Pallet Jack Market Overview
The global pallet jack market has witnessed rapid growth over the years, and is projected to expand at a CAGR of nearly 9% over the forecast period (2020 to 2030). However, due to the ongoing outbreak of COVID-19, the manufacturing sector has taken a hit, and this effect has cascaded on the pallet jack market too. However, production has been revived in a number of regions such as East Asia, Europe, and South Asia. As a result, the pallet jack market is set to reach its original growth pace by the 3rd quarter of 2021.
Pallet Jack Market Analysis by Product
The powered pallet jacks segment leads the market by contributing 80% of global revenue, though the manual pallet jacks segment is leading the market in terms of volume. Most micro and small businesses are seismically switching from manual pallet jacks to driven pallet jacks to minimize their workforce and maximize transport efficiency inside factory or office premises. Moreover, battery-powered pallet jacks are being utilized in industries to reduce utility cost and increase workplace safety. As a result, the powered pallet jacks segment is projected to expand at the highest CAGR of 9% to reach a valuation of US$ 214 Mn by 2030 end.
Pallet Jack Market Insights by End Use
Globally, pallet jacks have become the preferred choice for micro and small enterprises, due to their lower cost as compared to other industrial trucks. These trucks are preliminarily utilized in manufactory operations, and, as a result, the manufacturing sector leads the market by contributing 60% of global revenue. On the other hand, due to increasing penetration of online shopping, the logistics sector is also adopting pallet jacks in their warehouses. As a result, the logistics segment is growing at a rapid pace, and is projected to expand at a CAGR of 12% from 2020 and 2030.
For better understanding of revenue contribution of each end use to the pallet jack market, ask an exert analyst
Regional Outlook of Pallet Jack Market
The exponential growth of the chemical, automotive, food & beverages, and aerospace sectors across Asian countries will have a positive impact on the development of the global pallet jack market. According to Fact.MR, the pallet jack market will progress at a significant rate in East Asia and South Asia, followed by North America and Europe. Due to the presence of a large number of small enterprises in the region, European countries see more demand for pallet jacks. The market East Asia is also likely to gain traction by expanding a CAGR of 11% during the 2020-2030 period.
For deeper understanding of the sales prospects of different pallet jacks across regional markets, ask an Request Sample
COVID-19 Impact on Pallet Jack Market
The COVID-19 pandemic continues to rage aggressively, and will cause a significant downturn in the global pallet jack market during the short-term forecast. Globally, various industries such as oil & gas, automotive, construction, and aerospace have been closed down due to nationwide lockdowns. Thus, pallet jacks are facing muted sales in these verticals, which will remain at a standstill over the next few months. Also, governments are working together with stakeholders to revive the manufacturing and construction sectors, which will further boost the pallet jack market size in the near future.
The Analyst’s Viewpoint
“Due to the effect of COVID-19, demand-side shortfalls are causing factories to cease operations. As a result, the sales volume of pallet jacks is expected to decrease in the 3rd & 4th quarter of 2020.”
Global Pallet Jack Market: Scope of the Report
The recent global pallet jack market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on the key drivers, restraints, opportunities, and threats to the expansion of the global pallet jack market. A detailed segmental analysis based on product, capacity, and end use has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global pallet jack market. In addition, a separate section on market structure has also been provided. The section provides detailed analysis of key market players and their strategies for increasing their pallet jack market share over the coming years.
Pallet Jack Market - Scope of the Report
Fact.MR recently published a market study on the global market for pallet jacks. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the pallet jack market structure. The market study presents exclusive information about how the pallet jack market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the pallet jack market for the forecast period.
The study is relevant for stakeholders in the pallet jack market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the pallet jack market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to the macro- as well as micro-economic factors that are impacting developments in the pallet jack market. It also offers actionable insights based on the future trends in the pallet jack market. Furthermore, small businesses and new entrants in the pallet jack market can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of Pallet Jack Market
Fact.MR’s study on the pallet jack market offers information divided into four important segments — product, capacity, end use, and regional analysis. This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
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Key Questions Answered in Fact.MR’s Pallet Jack Market Report
- Which regions will continue to remain the most profitable regional markets for pallet jack market players?
- Which factors will induce a change in the demand for pallet jacks during the assessment period?
- How will changing trends impact the pallet jack market?
- How can market players capture the low-hanging opportunities in the pallet jack market in developed regions?
- Which companies are leading the pallet jack market?
- What are the winning strategies of stakeholders in the pallet jack market to upscale their position in this landscape?
Pallet Jack Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the pallet jack market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.
Secondary resources referred to by analysts during the production of the pallet jack market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of this report as a primary resource.
Pallet Jack Market: In-depth Analysis on Competitive Landscape
The report sheds light on leading manufacturers in the pallet jack market, along with their detailed profiles. Essential and up-to-date data information related to market players who are principally engaged in the production of pallet jacks has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permit report readers to take pre-emptive steps in advancing their businesses.
Company profiles have been combined in the report, which include essentials such as product portfolios, along with an all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all prominent players, thus, providing readers with actionable insights, which help in thoughtfully presenting market status and predicting competition levels in the pallet jack market.
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Pallet Jack Market Forecast, Trend, Analysis & Competition Tracking - Global Market Insights 2020 to 2030