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.
In the upcoming years, pallet trucks will have more opportunities to be used as a result of industrial automation in emerging economies. The majority of infrastructure growth is being driven by the expansion of manufacturing and warehouse facilities, which has led companies to spend money on technologies like automation, IOT, visual guidance systems, lasers, and GPS.
In addition, businesses are combining automated guided vehicle (AGV) systems and self-driving trucks to create full-service warehousing 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 releasing cutting-edge products that are brand new and inventive. Both manual and electric pallet trucks are being improved to move light and medium duty materials in the easiest and most practical manner possible.
“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.
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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
About Us
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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