The global pallet truck market is poised for significant expansion, with a projected valuation of US$ 41,115.3 million expected by the year 2023. This burgeoning market demonstrates a notable trend, characterized by a remarkable Compound Annual Growth Rate (CAGR) of 7.5%, which is set to persist until 2033. The consistent growth projections suggest that the global pallet truck market is on track to achieve an impressive valuation of US$ 79,833.7 million by 2033.
End-users are increasingly recognizing the advantages of renting pallet trucks, allowing them to focus their resources and efforts on core business operations and everyday supply chain activities. Pallet truck companies are playing a pivotal role in ensuring the availability of pallets within operational areas, further contributing to the realization of a lean and efficient supply chain.
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According to the historical estimations from 2017 to 2021, the demand for pallet trucks surged at a stable 3.3% CAGR and is expected to surge by 3.9% in 2022. Due to the growing production capacities and increasing demand in various end-use industries such as food & beverages, retail stores, wholesale distributions, and manufacturing, a reasonable increase in Year-on-Year basis growth was witnessed in 2022.
Future Market Insights predicts a comparison and review analysis of the dynamics of the pallet truck market. Due to the ever-changing dynamics of warehousing and material handling, the emergence of the internet, e-commerce, and freight & logistics have revolutionized the retail sector and driven up demand for the pallet truck market.
Key Takeaways from Report:
- Expansion of the e-commerce and freight & logistics sectors is expected to rise sales in the retail industry which is resulting in changing dynamics of warehousing and material handling, resulting in increased demand for pallet trucks.
- The adoption of electric vehicle technology in the material handling sector is anticipated to create positive prospects for the adoption of pallet trucks. As per the FMI analysis, the global pallet trucks market accounts for about 22% of its parent market known as the global material handling equipment market.
- With the expansion of warehouses, logistic activities, and industrial transportation, the popularity of pallet trucks is also increasing. As per the FMI estimations, the adoption of electric vehicle technology in the material handling industry will spread the latent development opportunities for the global pallet truck market.
- Large public industrial programs are expected to appear in the building sector in countries like the United States, China, Europe, and India. It will help in expanding the potential for public-private partnerships to finance new projects.
- The developing nations ought to concentrate on fostering intra-regional trade. This is expected to strengthen the local construction sector and broaden opportunities for the pallet truck market to excel.
- Owing to the surging emphasis on lean supply chain management, end users are able to focus their energies, resources, and attention on their core business and day-to-day supply chain activities by renting pallet trucks. Moreover, the pallet truck companies also make sure that pallets are available in all the prime operational areas, resulting in a lean supply chain.
Competitive Landscape:
The dominant pallet truck manufacturers in the market are heavily investing in a wide array of technologies such as vision guidance systems, IoT, automation, GPS, and lasers. Several key players are also incorporating autonomous trucks and automated guided vehicle systems (AGVs) into end-to-end solutions for warehouses. The global market players are concentrating on long-term pricing contracts with raw material suppliers in order to avoid volatile price fluctuations in raw materials.
Key Players:
- Kion group
- Toyota Industries Corporation
- Mitsubishi Logisnext
- Jungheinrich AG
- Crown Equipment Corporation
- Hyster Company
- Goscor Lifts Truck
- Hyundai Heavy Industries
- Godrej & Boyce
- Nilkamal Limited
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Key Segments Covered In Pallet Trucks 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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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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