According to a new market research report published by Credence Research “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 grow with a CAGR of 7.1% during the forecast period, starting from US$ 29.72 Bn in 2018.
The global pallet truck market is driven by the design improvement in the pallet trucks and consistently growing retail & e-commerce sector. Pallet trucks have evolved significantly over the past decade. The development of the automated guided vehicles has presented several new avenues for the growth of the pallet trucks market. The companies are focusing on innovating for enhancing their product capabilities to gain an edge over competitors. The growing adoption of automation across the industry verticals is also augmenting the demand for the pallet trucks.
As the competition among the market player is increasing and the profit margins are decreasing, the companies are shifting towards the automated business processes to gain business agility and enhance the operational efficiency. This is encouraging the adoption of the automated pallet trucks among the organizations to streamline the material handling process.
The manufacturing sector is also emerging as one of the prominent end-users of the pallet trucks. The growth of the market is driven by the increasing adoption of the industry 4.0 revolution across the globe. The companies are leveraging on the pallet trucks for the material handling purposes. The trucks allowed companies to effectively manage their materials with high load capacity and fully automatic trucks that follows programmed path. Furthermore, the increase in the warehousing of the product to carter the growing demand of the customer is also serving as a major factor that is driving the market growth.
Asia Pacific market contributed significantly towards the growth of the market with over 24% stake in the revenue in 2018. The market is propelled by the explosive growth in the e-commerce sector in the region. The emergence of the e-commerce giants such as Alibaba in the region has also paved the way for the growth of the pallet trucks. The rise in the globalization as well as steadily growing economy is also serving as one of the major force propelling the 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.
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