The utilization of pallet trucks to increase workplace safety and productivity are some of the factors that are reinforcing its adoption. The pallet trucks are widely used in warehouses for shipment of goods to facilitate movement and storage. Key players operating in the market are focusing on the proliferation of pallet trucks with technological advancements like automated guided vehicles are expected to boost the its adoption in near future.

The boom in e-commerce is reforming the entire supply chain: Drive the production of Pallet Trucks.

One of the major reasons that e-commerce penetration has been rising is its speed and convenience. An increase in numbers of businesses look to build their e-commerce stores or expand their existing footprint are expected to increase the demand for pallet trucks. E-commerce has transformed the way business. Increasing E-commerce and Internet connectivity with mobile communication are the main driving force of logistic industry which uses pallet trucks shifting of parcels.

An innovation for new types of batteries drives the Electric Pallet Truck

Battery Operated Pallet trucks are expected to drive the global pallet truck market because of cleaner performance and industries are adopting greener environment to reduce their pollution. Increasing industrialization and increasing production are demanding better material handling operation and warehousing. The hydraulic systems are incorporated in hand pallet trucks are increasing demand due to lesser effort work which will increase manual control pallet. Robotic arm and automated drive material handling system are expected to reduce manual operated pallet. The energy system plays a vital role in the electric pallet trucks, where charging and maintenance along with battery change take a lot of time. However, manufacturers are focusing to find substitute battery systems that offer quick charging and energy efficiency.
Pallet Trucks Market Segment Analysis:
The standard pallet trucks are expected to contribute more than 45% share in the market. It is widely preferred for logistic and warehouse because of its higher efficiency, low-cost maintenance, and easy repair features. Technology advancements like mapping and location navigation are expected to fuel the adoption of pallet trucks in the global market in the near future.

Based on the Application, Pallet Trucks Market is segmented into food & beverage, retail stores, wholesale distribution, freight & logistics, manufacturing and others. Pallet trucks are handling equipment, which is designed to facilitate the operator's work when moving heavy, generally palletized loads. Hand pallet trucks are used in manufacturing and warehousing operations tend to endure extensive lift/lower cycles over time. It ensures better production efficiency and throughput. Demand for pallet trucks is depending on the growth of the warehousing and manufacturing industries. Rapid industrialization is expected to drive the demand for pallet trucks. Manufacturers are expected to spend larger amounts on purchase of pallet truck to ease operations within their manufacturing facilities because of the industrialization across developing countries like China and India.
Regional Insights:
Asia Pacific region is expected to hold the dominant position during the forecast period. The dominant position in the market is expected to attribute to the factors like rapid industrialization, presence of large population base and penetration of e-commers across the developing economies. In 2022, based on the number of the new trucks, the global market for material handling equipment grew by 9%, which was driven by demand in China.

E-Commers Companies Are Forming Warehouses and Distribution Centres to Facilitate Last Mile Delivery in India

The Indian E-commerce market is expected to grow to US$ 111.40 Bn by 2025. The country has a large consumer base for e-commers sector. Rising smartphone penetration, launch of 4G network and increasing consumer wealth are some of the prominent factors behind the market growth. With the rise in demand, E-commers companies are forming warehouses and distribution centres to facilitate last mile delivery in India. For instance, In 2022, Flipkart has strengthened its grocery infrastructure to cater to customer safety and demand across India. The company is planning to further expand its fulfilment center capacity for grocery by over 8 lakh square feet across Delhi, Kolkata, Chennai, Coimbatore and Hyderabad.

In Europe, the demand in pallet trucks remained low, the reason behind that was uncertainties in demand pattern against the backdrop of the spread of the COVID-19 pandemic.

The objective of the report is to present a comprehensive analysis of the global market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Pallet Trucks Market dynamic, structure by analyzing the market segments and projecting the Pallet Trucks Market size. Clear representation of competitive analysis of key players by Application, price, financial position, product portfolio, growth strategies, and regional presence in the Pallet Trucks Market make the report investor’s guide.
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Pallet Trucks Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 4.42 Bn.


Forecast Period 2023 to 2029 CAGR:
7.85%
Market Size in 2029:
US $ 7.50 Bn.


 Segments Covered:
by Control Type
Manual
Semi Electric
Electric
Diesel
Compressed Natural Gas (CNG)


by Type
Standard
Quarter
Silent
Weighing
Scissor


by Load Capacity
Below 2000 KG
2000-6000 KG
Above 6000 KG


by End-User
Food & Beverage
Retail Stores
Wholesale Distribution
Freight & Logistics
Manufacturing
Others



by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Pallet Trucks Market Key Players
1. Rico Equipment
2. Godrej & Boyce Manufacturing Co. Ltd.
3. Uvundlu Investments Holdings (Pty) Ltd.
4. Hyster-Yale Materials Handling Inc.
5. Hyundai Heavy Industries Co. Ltd.
6. Jungheinrich AG
7. KION GROUP AG
8. Noveltek Industrial Manufacturing Inc.
9. Presto Lifts Inc.
10. Toyota Motor Corp.
11. Goscor Lift Trucks
12. Liftek FZC
13. Linde Material Handling
14. Thermote & Vanhalst Group
15. Nido Machineries Pvt Ltd
16. Nilkamal Limited
17. Pr Industrial S.r.l.
18. Presto Lifts Inc.
19. Sroka International

Frequently Asked Questions:

1] What segments are covered in the Pallet Trucks Market report?
Ans. The segments covered in the Pallet Trucks Market report are based on Technology and Application.

2] Which region is expected to hold the highest share in the Pallet Trucks Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Pallet Trucks Market.

3] What is the market size of the Pallet Trucks Market by 2029?
Ans. The market size of the Pallet Trucks Market by 2029 is US$ 7.50 Bn.

4] What is the forecast period for the Pallet Trucks Market?
Ans. The forecast period for the Pallet Trucks Market is 2023-2029.

5] What was the market size of the Pallet Trucks Market in 2022?
Ans. The market size of the Pallet Trucks Market in 2022 was US$ 4.42 Bn.