The global pallet trucks market is estimated to be valued at US$ 38.2 Bn in 2022 and is projected to close in on US$ 57.6 Bn by 2028, expanding at a CAGR of 7.1% from 2022 to 2028.
|Pallet Trucks Market Size (2022)||US$ 38.2 Bn|
|Sales Forecast for Pallet Trucks (2028)||US$ 57.6 Bn|
|Global Market Growth Rate (2022 to 2028)||7.1% CAGR|
|Market Share of Top 5 Pallet Truck Suppliers||50%|
Based on 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.
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The annual revenue from pallet trucks globally is valued to be US$ 29,734.6 Mn by the end of 2018, which is further expected to grow at a steady pace over the years. The dominating regions, i.e. North America, China and Western Europe, collectively account for the majority share in the global pallet trucks market. These regions are likely to dominate the global market over the forecast period.
Global Pallet Trucks Market Dynamics
End users are interesting 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 digitalisation. 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 grow, 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. The low replacement rate is expected to hinder the growth of the pallet trucks market. However, the replacement of fuel-powered electric pallet trucks is likely to gain pace in the coming years.
Global Pallet Trucks Market Forecast
Based on control, Future Market Insights suggests that the electric segment will drive the overall market as end-users will shift towards opting for environment-friendly vehicles. Based on 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 a significant value share. In terms of volume, the manufacturing segment is expected to grow at an attractive CAGR over the forecast period.
This 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 the high demand for pallets from consumer goods wholesalers, manufacturers, and transportation service providers. The Western Europe pallet trucks market will be a target market for market participants looking to penetrate 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 report include Toyota Industries, KION Group, Jungheingrich AG, Goscor Lift Trucks, Hyster Company, Hyundai Heavy Industries, Liftek FZC, Linde Material Handling, Thermite & Vanhalst Group, Nido Machineries Pvt Ltd, Nilkamal Limited, Pr Industrial S.r.l., Presto Lifts Inc. and others
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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