"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 2023 to 2030. 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 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 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.

"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 2020. 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.

"North America Is Leading the Pallet Trucks Market"

North America led the pallet trucks market with over 36% share in the revenue in 2020. 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 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, Thermote & Vanhalst Group, and Toyota Industries.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Pallet Truck market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Pallet Truck market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Pallet Truck market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Pallet Truck market?
• Which is the largest regional market for Pallet Truck market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Pallet Truck market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Pallet Truck market worldwide?