Pallet Truck Market Is Expected To Grow At A 7.5% CAGR, Reaching US$ 79.8 Billion By 2032

The global pallet truck market is expected to reach $38.5 billion by 2022. Growing at a 7.5% CAGR, it will reach US$79.8 billion by 2032. In terms of product type, standard and weighing currently account for more than 71% of the global pallet truck market.

Because of increased retail sales, the expansion of the e-commerce and freight & logistics sectors is changing the dynamics of warehousing and material handling, resulting in increased demand for pallet trucks.

Furthermore, the adoption of electric vehicle technology in the material handling sector is expected to create opportunities for pallet truck adoption. The global pallet truck market accounts for 22% of the parent global material handling equipment market, according to FMI.

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The annual revenue from pallet trucks globally is valued to be US$ 29,734.6 Mn by the end of 2018, which is further expected to grow at a steady pace over the years. The dominating regions, i.e. North America, China and Western Europe, collectively account for the majority share in the global pallet trucks market. These regions are likely to dominate the global market over the forecast period.

Global Pallet Trucks Market Dynamics

End users are interesting manufacturers to develop pallet trucks that are more cost-efficient and offer better operability for a wider range of applications. As a result, manufacturers are developing pallet trucks incorporated with additional features, making them safer and interactive to use along with other features, such as comfort and digitalisation. The major contribution in end-use will be created by wholesale distribution, owing to the boom in the e-commerce market.

Market players are focusing on this segment and are launching new models for warehouse specific applications. As technology continues to grow, pallet trucks will continue to become more energy efficient. In addition, innovative features that are being adopted focussing on enhancing riders' comfort and protection will become essential components of all kinds of Pallet Trucks.

The low replacement rate is expected to hinder the growth of the pallet trucks market. However, the replacement of fuel-powered electric pallet trucks is likely to gain pace in the coming years.

Global Pallet Trucks Market Forecast

Based on control, Future Market Insights suggests that the electric segment will drive the overall market as end-users will shift towards opting for environment-friendly vehicles. Based on type, silent pallet trucks will be an attractive segment for retail stores that require low noise during operations.

Among end-users, the wholesale distribution segment accounts for a significant value share. In terms of volume, the manufacturing segment is expected to grow at an attractive CAGR over the forecast period.

This China pallet trucks market will dominate the global pallet trucks market, due to the huge consumer goods market in the country. The market has huge potential in China owing to the high demand for pallets from consumer goods wholesalers, manufacturers, and transportation service providers.

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The Western Europe pallet trucks market will be a target market for market participants looking to penetrate the electric segment. Latin America and MEA are estimated to grow with above-average CAGRs respectively over the forecast period. South Africa is expected to hold a major revenue share in the MEA Pallet Trucks market over the forecast period.

Market Segmentation

Based on control, the market is segmented into,

• Manual Semi Electric Electric Diesel Compressed Natural Gas (CNG) Others

Based on type, the global market is segmented into,

• Standard Quarter Silent Weighing Scissor

Based on load capacity, the market is segmented into,

• Below 2000 KG 2000-4000 KG 4000-6000 KG Above 6000 KG

The fourth section includes the analysis of the market based on end-use and it is segmented as,

Food & Beverage Retail Stores Wholesale Distribution Freight & Logistics Manufacturing Others

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Global Pallet Trucks Market Competitive Landscape

Examples of some of the market participants in the global pallet trucks market report include Toyota Industries, KION Group, Jungheingrich AG, Goscor Lift Trucks, Hyster Company, Hyundai Heavy Industries, Liftek FZC, Linde Material Handling, Thermite & Vanhalst Group, Nido Machineries Pvt Ltd, Nilkamal Limited, Pr Industrial S.r.l., Presto Lifts Inc. and others.

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

This release was published on openPR.