Pallet Truck Market By Control (Manual, Semi-electric, Electric, Diesel, Compressed Natural Gas, Others), By Type (Standard, Quarter, Silent, Weighing, Scissor), By Load Capacity (Below 2000 Kg, 2000-4000 Kg, 4000-6000 Kg, Above 6000 Kg), By Application (Retail & E-commerce, Food & Beverages, Automotive, Manufacturing, Others) - Growth, Future Prospects And Competitive Analysis, 2019 - 2027

"Explosive Growth in the E-Commerce Is Driving the Pallet Trucks Market"

Globally, the pallet trucks market is expected to grow with a CAGR of 7.1% during the forecast period from 2019 to 2027, starting from US$ 29.72 Bn in 2018. The growth of the market is driven by the explosive growth in the e-commerce market. Over the past decade, a significant surge in the e-commerce market has been witnessed. The e-commerce market was estimated to be around US$ 2.3 trillion in 2017 and is estimated to reach US$ 4.8 trillion by 2021. The growth of the market is attributed to the increasing digitalization among the retailers. The retailers are swiftly shifting towards the digital channels to enhance their take full advantage of the growing trend of online shopping across the globe.

Furthermore, the growing adoption of the smartphones along with the internet services also serving as a major force accelerating the adoption of the pallet trucks. The advancement in the pallet trucks is also presenting myriad new opportunities for the growth of the market. The advancement in the battery capacity along with the research activities for the development of the automated guided vehicles is creating multiple new avenues for the growth of the market. However, the high cost of the trucks is acting as a major constraint in the growth of the market.

Market Synopsis

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"Retail & E-Commerce Sector Is Dominating The Pallet Trucks Market"

The pallet trucks market is categorized based on the application into the food & beverages, retail & e-commerce, manufacturing, freight & logistics, and others. The retail & e-commerce sector accounted for more than 40% share in the revenue in 2018. The growth of the market is attributed to the wide scale warehousing in the e-commerce sector. The retail and e-commerce companies are using the pallet trucks for the material handling. The pallet trucks effectively manage the material, increases the productivity and enhance the operational efficiency. The growing trend of automating the material handling process is augmenting the growth of the market.

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"North America Is Leading the Pallet Trucks Market"

North America led the pallet trucks market with over 36% share in the revenue in 2018. The market is driven by the rapidly growing e-commerce business in the region. The growing trend of automation along with the supportive government initiatives to promote the adoption of the advance technology across the industry sector is also supporting the growth of the market. Additionally, the rising adoption of the automated guided vehicles across the region is driving the growth of the market.  

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The prominent players in the pallet trucks market are Goscor Lift Trucks, Hyster Company, Hyundai Heavy Industries, Jungheingrich, KION Group, Liftek FZC, Linde Material Handling, Nido Machineries Pvt Ltd, Nilkamal Limited, Pr Industrial S.r.l., Presto Lifts Inc, Thermote & Vanhalst Group, and Toyota Industries.

Historical & Forecast Period

This research report presents the analysis of each segment from 2017 to 2027 considering 2018 as the base year for the research. Compounded Annual Growth Rate (CAGR) for each respective segment calculated for the forecast period from 2019 to 2027.

Report Scope by Segments

The pallet trucks market report provides market size and estimates based on market dynamics and key trends observed in the industry. The report provides a holistic view of global pallet trucks market based on control, type, load capacity, application and geography. Key segments covered in the report are as follows:

Key questions answered in this report

• What was the market size of pallet trucks in 2018 and forecast up to 2027?
• Which is the largest regional market for pallet trucks?
• What are the major trends followed in pallet trucks market across different regions?
• Who are the key companies in the pallet trucks market?
• What are the key strategies adopted by the leading pallet trucks companies in market?

Unique data points of this report

• Statistics on pallet trucks and spending worldwide
• Recent trends across different regions in terms of adoption of pallet trucks across industries
• Notable developments going on in the industry
• Attractive investment proposition for segments as well as geography
• Comparative scenario for all the segments for years 2018 (actual) and 2027 (forecast)