Pallet Truck Market: Analysis of Key Trends and Drivers Shaping Future Growth until the End of 2027

As per the current market trends and the promising nature of the global pallet truck market, it can be estimated that the future holds positive outcomes. In order to provide a deep insight about the concerned market, Fact.MR would be publishing a resourceful analysis that will enclose knowledge about the regional market size, revenue and opportunity status. Readers will be offered the privilege to decode various facets of the market during the period “2018 to 2027”, together with the active access to secondary and primary research methodology. Furthermore, various segments of the market associated to product, application, end-user etc., would also be present in this intelligent research report.

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A new report by Fact.MR provides an all-inclusive scenario of the global pallet truck market. For the forecast period of 2018 – 2027, the report provides a comprehensive analysis of the market while considering important trends in the industry.

The growth of warehousing industry, increased goods and transportation activities, rising demand for material handling equipment, and increased need of operational efficiency are some of the prime influencing factors that contribute to the growth of pallet truck market. Detailed analysis of these high-lighted trends and their impacts on the market growth are included in the report, making it the most viable source of market research for the industry executives interested in business expansion.

Pallet truck or pallet jack are highly preferred material handling equipment after forklift. Apart from traditional manual pallet trucks, powered pallet trucks have become popular which are mostly electrically charged and exempt need of human force. Further, depending on the weight that needs to be lifted, pallet trucks with different load capacities are used for divergent applications. As the demand for material handling equipment rises, pallet trucks will be the leading sought after equipment in future. In particular, their demand is likely to remain higher in warehouses, fabrication sheds, transport depots and docksides where goods distribution activities are frequent.

Emerging SMEs to Spur Adoption of Pallet Trucks

According to the International Finance Corporation (IFC), Small and Medium Enterprises (SMEs) account for over 50% of all the formal jobs worldwide. Their account is higher in low-income countries where they create jobs and deliver solutions for critical developmental issues. Although forklifts are preferred for warehouse activities, pallet trucks remain irreplaceable for goods management at limited spaces. For small businesses, pallet trucks are preferred over other material handling equipment as they are considered as a cost-effective alternative. Further, better goods management at small spaces can be achieved by pallet trucks that cover lesser space yet deliver productivity. Manual pallet trucks that has steel body combined with a hydraulic pump, are used for small distance load transfers such as warehouses of SMEs. As entrepreneurs and SMEs prominently contribute to economic development, their growth is likely to increase the adoption of pallet truck in the near future.

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Safety and Ergonomics to Drive Product Innovations

Pallet truck design and capabilities are improved with the evolution of application and demands. The durability of the truck has increased by introducing new metals in body design such as thermo elastomers, ductile iron, and high-strength low-alloy aluminium. These metals make the pallet more resilient and productive as compared to the traditional low-carbon steel pallet trucks. Development of electric powered pallet trucks has transformed the operational efficiency of the warehouses. Hydrogen fuel cells and lithium-ion battery powered pallet trucks are highly preferred for material handling. Affordability combined with economic returns on investments has increased the popularity of lithium-ion battery for smaller pallet trucks. Deployment of advanced technology has made pallet trucks more sophisticated in terms of capabilities. One such advanced pallet truck can slow down while approaching corners to deliver better load stability. Integration of exponential technology has delivered the market with exceptionally innovative solutions. Few examples include pallets with Pick2Pallet LEDs, Toyota’s AC-powered walkie pallet jack, hybrid pallet trucks, pallet truck with power steering and more. These technology integrations are set to be disruptive for the global pallet truck market.

Pallet Truck Injuries to Obstruct Market Growth

Material handling always carries the risk of accident and injuries. Warehouse environments especially present higher incidences of industrial accidents. Improper pallet truck handling can result in serious injuries such as back strain, hand crushes, foot strains, fractures, and other internal injuries. Pallet truck handling requires proper training and education sessions prior to its use. Further, safety regulations need to be followed by workers using pallet trucks. Workplace design, excess loading, and careless use of pallet trucks are main reasons to trigger incidences of accidents and injuries.

Being a common material handling equipment at every warehouse, big or small, demand for pallet truck is likely to rise in future. Most suitable for small distance load transfers, they are highly used in small warehouses and distribution centers. Although carry risks of accidents and injury, development of smart pallet trucks can boost the market growth.

Detailed description and impacts of the stated trends in the global pallet truck market are included in the report, making it the most credible source of information for business professionals. 

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