NEWARK, Del, Oct. 30, 2023 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI) report, the global pallet truck market is on the brink of reaching a substantial valuation, projected to reach US$ 41,115.3 Million by 2023. With a projected CAGR of 7.5% from 2023 to 2033, the market is poised to reach US$ 79,833.7 Million in 2033.
The growing demand has significantly impacted the manufacturing industry, increasingly integrating pallet trucks into its operations to enhance productivity. Technological advancements and innovative concepts have revolutionized pallet trucks, enabling them to operate autonomously and intelligently.
The logistics and storage businesses are expanding, particularly in economies experiencing robust growth. Consequently, worker safety and comfort are taking precedence, resulting in the adoption of electric and ergonomic pallet trucks. While high-tech pallet trucks offer impressive capabilities, their maintenance costs can be prohibitively expensive.
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The proficient operation of advanced pallet trucks necessitates skilled personnel, making finding qualified operators challenging. Stringent regulations governing the design and usage of pallet trucks add to their overall cost, underscoring the importance of compliance. The desire for more eco-friendly power sources for pallet trucks is growing, driven by environmental concerns surrounding battery usage.
The market is characterized by intense competition, leading to price wars that can erode business profit margins. The cost of manufacturing pallet trucks is intricately linked to the fluctuating prices of raw materials, while global trade policies and economic conditions continue to generate uncertainties that influence supply and demand dynamics.
Key Takeaways from the Market Study:
- As of 2022, the pallet truck industry was valued at US$ 38,581 Million.
- By control type, electric pallet trucks account for 38.2% of the total revenue in 2023.
- By product type, standard pallet trucks account for 59.4% of all pallet truck sales in 2023.
- The United States market is expected to rise at a 7.2% CAGR until 2033.
- A 5.6% CAGR is expected for pallet truck sales in Germany from 2023 to 2033.
- China to register a staggering 10.3% CAGR with respect to pallet truck demand until 2033.
“Increasing focus on better energy efficiency is one of the trends driving demand for electric pallet trucks is considered a major trend of the pallet truck industry,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
The pallet truck industry showcases diverse market participants, each committed to driving innovation and sustainability. A significant focus on eco-friendly product lines is at the core of their manufacturing efforts.
Research and development are pivotal in this journey, aiming to provide more environmentally responsible material handling solutions. Market players adopt various strategic approaches, including collaborations, mergers, and acquisitions, while diligently navigating regulatory approvals to fortify their market presence. These multifaceted strategies reflect the industry's dedication to growth, sustainability, and evolving consumer demands.
Some of the Key Developments are-
- Hyundai Heavy Industries Group, the world's largest shipbuilding and heavy industries conglomerate, announced that it will participate in the world's largest consumer electronics exhibition, CES 2023, to present its vision of transforming the ocean for a sustainable future.
- Hyundai Motor Company unveiled a strategic roadmap to accelerate its electrification ambition as it pursues sustainable progress for the company.
Key Companies Operating in the Global Pallets Truck Industry:
- Kion Group
- Toyota Industries Corporation
- Mitsubishi Logisnext
- Jungheinrich AG
- Crown Equipment Corporation
- Hyster Company
- Goscor Lifts Truck
- Hyundai Heavy Industries
- Godrej & Boyce
- Nilkamal Limited
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More Valuable Insights Available:
Future Market Insights offers an unbiased global pallet truck industry analysis, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the pallet truck market is segmented based on central Control (Manual, Semi-Electric, Electric, Diesel, Compressed Natural Gas (CNG), Others), Product Type (Standard, Quarter, Silent, Weighing, Scissor), Load Capacity (Below 2000 Kg, 2000 – 4000 Kg, 4000 – 6000 Kg, above 6000 Kg), End-Use Industry (Food and Beverages, Retail stores, Wholesale Distributions, Freight and Logistics, Manufacturing, Others), and By Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa).
Pallet Truck Industry Segmentation Analysis:
By Control:
- Manual
- Semi-Electric
- Electric
- Diesel
- Compressed Natural Gas (CNG)
- Others
By Product Type:
- Standard
- Quarter
- Silent
- Weighing
- Scissor
By Load Capacity:
- Below 2000 Kg
- 2000 – 4000 Kg
- 4000 – 6000 Kg
- Above 6000 Kg
By End-Use Industry:
- Food & Beverage
- Retail Store
- Wholesale Distribution
- Freight and Logistics
- Manufacturing
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- The Middle East and Africa
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About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one Million data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The group briefly analyzes critical trends, including competitive landscape, profit margin, and research development efforts.
Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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