Mobile Pallet Trucks Market

Mobile Pallet Trucks Market Outlook (2023-2033)

The global mobile pallet trucks market is set to surpass a valuation of US$ 25 Billion in 2023 and further expand at a CAGR of 7.3% to reach US$ 50.7 Billion by the end of 2033.

Sales of mobile pallet truck accounted for around 65% of the overall global pallet trucks market at the end of 2022.

Report Attributes	Details
Mobile Pallet Truck Market Size (2022A)	US$ 23.2 Billion
Estimated Market Value (2023E)	US$ 25 Billion
Forecasted Market Value (2033F)	US$ 50.7 Billion
Global Market Growth Rate (2023-2033)	7.3% CAGR
North America Market Share (2023)	~ 23.3%
North America Market Value (US$ Mn), 2023	US$ 5.8 Billion
Europe Market Share (%), 2023	~25.6%
Europe Market Value (US$ Mn), 2023	US$ 6.4 Billion
China Market Share (%), 2023	~18.1%
China Market Value (US$ Mn)	US$ 4.5 Billion
Top 3 country Market Share (%)	~44.5%
Key Companies Profiled	Alta Equipment Group. Anantak Robotics Inc. BAYLO Big Box Automation Dorabot Inc. F3-Design B.V. Fetch Robotics, Inc. LiftOne Multiway Robotics (Shenzhen) Co., Ltd NOBLEO TECHNOLOGY Seegrid Corporation Vecna Robotics

Sales Analysis of Mobile Pallet Truck (2018-2022) Vs. Market Forecast Outlook (2023-2033)

As per the research by Fact.MR, from 2018 to 2022, the market value of mobile pallet truck increased at a rate of 5.4% CAGR, with U.S., China and Germany commanding high shares in the global market.

According to the current trend visible in the market such as warehouse automation and retail automation to reduce labor costs, improve productivity, accuracy and safety, it can be predicted that mobile pallet trucks market may have a market value of US$ 25 Bn in 2023. The growing sophistication of mobile pallet truck design and technology has had a significant impact on the price, operational costs and reliability of equipment.

The global market is expected to witness prominent growth with an absolute dollar opportunity of 27.4 Bn. Fact.MR estimates that the growth of the global mobile pallet trucks market will be 50.7 Bn by 2033.

Mobile pallet trucks, also known as automated pallet trucks are also pioneers in the robotics revolution. Moving around the warehouses independently to pick up and drop off pallets thereby eliminating the need of operators to step on and off and boosting productivity. As material handling demand evolve and change, autonomous pallet trucks are also developing by customization, integration and becoming more energy efficient.

The incorporation of digitization and AI along with increasing use of automation in automobile production process are the main factors driving demand for mobile pallet trucks.

• Short Term (2023 Q1 to 2026): Labor shortage caused by the pandemic to improve the sales of mobile pallet truck.
• Medium Term (2026-2029): Increasing investment across the industries to boost operational efficiency would contribute to the increased sales of mobile pallet trucks.
• Long Term (2029-2033): Emergence of Industry 5.0 will improve long-term growth in the market.

Over the 2018-2022 historical period, the global mobile pallet trucks market registered a CAGR of 5.4%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is anticipated to exhibit growth at 7.3% CAGR between 2023 and 2033.

Market share analysis of mobile pallet truck based on speed and region is provided in a nutshell in the above image. Under the speed segment, the 2-3 m/s sub-segment will dominate with 32.4% market share in 2023.

What’s Driving Demand for Mobile Pallet Truck?

“Rising Wages & Labor Shortage Concerns Improving the Sales of Mobile Pallet Trucks”

The post COVID rise in labor shortages and concentration of employment declines in young workers is a vexing challenge for many countries, especially in the US. As per US Bureau of Labor Statistics 67% of total separations were reported fueling a growing labor shortage across industries.

The rising average wages and labor shortage issues can be overcome by the adoption of robotic palletizing. Warehouses and manufacturing plants are investing on mobile pallet trucks while struggling to find skilled labor. Mobile pallet trucks also reduce costs associated with restraining and re-education, insurance, illness or injury and compensation of workers along with improved operational efficiency. As a result, the demand for mobile pallet truck is estimated to witness considerable growth in successive years.

“The e-Commerce Boom Propelling Mobile Pallet Trucks Market”

With the recent pandemic accelerated growth, e-commerce industry continues to prove as a lucrative and vital part of future economy. With the growing e-commerce sector, demand for warehouses and distribution centers are also rising. Warehouse owners are focusing on boosting efficiency in warehouses and operational plants, reducing operational costs, and increasing transparency.

According to Shopify, a leading e-commerce company, the sales made from online purchases were 17.8%, while it is expected to reach 21% in 2022, and 24.5% in 2025.

With expanding e-commerce warehouses, the need for intelligent equipment are also rising to move products from one level to another safely. To keep up with the growth of e-commerce, warehouse operators are increasingly shifting to robotic solutions to improve efficiency and reduce time-to-handle. With more and more facilities increasingly relying on robotics system, mobile pallet trucks is expected to witness a rising demand in the coming years.

What Concerns Should Mobile Pallet Truck Manufacturers Watch Out for?

