Pallet Trucks Global Market Report 2024

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 observed in the historical period can be attributed to trends in automation and electrification, an emphasis on safety and ergonomics, sustainability initiatives, the demand for customization and specialized solutions, and the increased prevalence of 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 anticipated growth in the forecast period can be attributed to a shift towards compact and versatile solutions, a focus on efficiency and productivity enhancement, increased market penetration in emerging economies, and the continued demand for customization and specialized solutions. Major trends expected in the forecast period encompass the integration of Industry 4.0, advancements in efficiency and productivity, the adoption of compact and versatile solutions, the integration of IoT (Internet of Things) and telematics, as well as innovations in design and materials.

The global surge in e-commerce usage is anticipated to drive the growth of the pallet truck market. E-commerce, denoting the online sale of products and services, relies heavily on warehouses and stockrooms for storage, where pallet trucks play a crucial role in transporting goods over short distances. The evolving landscape of e-commerce is reshaping the entire supply chain, leading to an increased demand for pallet trucks. According to the U.S. Census Bureau's quarterly report, retail e-commerce sales for the third quarter of 2022 reached an estimated $1,792.0 billion, with e-commerce accounting for 14.8% of total sales. Consequently, the widespread adoption of e-commerce globally is propelling the pallet truck market.

The growth of the manufacturing industry is set to be a driving force for the pallet trucks market. The manufacturing industry, encompassing the transformation of raw materials into goods, heavily relies on pallet trucks to efficiently handle and transport heavy loads within warehouses and distribution facilities. In 2021, the National Institute of Standards and Technology (NIST) reported that manufacturing contributed $2.3 trillion to the U.S. GDP, constituting 12.0% of the total GDP. Thus, the expansion of the manufacturing industry is poised to propel the growth of the pallet trucks market.

A significant trend in the global pallet truck market is the adoption of electric vehicle technology. Key industry players are incorporating cutting-edge electric technologies into pallet trucks to gain a competitive advantage. For example, Linde Material Handling, a Germany-based warehouse equipment manufacturer, introduced the T14 - T20 series of electric pallet trucks in May 2022. These trucks feature lithium-ion batteries and sensor-based foot protection for enhanced safety during operations, reflecting the industry's trend toward electric vehicle technology.

Leading companies in the pallet truck market are actively developing innovative products, such as platform pallet trucks, to better cater to the needs of their customer base. Platform pallet trucks, also known as powered pallet trucks, are designed to efficiently handle large items. In April 2021, Hyster-Yale Group, Inc., a U.S.-based manufacturing company, launched the MPX Series platform pallet trucks. These trucks offer exceptional ergonomics tailored to operators' demands, making them suitable for medium- to high-intensity applications. The trucks are easily maneuverable in confined spaces and can be customized to fit the specific characteristics of various operations.

In December 2021, Best Line Equipment, a U.S.-based provider of material handling equipment, acquired Delaware Valley Lift Truck Inc., a company specializing in pallet trucks. This strategic acquisition led to the establishment of a new business and brand called 'Best Line Material Handling,' leveraging Best Line Equipment's industry expertise.

Major companies operating in the pallet trucks market report are Jungheinrich AG, Crown Equipment Corporation, Hyster-Yale Materials Handling Inc., Kion Group AG, Toyota Industries Corporation, Hyundai Heavy Industries Co. Ltd., Godrej & Boyce Mfg. Co. Ltd., Nilkamal Limited, PR Industrial S.R.L., Presto Lifts Inc., Noveltek Industrial Manufacturing Inc., Mitsubishi Logisnext Co. Ltd., Goscor Lift Truck Company (Pty) Ltd., STILL GmbH, Noblelift Intelligent Equipment Co. Ltd., Ningbo Ruyi Joint Stock Co. Ltd., Niuli Machinery Manufacture Co. Ltd., TVH Group NV, RICO Manufacturing Inc., Nido Machineries Pvt. Ltd., Patel Material Handling Private Limited, Puma Lift Trucks Pvt. Ltd., Bishamon Industries Corporation, CML Movimentazione SRL, Columbus McKinnon Industrial Products GmbH., EP Equipment Co. Ltd., Hinowa S.p.A., HYTSU GROUP, I-lift Equipment Ltd., Komatsu Ltd., Linde Material Handling GmbH, Manitou Group.

North America was the largest region in the pallet trucks market in 2023. The regions covered in the pallet trucks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the pallet trucks market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of pallet trucks include standard, quarter, silent, weighing, and scissor models. A standard pallet truck is utilized for the swift horizontal movement and transportation of standard pallets within workspaces. It is operated through foot pedal and hand controls, featuring adjustable fork lowering speed. These trucks come in various load capacities categorized as below 2000 kg, 2000 - 4000 kg, 4000 - 6000 kg, and above 6000 kg. They are equipped with controls such as manual, semi-electric, electric, diesel, and compressed natural gas (CNG), catering to diverse end-use industries such as food and beverages, retail stores, wholesale distributions, freight and logistics, manufacturing, among others.

The pallet trucks market research report is one of a series of new reports that provides pallet trucks market statistics, including the pallet trucks industry global market size, regional shares, competitors with a pallet trucks market share, detailed pallet trucks market segments, market trends, and opportunities, and any further data you may need to thrive in the pallet trucks industry. This pallet trucks market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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