The worldwide pallet truck market is projected to exhibit a healthy CAGR during the forecast period. Also known as a “pallet pump” or “pallet jack”, it is the most basic form of the forklift. It is designed to move and lift pallets and palletized loads. Rising need for pallet trucks, technological advancements, and increasing research and development funding are likely to stoke the growth of the global market. However, the low replacement rate and replacement of fuel-powered to electric pallet trucks are anticipated to hinder the market in the forecast period.
Growing advancements are boosting the pallet truck market. For instance, Crown, in June 2017, came up with technology that develops a different glove to control the movement of a pallet truck remotely. This technology will enhance the order picking procedure. Consecutively it will increase production. The novel technology was designed to modernize the procedure of the worker stepping up and down from the electric pallet trucks, which decreases the worker fatigue.
Linde’s T-Matic, Raymond’s Courier, and Yale’s Driven by Baylo are important developments made in automatically guided pallet trucks that go beyond working of automatic guided vehicles (AGVs), moving autonomously around warehouses for lifting & storing pallets. Vision guidance systems, GPS, and laser technologies are incorporated by manufacturers, allowing the equipment in navigating and mapping their environment. Such changes will significantly rub off on demand for pallet trucks in the forecast period.
Leading players operating in the pallet truck market include KION Group, Toyota Industries, Jungheingrich, Hyster Company, Goscor Lift Trucks, Liftek FZC, Hyundai Heavy Industries, Thermote & Vanhalst Group, Linde Material Handling, Nilkamal Limited, Nido Machineries Pvt Ltd, Presto Lifts Inc., Pr Industrial S.r.l., and others. Mergers, expansions, acquisitions, and new product development are some of the most extensively accepted strategies by industry companies, both - small and large. The APAC will continue to account for a large share in the forecast period, owing to rapid growth of industrialization segment and growing manufacturing activities.
• North America
• Asia Pacific
• Middle East & Africa
• South America
• Toyota Industries Corporation
• Kion Group AG
• Hyundai Heavy Industries Co., Ltd.
• Hyster Company
• Goscor Group
• Jungheinrich AG
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Key Questions Answered in This Report
• Analysis of the pallet truck market including revenues, future growth, market outlook
• Historical data and forecast
• Regional analysis including growth estimates
• Analyzes the end user markets including growth estimates.
• Profiles on pallet truck including products, sales/revenues, and market position
• Market structure, market drivers and restraints.
Research Support Specialist, USA