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).
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.
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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.
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).
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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.
Pallet Trucks Market - Scope Of The Report
Fact.MR recently published a market study on the global market for pallet trucks. The study provides detailed assessment on key market dynamics, including drivers, trends, opportunities restraints, and detailed information about the pallet trucks market structure.
The market study presents exclusive information about how the market will grow during the forecast period of 2019-2028.
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 study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the pallet trucks market during the forecast period.
The study is relevant for stakeholders in the pallet trucks market, including manufacturers and investors, and can help them in developing appropriate strategies to grow in the market.
Stakeholders in the pallet trucks market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR study.
The study also includes statistics as well as facts related to the macro as well as microeconomic factors that are impacting developments in the pallet trucks market. It also offers actionable insights based on future trends in the pallet trucks market.
Moreover, small businesses and new entrants in the market too 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 Questions Answered in Fact.MR Pallet trucks Market Report
- Which regions will continue to remain the most profitable regional markets for pallet trucks market players?
- Which factors will induce a change in the demand for pallet trucks during the assessment period?
- How will changing trends impact the pallet trucks market?
- How can market players capture the low-hanging opportunities in the pallet trucks market in developed regions?
- Which companies are leading the pallet trucks market?
- What are the winning strategies of stakeholders in the pallet trucks market to upscale their position in this landscape?
- Which product type will hold the largest value share in the pallet trucks market?
Pallet trucks Market: Research Methodology
In Fact.MRs study, a unique research methodology is utilized to conduct extensive research on the growth of the pallet trucks market, and reach conclusions on the foreseeable 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 conclusions.
Secondary resources referred to analysts in the pallet trucks 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, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources act as a validation from companies in the pallet trucks market, and makes Fact.MR’s projection on growth prospects of the pallet trucks market more accurate and reliable.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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