“High Initial Investment Costs to Hinder the Market Growth”

The initial costs of mobile pallet trucks tends to be higher than that of a manual version and can run into more maintenance issues. Moreover, the manufacturers that develop mobile pallet trucks currently are limited, making it costlier. High capital investment is required to set up mobile pallet trucks in automated facilities, which may discourage various end use industries from adopting advanced pallet trucks in place of manual ones.

Small and medium-sized companies have relatively small budgets and cannot afford to spend high capital on the maintenance and installation of mobile pallet trucks. Along with that since mobile pallet trucks are more complex, the maintenance will be expensive and time consuming. This will generate pressure on the end use industries to reduce costs, which will act as a restraint on the market.

Country-wise Insights

How is the Expanding e-commerce industry in the U.S. Positively Impacting the Mobile Pallet Truck Market?

The U.S accounts for a majority of the market share in the global mobile pallet trucks market owing to rapid expansion of e-commerce industry and heightened demand from warehouses. As technology awareness grows, more warehouse in the US are turning to mobile pallet trucks to adapt to the changing landscape. Other driving forces include rising labor costs and demand for rapid order fulfillment in e-commerce industry.

Due to the above mentioned factors, US is expected to reach a valuation of US$ 5 Bn by 2023 and growing at a CAGR of 5.9% during forecast period.

What Makes China Center Stage for Mobile Pallet Trucks?

The warehouse and storage market in China is growing at a fast pace with presence of strong players like Alibaba and multiple number of strong players emerging. The emergence of new e-commerce platforms and pandemic is driving the e-commerce activities in the country which will result in an increased demand for material handling equipment to improve operational efficiency.

China is predicted to grow at a CAGR of close to 4.9% because of these factors. A rise in number of business in China building their e-commerce stores or expanding their existing footprint are expected to increase the sales of mobile pallet trucks. China is expected to reach a valuation of US$ 4.5 Bn by the end of 2023.

Category-wise Insights

How Logistics & Warehouses as End Use Industry to be Focus for Manufacturers?

Mobile pallet trucks are the simplest and most widely used piece of equipment in modern warehouses. The highly versatile nature of equipment equips it to perform number of tasks such as loading and unloading trucks and transporting containers and pallets over small distances and also as an auxiliary support equipment for picking actions in warehouses.

In 2023, the demand for mobile pallet truck from logistics and warehouse end use industry is predicted to have the highest market share of 28.5% and a market value of US$ 7.1 Bn and hence is expected to have a huge demand in the future as well.

How are Omnidirectional Pallet Trucks Expected to Perform in the Market?

Omnidirectional pallet trucks allows operators greater freedom over how they control the pallet truck. These pallet trucks doesn’t limit the motion to back and forth and allows to move laterally thus making it easier for the user to move down tighter aisles where a normal truck would have to perform a full 360 degree turn.

Omnidirectional mobile pallet trucks are predicted to have a market value of US$ 10.8 Bn in 2023 and is expected to capture nearly 43.2% of the demand in the mobile pallet trucks market.

Competitive Landscape

Prominent manufacturers of the mobile pallet truck industry globally are Alta Equipment Group., Anantak Robotics Inc., BAYLO, Big Box Automation, Dorabot Inc., F3-Design B.V., Fetch Robotics, Inc., LiftOne, Multiway Robotics (Shenzhen) Co., Ltd, NOBLEO TECHNOLOGY, Seegrid Corporation and Vecna Robotics.

Manufacturers of mobile pallet trucks or robotic pallet trucks are developing mobile pallet trucks for automation of different applications in automotive, food and beverage, logistics and warehousing among others. For instance, in January 2021, Kivnon launched K50 pallet truck capable of circulating around the workplace based on magnetic guidance or mapping navigation using SLAM technology. The pallet trucker can move bidirectional and can handle loads vertically and horizontally.

Fact.MR has provided detailed information about the price points of key manufacturers of mobile pallet trucks positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Mobile Pallet Truck Industry Research

• By Payload :

  • Up to 2000 lbs
  • 2000 - 4000 lbs
  • 4000 - 6000 lbs
  • Above 6000 lbs

• By Navigation Technology :

  • Laser Guided Navigation
  • Magnetic Navigation
    • Magnetic Tape Navigation
    • Magnetic Spot Navigation
  • Natural Navigation
    • LiDAR SLAM
    • GPS
    • Vision
    • Others (Sonar)
  • Combination (Multi Tech)

• By Communication :

  • Wireless Area Network (WAN)
  • Optical Communication
  • 5G
  • Radio Waves
  • Wireless Mesh

• By Movement :

  • Unidirectional
  • Bidirectional
    • Translational
    • Rotational
  • Omnidirectional

• By Speed :

  • Up to 1 m/s
  • 1- 2 m/s
  • 2 - 3 m/s
  • Above 3 m/s

• By End Use Industry :

  • Aerospace & Defense
  • Automotive
  • Discrete Manufacturing
  • Electronics & Semiconductor
  • Food & Beverage
  • Healthcare
  • Logistics & Warehouse
  • Packaging
  • Paper & Printing
  • Retail e-Commerce
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA