Press release
Electric Vehicle Technology Boom Fueling Growth In The Pallet Truck Market Trend: A Crucial Influence on the Pallet Trucks Market's Transformation in 2025
Pallet Trucks Market Size
The expansion of e-commerce worldwide is anticipated to drive the progression of the pallet truck market. The term e-commerce denotes the online transaction of goods and services. Warehouses and storerooms, where e-commerce enterprises predominantly store merchandise, utilize pallet jacks to move hefty or light-weight goods across short distances for order fulfillment and dispatch. As e-commerce continues to grow, it reshapes the entire supply chain, intensifying the demand for pallet trucks. To exemplify, the Department of Commerce's Census Bureau, a federal statistical agency in the US, released a quarterly report stating that the total e-commerce retail sales for Q3 2022 were approximately $1,792.0 billion, which constituted 14.8% of all sales. Consequently, the continued expansion of e-commerce globally is further fueling the boom in the pallet truck market.
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How will the growth rate of the pallet trucks market shape industry trends by 2034?
The growth of the pallet trucks market has been robust in the past few years. The market is predicted to expand from a size of $40.86 billion in 2024 to $43.89 billion in 2025, recording a compound annual growth rate (CAGR) of 7.4%. The historical growth of the market has been stimulated by factors such as trends in automation and electrification, emphasis on safety and ergonomics, efforts towards sustainability, bespoke and specialized solutions, and an increase in e-commerce activities.
The market for pallet trucks is projected to enjoy robust growth in the coming years, expanding to $61.19 billion in 2029 with a compound annual growth rate (CAGR) of 8.7%. This surge in the projected period can be connected to a move to more compact and adaptable solutions, advancements in efficiency and productivity, market inroads in developing economies, and bespoke and specialized solutions. Major anticipated trends in the forecasted period include the incorporation of Industry 4.0, enhancements in efficiency and productivity, compact and adaptable solutions, the integration of IoT and telematics, and design and materials innovations.
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What trends are poised to drive the future success of the pallet trucks market?
One significant trend in the international pallet truck market is the increase in the use of electric vehicle technology. Leading companies in the sector are incorporating new electric solutions into their pallet trucks to stay ahead in the market. For example, Linde Material Handling, a warehouse equipment manufacturer from Germany, unveiled the T14 - T20 series of electric pallet trucks in May 2022. Equipped with advanced electric technology, these new electric pedestrian trucks utilize lithium-ion batteries to move pallet loads weighing between 1.4 to 2.0 tons. Moreover, they include a sensor-based foot protection system to enhance safety during operations.
Which primary segments of the pallet trucks market are driving growth and industry transformations?
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
Subsegments:
1) By Standard: Manual Standard Pallet Trucks, Electric Standard Pallet Trucks
2) By Quarter: Manual Quarter Pallet Trucks, Electric Quarter Pallet Trucks
3) By Silent: Manual Silent Pallet Trucks, Electric Silent Pallet Trucks
4) By Weighing: Manual Weighing Pallet Trucks, Electric Weighing Pallet Trucks
5) By Scissor: Manual Scissor Pallet Trucks, Electric Scissor Pallet Trucks
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Which geographical regions are pioneering growth in the pallet trucks market?
North America was the largest region in the pallet trucks market in 2024. The regions covered in the pallet trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Who are the influential players reshaping the pallet trucks market landscape?
Major companies operating in the pallet trucks market include 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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What Is Covered In The Pallet Trucks Global Market Report?
• Market Size Forecast: Examine the pallet trucks market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the pallet trucks market for a structured understanding.
• Key Players Overview: Analyze major players in the pallet trucks market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pallet trucks market.
• Segment Contributions: Evaluate how different segments drive overall growth in the pallet trucks market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pallet trucks market.
• Industry Challenges: Identify potential risks and obstacles affecting the pallet trucks market.
• Competitive Landscape: Review strategic developments in the pallet trucks market, including expansions, agreements, and new product launches.
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