Pallet Truck Market Set to Grow at Strong 7.5% CAGR from 2022 to 2032

The publisher has been tracking the pallet truck market, which is expected to grow at a 7.5% CAGR between 2022 and 2032. The pallet trucks market research includes a thorough analysis, market size and forecast, trends, growth drivers and challenges, and vendor analysis.

Industrial automation in emerging economies will create opportunities for the use of pallet trucks in the coming years. Manufacturing and warehouse facilities account for the majority of infrastructure growth, prompting businesses to invest in technologies such as automation, IOT, visual guiding systems, lasers, and GPS.

Aside from that, companies are merging self-driving trucks and automated guided vehicle systems (AGVs) into full-service warehouse solutions.

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In freight and logistics, wholesale distribution, fast-moving consumer goods, food & beverage, and automotive industries, pallet truck is very efficient piece of equipment to streamline the warehousing process.

Manufacturers are introducing new and innovative products with cutting-edge design. They are improving both manual and electric pallet trucks for light and medium duty material transportation in the most effortless and economic way.

“Expansion of warehouse spaces and value addition in the operation of warehousing due to implementation of advanced technologies will boost sales of pallet trucks. Also, surging demand for electric pallet rucks will fuel growth in the market,” says an FMI analyst.

Key Takeaways:

• By product type, the standard pallet truck segment is projected to hold 59% of the total market share in 2022.

• In terms of control type, sales in the electric pallet truck segment will increase at a CAGR of 9.8% over the forecast period.
• Based on end use segment, demand in the wholesale distribution segment is expected to hold more than 20% of the total market share in 2022.
• From 2022 to 2032, the load capacity of 2000-4000 KG pallet truck segment will account for 58.7% of the total market share.
• Sales of pallet trucks in the U.S. market will increase at a 7.2% CAGR over the forecast period.
• Total demand in the China market is expected to reach a valuation of US$ 22.5 Bn over the assessment period.

• Germany will emerge as a lucrative market, with demand increasing at a 5.6% CAGR through 2032.

Competition Landscape 

Owing to the growing demand from manufacturing industries, key manufacturers operating in the global pallet truck market are offering innovative products to improve sales. Leading players in the market are adopting alternative distribution channels to further strengthen their market presence in regional markets.

Some of the key pallet truck manufacturers include Kion Group, Toyota Industries Corporation, Mitsubishi logisnext, Jungheinrich AG, Crown equipment corporation, Hyster Company, Hyundai heavy industries and others.