Pallet Jacks Market is projected to grow at a CAGR of 6% during the forecast period 2022-2032

The pallet jacks market, which is valued at US$ 1054.1 million as on 2022, is anticipated to be valued at US$ 1888.3 million in 2032 and is expected to grow at a CAGR of 6% during the forecast period. The increased demand for material handling with increase in the number of warehouses and plenty of other factors are anticipated to increase the demand for pallet jacks.

Pallet jacks are also called as fork lifts or pallet trucks. These are used for material handling in warehouses, manufacturing, etc. These are commonly made of stainless steel. Starting from First Industrial Revolution, which used steam power to automate the production to Fourth industrial revolution, which is drven by digitization, material handling has transformed into new form in each phases. Now fully automated electric pallet jacks with high load capacity are available in  the market. Pallet jacks play a vital role in material handling. 

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These help in loading and unloading of the bulk goods. These are also used in inbound transportation of bulk goods from one corner of the warehouse or production floor to other corner. Manufacturers are very much concerned about their production efficiency and reducing the lead times. Material handling is a time consuming process if not handled properly, which may result into unproductivity and not meeting the production targets and deadlines. 

Global Pallet Jacks market: Key Players 

Some of the key players operating in the global pallet jacks market are – 

• Toyota Motor Corporation,
• Jungheinrich AG,
• Raymond Corporation,
• Yale Materials Handling Corporation,
• Caterpillar Inc.,
• Clark Material Handling Company Inc.,
• Crown Equipment Corporation,
• Komatsu Ltd.,
• UniCarriers Corp.,
• Combilift Ltd.,
• Godrej Material Handling,

Carborundum Universal Limited (CUMI), Jost’s Engineering Company Limited, Patel Material Handling Equipment, Noveltek Industrial Manufacturing Inc., Niuli Machinery Manufacture Co., Ltd, Ningbo Ruyi Joint Stock Co., Ltd., SUZHOU PIONEER MATERIAL HANDLING EQUIPMENT&TECHNOLOGY CO.,LTD., Wesco Industrial Products, LLC and Mitsubishi Caterpillar Forklift America Inc. and others.                  

The global pallet jacks market is expected to witness new product launches during the forecast period. Manufacturers of material handling equipment are increasingly investing in new technology and design for material handling solutions. Manufacturers are entering in to collaborations and starting joint ventures (JVs). Global material handling equipment market is expected to witness a growing consolidation during forecast period. 

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Key Developments, Merger and Acquisitions 

• In September 2017, Toyota Material Handling, U.S.A., Inc. (TMHU) launched new AC-powered walkie pallet jack with brand Tora-Max. The load capacity is 4,000-pound. 

• In October 2017, Jungheinrich’s horizontal order picker ECE and the electric ride-on pallet truck ERE have won the “German Design Award 2018” in the transportation category. 

Global pallet jacks market is expected to expand at a lucrative CAGR during the forecast period, due to growing industrialization in emerging markets. Manufacturers are constantly investing in infrastructure upgradation, so that the overall production efficiency can be enhanced and manufacturing advantage can be achieved. The market is expected to witness rising consolidation during the forecast period. 

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry. 

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