Pallet Trucks Market Is Expected To Reach USD 79.8 Billion by 2032, Grow at a CAGR Of 7.5% during Forecast Period 2023 To 2030

Jan 26, 2024

According to a market research study published by Contrive Datum Insights, by 2021, 86.9% of all sales of pallet trucks in North America came from the U.S., and sales are expected to grow at a CAGR of 7.2% through 2032.

Farmington, March 13, 2023 (GLOBE NEWSWIRE) -- The Global Pallet Truck Market Is Expected to Reach USD 38.5 Billion by 2022. With a CAGR of 7.5%, It Is Expected To Reach USD 79.8 Billion by 2032. Pallet trucks are a type of equipment that is used in factories and other places where equipment is run. A pallet truck is needed to make the machine easy to use and move. Used for moving and moving things around. In industrial settings, these machines are used because they can move and handle heavier loads than a person can. Pallet trucks are used to move things that operators can't carry by hand. It makes sure that production goes more quickly and efficiently. Pallet trucks can be used to move and move around materials in both industrial settings and warehouses. How much people need pallet trucks depends on how fast the warehouse and manufacturing industries grow. Pallet trucks give the machine operator more time to do other things, which leads to a high level of productivity and, in the end, more productivity.

Request Sample Copy of Report " Pallet Trucks Market Size, Share & Trends Estimation Report 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), End-Use Industry (Food & Beverages, Retail stores, Wholesale Distributions, Freight and Logistics, Manufacturing, Others), By Region, And Segment Forecasts, 2023 - 2030 ", published by Contrive Datum Insights.

Industry Developments:

In May 2019, Raymond Corporation launched the Automated Lift Truck Stacker, a Raymond Courier 3030 stacker that utilizes automated hauler technology to independently move around a warehouse to lift and store pallets. These developments will be heavily influenced by the demand for pallet trucks in the near future.

Market Dynamics:

Drivers:

In the e-commerce and retail industries, there is a growing need for efficient ways to move and handle goods.

The manufacturing industry is using more pallet trucks to make it more efficient and productive.

Technology improvements and new ideas made it possible for pallet trucks to be smart and do things on their own.

Logistics and storage businesses are growing, especially in countries where the economy is still growing.

Safety and comfort at work are becoming more important, which is why electric and ergonomic pallet trucks are used.

Restraints:

High-tech pallet trucks are also very expensive to fix or fix up.

People who know how to use and handle advanced pallet trucks are hard to find.

There are a lot of rules about how to make and use pallet trucks. This makes them more expensive and makes it more important to follow the rules.

People want to find ways to power pallet trucks other than with batteries because they are bad for the environment.

Challenges:

There is a lot of competition on the market, which causes price wars and makes it harder for businesses to make money.

The cost of making pallet trucks and how much they cost depends on how much the raw materials cost.

Uncertainty about global trade policies and the economy, which causes changes in supply and demand.

There aren't any standards for or compatibility between the different kinds of pallet trucks, which causes problems in supply chains.

Regional Outlook:

By 2021, 86.9% of all sales of pallet trucks in North America came from the U.S., and sales are expected to grow at a CAGR of 7.2% through 2032. The food and beverage and wholesale distribution industries in the U.S. are growing. During the assessment period, demand in the country is expected to grow at a fairly fast rate. For better storage, the food and drink industry in the United States is using more and more high-tech material handling equipment. So, pallet trucks are likely to become more popular in the country because food and drinks need to be moved and stored quickly, safely, and cheaply.

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Scope of Report:

Report Attributes

Details

Growth Rate

CAGR of 7.5 % from 2023 to 2030.

Revenue Forecast by 2032

USD 79.8 Billion

By Control

Manual, Semi-Electric, Electric, Diesel, Compressed Natural Gas (CNG), Others

By Product Type

Standard, Quarter, Silent, Weighing, Scissor, Others

By Load Capacity

Below 2000 Kg, 2000 – 4000 Kg, 4000 – 6000 Kg, Above 6000 Kg, Other

By End-Use Industry

Food & Beverages, Retail stores, Wholesale Distributions, Freight and Logistics, Manufacturing, Other

By Companies

Toyota Industries, NIULI MACHINER, STILL, Hyster Company, Ningbo Ruyi, Jungheinrich, Uline, Noblelift, Crown, PR Industrial, TVH Group, Noveltek, Godrej MaterialHandling, RICoManufacturing

Regions and Countries Covered

North America: (US, Canada, Mexico, Rest of North America)

Europe(Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

Asia-Pacific (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

The Middle East & Africa(Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

Latin America(Brazil, Argentina, Rest of Latin America)

Rest Of the World

Base Year

2022

Historical Year

2017 to 2022

Forecast Year

2023 to 2030

Key Segments Covered:

Top Market Players: Toyota Industries, NIULI MACHINER, STILL, Hyster Company, Ningbo Ruyi, Jungheinrich, Uline, Noblelift, Crown, PR Industrial, TVH Group, Noveltek, Godrej MaterialHandling, RICoManufacturing, and others.

By Control

Manual

Semi-Electric

Electric

Diesel

Compressed Natural Gas (CNG)

Others

By Product Type

Standard

Quarter

Silent

Weighing

Scissor

Others

By Load Capacity

Below 2000 Kg

2000 – 4000 Kg

4000 – 6000 Kg

Above 6000 Kg

Others

By End-Use Industry

Food & Beverages

Retail stores

Wholesale Distributions

Freight and Logistics

Manufacturing

Others

Regions and Countries Covered

North America: (US, Canada, Mexico, Rest of North America)

Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)

Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)

The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)

Latin America: (Brazil, Argentina, Rest of Latin America)

Rest Of the World

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About Us: Contrive Datum Insights (CDI) is a global delivery partner of market intelligence and consulting services to officials at various sectors such as investment, information technology, telecommunication, consumer technology, and manufacturing markets. CDI assists investment communities, business executives, and IT professionals to undertake statistics-based accurate decisions on technology purchases and advance strong growth tactics to sustain market competitiveness. Comprising of a team size of more than 100 analysts and cumulative market experience of more than 200 years, Contrive Datum Insights guarantees the delivery of industry knowledge combined with global and country-level expertise.

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