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Pallet Trucks Market Report 2024 - Pallet Trucks Market Size, Demand And Trends
Pallet Trucks Market
According to The Business Research Company's, 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 Drivers and Trends:
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.
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.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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Major Key Players of the Market:
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
Pallet Trucks Market 2024 Key Insights:
• The pallet trucks market will grow to $56.7 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
• E-Commerce Impact On Pallet Truck Market A Driving Force For Growth
• Electric Vehicle Technology Boom Fueling Growth In The Pallet Truck Market
• North America was the largest region in the pallet trucks market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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