The global market for pallet jacks, which had a value of US$ 1054.1 million in 2022, is projected to reach US$ 1888.3 million in 2032 and increase at a CAGR of 6% over the forecast period. The demand for pallet jacks is expected to rise as a result of numerous factors, including the increased need for material handling, the growth of warehouses, and many more.
Pallet Jacks – Market Outlook
Pallet jacks are also called as fork lifts or pallet trucks. These are used for material handling in warehouses, manufacturing, etc. These are commonly made of stainless steel. Starting from First Industrial Revolution, which used steam power to automate the production to Fourth industrial revolution, which is drven by digitization, material handling has transformed into new form in each phases. Now fully automated electric pallet jacks with high load capacity are available in the market. Pallet jacks play a vital role in material handling.
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These help in loading and unloading of the bulk goods. These are also used in inbound transportation of bulk goods from one corner of the warehouse or production floor to other corner. Manufacturers are very much concerned about their production efficiency and reducing the lead times. Material handling is a time consuming process if not handled properly, which may result into unproductivity and not meeting the production targets and deadlines.
Manufacturers are continuously investing in transformation of their production facilities to modern technologies. Automating the material handling process improves production efficiency and reduce the lead times. Labor cost can also be optimized in the long term, as technology & equipment require a one time investment.
Global pallet jacks market has a considerable correlation with global material handling equpments (MHE) market. Global material handling equipments market is estimated to reach approximately US$ 120.0 Billion, by 2018. The global MHE market is expected to driven by emerging markets e.g. India, China, Brazil, South Africa, Nigeria. Rising industrilization in Asia Pacific, Latin America and Africa regions is expected to drive the regional growth during the forecast period.
Increasing adoption of advanced technologies, such as Internet of Things (IoT), RFID, robotics, smart labels, voice recognition etc. in material handling is driving the overall global pallet jacks market. Manufacturers want to automate the production process, especially material handling, so that the production efficiency can be enhanced.
Manufacturers are leveraging manufacturing advantage to beat the fierce competition in market. Smart factories with smart material handling will reduce the labor cost and speed up the production process.
Pallet jacks play a vital role in transportation of goods from warehouses to store shelves (inventory replenishment) at right time and right condition is vital in supermarkets and hyper markets. Growing competition from material handling processes such as conveyors and robots is hampering the demand for pallet jacks. Robots are smart compared to pallet jacks and avoid collisions and accidents during material handling process.
Robots may not need human interference during material handling process unlike pallet jacks. As robots cost very high compared to pallet jacks, still pallet jacks dominate over robots and other substitute products, by market share in the global material handling equipment market.
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Global Pallet Jacks market: Key Players
Some of the key players operating in the global pallet jacks market are – Toyota Motor Corporation, Jungheinrich AG, Raymond Corporation, Yale Materials Handling Corporation, Caterpillar Inc., Clark Material Handling Company Inc., Crown Equipment Corporation, Komatsu Ltd., UniCarriers Corp., Combilift Ltd., Godrej Material Handling, Carborundum Universal Limited (CUMI), Jost’s Engineering Company Limited, Patel Material Handling Equipment, Noveltek Industrial Manufacturing Inc., Niuli Machinery Manufacture Co., Ltd, Ningbo Ruyi Joint Stock Co., Ltd., SUZHOU PIONEER MATERIAL HANDLING EQUIPMENT&TECHNOLOGY CO.,LTD., Wesco Industrial Products, LLC and Mitsubishi Caterpillar Forklift America Inc. and others.
The global pallet jacks market is expected to witness new product launches during the forecast period. Manufacturers of material handling equipment are increasingly investing in new technology and design for material handling solutions. Manufacturers are entering in to collaborations and starting joint ventures (JVs). Global material handling equipment market is expected to witness a growing consolidation during forecast period.
Key Developments, Merger and Acquisitions
- In September 2017, Toyota Material Handling, U.S.A., Inc. (TMHU) launched new AC-powered walkie pallet jack with brand Tora-Max. The load capacity is 4,000-pound.
- In October 2017, Jungheinrich’s horizontal order picker ECE and the electric ride-on pallet truck ERE have won the “German Design Award 2018” in the transportation category.
Conclusion
Global pallet jacks market is expected to expand at a lucrative CAGR during the forecast period, due to growing industrialization in emerging markets. Manufacturers are constantly investing in infrastructure upgradation, so that the overall production efficiency can be enhanced and manufacturing advantage can be achieved. The market is expected to witness rising consolidation during the forecast period.
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
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Global Pallet Jacks Market: Segmentation
The global pallet jacks market has been segmented as follows –
On the basis of product type, the global pallet jacks market has been segmented as –
- Manual
- Electric
On the basis of load capacity, the global pallet jacks market has been segmented as –
- Standard
- High Lift
On the basis of end use, the global pallet jacks market has been segmented as –
- Retail store
- Warehousing
- Manufacturing plant
- Others
On the basis of geography, the global pallet jacks market has been divided into seven key regions –
- North America
- Asia Pacific excluding Japan
- Western Europe
- Eastern Europe
- Latin America
- Middle East & Africa
- Japan
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