Pallet Trucks Market
Pallet Trucks Market By Control Type (Manual, Semi Electric, Electric, Diesel, Compressed Natural Gas (CNG)), By Product Type (Standard, Quarter, Silent, Weighing, Scissor), By Load Capacity, By Region- Global Market Insights 2019 -2028
Robust Electric Vehicle Technology is Heightening Global Pallet Trucks Demand
Internet, e-commerce and mobile communication are driving a revolution in the retail sector which, as a result, is changing the dynamics of warehousing and material handling, fueling the pallet truck demand.
The e-commerce boom is reshaping the entire supply chain, creating an upsurge in the production of pallet trucks. In addition, the adoption of electric vehicle technology in the material handling sector is foreseen to stimulate latent growth opportunities in the global pallet trucks market.
The global pallet trucks market is estimated to cross US$ 57 Bn at an impressive CAGR of 6.9% over the course of forecast duration (2019-2028).
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Standard Type Pallet Trucks to Capture 64% of Absolute Dollar Opportunity, Weighing and Scissor type Buckling Up
The standard pallet trucks appear to be the prominent contributor in terms of value share. Benefits such as higher efficiency, low-cost maintenance, and easy repair are reinforcing demand of standard pallet trucks in the overall market.
Owing to the above mentioned facts the standard pallet trucks segment is foreseen to cross ~US$ 35 billion mark by the end of the forecast period by capturing over 64% of the overall absolute dollar opportunity by the end of 2028.
However, weighing and scissor type pallet trucks are expected to capture a value share of ~19% by the end of the forecast period.
Technology advancements are further enabling mapping and location navigation. Such developments are expected to fuel the adoption of pallet trucks in the global market.
Automation in Wholesale and Logistics Sector to Drive Pallet Truck Market
Growth in retail, FMCG (Fast Moving Consumer Goods), auto, chemical and pharmaceutical industries is driving pallet trucks’ volume growth to the next level. The organized warehousing sector is poised for an interesting time ahead in the short to medium term forecast due to its increasing warehouse efficiency by making use of tools and technology wherever possible.
For instance, the use of top notch technology can greatly speed up order picking, especially when the warehouse is large. Wholesale distribution and logistics segments appear to be the prominent end use sectors in the global pallet trucks market and are estimated to capture a value share of over ~48% by the end of forecast period.
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Electric Powered Pallet Trucks to Witness Resilient Growth
Increasing demand from businesses and regulators for better energy efficiency is one of the trends shaping the market. The overall shift in the market from IC engines towards electrically powered forklifts reflects changing business needs.
The demand for pallet truck is significantly growing in the logistics sector, as high-performance pallet motors are able to make more shifts per battery charge and save more time.
The combination of hydraulic and electric technology, are enabling effective lifting & movements of heavy pallets which further reinforces the demand of pallet trucks in logistics industries. The electric pallet trucks are projected to expand ~2.2X and are expected to hold a value share of 52% by the end of the forecast duration (2019-2028).
Growing Industrial Activities in Asia Pacific to Foster Market Growth
The development of large scale industrial projects in developing regions such as Asia Pacific, Middle East & Africa and China are driving the growth of pallet truck market. Developing countries are focusing on strengthening their commercial facilities.
Rising demand for consumer product goods in the Asia Pacific region is anticipated to increase demand for warehousing which appears to be a contributing factor in the growth of the pallet truck market.
China is having the highest share i.e. over 35% in the global pallet truck market. Collectively, China, Western Europe, North America are contributing around three fourth market share in the global pallet truck market and are estimated to grow further by the end of the forecast period (2019-2028).
Product Automation to be Key Winning Imperative
Industry leaders are focusing on investing significantly in a wide array of technologies, such as automation, IOT, vision guidance systems, lasers, and GPS. A growing need for automation and increasing labor costs fuel the market for the adoption of automatic guided vehicles (AGV).
For instance, In May 2019, Raymond Corporation launched automated lift truck stacker, the Raymond Courier 3030 stacker which utilizes automatic guided vehicle technology, moving independently around warehouses for lifting & storing pallets. Such developments will significantly rub off on demand for pallet trucks in the near future.
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Key Segments of the Pallet trucks Market
Fact.MR’s study on the pallet trucks market offers information classified into four important segments: control type, product type, load capacity, and region. This market report proposes comprehensive data and information about the important market changing aspects and evolution structures related with these categories.
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