Prospects of the pallet trucks market continue to be positive, according to a recent Fact.MR study that estimates global sales of pallet trucks to bring in approximately US$ 1,400 Mn by 2028-end. Constantly increasing need for shipping new products & orders, coupled with increased operator convenience offered by pallet in safe & smooth pulling heavy loads will augur well for future expansion of the market.
The study has envisaged North America to lead the pallet trucks market, driven by increasing warehousing space that has influenced real estate, supply chains, and technology advancements in material handling since the recent past. Most companies in North America are focusing on the implementation of warehouse management system, in a bid to be more efficient and effective in ecommerce and beyond. This will spur demand for critical material handling machinery such as pallet trucks in the region.
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In Europe, projects are underway regarding the development of autonomous pallet jacks and forklift trucks, for operating abreast human workers in manufacturing facilities. Popular as automatic guided vehicles (AGVs), autonomous pallet trucks being developed will facilitate packing, palletizing, and transporting goods with minimal operator intervention. Such development efforts will impact future growth of the pallet trucks market in Europe.
Pallet Trucks Market: Preeminence of Warehouse Application Prevails
The study foresees warehouse application of pallet trucks to lead the market in the foreseeable future. Warehouses have demonstrated development in myriad ways, ranging from form to function, over the past couple of years. Changing procurement, production, and distribution methods have led significant transformations in warehousing industry. It is highly likely that the near future of the industry will remain positive, meanwhile gaining popularity as the prominent end-customer distribution platform, irrespective of the just-in-time methods being utilized.
Imperativeness of advanced and high-tech material handling equipment is being elucidated by growing need for optimal warehousing, and pallet trucks are considered to be a popular equipment, second to forklifts, according to the study. The upward trend of online shopping, while bolstering ecommerce growth, has led to proliferation of warehouses as a result. Rising number of warehouse spaces for shipments of the products is a prominent factor fuelling adoption of pallet trucks, and the trend is set to persist in the upcoming years.
Current innovation areas of pallet truck manufacturers include basic components such as wheels, with several models being equipped with polyurethane wheels to enable silent running, improved grip, and higher protection against smooth & delicate floors. Several types of pallet trucks, along with relevant equipment, are benefitting from latest innovations in the heavy-duty construction equipment with regard to durability and safety. A recent Fact.MR study projects the pallet trucks market to reflect an impressive 6.03% value CAGR during the forecast period, 2018 to 2028.
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