The global pallet truck market is predicted to grow at a CAGR of 7.5%, reaching a valuation of more than US$ 79.8 Bn by 2032. Rising demand for automatic guided vehicles (AGV) is expected to boost sales in the market. In addition to this, growing preference for trucks with low emissions and increasing automation in emerging economies is anticipated to augment the demand for pallet trucks.
Industrial automation in emerging economies will create opportunities for the adoption of pallet trucks in the forthcoming years. A majority of infrastructural development include development of manufacturing centers and warehouses, which is compelling manufacturers to invest in a wide array of technologies, such as automation, IOT, vision guidance systems, lasers, and GPS.
Besides this, companies are incorporating autonomous trucks and automated guided vehicle systems (AGVs) into end-to-end solutions for warehouses.
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In freight and logistics, wholesale distribution, fast-moving consumer goods, food & beverage, and automotive industries, pallet truck is very efficient piece of equipment to streamline the warehousing process.
Manufacturers are introducing new and innovative products with cutting-edge design. They are improving both manual and electric pallet trucks for light and medium duty material transportation in the most effortless and economic way.
“Expansion of warehouse spaces and value addition in the operation of warehousing due to implementation of advanced technologies will boost sales of pallet trucks. Also, surging demand for electric pallet rucks will fuel growth in the market,” says an FMI analyst.
Key Takeaways:
- By product type, the standard pallet truck segment is projected to hold 59% of the total market share in 2022.
- In terms of control type, sales in the electric pallet truck segment will increase at a CAGR of 9.8% over the forecast period.
- Based on end use segment, demand in the wholesale distribution segment is expected to hold more than 20% of the total market share in 2022.
- From 2022 to 2032, the load capacity of 2000-4000 KG pallet truck segment will account for 58.7% of the total market share.
- Sales of pallet trucks in the U.S. market will increase at a 7.2% CAGR over the forecast period.
- Total demand in the China market is expected to reach a valuation of US$ 22.5 Bn over the assessment period.
- Germany will emerge as a lucrative market, with demand increasing at a 5.6% CAGR through 2032.
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Competition Landscape
Owing to the growing demand from manufacturing industries, key manufacturers operating in the global pallet truck market are offering innovative products to improve sales. Leading players in the market are adopting alternative distribution channels to further strengthen their market presence in regional markets.
Some of the key pallet truck manufacturers include Kion Group, Toyota Industries Corporation, Mitsubishi logisnext, Jungheinrich AG, Crown equipment corporation, Hyster Company, Hyundai heavy industries and others.
About FMI – Industrial Automation
The industrial Automation division of FMI offers a novel approach and innovative perspective in analyzing the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial and special-purpose machinery across the manufacturing sector and distinctive analysis of the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
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