Press release
Pallet Trucks Market Outlook 2024: Exclusive Report By The Business Research Company | Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Kion Group AG
Pallet Trucks Market Characteristics
The Business Research Company offers in-depth market insights through Pallet Trucks Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The pallet trucks market size has grown strongly in recent years. It will grow from $38.36 billion in 2023 to $41.44 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to automation and electrification trends, focus on safety and ergonomics, sustainability initiatives, customization and specialized solutions, rise in e-commerce activities..
The pallet trucks market size is expected to see strong growth in the next few years. It will grow to $56.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to shift towards compact and versatile solutions, efficiency and productivity enhancement, market penetration in emerging economies, customization and specialized solutions.. Major trends in the forecast period include industry 4.0 integration, efficiency and productivity improvements, compact and versatile solutions, integration of iot and telematics, innovations in design and materials..
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Market Segmentation:
The pallet trucks market covered in this report is segmented -
1) By Product Type: Standard, Quarter, Silent, Weighing, Scissor
2) By Load Capacity: Below 2000 Kg, 2000 - 4000 Kg, 4000 - 6000 Kg, Above 6000 Kg
3) By Control: Manual, Semi-Electric, Electric, Diesel, Compressed Natural Gas (CNG)
4) By End Use Industry: Food And Beverages, Retail Stores, Wholesale Distributions, Freight And Logistics, Manufacturing, Other End Use Industries
Major Driver - E-Commerce Impact On Pallet Truck Market A Driving Force For Growth
The growing e-commerce usage across the globe is expected to propel the growth of the pallet truck market forward. E-commerce refers to the process of selling products and services over the internet. E-commerce businesses or enterprises primarily store goods and products in warehouses and stockrooms that use pallet jacks to transport high or low-weighed goods from one location to another over short distances for the preparation and dispatch of product orders. The growth of e-commerce is altering the entire supply chain ultimately increasing the demand for pallet trucks. For instance, according to a quarterly report published by the Census Bureau of the Department of Commerce, a US-based federal government statistical agency, total retail e-commerce sales for the third quarter of 2022 were estimated to be $1,792.0 billion with e-commerce accounting for 14.8% of total sales. Therefore, the growing e-commerce usage across the globe is subsequently propelling the pallet truck market.
Competitive Landscape:
Major companies operating in the pallet trucks market report are Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Kion Group AG, Toyota Industries Corporation, Hyundai Heavy Industries Co. Ltd., Godrej & Boyce Mfg. Co. Ltd., Nilkamal Limited, PR Industrial S.R.L., Presto Lifts Inc., Noveltek Industrial Manufacturing Inc., Mitsubishi Logisnext Co. Ltd., Goscor Lift Truck Company (Pty) Ltd., STILL GmbH, Noblelift Intelligent Equipment Co. Ltd., Ningbo Ruyi Joint Stock Co. Ltd., Niuli Machinery Manufacture Co. Ltd., TVH Group NV, RICO Manufacturing Inc., Nido Machineries Pvt. Ltd., Patel Material Handling Private Limited, Puma Lift Trucks Pvt. Ltd., Bishamon Industries Corporation, CML Movimentazione SRL, Columbus McKinnon Industrial Products GmbH., EP Equipment Co. Ltd., Hinowa S.p.A., HYTSU GROUP, I-lift Equipment Ltd., Komatsu Ltd., Linde Material Handling GmbH, Manitou Group .
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Top Trend - Electric Vehicle Technology Boom Fueling Growth In The Pallet Truck Market
The adoption of electric vehicle technology in pallet trucks is a major trend in the global pallet truck market. Major industry players are integrating new electric technologies into pallet trucks to gain a competitive edge in the market. For instance, in May 2022, Linde Material Handling, a Germany-based warehouse equipment manufacturer launched the T14 - T20 series of electric pallet trucks integrated with cutting-edge electric technology. The new electric pedestrian trucks are built with lithium-ion batteries to transport pallet loads of 1.4 to 2.0 tons and feature sensor-based foot protection for safer work operations.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Pallet Trucks Market Characteristics
3. Pallet Trucks Market Trends And Strategies
4. Pallet Trucks Market - Macro Economic Scenario
5. Pallet Trucks Market Size And Growth
…..
27. Pallet Trucks Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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