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 retailers. Retailers are swiftly shifting towards digital channels to enhance their full take advantage of the growing trend of online shopping across the globe.
Furthermore, the growing adoption of smartphones along with internet services also serves as a major force in accelerating the adoption of pallet trucks. The advancement in 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 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
Retail & E-Commerce Sector Is Dominating The Pallet Trucks Market
The pallet trucks market is categorized based on the application into 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. Retail and e-commerce companies are using pallet trucks for material handling. The pallet trucks effectively manage the material, increase productivity and enhance operational efficiency. The growing trend of automating the material handling process is augmenting the growth of the market.
North America Is Leading the Pallet Trucks Market.
North America led the pallet trucks market with over 36% share in 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 advance technology across the industry sector, is also supporting the growth of the market. Additionally, the rising adoption of automated guided vehicles across the region is driving the growth of the market.
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, Thermite & Vanhalst Group, and Toyota Industries.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018as 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 the global pallet truck market based on control, type, load capacity, application, and geography. Key segments covered in the report are as follows:
ATTRIBUTE DETAILS
Research Period 2017-2027
The base Year 2018
Forecast Period 2019-2027
Historical Year 2017
Unit USD Billion
Segmentation Control Segment (2017–2027; US$ Bn)
Manual
Semi-electric
Electric
Diesel
Compressed Natural Gas (CNG)
Others
Type Segment (2017–2027; US$ Bn)
Standard
Quarter
Silent
Weighing
Scissor
Load Capacity Segment (2017–2027; US$ Bn)
Below 2000 kg
2000-4000 kg
4000-6000 kg
Above 6000 kg
Application Segment (2017–2027; US$ Bn)
Retail & E-commerce
Food & Beverages
Automotive
Manufacturing
Others
Geography Segment (2017–2027; US$ Bn)
North America (U.S., Rest of North America)
Europe (U.K., Germany, France, Rest of Europe
Asia Pacific (China, Japan, India, Rest of Asia Pacific)
Rest of the World (Middle East & Africa, Latin America)
Key questions answered in this report
What was the market size of pallet trucks in 2018, and what is the forecast up to 2027?
Which is the largest regional market for pallet trucks?
What are the major trends followed in the 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 truck companies in the market?
Unique data points of this report
Statistics on pallet trucks and spending worldwide
Recent trends across different regions in terms of the 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)
Frequently Asked Question:
The market for Pallet Truck Market is expected to reach USD$ 29.72 Bn in 2027.
The Pallet Truck Market is expected to see significant CAGR growth over the coming years, at 7.1%.
The report is forecasted from 2019 -2027.
The base year of this report is 2018.
Goscor Lift Trucks, Hyster Company, Hyundai Heavy Industries, Jungheingrich, KION Group, Liftek FZC, Linde Material Handling, Nido Machineries Pvt Ltd, Nilkamal Limited. are some of the major players in the global market.
