The Pallet Truck Market is poised for significant expansion in the coming years, primarily driven by the rapid growth of industrial automation in emerging economies. As these nations witness a surge in new infrastructure developments, especially in the industrial and storage sectors, businesses are making substantial investments in cutting-edge technologies. Automation, the Internet of Things (IoT), visual guiding systems, lasers, and GPS are among the key innovations that are attracting considerable attention and resources from companies operating in this market.
According to the publication, the worldwide pallet truck market is expected to grow at a 7.5% CAGR between 2022 and 2032. The pallet trucks market report includes a thorough analysis, market size and forecast, trends, growth drivers and challenges, and vendor analysis.
Pallet truck usage is likely to expand in the next years as a result of industrial automation in emerging economies. The majority of new infrastructure is being built for industrial and storage purposes, leading firms to invest in technologies such as automation, the Internet of Things (IoT), visual guiding systems, lasers, and GPS.
Furthermore, firms are merging AGV systems and self-driving trucks to provide full-service warehouse solutions.
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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.
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.
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Key Segments Covered In Pallet Pooling Industry Analysis
Control:
- Manual
- Semi-Electric
- Electric
- Diesel
- Compressed Natural Gas (CNG)
- Others
Product Type:
- Standard
- Quarter
- Silent
- Weighing
- Scissor
Load Capacity:
- Below 2000 Kg
- 2000 – 4000 Kg
- 4000 – 6000 Kg
- Above 6000 Kg
End-Use Industry:
- Food & Beverages
- Retail stores
- Wholesale Distributions
- Freight and Logistics
- Manufacturing
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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 favour 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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