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The pallet trucks market share is expected to increase by USD 1.93 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.57%.
This pallet trucks market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pallet truck market segmentation by end-user (automotive industry, food and beverages industry, retail industry, and other industries) and geography (APAC, Europe, North America, South America, and the Middle East and Africa). The pallet trucks market report also offers information on several market vendors, including Anhui Heli Co. Ltd., BPR Rico Equipment Inc., Crown Equipment Corp., Hangcha Group Co. Ltd., Hyster Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd., Jungheinrich AG, KION GROUP AG, Liftek FZC, Lokpal Industries, Manitou BF SA, Mazda Motor Corp, Nido Machineries Pvt. Ltd., Nilkamal Ltd., Noveltek Industrial Manufacturing Inc., Patel Material Handling Equipment, Presto Lifts Inc., Puma Lift Trucks Pvt. Ltd., Sroka Inc., and Godrej and Boyce Manufacturing Co. Ltd. among others.
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Based on our research output, there has been a neutral impact on the market growth during and post-COVID-19 era. The increasing demand for packaged food and beverages is notably driving the pallet trucks market growth, although factors such as increased use of vertical space in warehouses may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic's impact on the pallet trucks market industry. The holistic analysis of the drivers will help deduce end goals and refine marketing strategies to gain a competitive edge.
Key Pallet Trucks Market Driver
Increasing demand for packaged food and beverages is one of the major drivers impacting the pallet trucks market growth. With the rising population and economy, there is a rise in the number of food products being bought. Also, various reasons, such as a busy lifestyle that do not allow people to cook food at home, and factors, such as the easy availability of packaged food, are driving the market for packaged food. In addition, rising competition among food-producing companies is compelling them to provide better services such as faster and on-time deliveries of the product. This has led companies to set up warehouses near the cities. Moreover, it has been noted that Costco, a membership warehouse club selling packaged food and beverage items, has been increasingly adding warehouses worldwide.
Key Pallet Trucks Market Trend
The rising popularity of autonomous vehicles is one of the major trends influencing the pallet truck market growth. An autonomous vehicle is capable of navigating without input from a human. However, in terms of vehicles used in a warehouse, there is a significant difference between driverless and autonomous vehicles. Autonomous vehicles can make decisions in response to their environment, whereas driverless vehicles, such as automatic guided vehicles (AGV), are limited to a programmed path or controlled from outside the vehicle. A typical AGV, such as pallet trucks used in warehouses, generally follows a pre-fixed or programmed route and cannot navigate around obstacles themselves. In the case where an obstacle is encountered, an AGV pallet truck stops in its tracks, and human intervention is needed to remove the obstacle and restart the AGV. These types of situations are usually encountered in warehouses and distribution centers, causing congestion and disruption. These shortcomings have limited the use of AGVs in material handling.
Key Pallet Trucks Market Challenge
Increased use of vertical space in warehouses is one of the major challenges impeding the pallet truck market growth. In the warehousing industry, floor space is proportional to profits; more available square footage usually means a more efficient and productive facility. Many facilities charge clients based on square feet, and the cost is increasing across the market. One of the other disadvantages of pallet trucks is their limited capability of loading and unloading pallets at higher heights. This is because they are manufactured to be compact to fit in tight spaces and less expensive to make them affordable for smaller distributors and warehouse operators. In addition, pallet trucks are meant to transport packages over a small distance. Hence, rising vertical space utilization by the companies in the warehouses is expected to impede the global pallet truck market.
This pallet trucks market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global pallet truck market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the pallet trucks market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the pallet trucks market encompasses successful business strategies deployed by the key vendors. The pallet trucks market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The pallet trucks market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the pallet trucks market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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50% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for pallet trucks in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increased R&D of new types of batteries, the rising popularity of autonomous vehicles, and growing innovations in the pallet trucks market will facilitate the pallet trucks market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The global pallet trucks market in APAC witnessed certain challenges due to the outbreak of COVID-19 in 2020. The pandemic negatively affected many countries, such as China, India, South Korea, and Japan. The outbreak negatively affected the overall economy of the region by disrupting the supply chains and the industrial sectors The imposition of nationwide lockdowns resulted in the temporary closure of industries, including automobile industries. This led to a decline in the use of pallet trucks in 2020.
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The pallet trucks market share growth in the automotive industry segment will be significant during the forecast period. The growth of the automotive industry declined between 2019 and 2020 due to a decrease in capital expenditure in the automotive industry announced in 2018 by automotive OEMs. The impact of these announcements resulted in a dip in the overall sales of pallet trucks in the automotive industry between 2019 and 2020.
This report provides an accurate prediction of the contribution of all the segments to the growth of the pallet trucks market size and actionable market insights on the post-COVID-19 impact on each segment.
Pallet Trucks Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.57% |
Market growth 2022-2026 |
$ 1.93 billion |
Market structure |
Fragmented |
YoY growth (%) |
5.15 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 50% |
Key consumer countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Anhui Heli Co. Ltd., BPR Rico Equipment Inc., Crown Equipment Corp., Hangcha Group Co. Ltd., Hyster Yale Materials Handling Inc., Hyundai Heavy Industries Co. Ltd., Jungheinrich AG, KION GROUP AG, Liftek FZC, Lokpal Industries, Manitou BF SA, Mazda Motor Corp, Nido Machineries Pvt. Ltd., Nilkamal Ltd., Noveltek Industrial Manufacturing Inc., Patel Material Handling Equipment, Presto Lifts Inc., Puma Lift Trucks Pvt. Ltd., Sroka Inc., and Godrej and Boyce Manufacturing Co. Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID -19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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