The spread of Covid-19 crisis drastically declined the demand for pallet tines due to shut-down of production in factories creating no further need for such equipments during lockdown. Large as well as small-scale industrial players went through extreme losses as a result of no sales in the first half of 2020. However as recovery commences, top manufacturing companies for recuperating anticedent losses are undertaking research and development projects to launch newest range of pallet tines for creating more sales in 2021.
Eminent manufacturers including Crown Equipment Corporation, Mitsubishi Nichiyu Forklift Corporation, Komatsu Limited, Hyster-Yale Material Handling Incorporation, Hangcha Group, Anhui Heli Corporation and Kion Group AG are launching new, better and innovative products and services to gain market traction.
Further, these top companies are involved in the incorporation of strategic tactics such as conducting researches, diversifying product designs, modifying and upgrading their earlier product versions, investing in latest technologies, merging with other corporations, entering into partnerships and joint ventures, collaborating with other known brands for maintaining their respective positions in the current stiff competition.
For instance, JBT Corporation, a global technology provider announced its collaboration with Hyster-Yale Materials Handling for building a new-dual mode AGV in the market on 7th April, 2019. The collaboration is aimed at helping JBT to demonstrate its automated guided vehicles prowess and its commitment of delivering automation to its customers across the world with Hyster-Yale on a dual-mode, double-deep pantograph reach fortlift truck and pallet tines. The dual-mode truck signals a direct response from JBT to trendsin warehousing where automation is increasingly needed.
JBT powers Hyster-Yale’s ‘Dual-Mode’ robotic reach truck by providing sensors and 3D cameras for precision, on-board navigation for automated performance and fleet management software for optimized efficiency. It operates in both automatic and manual ways and is helping the company to address the challenges presented by shrinking labor pools and e-commerce driven inventory growth. The collaboration between these two globally recognized companies is strengthening and expanding their presence throughout the world.
On the other hand, OTTO Motors, a division of Clearpath Robotics Incorporation announced the introduction of the first self-driving vehicle for material handling called ‘OTTO 750’ with a payload of 750 kg on 8th April, 2019. OTTO 750 is a powerful mid-range self-driving vehicle which is designed to move pallet-scale loads which would otherwise be manually moved by a pump truck or tugger.
It is built upon the industry-proven OTTTO 1500 chassis which is already trusted by industry titans like GE, Katerra and Musashi. The material handling vehicle with its pallet tine uses the existing field-proven operating system, OTTO OS to quickly adapt to changes in the facility. The vehicle responds intelligently to ensure the right material gets to right place at the right time. OTTO 750 can communicate with PLCs, SCADA systems, Manufacturing Executive Systems and more. The easy to use OTTO 750 is helping the users in moving the inventories safely and efficiently throughout indoor supply chain.The vehicle is proving useful for proper material handling for industrial users including automotive sector, aerospace, logistics, medical device sectors etc in 2021 leading to high demands from across differrent corners of the world.
The Evolution in Pallet Tines Market
The pallet tines market is marked by manufacturers introducing innovations to accommodate evolving trends of end-users across industries. With the transforming infrastructure of the industry following the fourth revolution, expected loading capacities and capabilities of material handling equipment have altered dramatically.
On account of this, pallet tines manufacturers are focusing on consistent upgrades or introduction of novel products with enhanced efficiency and compatibility. Significantly increased international trade activities have, in turn, contributing to the increased demand for material handling equipment including pallet tines, thereby propelling the pallet tines market growth.
As the demand for load capacity and design of handling machines change, manufacturers are introducing reconcilable solutions in the pallet tines. For instance, Kinshofer GmBH, a global leader in the material handling equipment and vehicles market, has introduced new lines of pallet forks and pallet tines that are adjustable to different loads and plunge depth. Another manufacturer has introduced a sliding pallet tine that allows effortless sliding of pallet tines across bars. Focusing on the safety of user and durability of equipment, the pallet tines market is witnessing developments in pallet tines with safety locking system and steel pallet tines with higher durability.
