According to a new market research report published by Acute Market Reports “Global Pallet Truck Market (Control (Manual, Semi-Electric, Electric, Diesel, Compressed Natural Gas (CNG), Others); Type (Standard, Quarter, Silent, Weighing, Scissor); Load Capacity (Below 2000 kg, 2000-4000 kg, 4000-6000 kg, Above 6000 kg); Application (Retail & E-commerce, Food & Beverages, Automotive, Manufacturing, and Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the pallet truck market is set to expand with a CAGR of 7.1% over the forecast era, beginning from US$ 29.72 billion in 2018.
Browse the full report at “Pallet Truck Market”
Market Insights
The worldwide market for pallet trucks is driven by the improved design of pallet trucks and the ever-increasing retail and e-commerce industry. Over the last decade, pallet trucks have evolved significantly. The development of automated guided vehicles provided a number of fresh avenues for the growth of the market for pallet trucks. Companies are focusing on innovating in order to improve their product capabilities in order to gain an advantage over competitors. Also increasing the demand for pallet trucks is the increasing adoption of automation across the vertical sector.
As market player competition increases and profit margins decrease, businesses shift to automated business processes to gain business agility and enhance operational efficiency. This encourages the acceptance among organisations of automated pallet trucks to streamline the process of material handling.
The manufacturing sector also emerges as one of the pallet trucks ‘ prominent end-users. The development of the market is motivated by the growing adoption of the 4.0 revolution of the sector worldwide. The businesses are leveraging pallet trucks for material handling reasons. The trucks made it possible for businesses to handle their products efficiently with high load capability and completely automatic trucks following the programmed route. In addition, the increase in the warehousing of the product in order to meet the growing demand of the customer also serves as a major driver of market growth.
The Asia-Pacific market contributed significantly to the growth of the market with a revenue share of over 24 percent in 2018. The market is driven by the explosive development of the e-commerce industry in the region. The advent of e-commerce giants in the region, such as Alibaba, has also paved the way for the development of pallet trucks. The increase in globalization and the ever-growing economy also serve as one of the main drivers of market growth.
Some of the prominent vendors in the Pallet Trucks market are Hyundai Heavy Industries, Hyster Company, Presto Lifts Inc, KION Group, Jungheingrich, Goscor Lift Trucks, Thermote & Vanhalst Group, Linde Material Handling, Liftek FZC, Nilkamal Limited, Toyota Industries, Pr Industrial S.r.l., and Nido Machineries Pvt Ltd.
Some of the prominent vendors in the Pallet Trucks market are Hyundai Heavy Industries, Hyster Company, Presto Lifts Inc, KION Group, Jungheingrich, Goscor Lift Trucks, Thermote & Vanhalst Group, Linde Material Handling, Liftek FZC, Nilkamal Limited, Toyota Industries, Pr Industrial S.r.l., and Nido Machineries Pvt Ltd.
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