The United States pallet jacks market, expected to grow at a steady CAGR of 2.3%, plays a pivotal role across various industries. This dynamism is fueled by the flourishing e-commerce sector, accompanied by the expansion of manufacturing and retail industries, driving a continuous demand for pallet jacks.
In this evolving landscape, electric pallet jacks have gained substantial popularity. Their efficiency not only reduces physical strain on workers but also significantly enhances productivity, particularly within large distribution centers and warehouses.
Safety and ergonomics take center stage as pallet jack manufacturers work diligently to integrate advanced safety features and ergonomic designs. These innovations align with stringent workplace regulations, resulting in improved worker safety and heightened overall operational efficiency.
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The Global pallet jacks market is expected to be worth US$ 1,112.5 million in 2023. The market is expected to be valued at US$ 1,596.6 million by 2033 developing at a CAGR of 3.1% from 2023 to 2033.
The thriving e-commerce business necessitates effective material handling approaches, with pallet jacks being critical for supply chain management, generating substantial market development.
The growing popularity of robotics in the industry requires the use of modern material-handling machinery. Pallet jacks, particularly electric pallet jacks, are essential components of computerized warehousing systems, increasing efficiency and accuracy.
Restrictive regulations and an increasing focus on employee protection fuel the need for pallet jacks with sophisticated security measures. Developments in rigidity, braking structures, and ergonomic layouts guarantee an improved working atmosphere.
The incorporation of IoT technologies, continuous monitoring, and automated upkeep capacities improve pallet jack efficiency. Due to these characteristics, they have become essential for contemporary supply chain administration and logistics.
Sustainable pallet jacks that use lithium-ion batteries, reusable components, and environment-friendly layouts are developing in popularity, fulfilling customer requirements while complying with ecological norms.
The pallet jacks industry in the United States stays vibrant and important to a variety of sectors. The consumption of pallet jacks is being driven by the expanding online shopping sector, as well as the growing importance of the production and sales industries.
Electric pallet jacks have grown in popularity owing to their effectiveness in minimizing physical stress on employees and enhancing efficiency, particularly in huge shipment centers and warehouses.
The pallet jacks business in China has expanded significantly in unison with the nation’s thriving industrial and logistics businesses. With China as an international industrial powerhouse and e-commerce manager, there is a great requirement for effective material handling machinery, especially pallet jacks.
Electric pallet jacks, in particular, are growing in popularity owing to their capacity to increase production while decreasing labor expenses. The commitment of the government of China to the digitization and Industry 4.0 innovations has hastened the deployment of electric pallet jacks, which has contributed to industry growth.
Key Takeaways
- The market in the United States is projected to increase at a 2.3% CAGR.
- The United Kingdom is anticipated to experience growth at a 3.5% CAGR from 2023 to 2033.
- The market in China is projected to expand at a 5.1% CAGR through 2033.
- The pallet jacks market in Japan is expected to record a 2.5% CAGR.
- The logistics industry is expected to develop at a 3.5% CAGR until 2033.
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Key Companies Profiled
- Toyota Motor Corporation
- Jungheinrich AG
- Raymond Corporation
- Yale Materials Handling Corporation
- Clark Material Handling Company Inc.
- Crown Equipment Corporation,
- Komatsu Ltd.
- Godrej Material Handling,
- Carborundum Universal Limited (CUMI)
- Jost’s Engineering Company Limited
- Patel Material Handling Equipment
- Noveltek Industrial Manufacturing
- Niuli Machinery Manufacture Co. Ltd
- Ningbo Ruyi Joint Stock Co. Ltd.
- Wesco Industrial Products LLC
- Mitsubishi Caterpillar Forklift America Inc.
Key Developments, Mergers 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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Market Segmentation:
On the basis of product type,
- Manual
- Electric
On the basis of load capacity,
- Standard
- High Lift
On the basis of end use,
- Retail store
- Warehousing
- Manufacturing plant
- Others
On the basis of geography,
- North America
- Asia Pacific excluding Japan
- Western Europe
- Eastern Europe
- Latin America
- Middle East & Africa
- Japan
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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