Fact.MR’s new report includes the most credible insights of the market dynamics. Starting from the industrialization to the expansion of international trade, the report includes sharp-eyed analysis of every aspect that hold significant influence over the market growth.
With the focus on the ongoing trends of the material handling equipment and consistent introduction of innovative products, the report forecasts growth between the period of 2021 and 2031. The report reveals competitive landscape of leading global manufacturers and disruptive technology innovation that are important to understand in making business decisions.
Material handling equipment such as forklift, tractor, loader, and excavator include pallet tine attachments that assist in the functioning of loading and unloading of materials. Multiple industries including construction, mining, agriculture, and warehouses of every manufacturing sector utilize such equipment. Increased trade activities and expansion of e-commerce has intensified utilization of these equipment which, in turn, can increase adoption of pallet tines in the future.
Increased Demand for Material Handling Equipment
Growing industrialization and globalization have intensified the international trade activities. Owing to this, the demand for material handling vehicles is set to grow in multiple industries including construction, automotive, consumer goods, food and beverages, and aerospace among others. Further, warehouses and distribution centers of these industries routinely perform product distribution activities with the assistance of tractors, loaders, and forklifts.
For the activities of loading and unloading, pallet tines or forks provide an important assistance. Mainly utilized for material distribution purpose, pallet tines can be attached to number of equipments including tractor, excavator, loader, forklift and others. Ever-evolving demand for efficient material handling equipment has led to development of different types of pallet tines including arrow pallet tine, light-weight pallet tine, shaft-mounted pallet tines, and excavator pallet tines among others.
Development of Smart Material Handling Systems to Boost Growth
Industrial Automation is set to revolutionize the operational efficiency and, in turn, encourage implementation of smart technologies. Automation solutions for material handling systems include different kinds of vehicles devoted for storage & retrieval, pick and place, conveyance or guiding. These functions are manifested with the help of pallet tines attachments. Further, technological developments are underway to improve the existing autonomous material handling systems.
At Rochester Institute of Technology, a team of engineers are engaged in research activities to improve existing autonomous material handling technology. Handling vehicles such as trucks, tractors, and forklifts are designed to efficiently communicate and enhance warehouse productivity and safety. The project has been supported by Toyota Material Handling North America with the grant of US$ 499,785.
Rising implementation of industrial automation has increased adoption of smart material handling systems which can, in turn, increase the demand for different pallet tines or forks in the near future.
In conclusion, the report provides a comprehensive analysis of the past, present as well as upcoming trends of the industry that significantly influence growth of the global pallet tines market.
This analytical research study imparts an all-inclusive assessment on the market, while propounding historical intelligence, actionable insights, and industry-validated & statistically-upheld market forecast. Verified and suitable set of assumptions and methodology has been leveraged for developing this comprehensive study. Information and analysis on key market segments incorporated in the report has been delivered in weighted chapters. A thorough analysis has been offered by the report on
- Market Dynamics
- Market Size
- Market Segments
- Demand & Supply Trends
- Current Issues and Challenges
- Companies and Competitor Landscape
- Value Chain
Regional Segments Analyzed Include
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
Compilation of authentic and first-hand intelligence, insights offered in the report are based on quantitative and qualitative assessment by leading industry experts, and inputs from opinion leaders & industry participants around the value chain. Growth determinants, macroeconomic indicators, and parent market trends have been scrutinized and delivered, coupled with the market attractiveness for each market segment encompassed. Qualitative impact of growth influencers on the market segments across regions has also been mapped by the report.
Highlights from the Report
- Elaborated scenario of the parent market
- Transformations in the market dynamics
- Detailed segmentation of the target market
- Historical, current and forecast market size based on value and volume
- Latest industry developments and trends
- Competition landscape
- Strategies adopted by the market players and product developments made
- Potential and niche segments, along with their regional analysis
- Unbiased analysis on performance of the market
- Up-to-date and must-have intelligence for the market players to enhance and sustain their competitiveness
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