The global pallet trucks market is predicted to exhibit a phenomenal growth rate over the forecast period from 2022 to 2032 with a healthy CAGR of 7.5%. The global market is expected to reach US$ 38.5 Bn in 2022 and it is anticipated to touch about US$ 79.8 Billion revenue by 2032. In terms of product type, the standard and weighing currently account for more than 71% share in the global pallet trucks market.
According to the historical estimations from 2017 to 2021, the demand for pallet trucks surged at a stable 3.3% CAGR and is expected to surge by 3.9% in 2022. Due to the growing production capacities and increasing demand in various end-use industries such as food & beverages, retail stores, wholesale distributions, and manufacturing, a reasonable increase in Year-on-Year basis growth was witnessed in 2022.
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Future Market Insights predicts a comparison and review analysis of the dynamics of the pallet truck market. Due to the ever-changing dynamics of warehousing and material handling, the emergence of the internet, e-commerce, and freight & logistics have revolutionized the retail sector and driven up demand for the pallet truck market.
Key Takeaways
- Expansion of the e-commerce and freight & logistics sectors is expected to rise sales in the retail industry which is resulting in changing dynamics of warehousing and material handling, resulting in increased demand for pallet trucks.
- The adoption of electric vehicle technology in the material handling sector is anticipated to create positive prospects for the adoption of pallet trucks. As per the FMI analysis, the global pallet trucks market accounts for about 22% of its parent market known as the global material handling equipment market.
- With the expansion of warehouses, logistic activities, and industrial transportation, the popularity of pallet trucks is also increasing. As per the FMI estimations, the adoption of electric vehicle technology in the material handling industry will spread the latent development opportunities for the global pallet truck market.
- Large public industrial programs are expected to appear in the building sector in countries like the United States, China, Europe, and India. It will help in expanding the potential for public-private partnerships to finance new projects.
- The developing nations ought to concentrate on fostering intra-regional trade. This is expected to strengthen the local construction sector and broaden opportunities for the pallet truck market to excel.
- Owing to the surging emphasis on lean supply chain management, end users are able to focus their energies, resources, and attention on their core business and day-to-day supply chain activities by renting pallet trucks. Moreover, the pallet truck companies also make sure that pallets are available in all the prime operational areas, resulting in a lean supply chain.
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Competitive Landscape:
The dominant pallet truck manufacturers in the market are heavily investing in a wide array of technologies such as vision guidance systems, IoT, automation, GPS, and lasers. Several key players are also incorporating autonomous trucks and automated guided vehicle systems (AGVs) into end-to-end solutions for warehouses. The global market players are concentrating on long-term pricing contracts with raw material suppliers in order to avoid volatile price fluctuations in raw materials.
Key Segments Covered In Pallet Pooling Industry Analysis
Control:
- Manual
- Semi-Electric
- Electric
- Diesel
- Compressed Natural Gas (CNG)
- Others
Product Type:
- Standard
- Quarter
- Silent
- Weighing
- Scissor
Load Capacity:
- Below 2000 Kg
- 2000 – 4000 Kg
- 4000 – 6000 Kg
- Above 6000 Kg
End-Use Industry:
- Food & Beverages
- Retail stores
- Wholesale Distributions
- Freight and Logistics
- Manufacturing
- Others
Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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More Insights into the Pallet Truck Market:
The U.S. was expected to dominate the North American market by accounting for about 86.9% in 2021. United States is still expected to increase at a robust CAGR of 7.2% through 2032. The food and beverages, and wholesale distribution sectors in the U.S. are expanding, and demand in the country is predicted to drive market growth.
China consists of strict food safety regulations and import controls in place, this enables the country to maintain a multi-layered regulatory framework for its food and beverage products being retailed at e-commerce platforms. Fueled by this, the country possesses a total sale of US$ 22.5 Billion over the forecast period.
Over the projection period, demand in the pallet truck market in Germany is anticipated to accelerate at a robust CAGR of 5.6%. By the end of 2032, total sales in the country are forecasted to reach US$ 4.5 Billion due to the rising demand from the manufacturing and freight & logistics sectors.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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