Pallet Trucks Market Analysis 2024 – Estimated Market Size And Key Drivers

The Pallet Trucks by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Pallet Trucks, 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.

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.

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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

Top Major Players:

• Jungheinrich AG
• Crown Equipment Corporation
• Hyster-Yale Materials Handling Inc.
• Kion Group AG
• Toyota Industries Corporation

North America was the largest region in the pallet trucks market in 2023.

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 pallet trucks market report table of contents includes:
1. Executive Summary
2. Pallet Trucks Market Characteristics
3. Global Pallet Trucks Market Trends And Strategies
4. Pallet Trucks Market – Macro Economic Scenario
5. Global Pallet Trucks Market Size and Growth
…….
26.  Pallet Trucks Market Competitive Benchmarking
27. Global Pallet Trucks Market Competitive Dashboard
28. Key Mergers and Acquisitions Pallet Trucks Market
29. Pallet Trucks Market Future Outlook and Potential Analysis
30. Appendix

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